Car Insurance Problem

Ken3721

My son had a very minor accident - £500 damage on the other parties car. 50/50 shared responsibility for accident. Settlement is still outstanding. Want to cancel the insurance because the car has subsequently died, but insurance company says that the monthly premium payments are still due until the accident is settled. That is £400/month premium while they dither around settling this claim. What is a reasonable timeframe to settle an accident claim?

Quentin

Because he was 50% liable in the accident, and thus the third party will be making a claim, he will find that his policy has to be paid in full (ie were he to cancel, they would want the full balance outstanding for the year immediately)

forgotmyname

It paybe best to keep paying monthly.

If your thinking of i wont pay them do be careful. They will pass it onto debt collectors who will chase it for upto 6 years. If they dont apply for a CCJ 1st.
Their threats are not what they seem but they can be relentless.
If they think they can get their money back by taking you to court then they might.

Bigger issue maybe it will probably be reported in the insurance database. And you will need to declare that you/he? had insurance cancelled. You may need to declare that forever..

Fail to declare it and he may find himself with no car and 6 points for no insurance + a fine. When they find out he lied and cancel the policy.

mikey72

Quentin wrote: »

Because he was 50% liable in the accident, and thus the third party will be making a claim, he will find that his policy has to be paid in full (ie were he to cancel, they would want the full balance outstanding for the year immediately)

But if it's 50/50, this way half of the cancellation should be claimable off the other party, as part of the claim.

Quentin

mikey72 wrote: »

But if it's 50/50, this way half of the cancellation should be claimable off the other party, as part of the claim.

Why?

(The (proposed) cancellation isn't as a result of the claim)

vaio

nope, but the lack of refund on cancellation is a result of the claim