Insurance, was I mis-sold ???

This approach seems pretty common - I had to do the same when my car was stolen a few years back. v annoying when you're only 2 payments into a 10 mth payback period!

I remember pointing out at the time that the fact I chose to pay by installments surely indicated that I couldn't afford to stump up a whole year's premium at once - didn't get me anywhere though!

[northwind]

Originally Posted by jonboy

CN do charge for split payments, it's not free.
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Yup, but what's important is if you simply owe them the money for the policy, and they take it in installments, or if they arrange a credit agreement and you've paid for the policy and owe them for the credit agreement. It seems a thin difference but it'll make a huge difference from a legal perspective.

Originally Posted by jonboy

CN do charge for split payments, it's not free.


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Mine worked out about 50p cheaper...

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simply why would they pay out on your policy if you had only paid half the payments?.

What i am trying to say is after your claim if the bike had been stolen (i am asuming this is what happened) the insurance on that bike would be voided as the bike no longer exists technically. The insurers then pay your the money under the claim. BUT you have only paid half the premiums.

So would you rather keep on paying to insure a bike you no longer have?.


Its the same with finance. When you right off the bike or it gets stolen the finance has to be cleared. If your not fully comp then its down to you to clear it.

Makes sense.

Having worked for the FSA you havent been missold. The policy you were sold for appropriate for your circumstances.

Misselling is when they sell you a policy that isnt suitable for your needs.

Pointed out or not Steve,this requirement for full premium to be paid immediately in the event of a claim is as old as the hills. It is unfortunately almost common place for people at point of sale not to actually mention this. You can be forgiven for not raising the question as I am sure that a potential claim was far from your immediate concerns.

Sarah, I had an off, and it's a 2 bike policy.... I still need to keep the policy for the 2nd bike no mater what happens to the SV.

I fully understand (now) why they want the policy paid up, what I'm saying is that one of the key factors that I took the policy is that I got to pay it off over 3 months, and they offered this when I was trying to negotiate a price. However, I was not informed that the balance was payable if a claim was made.

I feel they sand bagged me. I've been a sales professional for over 20 years, and in my opinion, selling me this without ALL the information was wrong...

That's my point....

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Originally Posted by SV650Racer

Its the same with finance. When you right off the bike or it gets stolen the finance has to be cleared. If your not fully comp then its down to you to clear it.

Wait, are you saying if you stack a new bike you bought on finance, you have to pay the entire remaining balance there and then?

[TSM]

Can you get GAP insurance on bikes?

Originally Posted by rubberduckofdeath

If it's fully comp', the insurance pays out. If it's TPFT, you pay out, but you continue to pay off the finance at the same rate as usual, right?

I hope so!

[northwind]

In theory, HP or bike finance is a secured loan, secured against the property. If this property is lost, then the security is also lost and the lender can generally call for repayment. Some financiers insist on comp insurance for this reason.