Total loss premium? Protecta Insurance

[peterpan]

has anyone heard of this.... i wrote my new bike off two weeks after getting it brand new. now the insurance company happily replaced it ( thanks) but when i went to insure the new one i thought that i would have to pay an extra couple hundy to top up for crashing the first one since i had paid in full for the whole year, but no. apparently the company takes the rest of your insurance premium along with your excess to help pay for new bike... buy buy $600.:bye:
is anyone fimiliar with this?:gob:

[Bald Eagle]

I think this may be the common practice, when State wrote my bandit off they told me that is effectively the end of the policy and they take the unused premium and also the registration refund when they de-reg the wreck as an off set against their costs.

[CHUNKY MONKEY]

sounds right,fail to see the problem. You crashed and needed to pay your excess and what was owed on your yearly insurance fees.

[scott411]

that is standard with all insurance companies,

basically it is much better to write off your bike in the last month of your insurance year, than the first month

[ckai]

Your insurance covers the loss for a year even if you pay it in montly/fortnightly. If you were paying it in instalments you would have been asked to pay for the entire year before you got your flash wheels.

Not meaning to be rude but you've got an issue with paying $600 for a new bike (effectively)? Yeah you paid for it already but now it's new again :)

Completely standard practice. It will state it in the policy conditions - that no one reads :) I get my wife to tell me the ins and outs since she used to be a dodgy insurance seller.

[peterpan]

Thanks guys... do they not take into account the heart break and embarrassment of crashing a bike before its first service. at least the family waited 10 minutes before taking the piss out of me.:facepalm:

[CHUNKY MONKEY]

yes and then they laugh

[rustyrobot]

Wow, I had no idea about this. I have no love at all for insurance companies, a barely tolerated necessary evil. Just like banks it all seems to be one-sided and everything in their favour. I had genuinely thought that if my bike is written off, they would replace it and the new one would be insured for the remainder of the insurance term.

Thanks for the wake-up call I guess. Thought I had read my policy closely enough, but maybe missed the implications in some of the jargon. I've only ever paid three full years of insurance in my life, but never claimed anything on that, so they got all that money for a minimum of administration costs, must be a fair few people like me, so seems unfair they make life hard for those who do need to make a claim.

Is this only for 'total loss' then? (Time to dig out the policy again).

[peterpan]

yep, this is my first claim, so was unaware of the fine print. wish i had crashed my over insured Ducati before selling it cheap...wouldn't hurt so much.

[NinjaBoy]

yep, this is my first claim, so was unaware of the fine print. wish i had crashed my over insured Ducati before selling it cheap...wouldn't hurt so much.

If the Ducati was over a year old then you get into a whole new level of pain arguing over the market value :blink: The odds are always in their favour ...

[trustme]

Insurance companies are bookies in a flash suit, playing the odds that the premiums collected will be greater than claims paid . You don't have to play their game , it is entirely your choice. just one question you gotta ask, 'do you feel lucky ?', can you afford to take the hit ?
Personally I don't have a problem with this practice .

[p.dath]

Your insurance covers the loss for a year even if you pay it in montly/fortnightly.

+1. It's standard practice.

[ckai]

Is this only for 'total loss' then? (Time to dig out the policy again).

Yeah, if the vehicle insured is written off, the policy ceases. If it's damaged and repairable, the insurers will ask for any outstanding premiums, then repair the damage and you're policy continues as normal. Of course, on write-off they ask for outstanding premiums as well.


Insurance companies are bookies in a flash suit, playing the odds that the premiums collected will be greater than claims paid . You don't have to play their game , it is entirely your choice. just one question you gotta ask, 'do you feel lucky ?', can you afford to take the hit ?
Personally I don't have a problem with this practice .

That's pretty much how my wife explained insurances too me. Thanks to mum, I was pretty anti-insurance. Then the wife asked "can you afford to lose it?". With regard to my bike, hell no. Apart from losing all the money, I wouldn't be able to afford to repair it so the simple answer is to insure. Essentially "paying off" future repairs.

The same goes for my income protection. We'd be screwed if I couldn't work so that sorts that.

If I had a $2000 bike or car I may not insurer it but I would consider 3rd party even though the bastards change more for that then full cover now (in most cases). I sure as hell couldn't afford to fix a snooty [sic] beemer drivers optional indicator.

[MSTRS]

Is this only for 'total loss' then? (Time to dig out the policy again).

Further clarification...
Total loss (write off) means the insurer pays you $ for your bike. You've sold it to them, they now own it. Any 'unused' premium is forfeit. You can't insure a vehicle you don't own, so the policy that covered it is now ceased.
If you use the payout to purchase another bike (which is the same as if the insurer sends the cheque to the bike shop to cover the replacement) you then have to take out a new policy, and pay a new 12 months premium. Probably at a higher rate, and/or without the discount for no claims (unless your company offers 'lifetime NCB'.

[Oscar]

Wow, I had no idea about this. I have no love at all for insurance companies, a barely tolerated necessary evil. Just like banks it all seems to be one-sided and everything in their favour.



So who's holding a gun to your head?

[Oscar]

If the Ducati was over a year old then you get into a whole new level of pain arguing over the market value :blink: The odds are always in their favour ...

If the odds weren't in their favour, they wouldn't be a fucking insurance company, now would they? They'd be a charity.

[breakaway]

If the odds weren't in their favour, they wouldn't be a fucking insurance company, now would they? They'd be a charity.

+1.

The insurance industry business model is based on the fact that you keep paying your annual fee and never crash. If it wasn't, they'd be out of business by now. Think about it.

[Spazman727]

Your insurance covers the loss for a year even if you pay it in montly/fortnightly. If you were paying it in instalments you would have been asked to pay for the entire year before you got your flash wheels.

I thought if you paid monthly they would pay out as long as you had paid for this months insurance? That's what the AA said when my old man's car got pinched. Maybe other insurance companies are different?

[Oscar]

I thought if you paid monthly they would pay out as long as you had paid for this months insurance? That's what the AA said when my old man's car got pinched. Maybe other insurance companies are different?

If it's an annual contract, paid monthly, you'll lose the year's premium.
If it's a monthly contract you won't.

Perhaps you should read this expensive bit of paper before you pay for it:facepalm:

Edit: It took me 30 seconds to find the wording for your dads car insurance with AA on line.
It is very simply worded, and it says:


If we pay you for a total loss, this policy will be cancelled from the
date of the total loss, and you cannot claim for any subsequent
event. Your premium will not be refunded. If the policy is paid by
instalments we will be entitled to collect the unpaid balance of
the annual premium, or deduct from the settlement of the claim.

The other interesting thing about insuring with AA is that they can't spell.

[Oscar]

has anyone heard of this.... i wrote my new bike off two weeks after getting it brand new. now the insurance company happily replaced it ( thanks) but when i went to insure the new one i thought that i would have to pay an extra couple hundy to top up for crashing the first one since i had paid in full for the whole year, but no. apparently the company takes the rest of your insurance premium along with your excess to help pay for new bike... buy buy $600.:bye:
is anyone fimiliar with this?:gob:

And whilst I'm ranting - your insurance policy with Protecta is also easy to find on line and also very simple to read:facepalm::facepalm::facepalm::facepalm:

Page 10:

No refund will be paid in the
event that the Policy is subject to a Total Loss claim.

I don't know what's stupider: that you'd spend all that money on an insurance policy and not read it, or that you'd come on here and complain about it:facepalm::facepalm:

[Owl]

has anyone heard of this....

Yep!

There may be the odd insurance company that will allow you to insure another vehicle with the old portion of premium after "total loss", but it's very rare. Lumley used to a couple of years ago, but that's since changed. I believe NAC still allow it? Either way, they'll all follow the same path and all that'll be left, is a big :finger:

[The Stranger]

has anyone heard of this.... i wrote my new bike off two weeks after getting it brand new. now the insurance company happily replaced it ( thanks) but when i went to insure the new one i thought that i would have to pay an extra couple hundy to top up for crashing the first one since i had paid in full for the whole year, but no. apparently the company takes the rest of your insurance premium along with your excess to help pay for new bike... buy buy $600.:bye:
is anyone fimiliar with this?:gob:

Why were you in such a rush to bin it? Always wait until the 51st week to write your bike off.

[ukusa]

And whilst I'm ranting - your insurance policy with Protecta is also easy to find on line and also very simple to read:facepalm::facepalm::facepalm::facepalm:

Page 10:


I don't know what's stupider: that you'd spend all that money on an insurance policy and not read it, or that you'd come on here and complain about it:facepalm::facepalm:

Wow, you're clever. shame on him for asking a forum for advice/experiences when he should have spent 30 sec. looking online like you did.
He originally asked "Has any one heard of this" & "Is anyone familiar with this". Didn't sound like a complaint to me.

[Oscar]

Wow, you're clever. shame on him for asking a forum for advice/experiences when he should have spent 30 sec. looking online like you did.
He originally asked "Has any one heard of this" & "Is anyone familiar with this". Didn't sound like a complaint to me.

Re-read his post, he complains like my wife:


apparently the company takes the rest of your insurance premium along with your excess to help pay for new bike... buy buy $600.:bye:
is anyone fimiliar with this?:gob:

And it's nothing to do with me being clever or if I can find the policy online. My comment is directed at people who pay ($600 in his case), for an insurance policy and don't read it.
He's got a copy and it's written in plain English and answers his question, not only should he have read it before coming here, he should have read it before making his claim.

[Traveller]

You can thank your lucky stars that it isn't compulsary like in the UK. At least you have a choice

[tamarillo]

that is standard with all insurance companies,

basically it is much better to write off your bike in the last month of your insurance year, than the first month

That's useful, must remember to ride with excess stupidity in last month of cover.

[Spazman727]

If it's an annual contract, paid monthly, you'll lose the year's premium.
If it's a monthly contract you won't.

Perhaps you should read this expensive bit of paper before you pay for it:facepalm:

Edit: It took me 30 seconds to find the wording for your dads car insurance with AA on line.
It is very simply worded, and it says:



The other interesting thing about insuring with AA is that they can't spell.


I know, that's what I was saying. He had an annual contract, so lost the premium for the rest of the year, but the person he dealt with said that if he'd had a monthly contract he would have only lost the premium for the rest of the month. I also know that if I total my bike I will lose the rest of the year's premium and I accept that.

I don't know about the AA's spelling on policies, they wouldn't insure me.

[Oscar]

I know, that's what I was saying. He had an annual contract, so lost the premium for the rest of the year, but the person he dealt with said that if he'd had a monthly contract he would have only lost the premium for the rest of the month. I also know that if I total my bike I will lose the rest of the year's premium and I accept that.

I don't know about the AA's spelling on policies, they wouldn't insure me.

They can't spell and they don't train their staff.
You are well off out of it.

[Spazman727]

They can't spell and they don't train their staff.
You are well off out of it.

They were good to us when my dad forgot to pay the premium and my brother drove into the back of another car though.
I'm sure the AA isn't the worst insurance company out there, but probably not the best either.