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car insurance premiums
Lorenzo55
Posts: 2 Newbie
Dear all, I need some advice. I insured my car through a broker in November 2007, third party, fire and theft. A few weeks later I had an accident and the car hit a fence and was destroyed. I wanted to cancel my policy, but the broker said I would have to pay the premiums till November 2008 until the full amount is paid. The policy paid for the new fence, but I don't have a car any more and they want me to continue paying. What should I do? Please help. Any ideas?
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Comments
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Car insurance is not a monthly contract but an annual one. If you have a claim during the policy year you do not get a refund of the insurance premium pro-rata to the date as you had a claim.
If you are paying monthly then it is on credit. The insurer has been paid up front and the credit company are collecting the premiums with an interest charge. You have to continue to pay this until the end of the policy year.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Bad news, but thank you!0
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