Insurance Problem... Bennets

[threadgall]

As some of you might be aware I got my bike nicked after 4 weeks of ownership.

Insurance paid out, great.

Through bennets I decided to pay Direct Debit over 12 months instead of paying one big lump sum.

Now that my policy is effectivaly cancelled because they have paid out and I am not getting another bike the state that I must continue to pay the £30 odd every month for the full 12 months regardless if I have a bike or not.

When my car was written off last year, the insurance company paid out and they stopped the DD.

Are bennets pulling a fast one or am I getting shafted for not reading the small print ?

[NSR Mick]

I'd say it's fair enough that you pay the full premium.
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If you dont like the way that I ride.......Stop trying to keep up!!!

[Charlie]

I would say from my previous dealings with Bennets that they are trying to pull a fast one.

Although I can't see how you have to pay for a service that you are not receiving.

Ring up and ask, and if they tell you the same thing speak to their supervisor.

Record all the conversations that you have with them too, and ask for money back from the hassle they gave you, I ended up getting two payment of £10.
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Past: Honda x8rs, Honda City fly, Honda Hornet 250, Honda VFR750, Yamaha xt600e.
Current: Honda CBR929RR & Yamaha XT660Z Tenere

[Mr.Everready]

When you started paying by DD you took out a loan to cover the cost of the insurance. You signed up to it, look at the small print.

If you'd paid in full would you expect them to give you a rebate ?
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the undemocratically unelected mod of the Scottish section

[NSR Mick]

It's not on expecting to get a full payout when only 10% or less of the premium has been paid.
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If you dont like the way that I ride.......Stop trying to keep up!!!

[matlow]

I would say it sounds fair enough, you buy a stated period of cover, normally 12 months, you have elected to take this on credit and pay via DD. The credit agreement still stands so you still have to pay your direct debits. You may still get a refund of some of your premium but i bet they still sting you for the full 12 months interest on the policy.
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Hornet 600, CBR600F, 929 blade, 07 R1, R1200GS, 09 Blade, 750 SRAD, ZZR1200, 954 Blade, KTM 990 Adventure, Ducati 749s

[threadgall]

[map]

[sagalout]

I thought if you made a claim you cant cancel the policy mid term?
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Current Bike: Triumph Speed Triple T309
Previous: CBR600F => ZX9R => Triumph Tiger => Honda Blackbird => GSXR 750 => Versys =>ZX12R

[t121anf]

can't you just change the bike on the policy, its still valid as it was for 12 months.

you should have to pay the full amount, regardless of how you opt to pay it you have made a claim.

you can't buy a mars bar have a bite and then take it back to the shop saying you've changed your mind and want you money back.

[Villers]

Surely the insurance is calculated for you riding for the whole year, and therefore should represent 12 months of risk. If you cancel mid term normally and you have paid the full amount they will refund you for the cover you will not be using.

If you have an accidnt and no longer need cover then your entitled to get back the cover you wont be using? If not how can they do pay as you go policies.

Although I agree that you are in a credit agreement and are probably shafted unfortunately.
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RS125 > CBR6 > SV650S > ZX636R > GSX1300RZ Hayabusa > 06 RSVR Mille > SV1000S > Street Triple 765 RS

[ms51ves3]

Put the policy on hold until you get another bike and transfer that bike onto the policy.

[trevoriv]

When a vehicle is subject to a total loss claim you dont get any return premium regardless of how the premium is paid.
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Past: '96 Thundercat, '02 ZX636R (A1P), '58 KTM 690 SM LC4 Current: '06 ZX636R (C6F)
Mudskipper wrote: Someone just has to sig that...

[MattEMulsion]

Insurance companies tend to have different terms and conditions but as far as I am aware it usually works like this:

When you take out a policy you buy a 12 month contract. If you choose not to pay in full at the start of the policy then you are entering a credit agreement for that 12 month term - not buying the insurance on a pay as you go kind of system. So whatever happens you will always be liable for all of the installements for that 12 month contract until your 'loan' is repayed in full.

When you have to claim on the policy and your vehicle is deemed a total loss (write off) and the insurance company pay you out, often this is the end of that insurance contract. Ie you are entitled to no further cover for another vehicle and you don't get any of the 'unused' premium back.

But again back to this monthly instalment credit agreement - you are still liable for all of those installments as it is a loan for the full premium and not pay as you go insurance.
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Yamaha YZF-R6

[Fastkwak]

I wrote my 12R off at the TT last year got paid out in full and 5 weeks later bought a new 12R phoned up the insurance and put new bike details on and used the remaining 7 months of the policy but you have to read the small print sunshine and see how YOUR policy is worded

Dave
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Kiss my ASS im gone. current ZX12R previous ZZR1100,Gpz1100 uni,GT750,VT500,CX500
GT550,various Superdream 250&400,RD350LC,RD400DX,Ts250ER,DT175MX
CB125T superdream

[iooi]

This is going to fall under the consumer credit act.
Some ins co's will do monthly payments themselves and this does not constutite credit.
When you use someone like Bennets or any other broker to get your ins they will in effect, loan you the money so the ins co is paid and then charge you for doing this.
Try calling the Office of fair trading and see what they say. With the new laws/rules brought out this year. They may be able to help.
Just don't hold your breath
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Just because my bike was A DIVVY, does not mean i am......

[ms51ves3]

It is quite simple to see why they keep taking your money once you have crashed and no longer need the policy. If you crash near the beginning of the policy the insurance company still has to pay the same amount of money out as they would if you crashed near the end of the policy yet you would have only paid a small amount of money towards the policy.

[deliriousthun...]

I haven't read the whole thread, and I suggest you read the small print.

However, the way I see it you shouldn't have to pay, when you pay for a years cover in full, and then you cancel the cover for any reason, you get the remaining cover refunded..

I don't see how this is any different.. they would expect you to get another bike and continue the policy.. since you are not getting another bike, you are cancelling the policy.. so you shouldn't be paying for any more cover..

They have made a full payout on a bike, having only received a part of the policy money, but that's what they're for.. they are an insurance company, they'll have to take losses every now and again, but they will try everything within their power not to..
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Tom

[iooi]

[ms51ves3]

[Polo]

Yeah, I would expect the full premium to be payable in the event of a claim. Certainly is where I work.

On the comment by the OP regarding this not being the case with the car then it may well be that the balance of premiums were deducted from the settlement. This is done as a matter of course with some of the brands that fall under the company I work for.


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My mum smells your fingers

[Mal]

[deliriousthun...]

well fair enough, I didn't really think that through I guess.. and luckily I've never had to make a claim, so haven't had to go through that myself..

but: