motor insurance payments

swimmerpaul

:jshould i carry on paying my insurance premiums even though my car has been stolen.

Hintza

You took out an annual premium, which was then financed so technically yes you should as you will be in breach of contract. Have they paid out for it?

swimmerpaul

thanks for that information. The car was stolen 4 weeks ago i thought it would be found by now. Its an old car and with a £150 excess i wont be getting much off of the insurance company (assure) i have just sent them all the documents and keys i would much rather have the old car back.best regards Paul.

korny88

Surely it would affect your credit rating if you stop paying them?

swimmerpaul

my thinking was that as the car has been stolen there is now no car to insure. regards paul.

aqueoushumour01

swimmerpaul wrote: »

my thinking was that as the car has been stolen there is now no car to insure. regards paul.

not really because you haven't actually paid all the insurance yet. If a premium is £120, say, then the fact that you're paying £10 per month doesn't mean you can stop paying after 6 months if your car is stolen - you still owe money to the insurance company as they have effectively extended you a loan if paying monthly rather than with a lump sum at the outset.

KeithP

aqueoushumour01 wrote: »

not really because you haven't actually paid all the insurance yet. If a premium is £120, say, then the fact that you're paying £10 per month doesn't mean you can stop paying after 6 months if your car is stolen - you still owe money to the insurance company as they have effectively extended you a loan if paying monthly rather than with a lump sum at the outset.

Correct.

Well explained. :beer: