We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Problems with insurance after motorcycle stolen

Options
I'm 3 months into paying monthly insurance for my motorbike, but ive had it stolen. The insurance company have told me that I need to pay off the remaining monthly payments which I think is unfair, seeing as I have no bike. I got my insurance policy online and the documents were sent to me in the post, including the credit agreement that I should have signed and sent back, but I didnt do this, can I use this to my advantage if I wish to cancel my policy? I also believe that if the insurance pay out for the theft, it will not cover the value of the bike, the excess and the remaining monthly payments, plus future insurance policies will rise due to a claim, is it worth taking the stolen bike as a loss, not claiming and just changing the insurance to a different vehicle or trying to get out of the contract?

Comments

  • whatmichaelsays
    whatmichaelsays Posts: 2,927 Forumite
    Part of the Furniture Combo Breaker
    Your insurance is a 12 month contract. The fact that they allow you to pay monthly does not mean that you can cancel any remaining months. They have provided cover against theft / accident for a period of 12 months and that is what you are paying for, not a "rolling" monthly contract.

    As to whether it is worth claiming or not, that would depend on the value of the bike. The insurer will pay out the "market value" (ie, what you could buy the same bike for) minus the excesses that you agreed. If the bike is of low value, it may be cheaper not to claim.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Gordon_Hose
    Gordon_Hose Posts: 6,259 Forumite
    Debt-free and Proud!
    You need to pay it. If they pay out they'll take the remaining premium from the money they give you, so either way, you're gonna end up paying.

    Not signing the credit agreement isn't a way of getting out of paying.
  • forgotmyname
    forgotmyname Posts: 32,927 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I was told with a contract not signing it but paying an installment or doing the job means you have accepted
    the terms.

    Bit of a PITA, Company changed the contract terms and i did not agree with it. I presume the same will apply
    with your contract.

    Fairly standard procedure. Was it 3rd party or fully comp? Insurance worth more than the bike?
    Censorship Reigns Supreme in Troll City...

  • BYALPHAINDIA
    BYALPHAINDIA Posts: 781 Forumite
    Fumble them off !!

    Cancel your instalment !!

    MOTOR INSURANCE IS THE BIGGEST SCAM GOING !!

    Good Luck all the same.
    Thomson 757 Man
  • Nilrem
    Nilrem Posts: 2,565 Forumite
    Part of the Furniture 1,000 Posts
    As has been said, you pay your premium up front, by paying it monthly what has happened is that you're effectively taking out a loan (via the insurance company) for the service, that loan pays them up front, then the monthly payments repay that.

    It's not a scam regardless of what some people think (how many people can come up with several thousand pounds at very short notice for example if they have a minor accident and damage someone else's average car?*), the fact that most insurance companies don't tend to make much if any money from premiums suggests that they're not making a lot of money thus not a very successful scam (most insurance companies make the bulk of their money by investing premiums, and a few big claims can make the difference between them making money at all on car/bike insurance).

    You must inform the insurance company of the theft, even if you do not claim - failure to do so (especially if you decide to try and transfer it to another bike), will be against the T&C at the very minimum, and quite possibly seen as fraud either of which would make getting insurance with them again, and possibly other companies very hard in the future.

    I assume you've already notified the police of the theft?
    If so then the insurance company will likely find out from them anyway, if not then you're potentially facing issues with the DVLA, let alone letting the thieves get away without any risks.


    *Let alone the tens, or hundreds of thousands if it's a high end car, or a truck, and totally ignoring the potential for damage to cargo, or injuries.
  • thenudeone
    thenudeone Posts: 4,462 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Fumble them off !!

    Cancel your instalment !!

    MOTOR INSURANCE IS THE BIGGEST SCAM GOING !!

    Good Luck all the same.

    Ermmm..

    1)+2) They will see the OP in court

    3) If that is your view, it's dead simple then. just don't drive a car.

    4) Luck doesn't come into it. You can buy insurance by the day, week, or month, but the OP decided to an ANNUAL insurance policy and that is what they have to pay for. Open and shut both legally and morally.
    We need the earth for food, water, and shelter.
    The earth needs us for nothing.
    The earth does not belong to us.
    We belong to the Earth
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.