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AXA - reported claim

  • 23-02-2014 10:54pm
    #1
    Wicked131
    Registered Users, Registered Users 2 Posts: 115 ✭✭


    Hi guys

    I want to buy a car, and my problem is insurance.

    I had a car back in 2012 and in January 2013 my car was stolen.

    I reported that to AXA, but never got any money from them (I refused) and I cancelled my policy.

    I have no discounts at all.

    Will this reported claim affect my future car insurance?


Comments

  • #2
    galwaytt
    Registered Users, Registered Users 2 Posts: 12,822 ✭✭✭✭galwaytt


    Wicked131 wrote: »
    Hi guys

    I want to buy a car, and my problem is insurance.

    I had a car back in 2012 and in January 2013 my car was stolen.

    I reported that to AXA, but never got any money from them (I refused) and I cancelled my policy.

    I have no discounts at all.

    Will this reported claim affect my future car insurance?

    why on earth did you let them away with that ? You paid insurance - so they have your money AND you let them NOT pay a claim ???

    Your record will show the theft, but also show no pay out. Win win for insurance company.

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • #3
    homingbird
    Registered Users, Registered Users 2 Posts: 1,294 ✭✭✭homingbird


    galwaytt wrote: »
    why on earth did you let them away with that ? You paid insurance - so they have your money AND you let them NOT pay a claim ???

    Your record will show the theft, but also show no pay out. Win win for insurance company.

    He did'nt say he had comp. insurance so car not covered i guess .


  • #4
    galwaytt
    Registered Users, Registered Users 2 Posts: 12,822 ✭✭✭✭galwaytt


    homingbird wrote: »
    He did'nt say he had comp. insurance so car not covered i guess .

    He said he refused them, not other way around. Most odd.

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • #5
    Wicked131
    Registered Users, Registered Users 2 Posts: 115 ✭✭Wicked131


    galwaytt wrote: »
    He said he refused them, not other way around. Most odd.

    The reason is simple.

    My premium was something around 2300e.

    That was second month of my insurance.

    I was paying by DD, so I had to pay them first outstanding amount of my premium (about 1600e) to get 400e for a stolen car :)


  • #6
    zarquon
    Registered Users, Registered Users 2 Posts: 3,734 ✭✭✭zarquon


    So you were paying 2300 to insure a €400 car?


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  • #7
    spockety
    Moderators, Education Moderators Posts: 5,531 Mod ✭✭✭✭spockety


    zarquon wrote: »
    So you were paying 2300 to insure a €400 car?

    3rd party liability doesn't give much of a sh1t how cheap your car is.


  • #8
    zarquon
    Registered Users, Registered Users 2 Posts: 3,734 ✭✭✭zarquon


    spockety wrote: »
    3rd party liability doesn't give much of a sh1t how cheap your car is.

    Yeah, but with an excess and claim on record it's not worth it to report it. Besides if it was report i assume he has TPFT not TP.


  • #9
    hi5
    Registered Users, Registered Users 2 Posts: 3,107 ✭✭✭hi5


    Wicked131 wrote: »
    The reason is simple.

    My premium was something around 2300e.

    That was second month of my insurance.

    I was paying by DD, so I had to pay them first outstanding amount of my premium (about 1600e) to get 400e for a stolen car :)

    That seems like a bit of a con to me, as the proportion of your premium you paid was proportional to the time you were insured for.
    Instead they wanted 12 months premium for 2 months risk.


  • #10
    wonski
    Registered Users, Registered Users 2 Posts: 13,685 ✭✭✭✭wonski


    hi5 wrote: »
    That seems like a bit of a con to me, as the proportion of your premium you paid was proportional to the time you were insured for.
    Instead they wanted 12 months premium for 2 months risk.

    Full payment has to be made before the claim is paid out.
    All policies work the same way. You can't make a claim and cancel the policy at the same time, unfortunately.

    To the OP: Since there was no payout then this shouldn't affect your premium. You might want to speak to a broker or call the insurers directly as online quotes might not work for you.


  • #11
    djimi
    Registered Users, Registered Users 2 Posts: 13,237 ✭✭✭✭djimi


    wonski wrote: »
    Full payment has to be made before the claim is paid out.
    All policies work the same way. You can't make a claim and cancel the policy at the same time, unfortunately.

    You can make a claim and then cancel afterwards though? Say for instance you write the car off and then decide not to replace it. Are you still expected to pay for the remaining months of cover that you are not using?


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  • #12
    Del2005
    Registered Users, Registered Users 2 Posts: 19,102 ✭✭✭✭Del2005


    djimi wrote: »
    You can make a claim and then cancel afterwards though? Say for instance you write the car off and then decide not to replace it. Are you still expected to pay for the remaining months of cover that you are not using?

    When you pay by DD the insurance company are affectively loaning you the money for the policy up front and you are paying back the loan. If you don't pay the policy in full then you are defaulting on the contract you have with them and they are entitled to go after you for their money, as they have full filled their part of the contract.


  • #13
    keithclancy
    Registered Users, Registered Users 2 Posts: 9,208 ✭✭✭keithclancy


    Del2005 wrote: »
    When you pay by DD the insurance company are affectively loaning you the money for the policy up front and you are paying back the loan. If you don't pay the policy in full then you are defaulting on the contract you have with them and they are entitled to go after you for their money, as they have full filled their part of the contract.

    Yup ... sounds like a scam to me :pac::pac::pac:


  • #14
    djimi
    Registered Users, Registered Users 2 Posts: 13,237 ✭✭✭✭djimi


    Del2005 wrote: »
    When you pay by DD the insurance company are affectively loaning you the money for the policy up front and you are paying back the loan. If you don't pay the policy in full then you are defaulting on the contract you have with them and they are entitled to go after you for their money, as they have full filled their part of the contract.

    And if you are not paying by DD? If I pay in full up front, and after 3 months write my car off and decide not to replace it, am I not still entitled to a refund for the rest of the policy as I will be cancelling it early?


  • #15
    Del2005
    Registered Users, Registered Users 2 Posts: 19,102 ✭✭✭✭Del2005


    djimi wrote: »
    And if you are not paying by DD? If I pay in full up front, and after 3 months write my car off and decide not to replace it, am I not still entitled to a refund for the rest of the policy as I will be cancelling it early?

    Only way to know is to read your policy documents.


  • #16
    SleeperService
    Closed Accounts Posts: 372 ✭✭SleeperService


    The house always wins...


  • #17
    ironclaw
    Registered Users, Registered Users 2 Posts: 8,004 ✭✭✭ironclaw


    djimi wrote: »
    And if you are not paying by DD? If I pay in full up front, and after 3 months write my car off and decide not to replace it, am I not still entitled to a refund for the rest of the policy as I will be cancelling it early?

    If you write off the car and you are not wishing to claim, probably makes sense not to inform the insurance company, scrap the car and request a refund. To them it would be the same as if you were just taking the car off the road. Don't know why you'd even involve the insurance company if you had no desire to pursue a claim :confused: Thats assuming its a single car accident or both parties are not wishing to pursue it through insurance.

    In either case, I'm pretty sure your only entitled (At least in the policy's I've had) a maximum percentage of the premium that decreases with time. Think mine is 75% of so of the premium, divided by 12.


  • #18
    djimi
    Registered Users, Registered Users 2 Posts: 13,237 ✭✭✭✭djimi


    ironclaw wrote: »
    If you write off the car and you are not wishing to claim, probably makes sense not to inform the insurance company, scrap the car and request a refund. To them it would be the same as if you were just taking the car off the road. Don't know why you'd even involve the insurance company if you had no desire to pursue a claim :confused: Thats assuming its a single car accident or both parties are not wishing to pursue it through insurance.

    No, I mean where you write the car off, take the money, but choose not to buy another car, therefore not needing the remainder of the years insurance cover. You would be cancelling the policy after the claim has been settled, and its in this instance that I am questioning whether or not a refund would be due?


  • #19
    ironclaw
    Registered Users, Registered Users 2 Posts: 8,004 ✭✭✭ironclaw


    djimi wrote: »
    No, I mean where you write the car off, take the money, but choose not to buy another car, therefore not needing the remainder of the years insurance cover. You would be cancelling the policy after the claim has been settled, and its in this instance that I am questioning whether or not a refund would be due?

    Ah. Ok. That makes sense.

    From my insurer:
    You may cancel this policy by sending us written instructions and returning the current certificate and insurance disc. As long as no claim has been made or is pending we will refund the premium paid for the period of insurance remaining, less an administration charge. Details of our administration charges are outlined in our Terms of Business.

    Don't really see what grounds you would have for a refund as once you have used their services (i.e. Claimed), no matter how big or small, they have done what you paid them to do. You couldn't compare a premium to the value of a pay out as they generally not financially comparable at all. If that was the case, you could insure you car for say €1200, get a pay out for a write off, say €3000, and then we refunded a further €1100 if you claimed within the first month. A €100 wouldn't cover the liability or even the administration to cover that claim.


  • #20
    galwaytt
    Registered Users, Registered Users 2 Posts: 12,822 ✭✭✭✭galwaytt


    djimi wrote: »
    And if you are not paying by DD? If I pay in full up front, and after 3 months write my car off and decide not to replace it, am I not still entitled to a refund for the rest of the policy as I will be cancelling it early?

    Kinda.
    You are entitled to a refund, but not a pro-rata one. Most companies will not issue a refund for a policy with, say, 3 months left on it.

    So, with my Sherlock Holmes hat on, I would suggest that for a €1200 p.a. policy the sums would look like this after 3 months:

    12mths paid: €1200
    less 3 mths cover used: € 360
    less 3 mths non-recourse refund € 360

    Nett refund due € 480.

    Which means your 3 months cover would have actually cost you €720 out of pocket.

    Nearly cheaper to let the policy run and clock up some NCB.

    This is my assumption of how it works - happy to be corrected if not.

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • #21
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    Del2005 wrote: »
    When you pay by DD the insurance company are affectively loaning you the money for the policy up front and you are paying back the loan. If you don't pay the policy in full then you are defaulting on the contract you have with them and they are entitled to go after you for their money, as they have full filled their part of the contract.

    This is the nub of the situation.

    If you make a claim, the 'advance' the insurers gave you in respect of the premium needs to be cleared. If you don't make a claim, they give you a return premium to offset against the balance due on the advance


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