Budget Insurance Plz help!!

shaz2806

I had my van insured by Budget it was stolen in January my claim was settled and i got a satisfactory sum but they have to date been taking premiums till the last month when the insurance was to be renewed. i have phoned ever week asking them why they were taking premiums for a van which i dont even have but i was put through many different departments no one had an answer, not a brilliant customer service.
I sent a complaint and this morning i recieved a reply to my complaint after 4 weeks that i had to pay the full premiums even after the claim had been closed. Would anyone know if this is what happens, do you have to carry on paying even though you dont have the vehicle? has anyone ( i hope not ) been in a silmilar situation?
Thanks

mackem1

If a claim is made then the full yearly premium will be due even if you no longer have the vehicle, this would be in the terms and conditions of the policy. Hope this helps

mattymoo

Yes, full premium is payable if the van is written off or stolen during the period of insurance. Most insurers deduct the o/s premium from the settlement figure.

Remember, insurance is an annual contract, payable up front. You chose to pay monthly under a finance agreement though.