penalty points and insurance

ohbygod

Im sweating here

i racked up 7 penalty points in since december 4 for speeding just over the speed limit (i never paid the fine on time) 3 for speeding again in september anyways i never notified the insurance company when i renewed my policy in january im with aig should i tell them now would them drop me plz help

blindside88

Definitely tell them. Who'll be loaded for 7 points but it's part of your ongoing duty of disclosure and may be a reason to pursue you for there costs if they were to pay out on a claim

ohbygod

blindside88 wrote: »

Definitely tell them. Who'll be loaded for 7 points but it's part of your ongoing duty of disclosure and may be a reason to pursue you for there costs if they were to pay out on a claim

Do you think that they dont want to insure me anymore when i tell them on monday thats what im worried about

blindside88

ohbygod wrote: »

Do you think that they dont want to insure me anymore when i tell them on monday thats what im worried about

I've just had a look at the acceptance terms and assumptions on their website and one of the assumptions is "you do not have more than 4 penalty points "

If the 7 points were accrued before you joined they may cancel the policy due to non disclosure. However if you only had 4 before you joined and are now on 7 they shouldn't cancel. The only way to know for sure is to call them

ohbygod

blindside88 wrote: »

I've just had a look at the acceptance terms and assumptions on their website and one of the assumptions is "you do not have more than 4 penalty points "

If the 7 points were accrued before you joined they may cancel the policy due to non disclosure. However if you only had 4 before you joined and are now on 7 they shouldn't cancel. The only way to know for sure is to call them

thanks
Im so worried there gonna cancel my policy and i wont get insured with any1 i need my car for work

blindside88

ohbygod wrote: »

thanks
Im so worried there gonna cancel my policy and i wont get insured with any1 i need my car for work

I wouldn't worry too much about that. Any decent broker will find you insurance with 7 points once it's a normal enough car and you haven't been disqualified before

ohbygod

blindside88 wrote: »

I wouldn't worry too much about that. Any decent broker will find you insurance with 7 points once it's a normal enough car and you haven't been disqualified before

Ive a standard 1.5 petrol car and never been disqualified i had no idea about this i feel stupid now

blindside88

ohbygod wrote: »

Ive a standard 1.5 petrol car and never been disqualified i had no idea about this i feel stupid now

Not to worry too much so. I'd call the insurer on Monday morning and tell them. Might be worth while calling a broker first to get an idea on price. That way if AIG gives you a new price you'll know how competitive it is

ohbygod

blindside88 wrote: »

Not to worry too much so. I'd call the insurer on Monday morning and tell them. Might be worth while calling a broker first to get an idea on price. That way if AIG gives you a new price you'll know how competitive it is

Its a broker that i use

Pat Mustard

OP, let me know if you want this thread moved to the Insurance, Banking and Pensions Forum.

Victor

Read the actual policy document you have. If you have a broker, talk to the broker before the insurer.

I spoke a few years ago to a guy who worked for the Irish Insurance Federation. He said insurers typically don't mind 2 points, but at 4-6, they start asking questions.

I imagine that they will continue to cover you for the rest of the policy duration. It will be at renewal time that you may have issues. The only thing going for you is that you were only caught twice, not more.

slimjimmc

ohbygod wrote: »

thanks
Im so worried there gonna cancel my policy and i wont get insured with any1 i need my car for work

If they do cancel (unlikely imo) they must give you written notice at least 10 (I think it's 10) working days in advance. It's not as if they can drop you on the spot.
Talk to them.

goz83

blindside88 wrote: »

I wouldn't worry too much about that. Any decent broker will find you insurance with 7 points once it's a normal enough car and you haven't been disqualified before

Having the 7 points is not so much the problem. If the OP has his policy cancelled, he may find it very difficult to get insurance. They usually ask if you've ever had a policy cancelled, in the same breath as asking about convictions.

ohbygod

They said its ok but i have to disclose the points that i got in sep b4 my renewal in feb