Timeline for Car Insurance insisting I pay for the remainder of the year after a no fault crash
Current License: CC BY-SA 4.0
7 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Mar 21 at 21:37 | comment | added | Michael Hall | In the US if you sell a car mid-way through a coverage period you call and cancel the policy and receive a refund for the remaining time. Because you don't own the car any more, there is nothing to insure. Are you on the hook in the UK or Australia for the remaining time left? | |
| May 25, 2023 at 17:33 | comment | added | Joshua | This answer is absurd. What are they insuring for the remainder of the year? | |
| May 17, 2019 at 23:19 | comment | added | feetwet♦ | In the cases I know it is effectively "required by regulators" because the state regulator demands that it approve the terms of all consumer insurance policies sold in its state. I don't know if a regulator would approve a policy that does not provide for a refund of unused premium. But in the U.S. this is in stark contrast to retailers who generally limit the terms of refunds. So much so that many Americans are astonished to learn that they are entitled to pro-rated premium even if the insurer has already paid out claims on a policy. | |
| May 17, 2019 at 21:09 | comment | added | Dale M♦ | @feetwet insurance is heavily regulated everywhere but not always in the same way. Are you sure what you see is a regulatory requirement and not just commercial practice. For example, in Australia there is no legal right to a refund if you change your mind but all major retailers give them without question as a matter of commercial necessity. It’s so common that many Australians think it’s a legal right. | |
| May 17, 2019 at 14:43 | comment | added | feetwet♦ | Interesting. For contrast I'll note: In the U.S. every insurance policy I have seen can be cancelled regardless of claim history for a pro-rated refund of premium. But in the U.S. insurance is a heavily regulated industry.. | |
| May 16, 2019 at 21:30 | comment | added | Putvi | This is true sometimes, but some policies let you cancel them. | |
| May 16, 2019 at 21:24 | history | answered | Dale M♦ | CC BY-SA 4.0 |