INSURANCE HELP after smash (nbr) 'ARRY?

[stirlinggaz]

Hii all,
Smashed car Sunday afternoon. I wasnt driving, named driver was.
It was day of local marathon AND council decided to relay some A & B roads.

After driving round in circles for nearly 3hrs we made 1 last attempt at a detour to get to destination.
Bad move. .
Straight road, (Causewead Road, Stirling FK9 5EU if you wanna google it) but cars parked on on both sides.
People staggering around in silver blankets & no shoes, eyes staring at the ground, obvlious to what was going on around them.
zombies on road as pavement being used as impromptu changing rooms!
People walking in front of us, behind us & at both sides of us & we hit a parked car head on.

Done what police ask.(on fone, not interested in attending ) Note on other car left.
Insurance Co. Insurance phoned & been told it's 100% my fault .

Here's where I'm getting confused : car just bought day or 2 before, fully comp ins.(was cheaper even on a car worth peanuts, with £50 excess) .
Policy in my name BUT named driver.
1st ever smash.
Dunno what I should do next.
Car was collected y/day by insurance Co.contractor (co-part)(thank f*ck, was an eyesore)

BIG IMPORTANT QUESTION :

what do I do about ìnsurance?
Was gonna pay monthly, paid initial deposit & set up the D/D.
WHAT DO I DO NOW?
cancel insurance policy?
Why should I keep paying? next installment due in 15days iirc.
Isn't there a cooling off period? or cancellation process.

ANY advice would be gratefully received, really.

Many many thanks,

cheers,
GAZ

[rpsmith79]

Okay, so you bought a car, and then took put a brand new policy on said car, so 2 day old car, 2 day old policy,

Not quite sure why you want to cancel the policy, if you are making a claim you need a policy in place to make the claim off, and for the 3rd party to claim off you

Are you expecting the car to be written off or something, hence not wanting to pay for a policy for a car you can no longer drive?

If you do cancel however, and then take out a new policy next week/month etc, you will have to declare the accident, but as you currently have a policy in place, you won't need to declare the accident till next years renewal
____________________
Current Bike: Honda CG125 ES4 // Honda CB600FS Hornet // Triumph Street Triple R

[MCN]

You pull your head out of your bottom and look for another car.
Why would it be OK to cancel insurance and not pay?
The insurance was bought on finance. You are STILL using the insurance. It is what will pay for the damage caused by named driver.
You won't stop the finance on the car if you cannot sell it.
You may get offered a settlement for the value of the car.
If it is new you may get cost price.
If used you have to haggle. They will offer dealer p-ex if lucky. But if written off maybe less.
____________________
Disclaimer: The comments above may be predicted text and not necessarily the opinion of MCN.

[Suntan Sid]

AFAIK, if the vehicle is written off, the policy plus the excess will have to be paid in full before any pay out is made.
The insurers may just deduct the cost of the policy plus the excess from any payout they were going to make. If it's a low value vehicle you'll probably end up paying them!
You cannot just cancel the policy!
____________________
"Everybody needs money, that's why they call it money!"

[DrDonnyBrago]

Typically if you try to cancel after a claim you forfeit the remaining months and don't get a refund - probably need to pay the amendment fee too. If you pay monthly, you have taken out a loan to cover the policy, which has been paid and you are paying the loan off in installments. If you cancel, you must either continue to pay off your loan or pay it off as a lump sum.

They covered your risk of a claim, you claimed, they covered your claim... Why would you be entitled to 99% of your premium back?

Get a new car with FC payout and stop being a helmet.

[stirlinggaz]

[Rogerborg]

You're still the keeper. Until that changes, the vehicle needs to remain either insured, or SORNed.

If your insurer writes it off then they should ask you for the V5C and terminate the policy at that point.

Where's the motorcycle in this story?
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[johnsmith222]

[MarJay]

You have to pay the premium in full even if your car is written off. The only case this might not happen is if it was a 3rd party at fault.
____________________
British beauty: Triumph Street Triple R; Loony stroker: KR1S; Track fun: GSXR750 L1; Commuter Missile: GSX-S1000F; Cheap project: CBR900RR FireBlade
Remember kids, bikes aren't like lego. You can't easily take a part from one bike and then fit it to another.

[stirlinggaz]

[stirlinggaz]

[Fizzoid]

No, 3rd party would be if someone hit you
____________________
Rogerborg wrote: It'd certainly make it easier to ego-find my own posts on pages, given the number of fags (gay like traps) who insist on putting my name in their .sig

[natefz6]

[stirlinggaz]

[stirlinggaz]

[G]

[stirlinggaz]

[stirlinggaz]

[Rogerborg]

[Evil Hans]

[DrDonnyBrago]

[stirlinggaz]

[Fizzoid]

[Rogerborg]

I'm expected to declare a prang that Mrs Borg had as a named driver in her mummy bus (with my name on the policy) on my bike policies.

Sorry, too confused, honest mistake.
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[kgm]