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Written my car off where does my policy stand help help help?

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Written my car off where does my policy stand help help help?

Postby cartwright » Thu Jul 18, 2013 5:23 pm

i have paid for my car insurance for 12 months i have written my car off and have been paid out however i do not want to purcahse a new car at this point in time if i cancel my policy will i get refunded some money for my remaning months policy ?
cartwright
 
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Written my car off where does my policy stand help help help?

Postby lughaidh » Thu Jul 18, 2013 5:24 pm

If your car is written off the insurance is probably terminated. Check the small print on your policy.
Alternatively ring the insurers.
lughaidh
 
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Written my car off where does my policy stand help help help?

Postby amott » Thu Jul 18, 2013 5:29 pm

If your car is written off the insurance is probably terminated. Check the small print on your policy.
Alternatively ring the insurers.
The policy ends with the write off, there will be no refund.

EDIT: Thumbs-down all the correct answers if you like, it isn't going to change anything. Normal practise in the UK car insurance industry is that when the vehicle is written off, the policy expires.
amott
 
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Written my car off where does my policy stand help help help?

Postby morty » Thu Jul 18, 2013 5:38 pm

No,
your policy is for 12months, if you have any claim within that period, you still have to pay the balance of policy.
and you will have lost any no claims bonus you earned,unless its protected.
when you take out a new policy, you must declare a claim within the last 5yrs
morty
 
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Written my car off where does my policy stand help help help?

Postby eduardo » Thu Jul 18, 2013 5:51 pm

The policy stands behind the clock on the kitchen shelf.

The policy covered you for 12 months against damage..

If you don't claim in that 12 months they keep your premium

If you claim they pay out.

Look on it as a lost bet. If you put £100 pound on a horse which lost you wouldn't ask for your money back.

There will be no refund
eduardo
 
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Written my car off where does my policy stand help help help?

Postby yehoash » Thu Jul 18, 2013 5:52 pm

There will be no refund.
Isn't it time people used the correct terminology - No Claim Discount (not bonus). A discount is a reduction and a bonus is an addition.
yehoash
 
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Written my car off where does my policy stand help help help?

Postby vontell5 » Thu Jul 18, 2013 5:56 pm

No, you get no refund. Your contract with the insurer is that you pay X amount for cover up to 12 calender months and the insurer pays out according to the terms of the policy if you have an accident at any time within that 12 months. If you have an accident, the insurer pays out and the contract between you and them is completed and the policy is terminated at that stage. You are not entitled to any refund no matter when in the 12 months you took up the policy, have an accident just a week into the policy and you still get no refund. You might think that is a crappy deal but that is your view, the insurers actually were the ones who had a crappy deal (well, unless you are a teenage driver paying 3 grand to insure an 800 quid Corsa 1.2 )
vontell5
 
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Written my car off where does my policy stand help help help?

Postby bercleah » Thu Jul 18, 2013 5:57 pm

The policy will have ended and become not subject to a refund when your car was written off.
Most people are shocked to learn this but it applies whether the policy has been in force for 1 day or 364 days - there is nothing to cancel!
bercleah
 
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Written my car off where does my policy stand help help help?

Postby brendon » Thu Jul 18, 2013 6:01 pm

I think for a write off nowadays, if you look at the detail of your policy, the pay out you receive covers everything and no additional amounts are paid for unexpired periods of the insurance "year".

However I don't think it was always like this as I vaguely recall getting a refund for the remainder of the year once in the 1980s after a write off.
brendon
 
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Written my car off where does my policy stand help help help?

Postby jerard » Thu Jul 18, 2013 6:02 pm

Yes. You should receive a pro-rated refund.
I suggest you speak with you insurance company. They will be able to answer any insurance question that you might have and their answers will be more accurate than ours here on Y/A.
jerard
 
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