insurance question

[fatowl]

About 3 weeks ago I sold my bike, and then told the insurance company Hastings. I was hoping to get a little bit back, as the policy ran to December. How naive of me! There was no refund. Now, I've received a letter saying they want £35 "administration fee", and if I don't pay pronto, they'll give it to a debt collection agency and bugger my credit rating. All seems rather heavy handed. Anyone know what the form is here? Are they entitled to stiff me like this? Do I have any rights in all this? Any advice?

 

[hotbulb]

About 3 weeks ago I sold my bike, and then told the insurance company Hastings. I was hoping to get a little bit back, as the policy ran to December. How naive of me! There was no refund. Now, I've received a letter saying they want £35 "administration fee", and if I don't pay pronto, they'll give it to a debt collection agency and bugger my credit rating. All seems rather heavy handed. Anyone know what the form is here? Are they entitled to stiff me like this? Do I have any rights in all this? Any advice?

Insurance companies have got you over a barrel......you must cancel the insurance when you dispose of the bike, or you'll become liable for any misdemeanors committed by the new owner, AND they'll charge you an "administration" fee to cancel the policy. And as the insurance industry is one poisonous cartel, you'll find that all companies will act in the same wicked way.
They are a disgrace!

 

[Scotriders]

Nowt much you can do, but if you don't cancel it you can end up in the same position as the guy the other week who sold his bike to, as it turned out a well known bike thief in Arbroath. The scumbag killed himself when involved in a crash drunk and riding while banned.
The previous owner is being held responsible for damages as he hadn't cancelled his policy.

 

[Whealie]

Ping me the policy details and your full name and address and bike reg and I'll call them for an explanation.

 

[fatowl]

Thanks Chris, PM sent (I think!)

 

[Whealie]

Got it. Will let you know.

 

[fatowl]

Well, finally, with whealie's help I have managed to get this resolved. Thanks to Chris for his part.
It seems it's common these days for policies to have "admin" fees for the slightest change, so advice has to be look out for them ! I shall !

Thanks Chris

 

[Whealie]

All part of the service

 

[Mickey Bliss]

As far as I can see it's impossible to find a policy without these charges

 

[steveR]

I am sure that I have seen advice elsewhere to the effect that the best way is to put a hold on the Policy, the proper wording escapes me at the moment.

 

[fatowl]

I tried to put it on hold (I shall be buying a replacement bike at some point soon), but they wouldn't let me.

 

[Dee Dub]

In the past I changed my address with various insurance policies. Only my motorcycle insurance company charged me. They seem to target us even though car insurance is equally cut-throat.

 

[Whealie]

Very different. Car insurance has made an overall loss for the industry for years. Motorbike insurance has, overall, made a profit (though individual companies have entered the market, lost money and quit in that time). Car insurance is a loss leader in the hope you will but their household insurance and your pension from them too.

 

[Dee Dub]

So the sector that makes a profit decides to p-off its customers by milking them for even more money, and the sector that's making a loss decides to let their customers off?

 

[Whealie]

So the sector that makes a profit decides to p-off its customers by milking them for even more money, and the sector that's making a loss decides to let their customers off?

Or the sector that sells you only what you set out to charges the right amount, while the sector that tries the fleece you for loads of things you don't need, entices you in through trick pricing.

Or, it's neither of those things as the companies involved are the same.