Question about my Insurance.

Carl_steveo · World Chat Champion Joined: 23 Jun 2008 Karma :

I'm paying my insurance monthly because i couldn't afford to pay it off in one lump. I'm paying about £45 a month but I'm not working at the minute due to not being at home. I have about five pence left in my bank. My tax and MOT are also due. So I'm going to declare it as SORN but what can i do about the insurance, can i just stop it or pause it. I have no idea it's my first insurance. Embarassed

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Current: Honda Nsr 125
Live: Sunderland
Luke "cant be arsed to read your post, but suck my balls anyway."

Kickstart · The Oracle Joined: 04 Feb 2002 Karma :

Hi

Generally no. Effectively what you have done is taken out a years insurance policy and a personal loan to pay it with. If you cancel the insurance then you may get some kind of refund (depends on how long it has been going for, etc), which might be enough to pay off the remaining amount on the loan.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

iooi · Super Spammer Joined: 14 Jan 2007 Karma :

Oh dear....

You can cancel it... But you only get a % back and it tends not pro rata either.

As you are paying via what is in effect a finance agreement you may still have to keep paying that just to cover what you owe....

You need to contact you ins co.

Not sure on the level of cover you have now, but you still need TPF&T on a SORN bike. From the point of view if someone nicks it at least you get a payout....
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Just because my bike was A DIVVY, does not mean i am......

Kickstart · The Oracle Joined: 04 Feb 2002 Karma :

Carl_steveo · World Chat Champion Joined: 23 Jun 2008 Karma :

I'm fully comp and haven't used the bike in ages due to the clutch cable snapping. I obviously need to pay the insurance i can't be bothered to fcuk it up. Cheers lads.
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Current: Honda Nsr 125
Live: Sunderland
Luke "cant be arsed to read your post, but suck my balls anyway."

trevoriv · World Chat Champion Joined: 04 Jun 2005 Karma :

At the very least you could reduce to tpft and get some premium back or at the very least reduce your payments.

Not sure if you can reduce to laid up cover on a personal bike policy.
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Past: '96 Thundercat, '02 ZX636R (A1P), '58 KTM 690 SM LC4 Current: '06 ZX636R (C6F)
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