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    • Ads123
    • By Ads123 9th May 18, 3:11 PM
    • 15Posts
    • 0Thanks
    Ads123
    Insurance want the annual premium to cancel
    • #1
    • 9th May 18, 3:11 PM
    Insurance want the annual premium to cancel 9th May 18 at 3:11 PM
    Afternoon chaps, apologies if I'm posting this in the wrong sectoon

    I have an issue with my motorcycle insurance, long story short someone attempted to steal my bike back in January leaving damage to the lock and steering, I informed my insurance got the bike repaired and payed the excess of 350,

    A few nights ago there was suspicious activitie late at night (3 hooded individuals hanging around my street eying my house up and others) I informed the police just as a precaution,

    Anyway I decided I didn't want a repeat of what's already happened so I listed my bike for sale and been this time of year I sold it the very same day, now I phoned my insurance yesterday to cancel my insurance that I pay monthly but there requesting the remainder of the insurance policy to be payed in order for me to cancel, so I'm going to be paying for insurance that I'm not going to be getting any benefit out of

    Can they do this legally? I can't find anything in the policy wording stating I have to pay the remainder of my policy in order to cancel.

    Thanks Adam
Page 1
    • onomatopoeia99
    • By onomatopoeia99 9th May 18, 3:18 PM
    • 4,375 Posts
    • 9,965 Thanks
    onomatopoeia99
    • #2
    • 9th May 18, 3:18 PM
    • #2
    • 9th May 18, 3:18 PM
    You buy a year's insurance when you take out the policy, even if there is a finance product in place to spread your payments over the course of the year, so you must pay the full amount.

    You may be eligible for a partial refund for the unused time from now to the expiry of the insurance period, but that will depend on the terms and conditions of the policy you took out, which you should check. If there's less than two months left it is unlikely you will get anything.
    INTP, nerd, libertarian and scifi geek.
    Home is where my books are.
    • gettingtheresometime
    • By gettingtheresometime 9th May 18, 3:19 PM
    • 3,815 Posts
    • 9,647 Thanks
    gettingtheresometime
    • #3
    • 9th May 18, 3:19 PM
    • #3
    • 9th May 18, 3:19 PM
    You have had the benefit of insurance when you got your bike repaired.


    If it had been involved in an accident and considered a write off the same situation would apply.
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card cleared thanks to the 1 debt v 100 day challenge


    Next on the list - JD Williams
    • Quentin
    • By Quentin 9th May 18, 3:32 PM
    • 36,312 Posts
    • 20,555 Thanks
    Quentin
    • #4
    • 9th May 18, 3:32 PM
    • #4
    • 9th May 18, 3:32 PM
    As advised you made a claim and therefore must pay for the whole year.


    You must inform the insurer that you no longer own the bike now!


    Unless you get a replacement in a short time the policy will be cancelled. Ask the insurer how long you have to get a replacement. (Even if it's cancelled because you have no bike on cover you still are faced with paying for the whole year!)
    • neilmcl
    • By neilmcl 9th May 18, 4:44 PM
    • 11,243 Posts
    • 8,049 Thanks
    neilmcl
    • #5
    • 9th May 18, 4:44 PM
    • #5
    • 9th May 18, 4:44 PM
    As already mentioned, you may pay for your insurance monthly but that doesn't mean you have a monthly insurance contract. You purchased an annual policy and in effect taken a credit agreement to pay this off over 12 months, as you have already made a claim on the premium you must pay off the full amount owing.
    • AndyMc.....
    • By AndyMc..... 9th May 18, 5:35 PM
    • 1,733 Posts
    • 1,073 Thanks
    AndyMc.....
    • #6
    • 9th May 18, 5:35 PM
    • #6
    • 9th May 18, 5:35 PM
    You buy a year's insurance when you take out the policy, even if there is a finance product in place to spread your payments over the course of the year, so you must pay the full amount.

    You may be eligible for a partial refund for the unused time from now to the expiry of the insurance period, but that will depend on the terms and conditions of the policy you took out, which you should check. If there's less than two months left it is unlikely you will get anything.
    Originally posted by onomatopoeia99
    But you fail to see hes claimed on the policy.
    • flashg67
    • By flashg67 9th May 18, 5:58 PM
    • 2,527 Posts
    • 1,651 Thanks
    flashg67
    • #7
    • 9th May 18, 5:58 PM
    • #7
    • 9th May 18, 5:58 PM
    A friend did manage to get a partial refund on cancellation after a claim, but it was near the start of the policy. Usually, you'll need to pay the whole year in the event of a claim.
    • maxmycardagain
    • By maxmycardagain 9th May 18, 7:37 PM
    • 4,578 Posts
    • 3,717 Thanks
    maxmycardagain
    • #8
    • 9th May 18, 7:37 PM
    • #8
    • 9th May 18, 7:37 PM
    Insurance via DDM/monthlies means you had a loan to pay the policy (your credit history will show it but you should really know), cancel the insurance means your cancelling the loan and have to settle it

    WORSE is having a smash and writing a car off.... the HP/loan/insurance is taken from your payment often leaving zilch
    Dont worry, be happy
    • Ads123
    • By Ads123 9th May 18, 10:23 PM
    • 15 Posts
    • 0 Thanks
    Ads123
    • #9
    • 9th May 18, 10:23 PM
    • #9
    • 9th May 18, 10:23 PM
    Ok thanks all I assumed paying the 350 excess would of settled that claim therefore I'd just need to pay a 50 cancellation fee,

    there's 7 months left on the policy meaning I need to pay a further 190, it's a bit pants when your the victim of an attempted theft 350 out of my own pocket was bad enough but now 540 in total thanks to low life scum

    My first claim in 12 years of motoring hence my lack of knowledge, but thanks again for the input all

    Adam.
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