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Insurance payments and changes

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von1papen
Spanner Monkey



Joined: 12 Jan 2011
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PostPosted: 15:39 - 27 Jan 2012    Post subject: Insurance payments and changes Reply with quote
Right at the moment I'am paying Just over £300 for the policy on my CG.

This is made up of the policy of around 200, 15 personal accident cover, 25 "admin fee" for direct debit, then a shit load of interest per payment.

Now I've passed my test I want to insure the CG and the CM200

They're offering £412 for both

But I have to cancel my old policy which will cost me £50 (they refund me 150 i owe them 200 apparently)

But of course this base £412 premium won't include admin and interest. But how the hell do I pay for it other than direct debit so I DON'T get stung for admin charges and interest on each payment for this new policy?
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P.addy
Red Rocket



Joined: 14 Feb 2008
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PostPosted: 15:41 - 27 Jan 2012    Post subject: Reply with quote
You get admin and interest because its essentially a credit account.

Save and pay in full or pay monthly.
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von1papen
Spanner Monkey



Joined: 12 Jan 2011
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PostPosted: 15:48 - 27 Jan 2012    Post subject: Reply with quote
Was paying monthly, ten payments nearly a fiver of interest on each so it ended up being ten £30 payments.

So If I paid in full I'd not get charged admin or interest?
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Bezzer
World Chat Champion



Joined: 14 Apr 2005
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PostPosted: 16:53 - 27 Jan 2012    Post subject: Reply with quote
von1papen wrote:
So If I paid in full I'd not get charged admin or interest?


Correct.

It's seems to be getting the norm now cancelling a policy and starting a new one to swop to or add another bike. I can't believe that there are so many companies now who won't insure a particular bike so you have to take out a brand new policy or am I being cynical thinking they just want to get the extra money from cancellations/admin fees etc.
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0l0dom0l0
World Chat Champion



Joined: 21 Oct 2009
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PostPosted: 18:12 - 27 Jan 2012    Post subject: Reply with quote
Bezzer wrote:

It's seems to be getting the norm now cancelling a policy and starting a new one to swop to or add another bike. I can't believe that there are so many companies now who won't insure a particular bike so you have to take out a brand new policy or am I being cynical thinking they just want to get the extra money from cancellations/admin fees etc.


I've had a lot of problems with this recently.

Currently insuring a CBR600F, wanted to change to a Daytona 600. On the CBR policy, you can't insure anything you haven't owned for 6 months.

Honda policy cost us £100, so with the 6 months left on it it is actually cheaper to leave the policy running rather than cancel it and start a new one. The only advantage being the fact that it meant 1 years ncb could be used to insure the Daytona which bought it down by £30 but it was 6 months longer before we got a second years ncb.

They seem to have introduced a load of bizzare rules. Atm, we are left with 4 bikes and 4 different insurance policies.

With regards to the OP, isn't it cheaper to start a new policy completely with 0 ncb?
____________________
CBT Passed: 30/08/2009, Theory Passed: 31/08/2010, Mod 1 Passed: 6/9/2010, Mod 2 Passed: 13/09/2010. Restriction ended 13/09/2012.

Bikes: 2007 Derbi GPR 50, 1998 Yamaha Fazer 600 (written off), 2002 Yamaha Fazer 600, 1994 CBR 600F, 2003 Triumph Daytona 600, Kawasaki ZX6R J1.....Current: 2006 Yamaha FZ6, 1998 Suzuki TL1000R and a Honda VFR 400 NC30.
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von1papen
Spanner Monkey



Joined: 12 Jan 2011
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PostPosted: 18:23 - 27 Jan 2012    Post subject: Reply with quote
I've already a full years NCB so its safe I think.

Got an email back, they said they will not retain their admin fee or comission if I cancel my policy.

So I have asked for confirmation that I will only be paying £412 and no extra fees or charges if I pay in full.

I have also asked why I must pay £50 to cancel my old policy, might as well ask!

Then I'll be making sure this policy includes pillion cover on both bikes plus checking if it costs anything to add my dad on as a named rider (hes had his licence since 1971 so I doubt it lol)

Seems to be better if you email the company and ask plenty of questions, phoning them seemed to result in alot of pass the parcel to different departments none of whom can give a clear answer.
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P.addy
Red Rocket



Joined: 14 Feb 2008
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PostPosted: 18:27 - 27 Jan 2012    Post subject: Reply with quote
von1papen wrote:
Seems to be better if you email the company and ask plenty of questions, phoning them seemed to result in alot of pass the parcel to different departments none of whom can give a clear answer.


I just phone them and say I have a policy with you, if you want to keep it that way I need to change my bike over/declare new alarm/add rider.

Laughing
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iooi
Super Spammer



Joined: 14 Jan 2007
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PostPosted: 20:32 - 27 Jan 2012    Post subject: Re: Insurance payments and changes Reply with quote
von1papen wrote:
Now I've passed my test I want to insure the CG and the CM200
?


That is the problem...

Many companies will only cover learners, or bikes @125cc.

Something you really should have asked when taking out the policy, that if passing test and changing bike, could you...

Never pay your ins by instalments.... As you have found you get well and truely screwed over as you take out a loan to cover hte payment. Then if you cancel early. You can end up still paying for a policy you no longer have due to the % refund you get.

I wonder if there is some way this could be taken on the basis of consumer credit act.
I guess it needs a few people to complain to the OFT on this.
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t121anf
World Chat Champion



Joined: 23 Feb 2007
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PostPosted: 22:02 - 27 Jan 2012    Post subject: Reply with quote
never use the "credit" facility an insurance company offers, just get it on a credit card the APR is likely to be lower.

bike insurance is so cheap theres no really need to pay in instalments unless you are 17-19 etc
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Old Thread Alert!

The last post was made 14 years, 161 days ago. Instead of replying here, would creating a new thread be more useful?
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