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macker71165
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| Thu Jun 19, 2008 3:04 pm insurance puzzle help! |
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| Hi guy I just thought I would ask if someone can explain the mystery of my insurance.. I once had a jmstar 50qt which I insured fully comp with rampdale for £156! I was paying £25 monthly! this bike got stolen and was found to be beyond repair and my insurance paid me out! do I have to keep on paying the premiuns? ive got a new scoot now but had to take out a separate insuranse with lexham so am now paying for a scoot I dont have + one I do is this correct?..thanks in advance ...tony |
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Fox
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| Thu Jun 19, 2008 3:12 pm |
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I wouldn't think you would continue paying on a scooter that your insurance company wrote off all ready. Seems counter intuitive to me. :?
How about you call the insurance company in question and have them tell you the answer? :?: |
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macker71165
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| Thu Jun 19, 2008 3:18 pm |
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| dont think am paying the company direct I think am paying the fianance company that let me pay monthly instead of paying it out in one payment but still dont know if thats the correct procedure? |
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DaveH
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| Thu Jun 19, 2008 4:08 pm |
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Hi Macker,
Firstly I take it you realise that you were being fleeced, having to pay £25 a month equates to £300 annually rather than £156!! In future I would deal directly with the insurer, most allow you pay in instalments and will only charge a small charge for credit, certainly not nearly 100%. :x
Secondly I would speak with the insurance company directly to see if they believe you still owe any premium. For accepting the risk the Insurance company would have a minimum premium that they would charge and even though you no longer require the cover you may still have an outstanding debt to settle particularly if the finance company were pocketing a large chunk of your monthly payments.
What you do then depends on how your contract is set up with the finance co. If you can get out of the contract and you do still owe money it will be cheaper to deal direct with the insurer.
Obviously if the insurance co. believe you owe nothing then you can speak with the finance co and tell them that you will be ceasing to pay the £25 monthly with immediate effect.
Best of Luck mate!! |
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TJ
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| Thu Jun 19, 2008 4:12 pm |
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that's the problem with insurance companies, isn't it?
none of them communicate with each other so none of them know what's going on, and as a result mistakes are made.
...except for your personal details. you tell 1 company who you are and the world and his dog suddenly has access to your personal information, and calls to see if you'd like personal injury compensation or whatever. :evil: |
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