Refund of motor insurance

silenoz

I suspended by insurance policy after 10 months as I sold my car. My intention was to re-activate my policy once I got a new car. I still haven t purchased a new car and the policy is now up for renewal / expired. I contacted my insurance company and they told me I would have to re-new the policy based on the renewal quote (1200 EUR) I received for the car I no longer own, then re-activate the policy when I get a new car. Any difference in premium cost will be refunded from the 1200 EUR I pay. There is also 120 EUR credit on the current suspended policy. They have stated that they cannot refund the 120 EUR credit and that I cannot use the credit unless I take out a renewed policy for 1200 EUR for a car I don t own. Can I even take out a policy on a car I don't own?

Is this correct procedure? Should I not be entitled to the 120 EUR returned to me as I have not used their services for two months that I have already paid for? If I take out a renewed policy and then later get a re-vised quote for a different car I m leaving myself open to allow them to just quote the exact same amount even if another company would have quoted significantly less.

Any advice would be appreciated. Thanks

Spocker

Why don't you just let the policy expire, and look for new insurance when you do buy the car? I suspect you might not get the refund of the €120, as you suspended the existing policy, rather than cancelling that. I'm open to correction there, but it'll be down to the specific wording of the contract as to whether you'll get the refund or not.

delta_bravo

silenoz wrote: »

Is this correct procedure? Should I not be entitled to the 120 EUR returned to me as I have not used their services for two months that I have already paid for?

It's totally up to the terms and conditions of the policy. The fact you've used 10 months of the 12 means its unlikely you will get that 120 back without some sort of penalty fee.

Also you would usually only renew a policy on a sold car or car you no longer own in extraordinary circumstances like you car was robbed and you're waiting to get a new one or you've sold your own but waiting to get a new one the next day or two. Unless you're getting a car soon I don't see any reason you don't just let this lapse and take up a new policy when you get a new car. Your NCB will be unaffected if its just a few weeks of a gap.

Liam McPoyle

silenoz wrote: »

I suspended by insurance policy after 10 months as I sold my car. My intention was to re-activate my policy once I got a new car. I still haven t purchased a new car and the policy is now up for renewal / expired. I contacted my insurance company and they told me I would have to re-new the policy based on the renewal quote (1200 EUR) I received for the car I no longer own, then re-activate the policy when I get a new car. Any difference in premium cost will be refunded from the 1200 EUR I pay. There is also 120 EUR credit on the current suspended policy. They have stated that they cannot refund the 120 EUR credit and that I cannot use the credit unless I take out a renewed policy for 1200 EUR for a car I don t own. Can I even take out a policy on a car I don't own?

Is this correct procedure? Should I not be entitled to the 120 EUR returned to me as I have not used their services for two months that I have already paid for? If I take out a renewed policy and then later get a re-vised quote for a different car I m leaving myself open to allow them to just quote the exact same amount even if another company would have quoted significantly less.

Any advice would be appreciated. Thanks

They are talking shyte.

If you do not own the car any longer then you cannot insure it as you have no insurable interest.

You are entitled to a suspension rebate subject to an admin fee (some will charge one, some won't)

Ring them tomorrow, tell them to lapse from renewal date and issue you with the suspension rebate.

silenoz

Update on this:

I contacted insurance Ireland (insuranceireland.eu). They advised that a refund must be issued per Consumer Protection Code 2012.
I received a refund for remaining credit yesterday.