Head Honcho Posted 5 October 2006 Posted 5 October 2006 If your car is stolen do you have to continue to pay for the remaining monthly instalments?
Lester LXXIV Posted 5 October 2006 Posted 5 October 2006 You should be able to cancel your car insurance but you may have to pay an admin fee or maybe an extra month, dependant upon the company your with. Bad luck mate, I hope you get your car back!
Head Honcho Posted 5 October 2006 Author Posted 5 October 2006 You should be able to cancel your car insurance but you may have to pay an admin fee or maybe an extra month, dependant upon the company your with. Bad luck mate, I hope you get your car back! I haven't had it stolen yet! ....but thanks anyway I only ask because a few years ago some Muppet went into me and I'm sure I had a letter from my insurer at the time asking for the balance.
Jon the Hat Posted 5 October 2006 Posted 5 October 2006 If your car is stolen do you have to continue to pay for the remaining monthly instalments? No you shouldn't have to pay the balance of the year, as you no longer have a vehicle to insure.
kevinwpratt Posted 5 October 2006 Posted 5 October 2006 No you shouldn't have to pay the balance of the year, as you no longer have a vehicle to insure. From my experience, when you make the claim they will deduct the balance outstanding as you have a contract with them for the full years insurance and they are not at fault for the theft. Monthly payments are for ease of cashflow to entice more customers.
The People's Hero Posted 5 October 2006 Posted 5 October 2006 Two possibilities. Please note I don't deal with motor and never have done... Shum might be a good person to ask. However ... 1) A pro-rata return premium will be due as you no longer have an insurance interest in the car (ie you no longer have it!). If you're paying my monthly instalments, it's likely that simply stopping the payments and a cease in cover would be a satisfactory arrangement all round. 2) In some insurance contracts, an insurer will refuse to give a return premium, or at least, a reduced return premium in light of the claim (if there has been one). Some markets I deal with simply do not award a return premium if there has been a loss. As I said though, I don't write motor.
Shum Posted 5 October 2006 Posted 5 October 2006 Two possibilities. Please note I don't deal with motor and never have done... Shum might be a good person to ask. However ... 1) A pro-rata return premium will be due as you no longer have an insurance interest in the car (ie you no longer have it!). If you're paying my monthly instalments, it's likely that simply stopping the payments and a cease in cover would be a satisfactory arrangement all round. 2) In some insurance contracts, an insurer will refuse to give a return premium, or at least, a reduced return premium in light of the claim (if there has been one). Some markets I deal with simply do not award a return premium if there has been a loss. As I said though, I don't write motor. 1 is probalby the one I'd agree with, however I would suggest you contact your own insurer to clarify their exact stance on the matter.
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