Insurance cancelled after car written off

vaio

Very much tongue in cheek but I've previously suggested that a punter who manages to write his car off in the early days of a policy and decides not to replace it should get a refund for more than the premium paid as he has demonstrated that he's now more of a risk than the insurer guessed he was when the policy was issued and so the insurance company should be happy to bung him a few extra quid to avoid that increased risk.

dacouch

real1314 wrote: »

For car insurance it's the vehicle and the third party liability that is being covered.
The FOS seem to have concluded (rightly imho) that by failing to provide the third-party liability for the full term (which for most policies is the bulk of the charge), the insurer has denied themselves of the right to the premiums.

Comparing to house-contents, if I notify a valuable item worth £5k as part of a £50k contents; and that assets is stolen, I expect to be able to replace it, and my policy would continue; still covering the replacement £5k asset. :cool:

There are some Home Insurers (Can't remember them) and some commercial policies that would require the client to pay mid term if they had paid out on a specified item or sometimes under the contents section and the item / level of covered is required again by the client