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Insurance Claim nightmare
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smitha
#11 Posted : Tuesday, June 24, 2014 4:52:19 PM
Rank: New-farer

Joined: 6/10/2013
Posts: 52
Thanks to all who replied. I guess time to fork out new premium for the replacement car.
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Gordon Gekko
#12 Posted : Tuesday, June 24, 2014 5:24:03 PM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
Kwanini wrote:
i doubt this is true. what if u decide to buy a plot with the settlement cheque. or donate the proceeds. your broker needs spanking. the contract terminates once the risk strikes .

Not quite true. The contract can't terminate if the struck risk is a fender bender since the contract has a term. A write-off however terminates the contract.
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Othelo
#13 Posted : Tuesday, June 24, 2014 5:43:57 PM
Rank: User

Joined: 1/20/2014
Posts: 3,528
Gordon Gekko wrote:
Kwanini wrote:
i doubt this is true. what if u decide to buy a plot with the settlement cheque. or donate the proceeds. your broker needs spanking. the contract terminates once the risk strikes .

Not quite true. The contract can't terminate if the struck risk is a fender bender since the contract has a term. A write-off however terminates the contract.

Thought that is why it was straight forward as highlighted by @angelica _ann up there ... (1) car was a write off and then (2) guy has been compensated and (3) therefore the initial contract ends!
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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mkenyan
#14 Posted : Wednesday, June 25, 2014 9:25:11 AM
Rank: Veteran

Joined: 4/1/2009
Posts: 1,885
Kwanini wrote:
i doubt this is true. what if u decide to buy a plot with the settlement cheque. or donate the proceeds. your broker needs spanking. the contract terminates once the risk strikes .

my understanding is that the vehicle was a write off, the poster was compensated and now wants the insurance company to transfer the previous cover (which is no longer valid) to his/her new vehicle. why would you need to spank the broker instead of the poster is such a scenario?
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Tommy
#15 Posted : Wednesday, June 25, 2014 8:29:17 PM
Rank: Veteran

Joined: 12/9/2010
Posts: 894
Location: Nairobi
i heard someone say that the insurance cover continues as long as you have no written to the insurer informing them that you have put the insurance on hold. this is a technicality that the insurer applies. i stand to be corrected
Don't wait for the Last Judgment. It happens every day. ~Albert Camus, The Fall, 1956
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target1360
#16 Posted : Wednesday, June 25, 2014 8:39:21 PM
Rank: Member

Joined: 5/14/2014
Posts: 289
Location: nairobi
Tommy wrote:
i heard someone say that the insurance cover continues as long as you have no written to the insurer informing them that you have put the insurance on hold. this is a technicality that the insurer applies. i stand to be corrected


cover continues upto the end of year if there is no communication from either party on intention to suspend/cancel the cover
I find satisfaction in owning great business,not trading them
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Othelo
#17 Posted : Thursday, June 26, 2014 9:46:17 AM
Rank: User

Joined: 1/20/2014
Posts: 3,528
Tommy wrote:
i heard someone say that the insurance cover continues as long as you have no written to the insurer informing them that you have put the insurance on hold. this is a technicality that the insurer applies. i stand to be corrected

Yes. But how does this aplly to the scenarious above?
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Tommy
#18 Posted : Thursday, June 26, 2014 9:59:13 PM
Rank: Veteran

Joined: 12/9/2010
Posts: 894
Location: Nairobi
Othelo wrote:
Tommy wrote:
i heard someone say that the insurance cover continues as long as you have no written to the insurer informing them that you have put the insurance on hold. this is a technicality that the insurer applies. i stand to be corrected

Yes. But how does this aplly to the scenarious above?

very relevant according to insurance industry. you have to suspend the cover through written communication.
Don't wait for the Last Judgment. It happens every day. ~Albert Camus, The Fall, 1956
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mkenyan
#19 Posted : Friday, June 27, 2014 6:30:54 AM
Rank: Veteran

Joined: 4/1/2009
Posts: 1,885
Tommy wrote:
Othelo wrote:
Tommy wrote:
i heard someone say that the insurance cover continues as long as you have no written to the insurer informing them that you have put the insurance on hold. this is a technicality that the insurer applies. i stand to be corrected

Yes. But how does this aplly to the scenarious above?

very relevant according to insurance industry. you have to suspend the cover through written communication.

so how is it relevant to the scenarios above? have you even bothered to understand what the scenarios above entaill?
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smitha
#20 Posted : Friday, June 27, 2014 9:00:49 AM
Rank: New-farer

Joined: 6/10/2013
Posts: 52
mkenyan, your understanding is correct

"my understanding is that the vehicle was a write off, the poster was compensated and now wants the insurance company to transfer the previous cover (which is no longer valid) to his/her new vehicle. why would you need to spank the broker instead of the poster is such a scenario?"

The insurer insists the policy is no more and in fact put up the premium for a new policy to a punitive 8% from 4.5% (inclusive of terrorism) due to my claim. Needless to say I am now with a different insurer who is offering a more sensible 4%.
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