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Insurance

  • 08-04-2020 2:30pm
    #1
    teacherspet
    Registered Users, Registered Users 2 Posts: 206 ✭✭


    Husband on lock down because of virus. Took car off the road and got onto the motor tax office because of renewal and motor tax said no problem will send form out for you to sign.
    Then got on to his insurance company to put it hold for 3 months. He pays it by direct debit every month. Insurance said no he would lose his no claim bonus and have to start again. What do you guys think ?


Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    teacherspet wrote: »
    Husband on lock down because of virus. Took car off the road and got onto the motor tax office because of renewal and motor tax said no problem will send form out for you to sign.
    Then got on to his insurance company to put it hold for 3 months. He pays it by direct debit every month. Insurance said no he would lose his no claim bonus and have to start again. What do you guys think ?

    You will loose this year if it's not complete as far as I'm aware. But anything earned before that is still there
    Be mindful if the car is stolen there is no cover for that.


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,626 ✭✭✭✭coylemj


    teacherspet wrote: »
    Then got on to his insurance company to put it hold for 3 months. He pays it by direct debit every month. Insurance said no he would lose his no claim bonus and have to start again. What do you guys think ?

    A lot of the time, when you sign up to pay for your insurance monthly, you're actually borrowing money from a finance house, they pay the premium and you pay back the loan.

    So suspending the policy in that situation is not a simple matter, unless he is ok to keep paying the monthly payments. In which case, the insurance company will stop the clock and when the cover is revived, he can use the length of the suspension as extra time beyond the original expiration date.

    Suspending the policy and stopping the payments may be something that is simply not possible. And that stuff about losing his no-claims bonus may just be a smokescreen i.e. a load of BS.


  • #4
    El Gato De Negocios
    Registered Users, Registered Users 2 Posts: 7,361 ✭✭✭El Gato De Negocios


    teacherspet wrote: »
    Husband on lock down because of virus. Took car off the road and got onto the motor tax office because of renewal and motor tax said no problem will send form out for you to sign.
    Then got on to his insurance company to put it hold for 3 months. He pays it by direct debit every month. Insurance said no he would lose his no claim bonus and have to start again. What do you guys think ?

    If he cancels his policy he will lose what ever part of the bonus he has earned from last renewal up until now. He will not have to pay any more and may be entitled to a partial refund, less any cancellation / admin fee, for what he has already paid.

    If he suspends the policy he will have no cover however will continue to earn the bonus for this year. He will have to continue paying his monthly installments however he will be given a refund for the suspension period, usually at next renewal date, once it is place for more than 30 days.


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