My wife insured her SV650 and opted to pay by monthly direct debit. This insurance company chose to do this by using a loan company. I have done this many times so it wasnt anything new.
BUT, she has now sold the bike and went to cancel the insurance. Apparently she cant do this, well she can but the fees for the "loan" company will be £150. She has 5 monthly payments left totalling £130.
So what to do? Can she really insure a bike that she doesnt own? Im sure if we just stop the monthly direct debits the loan company will start adding fees and eventually come knocking. Any advice or thoughts appreciated.
Insurance / Legal advice wanted
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Re: Insurance / Legal advice wanted
genrally you only have to pay for the time you were insured. Contact the insurers first and get advise from them.
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If you ride like the wind, expect to get blown away. One lifetime is all we get use it wisely this ain;t no practise.
If you ride like the wind, expect to get blown away. One lifetime is all we get use it wisely this ain;t no practise.
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Re: Insurance / Legal advice wanted
Hello Mike. Sorry no advice, but my thoughts are that insurance companies are a set of thieves. When I swapped my XR for the Tenere I had only used 3 months of a 12 month policy and the Insurance company refused to swap over to the Tenere, so I asked what the refund would be if I cancelled. Thier reply, if you wish to cancel sir that will be a £25 admin fee...
Re: Insurance / Legal advice wanted
£25 is about right fer admin...XR400STUPOT wrote:Hello Mike. Sorry no advice, but my thoughts are that insurance companies are a set of thieves. When I swapped my XR for the Tenere I had only used 3 months of a 12 month policy and the Insurance company refused to swap over to the Tenere, so I asked what the refund would be if I cancelled. Thier reply, if you wish to cancel sir that will be a £25 admin fee...
Really I mean Go Figure... How much would you charge?
She don't owe the insurance company She owes a Loan Company...
Re: Insurance / Legal advice wanted
I thought that too, but apparently the insurers get a loan company involved so they get their full amount up front. I think its a con really. Never really thought about it before, thinking that you can take monthly and cancel half way through and not pay any more. Insurers were not helpful and said Id have to pay it all.Road2Manchester wrote:genrally you only have to pay for the time you were insured. Contact the insurers first and get advise from them.
Just wondered what other peoples experience was, and if there was any way round it. Seems a right con to have to pay another £130 for a bike we no longer have...so dont need insuring.
Re: Insurance / Legal advice wanted
Errrrr..... Would you not expect full cover from day one?
Quite frankly the risk on six months cover would be very similar to a years risk....
And........
You got a loan from a loan company to pay for the insurance. Why should the insurers care what you do?
It is the Loan Company that you have the agreement with....
Quite frankly the risk on six months cover would be very similar to a years risk....
And........
You got a loan from a loan company to pay for the insurance. Why should the insurers care what you do?
It is the Loan Company that you have the agreement with....
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Re: Insurance / Legal advice wanted
£25 is about right fer admin...
Really I mean Go Figure... How much would you charge
Yes I agree £25 is fine for an admin fee. But no refund either,(I paid upfront) does not seem quite right to me.
PS How do you figure that 6 months risk is very similar to 12 months?
The bottom line here is Mike has been stitched up by the insurance company if they did not make it clear about the agreement at the start.
Really I mean Go Figure... How much would you charge
Yes I agree £25 is fine for an admin fee. But no refund either,(I paid upfront) does not seem quite right to me.
PS How do you figure that 6 months risk is very similar to 12 months?
The bottom line here is Mike has been stitched up by the insurance company if they did not make it clear about the agreement at the start.
Re: Insurance / Legal advice wanted
Got to say youre not being very helpful Mad Rat, but everyone is entitles to their opinions I suppose? Do you work for an insrance company perhaps?MadRat wrote:You got a loan from a loan company to pay for the insurance. Why should the insurers care what you do?
I always pay for insurance by monthly direct debit. This is the first time Ive come across the case where when cancelled you have to continue paying.
Re: Insurance / Legal advice wanted
XR400STUPOT wrote:£25 is about right fer admin...
Really I mean Go Figure... How much would you charge
Yes I agree £25 is fine for an admin fee.
Good....
Well see next line...XR400STUPOT wrote:But no refund either,(I paid upfront) does not seem quite right to me.
You try to get 6 months insurance and 12 months quotes and see the difference....XR400STUPOT wrote:PS How do you figure that 6 months risk is very similar to 12 months?
Well that may be.... However She was told it was a Loan Company.... :unsure:XR400STUPOT wrote:The bottom line here is Mike has been stitched up by the insurance company if they did not make it clear about the agreement at the start.
Re: Insurance / Legal advice wanted
No.... :laugh: I am being realistic.....beddowsm wrote:Got to say youre not being very helpful Mad Rat, but everyone is entitles to their opinions I suppose? Do you work for an insrance company perhaps?MadRat wrote:You got a loan from a loan company to pay for the insurance. Why should the insurers care what you do?
Again: You don't have an agreement with the insurance company....beddowsm wrote:I always pay for insurance by monthly direct debit. This is the first time Ive come across the case where when cancelled you have to continue paying.
Strewth man you are after answers which are not there....
We could all say its a stitch up.... But you do have to be realistic...
You asked fer help... I give you exactly what the reality is...