Hi all, just had my car stolen and had to be written off after it was found. Does anyone know if we have to pay the annual cost of the car insurance or just the months that it was in effect eg. 2months so 1/6 of the annual cost. I'm with budget direct and cannot find this information on their FAQ. Cheers.
What to pay (that isn't excess) for an insurance policy after a write-off?
n4rut0 on 25/08/2019 - 17:15
Comments
Why call them when you can ask random people on the internet(who would just be guessing and not for sure) for advice on your own policy?
That sounds like the only reasonable course of action to me.
You pay the entire annual premium + the excess… or more likely it may just come off your payoff figure.
Okay, thank you.
If you paid the 12 months upfront, they cancel the policy on payout. You do not get a refund on the portion remaining from the time of the accident to the renewal date.
Source: one of my vehicles is with BD and was involved in a collision. Due to the other driver refusing to hand over details and other dubious interactions, it was deemed that I was not at fault, however had to pay the excess until such time as the arsehole that hit me can be identified. (Side note: police don’t give a (profanity). No one was injured and it’s a civil matter)
BD instructed me that the policy would be completed at the time of payout and that they do not refund any portion of the premium once the policy has been used to cover accident damage. I was lucky and only had about 1.5 months left on it.
If you are a month to month payer, then it might just be that the policy is completed upon accident and there is no refund for any portion that is remaining (ie: weeks/days rather than months). But they may also ask for the rest of the payment for the year or just deduct it from the payout figure. Give them a call.
Thanks, will do.
Does anyone know if we have to pay the annual cost of the car insurance or just the months that it was in effect eg. 2months so 1/6 of the annual cost
Insurance is purchased in year blocks, your monthly payments are basically just a 'payment' plan. The remaining 5/6 of what you owe will be taken out of your payment, along with your excess.
What did they say when you called them? What does the PDS say?