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Motorbike insurance con
Viv
Posts: 87 Forumite
The 17 year old lad that works for me was one of those desperate for a motorbike. He bought one it cost him about £900 he got insurance for the same amount,on a credit agreement. Then after he had it for about 2 months some kids tried to pinch it and got the cover caught in the engine and completely wrecked it but were unable to take it away because it was chained up in his Mums garden. It was a writeoff. The insurance company took it away. He had £450 excess so received about £450 money back. BUT he then tried to cancel the insurance and get back his 10 months unused insurance I think this should have been £650 but they refused because they don't apparently cancel for motorbikes. His Mum consulted with the insurance ombudsmen and they agreed this was usual practise.
If he now wants to buy a new bike he has to take out a whole new insurance with a new whole years payment- as well as pay the old one although it doesn't run out until July 2008. He has lost lots of money and would have been better to have not claimed on his insurance it would have been cheaper to have rebuilt the bike at least he would not have lost his insurance!
I just wanted to warn others as nobody I have spoken to realised this was what happens with motorbikes, and he didn't notice any warning when he took out the insurance. He's a lovely sensible lad who saved hard for his bike and this seems so unfair. No woder so many don't get insurance these days!! Viv
If he now wants to buy a new bike he has to take out a whole new insurance with a new whole years payment- as well as pay the old one although it doesn't run out until July 2008. He has lost lots of money and would have been better to have not claimed on his insurance it would have been cheaper to have rebuilt the bike at least he would not have lost his insurance!
I just wanted to warn others as nobody I have spoken to realised this was what happens with motorbikes, and he didn't notice any warning when he took out the insurance. He's a lovely sensible lad who saved hard for his bike and this seems so unfair. No woder so many don't get insurance these days!! Viv
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Comments
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Happens with cars as well.
The insurance was purchased to protect the bike for 12 months. He claimed after 2 months, insurance paid out.
Some insurers will deduct the outstanding premium from the settlement as well.0 -
Its a valid point though to check that you really need to claim and wouldn't save money by fixing it yourself, car or bike. Especially when you factor in losing no claims bonus etc.0
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Agreed and things will get better as he gains experience and years (age wise).
He can look forward to premiums of £300 or thereabouts to protect a bike costing £10k. Certainly makes sense to claim then.0
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