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Insurance Rip Off

Discussion in 'General Chat' started by polecat, Oct 7, 2005.

  1. polecat

    polecat
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    last month my son sold his moped a 50cc pug speedfight, he is taking driving lessons and wants a car, he paid £218 for a years insurance 3rd party he still had just over three months to run on the insurance when he cancelled it,he was told he was not due to any refund after the first six months company policy, i rang them to argue the toss and told them imo he should be entitled to a refund of about £54 as he has had no claimes accidents etc but i was told the same thing company policy all insurance companys do it blah blah blah and they would not budge :mad: what a rip off, i guess if he had paid by installments he would have been better off by not paying the last installment.
    what do you guys think is he being ripped off, ive a good mind to write to which

    INSURANCE COMPANYS :thumbsdow
     
  2. dolph

    dolph
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    The only advice I can give is to always check the Terms and Conditions when entering into any form of contract....
     
  3. Bondy007

    Bondy007
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    £218 for a learner is a very good price (sons age?), my 1st insurance premium when learning was £690 a year and that was 3rd party on a 950cc Fiesta worth about £150!!

    but yes it does seem standard practice
     
  4. Nick_UK

    Nick_UK
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    If your son decided to end the contract early, then the insurance company is entitled to keep the money. A shorter policy would have cost a lot more, so your estimate of a £54 refund is not valid.
     
  5. Member 55145

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    insurers who let you pay by installment state "even upon ending this agreement you agree for us to carry on taking payment until the balance is settled"
     
  6. Garrett

    Garrett
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    That’s the risk you take when paying in one instalment that you generally get the policy cheaper than in instalments.

    Cannot the remaining insurance be transferred over to his new car if you still wish to use the same insurance company?
     
  7. polecat

    polecat
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    He has not got a car yet just on foot patrol public transport and dads taxi,
    it just seems a bit unfair to get nothing back with him being a student with very little money to start with
     
  8. dejongj

    dejongj
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    well that's hardly an argument! ROFLMAO unbelievable...
     
  9. Kramer

    Kramer
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    Better not move to Ireland then.................insurance premiums usually resemble telephone numbers :eek: .

    £54 would just about get you a quote :D .

    :smoke:
     
  10. shahedz

    shahedz
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    he's a rich student if he can affored a car, when i was a student i could barely affored public transport........more grumblings on there way :)
     
  11. Steve N

    Steve N
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    Agree here.
    No offence Polecat, but this kind of thing is pretty standard practice.
    You are likely to have fees built in if you want to pay off your mortgage or a loan agreement early.

    I had to cough up an additional months payment to Livingwell because I hadn't confirmed with their head office that I would not be continuing my membership after my six month arrangement.
    It was in the small print so, through gritted teeth, I paid up.

    If you don't read the agreement you only have yourself to blame.
     
  12. Supersonic

    Supersonic
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    No sympathy. Read the contract. If you don't like it, don't agree to it. He's over 18 so liable for his own actions.
     
  13. eviljohn2

    eviljohn2
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    What a daft sentiment. :rolleyes:

    Many of us have been students and many indeed still are. Students get loans because they're poor, not friendly rebates from the good-natured insurance companies.
     
  14. lmccauley

    lmccauley
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    When I bought a new car and changed insurers from Zurich, they paid a refund straight into my bank - and it was for less than a month's cover. Direct Line did the same, IIRC. Guess you need to read the small-print for each insurance company.

    Cheers,
    Liam
     

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