Insurance - rediculous

[binge]

The next bike I buy, I'm not even going to bother insuring it.

Just rang up to cancel the B12 insurance as It's £40 a month I could do without spending to insure a VIN plate which is sat in my bedside cabinate.

They wanted £141.70 off me to cancel it!!! The policy is only £320!
1 month in. Granted, I was paying monthly.

In future, I wont be legit with companies like this, I'll simply cancel the direct debit. Fucking robbing c*nts.

[D O G]

[loply]

It's annoying how nobody provides monthly insurance.

You'd think somebody would.
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Yamaha SZR660 Caution to the wind, the throttle pinned!

[.....]

[Ste]

[JAMSXR]

I had something like this happen to me a few years back. Now I will always ask about cancellation fees.
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Honda SFX50 > Aprilia SR125 > Aprilia RS125 > Honda RFV400 > K4 GSXR600 > KTM Duke > C1H 636 > K3 GSXR1000 > Aprilia RSV-R > Triumph Street Triple R > Ducati 899 Panigale > Aprilia Tuono 1100 > Triumph Daytona 675R > KTM SuperDuke 1290 2.0

[Carl_steveo]

I've had problems with it before aswell. My insurance was about 400 quid a year, was paying monthly after a while I realised that the payment I made upfront and the subsequent payments after added up to about £600. I had months and months of payments to make after that aswell. So I cancelled it to be given a huge fee to do that. It was a load of shit. More crap happened after that and it's a long story.
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Current: Honda Nsr 125
Live: Sunderland
Luke "cant be arsed to read your post, but suck my balls anyway."

[pinkyfloyd]

i bought my insurance outright for the year. it does work out cheaper that way.

the way the companies work is:

they offer you insurance at one price for the year. the total they give for paying monthly is always more than the origional price. this is because they take out a loan in your name to pay for their insurance policy so in effect your monthly payments are going to the loan company that covered your insurance policy.

you pay interest on your monthly repayments.

the chances are that the money you are being charged for cancelling is the interest the finance company charge for granting monthly repayments
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illuminateTHEmind wrote: I am just more evolved than most of you guys... this allows me to pick of things quickly which would have normally taken the common man years to master
Hockeystorm65:.well there are childish arguments...there are very childish arguments.....there are really stupid childish arguments and now there are......Pinkfloyd arguments!
Teflon-Mike:I think I agree with just about all Pinky has said.

[Mord]

[binge]

The thing is, I was offered it under the impression that it was like a monthly insurance plan.

Basically my NCB is tied up on my Pit bike Insurance, which I wasnt able to transfer to the B12 as it was a Scooter policy.
So I was suggested to take out cover like this, Until September when the pit bike runs out, then cancel policy, and re-open with my NCB, and save like £180 on my Insurance.

Things got a little confused, and I wasnt made aware that it was a Loan company that was doing it, It was made out to me like it was the insurance lending me the money.

The fact I was told "As your a loyal / existing customer to us, we can offer you this service with no up front deposit".

When I questioned this today, I was simply told I should of read the small print within the "Cooling off period".

Just love the way everyone is out to get money off of you!



D O G, If I could afford to insure it upfront, I would. But I simply couldnt. Hence the reason I bought a £900 Bandit, and not a £3000 GSXR.

[Frost]

A company insured me over 2 years ago on a bike. The policy auto renews, and once it has done so the cancellation fee is ALWAYS more than the cost of the policy for the whole year. So it's still running over a year after i sold the bike.... Fuckers.

[D O G]

[Mord]

[Keir]

i just asked adrian flux to swap my bandit 1200 policy to an sv650 and it amused me.....

bandit policy was £150 6 months ago.
AF wanted £95 to swap the policy to the SV650 so i told them that i could buy a new policy for that.
AF then said if i started the policy again they would not charge a cancellation fee and the refund the remaining policy cost that i was owed, which was £50, and this could be taken off the next policy cost which they quoted as £85 a year TPFT!! so in the end i paid £35 and have a full years policy again. the only downside is that i didnt get the years NCB but at £85 for the year who needs NCB!

i guess that they did it this way so i have to stay insured through them.
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Current : '08 Yamaha FZ1s
Previous: '99 Honda CBR 600FX, 03 ZX636 B1H, 99 Fazer 600 (red), 02 GSX-R 600 K2, 00 SV650s (red), 2008 ZX10R, 97 Bandit 1200N, 04 ZX6RR K1H, 04 GSX-R 1000, 98 Fazer 600 (gold), 05 Madness 110 Pit bike, 04 CR125R, 00 SV650s (black), 06 KTM 625 SMC, 99 SRAD 600 track bike, 03 SV650, 98 Bandit 1200N, Bandit 600SY, 03 GSX-R 600 K3, 01 GSX-R 600, 01 Fazer 600 (black), VFR 400 NC30 x3, 78 Honda Dream, 00 Speedfight 50

[Charlie]

The expensive cancelation fees are what comes with cheap policies (unfortunately). It will be worth checking next time what they cancel fees are etc. But I guess when you start the policy you don't think you are going to cancel it early
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Past: Honda x8rs, Honda City fly, Honda Hornet 250, Honda VFR750, Yamaha xt600e.
Current: Honda CBR929RR & Yamaha XT660Z Tenere

[Kwaks]

[Villers]

Thats a shocking cancellation fee!

Just to add fuel to the fire, go pick up a local paper and have a look at the courts section for 'driving without insurance'. We had a handful this week. One guy got a £120 fine, another got a £250 fine. I paid £340 for the RSV and £300 for my car.

I must be a frickin mug to obey the law
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RS125 > CBR6 > SV650S > ZX636R > GSX1300RZ Hayabusa > 06 RSVR Mille > SV1000S > Street Triple 765 RS

[iooi]

I just shudder when reading some of these posts.....

Don't pople realise that they should read the paperwork they are sent.....

Everything is clearly explained and all interest payments and % rates are shown as well as any charges for changes, admin fee's for cancelations and any rebates and the % given per month.....
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Just because my bike was A DIVVY, does not mean i am......

[D O G]

[bikertomm]

Fucking daylight robbery

Starting to think insurance is the biz to be in!
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07' Honda Hornet now full powaah! My guide on performing an oil change!

[Villers]

[Ste]

[Villers]

Yeah I completely agree, but theres so many that do it you may end up having to accept such terms or pay disproportionately higher insurance. Insurance is a legal requirement, these people with their investors are making money from that and there should be some legislation that protects the user from such devious acts.

Also, if you have a 12 month contract with them. You have a £300 premium paid off monthly at a rate of £80 deposit and 11 payments of £20 for example. Should your client decide after six months and giving you more than half the premium decide that they dont want it anymore then you have made £180 for a certificate, a phone call, a letter and a database. That client is no longer a risk and wont go on to crash in the 7th month and cost you £15k. Not bad work really. Especially considering that you overcharge pretty much anyone, can get away with discrimination on a huge level and worm out of your obligations for the slightest of things, I think the way they charge for cancellation is pretty shitty to say the least.
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RS125 > CBR6 > SV650S > ZX636R > GSX1300RZ Hayabusa > 06 RSVR Mille > SV1000S > Street Triple 765 RS

[Ste]

[arry]