Hi I'm new, stolen bike. Need info please

[mantoaze]

Hi there everyone I would like some help if possible,

My bike was stolen, I have never been through this process and I just want a little information. How long usually does it take to get the pay out? Also they have told me I have to pay my insurance untill the claim is processed. After that I will have to pay a £300 cancellation fee is that correct? I just want to know if they are having me on as I have been told that's incorrect thank you for reading this.

[fastbob]

Broadly speaking, If you are paying in installments for a years cover you still have to pay for what you haven't used so to speak . It's not pay as you go , unfortunately .

[husoi]

If your bike has been considered as non recoverable and you are getting the money for it then it means that technically you're not the owner anymore.

The caveat is that if the bike is recovered at some point in the future, depending on your T&C's, you may have to give the bike to the insurance company or return the money you received.

As [mention]fastbob[/mention] says the fact that you are allowed to pay your insurance in monthly installments the premium is a annual payment.

When you have monthly payments you would have contracted a loan for 12 months at a specified APR while your insurance company/broker will receive the money straight away.

If the bike has been stolen you can say that you don't need the insurance anymore, for that you can just say that you're not buying another one.

Check your T&C's to confirm that you would have a cancellation fee in case the bike is stolen.

On the other hand you will be entitled to a refund of the remaining of the 12 months prorated.

Worth while have a careful look at your policy documents before calling the broker.

Insurance companies/brokers are well known to only pay if they don't have any other alternative and they will pay as little as they can.

[rennie]

Hello and Welcome

The above members have it pretty much covered

[SometimesSansEngine]

Agreed with the others that the first bit in not in dispute. You have to pay for the full year of insurance.

Some dates may help, ie cover started on [date], my bike was stolen on [date], the cover ends on [date].

Can you clarify EXACTLY what you have been told the 'cancellation fee' relates to? Have they mentioned it in relation to something you asked? If so, what did you ask? You can always link to the policy wording on here, I'm talking about the generic leaflet they give to everyone they cover, not your schedule (which contains all your personal details - don't post that). It's normally available on your provider's website.

[geofferz]

Broadly speaking, If you are paying in installments for a years cover you still have to pay for what you haven't used so to speak . It's not pay as you go , unfortunately .

 

Nah.

"Can I cancel if I pay for my car insurance monthly?

With car insurance, many people choose to spread the cost by paying monthly by direct debit. But take note: simply cancelling your direct debit doesn’t mean you’ve cancelled the policy.

Tell your insurer you want to cancel and get confirmation from them, otherwise they might chase you for unpaid premiums. You also risk having a claim against your policy even if you have sold your car.

And even though paying monthly means you're effectively paying for your insurance as you use it, your insurer won’t see it that way. When you cancel, you could still find you’re hit not only with the standard cancellation fee, but also with another that's a percentage of the total policy price.

Again, if you think you're being overcharged for cancelling a policy, you need to make a complaint. Here's how..."

https://www.moneysupermarket.com/car-insurance/articles/cancelling-car-insurance-what-to-expect/

[SometimesSansEngine]

Different situation.

If you are making (or have made) a claim on your policy the full amount is due.

Otherwise you could total your motor in the first month and only pay one months premium for the privilege....

[fastbob]

I'm not sure why this is rumbling on . Husoi's explanation was the best . When you pay by installments you have taken out a loan to buy a years insurance . That's it isn't it ?

[onesea]

If insured fully comp I would of thought it should of worked along the lines of:

1) You have to pay full year,

2) If Claim is paid within in the life of the policy you will have insurance to use on another bike or you have a refund as the time without insured bike is still a "loss" that can be financial reimbursed.

Then again I think insurance is politely summed up here:

Insurance companies/brokers are well known to only pay if they don't have any other alternative and they will pay as little as they can.

 

Keep calm good luck and don't expect a speedy resolution.

[Six30]

Get another bike .. no cancellation fee ...although the robbing bast*rds will probably charge you just as much to change bikes .

[dynax]

Does it make it easier to have a multi bike policy, just curious really as if something happens to one of them the policy is still ongoing for the other(s) ?

[husoi]

Does it make it easier to have a multi bike policy, just curious really as if something happens to one of them the policy is still ongoing for the other(s) ?

 

A multi vehicle policy is nothing more than a multiple number of policies bunched together.

Their advantage is the admin costs being lower.

Say you have a 3 bikes multi policy, the admin costs for the insurance will be 3 times less. They get 3 "customers" at once and in exchange you get 1% discount but they are technically 3 different policies

[Guest Swagman]

Does it make it easier to have a multi bike policy, just curious really as if something happens to one of them the policy is still ongoing for the other(s) ?

 

A multi vehicle policy is nothing more than a multiple number of policies bunched together.

Their advantage is the admin costs being lower.

Say you have a 3 bikes multi policy, the admin costs for the insurance will be 3 times less. They get 3 "customers" at once and in exchange you get 1% discount but they are technically 3 different policies

 

But you only get 1 no claims discount not 3 so it’s still classed as one policy really, if you cancel then take out separate policies you can only use it on one of your bikes not all three the other two have to start from scratch.

[husoi]

Does it make it easier to have a multi bike policy, just curious really as if something happens to one of them the policy is still ongoing for the other(s) ?

 

A multi vehicle policy is nothing more than a multiple number of policies bunched together.

Their advantage is the admin costs being lower.

Say you have a 3 bikes multi policy, the admin costs for the insurance will be 3 times less. They get 3 "customers" at once and in exchange you get 1% discount but they are technically 3 different policies

 

But you only get 1 no claims discount not 3 so it’s still classed as one policy really, if you cancel then take out separate policies you can only use it on one of your bikes not all three the other two have to start from scratch.

 

I don't know the details that insurance companies impose on NCD. If you have a 3 bikes insurance they should make it in fact interchangeable because you won't be riding more than 1 at any given time. I accept that theft and damage in general can occur at any time and the premium should reflect it but the 3rd party side of it is 3 times less, or only 365 liability and not 1,095 days per year (3 X 365). but like the NCD it should valid only once regardless of the bike you ride. I would live with the fact that to minimise the risk they would charge the insurance for the most expensive one.

[dynax]

My query was ragarding a claim, on my policy the premium covers both my bikes it isn't split for each bike, so presumably if a claim arises the current premium won't change to any great extent and will still be payable at the same rate until the the policy ends, obviously the renewel will change and most likely increase due to a claim, it is a complicated business which ever way you look at it though

[Guest Swagman]

A multi vehicle policy is nothing more than a multiple number of policies bunched together.

Their advantage is the admin costs being lower.

Say you have a 3 bikes multi policy, the admin costs for the insurance will be 3 times less. They get 3 "customers" at once and in exchange you get 1% discount but they are technically 3 different policies

 

But you only get 1 no claims discount not 3 so it’s still classed as one policy really, if you cancel then take out separate policies you can only use it on one of your bikes not all three the other two have to start from scratch.

 

I don't know the details that insurance companies impose on NCD. If you have a 3 bikes insurance they should make it in fact interchangeable because you won't be riding more than 1 at any given time. I accept that theft and damage in general can occur at any time and the premium should reflect it but the 3rd party side of it is 3 times less, or only 365 liability and not 1,095 days per year (3 X 365). but like the NCD it should valid only once regardless of the bike you ride. I would live with the fact that to minimise the risk they would charge the insurance for the most expensive one.

 

My mate had multi cover for years very expensive, he change to single bike insurance on each bike and saved loads of money, but could only carry his NCB to one bike, so full discount on his Mt10 and no discount on his ZX10 And still saved a lot of cash, multi policies to dear he says, I think if you have one classic bike and your normal ride it is cheaper, I had a classic cruiser I did a multi policy aNd that came out cheaper than a single Policy on my Fazer saved £20 on it.

[husoi]

I would explore the option of a driving license insurance instead of multiple insurances.

[Guest Swagman]

I would explore the option of a driving license insurance instead of multiple insurances.

 

What’s a driving license insurance?.

[husoi]

I would explore the option of a driving license insurance instead of multiple insurances.

 

What’s a driving license insurance?.

 

The ones normally used in garages and dealers. The insured is the driver and not the vehicle.

This is usually also in normal comprehensive insurance at a very small scale, where they say that you are allowed to ride a lended vehicle like if you leave the bike for service and you get a replacement for the day.

[dynax]

I would explore the option of a driving license insurance instead of multiple insurances.

 

What’s a driving license insurance?.

 

The ones normally used in garages and dealers. The insured is the driver and not the vehicle.

This is usually also in normal comprehensive insurance at a very small scale, where they say that you are allowed to ride a lended vehicle like if you leave the bike for service and you get a replacement for the day.

 

No good for us then as the bikes would show up as uninsured and we would get fined, okay for a business as the bikes are declared sorn or are registered with a dealer

[husoi]

"How does multi-car insurance work?

In general multi-car insurance comes in two ways:

Linked policies: This way each of your cars has their own policy, so you can decide on individual levels of cover and add-ons for each, but all policies are linked under your name

One policy for multiple cars: The alternative would be to have all of your cars on one single policy, and in most cases this means the cover will be the same for each"

Source: https://www.moneysupermarket.com/car-insurance/multi-car/

More info: https://www.confused.com/motorbike-insurance/guides/multi-bike-insurance

[fastbob]

Does it make it easier to have a multi bike policy, just curious really as if something happens to one of them the policy is still ongoing for the other(s) ?

 

I tried to get a multi bike policy on the ER5 and the GSXR but what I was offered was two policies with two companies and one broker's fee . So really there was no advantage .

[Six30]

I would explore the option of a driving license insurance instead of multiple insurances.

 

What’s a driving license insurance?.

 

The ones normally used in garages and dealers. The insured is the driver and not the vehicle.

This is usually also in normal comprehensive insurance at a very small scale, where they say that you are allowed to ride a lended vehicle like if you leave the bike for service and you get a replacement for the day.

 

driving licence insurance

you mean motor trade insurance.

[fastbob]

What’s a driving license insurance?.

 

The ones normally used in garages and dealers. The insured is the driver and not the vehicle.

This is usually also in normal comprehensive insurance at a very small scale, where they say that you are allowed to ride a lended vehicle like if you leave the bike for service and you get a replacement for the day.

 

driving licence insurance

you mean motor trade insurance.

 

I think someone means a Rider Policy .

[Ian Frog]

The ones normally used in garages and dealers. The insured is the driver and not the vehicle.

This is usually also in normal comprehensive insurance at a very small scale, where they say that you are allowed to ride a lended vehicle like if you leave the bike for service and you get a replacement for the day.

 

driving licence insurance

you mean motor trade insurance.

 

I think someone means a Rider Policy .

 

"Rider policy" Now there`s a blast from the past!

Always used to get the Norwich Union rider policy back in the eighties.

Dont know when they dropped doing them but I am sure most of us used them.

Because of postcode price variations we used to have about 8 of us registered to the same one bedroom flat in Hove when we were despatch riding in London lol.

Cheers

Ian