insurance payout

BlueBox

my son had RAC insurance he was involved in accident and aviva payed out as RAC where brokers for them. we asked rac if could cancel the insurance we pay by direct debit. we been told to cancel the insurance we need to pay the remaining £900 as they still not heard from the third party insurance as to who is at fault.Question is do we have to pay for the remaining insurance as we do not have plans of buying another car at the moment.

deanos

yes you do as insurance is for 12 months and they have paid out

forgotmyname

Any claims on the policy then the full premium is due.

Was the car written off? 3rd party only?

Was it totally the other drivers fault?

BlueBox

yes car was written off car was fully com the other driver pull out on to the main road without looking.

Can i cancel my own insurance that i took out month ago and transfer my son insurance on my car hes also insured to drive it and get a refund from my insurance as we going loose around £200 a month for 5 months Thanks

Aretnap

BlueBox wrote: »

Can i cancel my own insurance that i took out month ago and transfer my son insurance on my car hes also insured to drive it and get a refund from my insurance as we going loose around £200 a month for 5 months Thanks

Your son's insurers should allow him to transfer the balance of the policy to another car (link), however it will be dependant on the other car being one that they'd normally be willing to let him take out a policy on. One potential issue is that if you're the owner/registered keeper of the other car then not all insurers would be willing to let him take out a policy on someone else's car - in which case he wouldn't be able to transfer the policy unless you also transfer ownership of the car to him. There may also be additional premium to pay if your car is more expensive to insure than his.

BlueBox

Would i have any issue canceling my insurance and getting refund as i have made no claims. plus i payed one off payment on credit card

arcon5

Yes you would and yes you have.

You have a claim on the policy and this will remain the case until the third party has accepted liability and reimbursed your insurer.

flashg67

BlueBox wrote: »

Would i have any issue canceling my insurance and getting refund as i have made no claims. plus i payed one off payment on credit card

I think it is your son's policy that had the claim against, not yours? If so then you should be able to cancel, but bear in mind there is usually an admin/cancellation fee which will be detailed in your policy documents.

arcon5

If a claim has been made then the full fee is due, no pro-rata cancellations or admin fees, it's the whole sum

forgotmyname

Before you cancel yours ask them if having the car registered to you and you being the owner will have any impact on them covering it.

Unless your willing to sell him the car and put it in his name.

Have you checked the fees on your policy to cancel it? Admin fees and charges for time on cover and any non refundable charges. It may cost more than you think.