Insurance / Legal advice wanted

[beddowsm]

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.

[Road2Manchester]

genrally you only have to pay for the time you were insured. Contact the insurers first and get advise from them.

[XR400STUPOT]

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...

[MadRat]

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...

£25 is about right fer admin...

Really I mean Go Figure... How much would you charge?

She don't owe the insurance company She owes a Loan Company...

[beddowsm]

genrally you only have to pay for the time you were insured. Contact the insurers first and get advise from them.

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.

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.

[MadRat]

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....

[XR400STUPOT]

£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.

[beddowsm]

You got a loan from a loan company to pay for the insurance. Why should the insurers care what you do?

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?

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.

[MadRat]

£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....

But no refund either,(I paid upfront) does not seem quite right to me.

Well see next line...

PS How do you figure that 6 months risk is very similar to 12 months?

You try to get 6 months insurance and 12 months quotes and see the difference....

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.

Well that may be.... However She was told it was a Loan Company.... :unsure:

[MadRat]

You got a loan from a loan company to pay for the insurance. Why should the insurers care what you do?

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?

No.... :laugh: I am being realistic.....

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.

Again: You don't have an agreement with the insurance company....

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...