An Insurance Question.

[Cr1MiNaL]

Thank you all for ur various inputs. In the case of Swan insurance specifically does any body else have any more comments to make?

[cowboyz]

Thank you all for ur various inputs. In the case of Swan insurance specifically does any body else have any more comments to make?

No.

Oh fuck, for my 2000th post you would think I would have something better to say.


And yes, I did spend ages setting that gag up.

[The Stranger:Me]

I was just wondering if any other people had come across this:

Facts:

1. You choose to pay monthly insurance of say 80 / month (for example).
2. You pay the amount every month for say 5 months.
3. You then have a reason to claim on your insurance. The company advises that they will write the bike off and pay out the sum insured. You accept. They pay out the sum insured minus the excess. Clear till here. Then they proceed to deduct the unpaid balance of the premiums for the months remaining in the year (that hasn't come yet too).

My question is: Is this appropriate? should they be charging and deducting premiums that haven't been paid yet for the remainder of the year?

The insurance company is Swan and I am told their policy wording does not state this.

Please help.

Thanks in advance.

Often the insurer will not be covering the monthly premium. It will often be a finance company that may or may not be allied to the insurer. The finance company will have paid the insurer the full value at the time the policy was written and will therefore be due their money back. It may be related to this.
Most policies allow you to claim back the unused portion of a premium if the vehicle is disposed of. I have claimed back unused portions of permiums in the past when I have disposed of vehicles, including by writing them off.

[Oscar]

I was just wondering if any other people had come across this:

Facts:

1. You choose to pay monthly insurance of say 80 / month (for example).
2. You pay the amount every month for say 5 months.
3. You then have a reason to claim on your insurance. The company advises that they will write the bike off and pay out the sum insured. You accept. They pay out the sum insured minus the excess. Clear till here. Then they proceed to deduct the unpaid balance of the premiums for the months remaining in the year (that hasn't come yet too).

My question is: Is this appropriate? should they be charging and deducting premiums that haven't been paid yet for the remainder of the year?

The insurance company is Swan and I am told their policy wording does not state this.

Please help.

Thanks in advance.

Quite simple really.
You have an annual contract with the insurer to indemnify your bike (the fact that they allow you to pay monthly is irrelevant).
If the bike is written off, their side of the contract is fulfilled.
For your side to be honoured, you must pay the annual premium (that's what you promised to do when you signed the proposal).

The fact that you've been told what's in your contract is a bit of a giveaway.
Why didn't you read it for yourself?

Edit:

I had a quick squiz online and found Swan's policy wording in about 30 seconds.
It's a pretty good wording in my professional opinion.
The policy clearly covers the point in question:

When we settle a claim as a total loss this policy ends, and
we keep any premium already paid. If you are paying your
premium by instalment the full amount of all instalments not
paid, even if not due yet, in the current period of insurance
will be deducted from the settlement of your claim.

[Cr1MiNaL]

Thank you everyone for your various comments. Oscar was after all 100% correct with that last post. I found those exact same words burried in my policy wording. Much appreciated gentlemen.

[2_SL0]

R6 4 life. "Ironic" Short life for the bike?
Your question has been answered, but just a reminder of a previous statements you made:

Raj. (YamahaR64Life).

"If that is not as plain as english can get then mate ... u have a serious comprehension problem. How long ago was it that u sat an english paper exam?"

"As for speaking better english than I do.. try 800/800 in the S.A.T's with a full 5 year paid scholarship and an invatation to the boston consultancy group on for size ,then get back to me. Don't presume to teach me my own language mate, its just funny."

Nothing more to say.

[Cr1MiNaL]

I can't quote you or read your message 2Slow .... your on my ignore list. But I presume u didn't want to help anyway.