Car written off by other party - can I transfer policy to new car?

[ydrol]

Hi my car was recently written off (rear-ended). Other party has admitted fault.

My Insurance company is about to pay out - however I only started the policy in October.

and I *think* they are cancelling the policy with the payout.

 

So I've paid for 12 months insurance. They are not out of pocket, as other party has admitted fault and was insured.

If I get a new car after Christmas - do I have to pay for a new policy.

 

If so this means that I'm losing money - 10 months policy unused? Even though I was not at fault? This policy was £404 (9 years NCD).

[BRIGADIER2JCS]

If the ''new car'' is in different insurance class there will be an ajustment,there will now doubt be various charges for rewritting the policy, you muat take this up with your insurer or broker.

[raydetinu]

did you claim on your policy then? you could of just claimed of TP.

If you did claim on yours then that would be the end of your policy, thats what you paid for.

make sure settlement is enough though ( dont accept first offer ), i.e. full retail value for model in a similar conditin/mileage etc. you must be put back in tha same position as before the incident plus hire car and out of pocket expenses etc.

Also if TP insurers settle you should get your NCB back.

Edited December 13, 2012 by raydetinu

[ydrol]

I just dealt with my insurance company but they did waive the excess (450) so they must have settled via TP.

 

At the start of the claim proceedings they said

"we do believe that the chances of you being held at fault for this incident are quite slim. With this in mind, we are prepared to allow your No Claims Discount (NCD) and waive your policy excess. "

 

I did reject first figure and got one I was happy with.

I just want to make sure that my policy is not 'dead' now otherwise my insurance company get my money and money from TP! and I have nothing to show for it apart from two months cover.

[raydetinu]

policy is now dead as they have paid out on it.

[Mwynci]

Speak to your broker/underwriter who will be able to advise you. We're working blind here, so any advise is not based on fact, just opinion. Not all policies cancel straight away, with many allowing a grace period to place a new vehcile on cover.

[ydrol]

Hi, I just called the insurance company - they allow me to suspend the policy for 30days after the payout, to then transfer to a new car (expect charges etc). However I said I may need more than 30 days as this over the Christmas period. They suggested I give them a call as soon as money clears and they'll see what they can do.

Does that sound fair enough or should I expect more?

[raydetinu]

good deal go for it.