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Insurance question - Premium & Claiming (general)

Discussion in 'Politics, Laws, Government & Insurance' started by jc212, Oct 2, 2009.

  1. Hi guys, i recently dropped my bike (slow, stupid mistake:furious:) and have decided to go through insurance because repairs costed me more than i expected.

    I'm with swann right now and in their policy it states that you must pay your yearly premium in full before you are able to make a claim.

    I was just wondering if all insurance companies ask for your premium in full?
    Also, do I have to pay for any premium for the remainder of the year?
    It's also my first time making a claim for any vehicle so do you guys have any advice for me?

  2. Re: Insurance question - Premium & Claiming

    Yes thats quite common, to ask for the full premium before paying.
    By the sounds of it you have had the repairs done? Is this correct?
    If it is you may have a problem getting reimbursed.
    Most insurers prefer you use thier repairer and have the work approved first.

    I'd also be asking is the premium + the excess less than the repair?
    If no, don't claim.
  3. Re: Insurance question - Premium & Claiming

    No the bike is at my repairer getting its final quote
    Yeah I know this, but I asked my repairer and they said they can be used because of their relationship with the insurance company.
    The repair will cost about double the premium and excess so i will be going with the insurance.

    Even with the premium and excess, i dont have lots of cash.. where can I get a loan for under 5k with low interest lol?
  4. You don't usually have to pay a full years premium on your policy if your getting a repair done. The full premium would ususally be needed only in the event of paying out your policy (ie if the bike was a total loss). If your paying by the month AND its been kept up to date, then i fail to see why they want it paid?

    What did they say when you asked them?
  5. Get a credit card and use it to pay the premium and excess and then pay it off over several months?
  6. dont forget to calculate how it may effect your NCB and premiums for next year if you do claim. might save this year and lose it all on next years premium, putting you back to square one.

    i'd sit down and do all the calculations and see which option is the best course for you.
  7. The question is, how bad is the damage? If you're willing to end up in $3 grand's worth of short to mid-term debt because you scratched a bit of plastic, then good luck to you.
    I'd be looking at doing the bare minimum, aftermarket indicators (read: chinese), and remove any bits of plastic/bend back brackets where appropriate. When you can get a decent savings plan in action for a while, get the shiny bits. If it's a low speed drop, it would have to be special case to have severely impared your bike.

    End of the day, headlight shroud (headlight removed and left on bike if possible), windcreen, small crack/broken piece in the front mudguard, fairings, etc are all just aesthetics and aerodynamics. Broken fairing? cable ties or strip metal with pop rivets - you can't f**k it up more then it is. :beer: