Caught by auto-renewal -Dual Insurance for same car

diystarter7

DullGreyGuy said:

diystarter7 said:
So what happens if payment cant be collected because no money in the bank or the person/s have changed their cc/debit cards that were on the system, what happen then?

Are you saying in the scenrios I given you and you disagreed with the auto-renewal will work and if so, how long?

My point is clear, an autorenewal is guranteed to to reisure you as you stated but as I stated, Therefore, the best policy is, check your payments etc are up to date just like I do and therefore auto renew does not work in all cases as I initially stated

Then it goes down the bad debt route in the same way as any other policy where payment fails, bounces, chargeback etc. 

As to changing your card, it depends what you mean by this, all the major card networks operate a card updater service for those using CPAs and so if you for example lose your card or have fraud on it and the number is changed for that purpose then the merchant will be given the new number to bill going forward. If you mean you ditch your Barclaycard in exchange for an AmEx then the payment will fail. 

PS. its not to "reinsure" you... reinsurance is a type of insurance that insurers buy on the policies they sell. I sell you a policy that covers you up to unlimited for bodily injury on your car insurance. I then by a XL treaty that reimburses me for any single claim over £10m or a Stop Loss that reimburses me for the aggregate of claims over £500m in a policy year. (for example)

How do you exlain those on auto renewal and police stops them for no insurance as they had no money in the bank or changed cards etc-  its on the telly several times a day on various channels.

Autorenewal also encourges some people to carry on driving without updating their info be that medical, points on license, etc etc


Auto renw is not fail safe as you make it out to be and that is a fact

Auto Renew is good for those that make a conscious decision to go on one but not those like me and the OP that have told them not to auto-renew and it does. Another disadvantage is often you can get a better deal elsewhere and this is why ins co's pust for auto renew as do other businesses.

Its not for everyone and its not as great as you are making it out to be but is good for many but no me, nor the OP in this instance

Thnaks

dunstonh

How do you exlain those on auto renewal and police stops them for no insurance as they had no money in the bank or changed cards etc-  its on the telly several times a day on various channels.

Don't assume what you see on TV as being accurate.    
Payment failure can happen but the insurer will notify the individual via their chosen method of communication.  Typically email and/or text message.    
And isn't it a great excuse to give the police when you have been caught.    Not that it works.

DullGreyGuy

diystarter7 said:

DullGreyGuy said:

diystarter7 said:
So what happens if payment cant be collected because no money in the bank or the person/s have changed their cc/debit cards that were on the system, what happen then?

Are you saying in the scenrios I given you and you disagreed with the auto-renewal will work and if so, how long?

My point is clear, an autorenewal is guranteed to to reisure you as you stated but as I stated, Therefore, the best policy is, check your payments etc are up to date just like I do and therefore auto renew does not work in all cases as I initially stated

Then it goes down the bad debt route in the same way as any other policy where payment fails, bounces, chargeback etc. 

As to changing your card, it depends what you mean by this, all the major card networks operate a card updater service for those using CPAs and so if you for example lose your card or have fraud on it and the number is changed for that purpose then the merchant will be given the new number to bill going forward. If you mean you ditch your Barclaycard in exchange for an AmEx then the payment will fail. 

PS. its not to "reinsure" you... reinsurance is a type of insurance that insurers buy on the policies they sell. I sell you a policy that covers you up to unlimited for bodily injury on your car insurance. I then by a XL treaty that reimburses me for any single claim over £10m or a Stop Loss that reimburses me for the aggregate of claims over £500m in a policy year. (for example)

How do you exlain those on auto renewal and police stops them for no insurance as they had no money in the bank or changed cards etc-  its on the telly several times a day on various channels.

Autorenewal also encourges some people to carry on driving without updating their info be that medical, points on license, etc etc


Auto renw is not fail safe as you make it out to be and that is a fact

Auto Renew is good for those that make a conscious decision to go on one but not those like me and the OP that have told them not to auto-renew and it does. Another disadvantage is often you can get a better deal elsewhere and this is why ins co's pust for auto renew as do other businesses.

Its not for everyone and its not as great as you are making it out to be but is good for many but no me, nor the OP in this instance

Thnaks

Look at the number of posts on here about people who "didnt see" their renewal notice claiming either it was never received or went to their spam folder etc. Exactly the same number of people claim not see the notice that their payment has bounced nor the subsequent notice that their policy is being cancelled for non-payment. This isnt just at autorenewal stage but anywhere in the cycle for those paying by monthly installments. 

Autorenewal letters will explicitly state that if anything in your circumstances has changed you should let them know... however if your insurers dont already know then you've already broken your policy terms to advise them as soon as is practicably possible.

Absolutely there is benefit for the insurer... forgetful/lazy people can just renew without having to engage with the insurer and so that means less costs. The cost of having to send out renewal quotes, chasers, outbound people (particularly back in the day of it all by letters) is substantial.

Personally, I'd rather the slight faff of having to cancel a renewal once a year and have a much lower chance of being hit by an uninsured driver than potentially have to have a fault claim after some idiot who forgot to renew totals my car and the pain of a claim against the MIB for injuries.