32 replies to this topic

[Ethel]

But you'd have the proceeds of the sale, because it wasn't used up and had residual value (think of it as buying a season ticket).

Don't cancel the policy Chris, that is letting them off the hook, let it run its course if you can't suspend it, you never know.

Think about it this way, if you had paid for the policy for the year in one payment for example £600 (£50 a month)

If you have the mini stolen after the month you can go back to them and say oh i want £550 back as im not going to use the car anymore...

Its like buying something on finance, if you was to sell it you would still have to pay the rest off...

[yorkshirechris]

S'not really like having a car on finance because if you have a car on finance you are paying money each month to earn a bit of an asset you will have at the end of that period of time i.e. 12 months. An insurance policy is to provide "cover" for an item you already own so have already paid for. At the end of the insurance policy, you don't own an asset because of it - you have simply had 12 months cover. I will have only had one month's cover because for the remaining 11 months I have no use for this cover!!

If I cancel the policy I owe them the remainder of the policy premium anyway, so I'm not going to do that. I very much doubt it, but in 6 months I could have another Mini and could modify the policy to suit, whereas if I cancel the policy now, I will pay them the remainder of the policy and have no cover at all from that point forwards.

Still, the fact remains.. what a set of robbing *illegitimate person*s!!

[samsfern]

i think id be cancelling my direct debit, or taking all my money out of the bank.... probably not my wisest bit of advice

Edited by samsernie, 25 May 2010 - 03:37 PM.