Insurance query - Write offs

[MikeyC]

If you write off a vehicle, when does your insurance cover end? Is it from when they pay you out? I ask because I wrote my bike off, after they agreed it was a write off, they charged me another month for the insurance. Since I received and cashed the cheque, they have charged me for another months cover, but surely there is nothing to cover? Am I entitled to that cover back?

ps. there was a problem with the direct debit, so my debit card is being charged

[yambabe]

Not entirely sure Mike, but I THINK it depends on how you were paying.

If you pay monthly for a months insurance at a time, you have been ripped off.

If you pay an annual premium in instalments they may well be OK to charge you to the date of the accident, which could mean you go into another monthly instalment, and they may also be entitled to charge you a cancellation fee!

Ring 'em and ask?
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Sod falling in love, I wanna fall in chocolate.

[dainesefreak]

They tend to want the premium paid in full if you claim on it for something like a write off. They usually tend to take the cost of the policy off the settlement in my experience, not that I try to write many off you understand!

[MikeyC]

[yambabe]

Of course it is mate, but being an innsurance company it's LEGALISED daylight robbery!
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Sod falling in love, I wanna fall in chocolate.

[MikeyC]

[MikeyC]

called them up, they informed me its the underwriters who are taking the money.... but they were confused as to why as they agreed that I shouldnt be paying for cover on a bike which they know is no longer on the road!

[bennyb24]

Hi, most policies have a small disclaimer that in the event of a total loss claim (i.e. write off or nicked) then your policy is ended and you don't get any money back.

so if you pay 1200 quid for FC and some one nick's your bike after 5 months you've lost 700 quid ! < not that im bitter or anything !

[william]

Yes I think thats right, if you pay £600 for a years insurance and you write it off in month one they don't give you back £550 for the 11 months insurance that you "didn't use".

So if you were paying in instalments they will want the rest of the wonga.

[aqualung1]

thats right, i know as having a write off a short while agao, i had to pay rest of policty up in full before i get any payout

theory being you paid EI £300 for insurance
why should they pay you out when you have ionly just paid back £150

if not written off insurance just carries on (also found that out hard way)

[Shade_BW]

You have to pay insurance for the year. In the event of a claim, they still want the whole years premium.

This is how they work.

So if you phone up, agree a quote on instalments, then crash your bike that afternoon, they will still want the years premium.

It's in the terms and conditions, you signed up for it, if you didn't read it, it's your fault.

Shade
Read the small print.

[G1_]

After my accident (also a write off) my insurance company also failed to take the initiative. 4 months down the line they were still charging me
(in SA you buy insurance month at a time)

[Slavo]

It all depends as to what catagory its written off as I think. My bike was written off as 'uneconomical to repair' (either cat C or D). I have since repaired the bike, got it re-MOT'd and am still covered under exactly the same policy.

I've a friend that wrote off his car twice in 2 years, and he wasn't charged any further. He simply transferred his insurance to another vehicle and paid an outrageous amount when it was to be renewed both times

[Mattastic]

We were fully comp on our car and when it was repaired after crashing it we told the insurance that we were no longer the legal owners and no longer needed cover. We had three months left on the policy and we were told we could pay the remaining three months or pay for the value of the claim they'd settled!

£150 vs £1200, guess which won! Read your small print matey.
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Too skint to buy a bike