the insurance company want the money for the rest of the insurance that was left to pay its £166 can they do this even though my bike getting stolen wasnt my fault. i dont think its fair that since my bike has got stolen and i have cancelled ive got to pay the rest of it
Yes they can – check the policy details as there is always no refund in the later months of a policy even if paid monthly
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7 users responded in this post
i agree with u….but all i can suggest is check the local laws and see if they can make u pay for remainder of policy….good luck
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no… it doesnt work like that. you pay your policy in full, they pay you out for the stolen bike, and cancel teh balance of the policy…
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they would have to come to me with a gun/and then maybe i would listen to them/pay no
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Usually you would have to pay for your insurance in full, but they let people pay by direct debit etc as they understand that not everyone is able to pay the full amount. I have just had the same thing happen with my car and they took the remaining amount out of the cheque for my written off car. It is right, just be thankfull that your amount is £166, mine was £500!! Plus my £250 excess!!
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Unfortunately the company is right if they have paid out.
Your contract is for the full year and does not allow you to terminate after they pay out.
You can usually cancel early if you haven’t claimed.
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Why do you think it is unfair?
It wasn’t the insurance companies fault your bike got stolen yet they still pay you money for it. PLUS if they pay out the cover stops there and then you don’t need to cancel it.
It’s the same with any insurance company, you pay them for a insurance policy for a YEARS cover on a vehicle. You chose to pay by instalments for the year. By not paying the remainder you are effectively breaking your contract with them. If you go on the data base as a bad debt you will not get the option to pay in instalments again and you can forget about your credit score.
If you read your documents it will state on there that should the vehicle be written off, total loss or stolen you MUST pay the remainder of the policy value.
Pay up as they are doing nothing wrong.
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Yes they can – check the policy details as there is always no refund in the later months of a policy even if paid monthly
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