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Insurance Rip Off
Posted: Feb 18th, '20, 11:57
by Mr Tuscan
So I sold my 125 bike today, so phoned up my insurance company to cancel cover.
Now bear in mind my policy started last March so I’m paid up for the year as I was paying by monthly instalments.
I should have kept my mouth shut, I have 25 days cover left on this sold bike apparently and because of that and the fact I’ve told them I’ve sold my bike, I’m being charged £41 cancellation fee on a policy that only cost £140 in the first place.
I have both my bike with this company as I thought they were a good company, yes yes I’m sure it’s in the small print but feel I’m being ripped off!!!
Re: Insurance Rip Off
Posted: Feb 18th, '20, 12:40
by Jug
Bennetts charged me £50 to cancel one policy, which was taken out of the refund, but I knew it was going to happen as I had read the small print.
They did then send me a £50 voucher to use within 30 days if I started a new policy, which I didn't... but the thought was there.
I heard a story where one guy, when faced with this dilemma, remembered the registration plate of the 125 he had many years ago. Gambling that his old 125 would surely not be on the road now he transferred the policy to that bike. Somehow this became a new policy and so he had 1 years insurance on this bike but also had a 30 day cooling off period, so cancelled that new policy and got his money back.
Re: Insurance Rip Off
Posted: Feb 18th, '20, 13:38
by jer r1
As far as I'm aware if you leave a policy running on a vehicle you no longer have ,in the event of an accident involving your old vehicle you could still be liable as the insurance holder so could cost you alot more.
Re: Insurance Rip Off
Posted: Feb 18th, '20, 13:39
by Robbo87
For many years now Insurance companies have not been the (relatively) free and easy(ish) people to do business with they used to be.
Nowadays, if they can extract a shilling from you they will; if they can bury punitive clauses in their T & C's they will.
Simply put, your loyalty to one company means nothing to them and if they can wriggle out of paying out they will.
Caveat emptor are your watchwords with all things, and never more so than with vehicle insurance companies.
Re: Insurance Rip Off
Posted: Feb 18th, '20, 18:24
by Mr Tuscan
Stinks eh
Gone are the days chatting to ones bank manager
Re: Insurance Rip Off
Posted: Feb 18th, '20, 18:38
by billinom8s
they are all rip offs
Re: Insurance Rip Off
Posted: Feb 19th, '20, 20:51
by TLS-Moose
jer r1 wrote: ↑Feb 18th, '20, 13:38
As far as I'm aware if you leave a policy running on a vehicle you no longer have ,in the event of an accident involving your old vehicle you could still be liable as the insurance holder so could cost you alot more.
If the new owner has not taken out a policy on the machine, uses it on the road, and has an accident and your old policy is live, then yes the third party can claim on your policy. Not only that, but your insurer has the right to recover all their reasonable costs & expenses from you.
Always cancel a policy as soon as a vehicle leaves you .... That £40/50 might end up being a bargain .....
Re: Insurance Rip Off
Posted: Feb 20th, '20, 07:15
by ptolemyx
I think of insurance as a tax we must pay to make more rich people even richer.
How many times have we heard of making a claim ending up actually costing more than not claiming. Even if the claim is paid can you afford the excess and the hassle of getting recompense for uninsured losses, not forgetting the probable hike in future insurance premiums? Yes you can get "extra" insurance to cover those costs but should you have to?
Re: Insurance Rip Off
Posted: Feb 20th, '20, 09:49
by Jug
I'm reading through a pile of old PB mags and one guy (on the readers garage feature) had something like 10 bikes. One of them was handed down to him so was something really old and crap but he said that bike was his key to cheap insurance.
It's MOT & Tax exempt (so no annual cost of ownership), qualifies for special rate classic insurance and each additional modern bike only added about £10.
What's the cheapest classic bike (pre 1980) I can buy I wounder..
Re: Insurance Rip Off
Posted: Feb 20th, '20, 12:05
by Streetmann
Jug_Inspector wrote: ↑Feb 20th, '20, 09:49
I'm reading through a pile of old PB mags and one guy (on the readers garage feature) had something like 10 bikes. One of them was handed down to him so was something really old and crap but he said that bike was his key to cheap insurance.
It's MOT & Tax exempt (so no annual cost of ownership), qualifies for special rate classic insurance and each additional modern bike only added about £10.
What's the cheapest classic bike (pre 1980) I can buy I wounder..
you actually only need the v5 possible a frame so could be really cheap
Re: Insurance Rip Off
Posted: Feb 29th, '20, 00:44
by r1dave
just insured my zx12r £93 robbing swines
Re: Insurance Rip Off
Posted: Feb 29th, '20, 05:27
by ptolemyx
"just insured my zx12r £93 robbing swines"
That's cos you're old
Re: Insurance Rip Off
Posted: Feb 29th, '20, 10:44
by Mr Tuscan
Kudos when it’s deserved
I’ll post the letter up later but good on Carole Nash, I complained and they waived the fee in return for keeping my custom and the letter was quite old school and well written
Good on Carole Nash
Re: Insurance Rip Off
Posted: Mar 7th, '20, 13:51
by r1dave
Re: Insurance Rip Off
Posted: Mar 7th, '20, 16:53
by Mervin
Jug_Inspector wrote: ↑Feb 20th, '20, 09:49
I'm reading through a pile of old PB mags and one guy (on the readers garage feature) had something like 10 bikes. One of them was handed down to him so was something really old and crap but he said that bike was his key to cheap insurance.
It's MOT & Tax exempt (so no annual cost of ownership), qualifies for special rate classic insurance and each additional modern bike only added about £10.
What's the cheapest classic bike (pre 1980) I can buy I wounder..
last mortal remains of an MZ or CZ i reckon , even those are getting collectable now ,maybe a jawa or one of those tomos mopeds they used to sell in the freemans catalogue