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Insurance - rediculous

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hmmmnz
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PostPosted: 22:44 - 05 Aug 2010    Post subject: Reply with quote

its common sense really,
you made a contract, why would the insurance company just let you out of it with no repercussions, the world doesnt work like that im afraid,
keep the policy, when you get a new bike, just add it to that policy,
it'll probably only cost you admin fees

no brainer really, and at the end of the year you have ncb as well
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arry
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PostPosted: 22:48 - 05 Aug 2010    Post subject: Reply with quote

Villers wrote:
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.


Not to make a fuss or anything, but:
1) These people and their investors making money from that....
Motor insurance is a basket case and has been for a few years at least now. It's a sick line of business that's in fix mode for just about every major insurer. Motor hasn't made money, for a fair old while.
2) There should be some legislation which protects....
There already is; it's called FSA ICOB4 and falls broadly in line with the principles of "Treating Customers Fairly".
You are entitled to receive before placing your insurance a full statement of fact of the information you've provided along with a full policy wording and schedule, and full broking terms and conditions which you may peruse to your heart's content before buying. If you do buy, even after that event you have 14 whole days cooling off period in which you can change your mind about the whole thing and send everything back with minimal administration fees only chargeable. TBH, if someone can't be arsed to read the T&C's on something as important as an insurance policy before, or indeed within 14 days after buying the damn thing then, IMO, that's very naive.
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Villers
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PostPosted: 23:39 - 05 Aug 2010    Post subject: Reply with quote

Arry, while I totally agree that giving written T's and C's is very fair it doesnt mean that the contents are. You would be hard pushed to find an insurer that would be fair and as a consumer that HAS to purchase the product from somewhere you end up accepting one evil or another.

The fact that insurance companies struggle to make ends meet, on the other hand, keeps me awake with a broken heart every night! Perhaps they should stop actively trying to screw over every customer and encouraging people to claim for non existing injuries when they think a rival will be footing the bill. In short, f@ck em! Smile
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ssruk
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PostPosted: 16:32 - 06 Aug 2010    Post subject: Reply with quote

i had this on 125 with mce they wanted 90 quid to end it 2 weeks after taking it out hmmm what happened to 14 days but just stoped dd and now they gone away
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Welshd1k
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PostPosted: 17:00 - 06 Aug 2010    Post subject: Re: Insurance - rediculous Reply with quote

[quote="binge"]The next bike I buy, I'm not even going to bother insuring it. Rolling Eyes

Just rang up to cancel the B12 insurance as It's £40 a month I

They wanted £141.70 off me to cancel it!!! The policy is only £320!
quote]

i make that 480?
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iooi
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PostPosted: 21:17 - 06 Aug 2010    Post subject: Reply with quote

Villers wrote:
Simply 'because its the way' is not enough in these cases, they take the piss to the highest degree and get away with it every time.


I was not passing comment on the Ins co's and how they take the piss on charges....

I was passing comment on how people have not read the paperwork they have been sent, so have no idea about the costs. Embarassed
For gods sake these people paying monthly are signing up to a credit agreement.....
For all they know they could be paying massive interest on that loan, a early repayment charge if they don't want to continue with the policy, never mind the admin charges etc.

The only time paying monthly on ins is worth it is when its direct to the ins co and they split the payments into 12 with no interest charges. Other than that put it on a credit card, take out your own loan and pay it back at a fixed rate each month. At least that way YOU are in control.

People want cheap insurance all the time. When you consider that next to no one is direct to the underwriter. So we just about all go via brokers. Who use their commission to reduce the cost to us to gain our buissness. They then have to find a way of making money on these policies.
Admin charges for changes etc is the only fair way. That way the people who create the most work, pay for that to be done.

Having said that I was more than happy with Ebike who changed my address allowed me to add a 2nd bike worth 5 time the value of the bike the policy was on, for 3 months. All for the charge of ZERO.....
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Villers
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PostPosted: 21:51 - 06 Aug 2010    Post subject: Reply with quote

Ste wrote:

Rolling Eyes Not all companies do.

You can quite easily get a policy where you won't be charged for a cancellation fee, or for simple mid policy changes or other things that would often attract a £25 admin charge. But those policies cost more in the first place so are only worth having if you're likely to be making lots of mid policy changes.



Villers wrote:
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


Whats with the Rolling Eyes ? I apologise if I dont pander to your every opinion Laughing
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binge
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PostPosted: 23:38 - 06 Aug 2010    Post subject: Re: Insurance - rediculous Reply with quote

[quote="Welshd1k"]
binge wrote:
The next bike I buy, I'm not even going to bother insuring it. Rolling Eyes

Just rang up to cancel the B12 insurance as It's £40 a month I

They wanted £141.70 off me to cancel it!!! The policy is only £320!
quote]

i make that 480?



You only make 10 monthly payments. (£400)
£320 insurance, £80 interest.




Cheers


Ben
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Welshd1k
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PostPosted: 23:43 - 06 Aug 2010    Post subject: Reply with quote

ahhh sorry i never done monthly . and i fi didi carol nash is all over the first 4 months ><
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Dibble
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PostPosted: 13:53 - 07 Aug 2010    Post subject: Reply with quote

2 months into a policy my wifes car broke down and she used the breakdown insurance which is part of the policy to have it towed.

It was uneconomic to repair so we scrapped it.

She phoned to cancel the policy which cost £450, they offered 10 months worth of £300 as the policy cost £300 and the breakdown part cost £150 and as we had used that the remainder was not refundable.

So £150 for a 1 mile tow then Twisted Evil




The £450 premium was the cheapest total cost apparently, even though it seems at lot to me, I say seems a lot what I actually said when she told me was more like "F***k me I know someone who only pays £600 for an Imperetza are you sure that sounds like a piss take to me, robbing bastards ,etc"
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Casper
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PostPosted: 22:44 - 08 Aug 2010    Post subject: Reply with quote

Cancel the direct debit and let the cunts sing for there cancelation fee. If you pay up front then more the fool you. I pay 89 quid fully comp on a 550 and en extra 10 quid to pay it up. not much to say paying a lump sum.
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Redoko
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PostPosted: 23:59 - 08 Aug 2010    Post subject: Reply with quote

Joe wrote:
loply wrote:
It's annoying how nobody provides monthly insurance.

You'd think somebody would.


Doesn't eBike do a pay as you go policy?


Yes I'm with them on a PAYG.

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iooi
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PostPosted: 08:00 - 09 Aug 2010    Post subject: Reply with quote

Dibble wrote:
2She phoned to cancel the policy which cost £450, they offered 10 months worth of £300 as the policy cost £300 and the breakdown part cost £150 and as we had used that the remainder was not refundable.

So £150 for a 1 mile tow then Twisted Evil




The £450 premium was the cheapest total cost apparently


Well you have now found that including breakdown cover in your ins policy is not the cheapest option.....
£150 for breakdown cover is way OTT cost wise you could have got far cheaper else where Laughing

I used to have it in the car ins, it was provided by green flag.... It got to nealy £100 one year so I rang and cancelled it with the ins co. Rang green flag direct and got a better level of cover for 50% less cost.
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