Can I make a claim and then cancel policy?

[ChillinDude336]

Hi,
I have a policy with Viriyah It's first class insurance for my Ford Ranger. I'm selling the vehicle and I wanted to have a door ding repaired and some bad scratches in rear bumper repaired so I wanted to make a claim on insurance and have it fixed.  I'll be selling the car in two weeks to my friend and so at that point I'd like to cancel the policy and get my refund back but I'm wondering if this is allowed or will the insurance company refuse to give me my refund until some time has passed? Anyone have experience with this? Thanks.

 

 

[richard_smith237]

Alternative: Sell the car with the insurance / have the insurance continued in your friends name & arrange with him to pay the difference (cost of remaining insurance).

[GTgrizzly]

So long as your insurance was intact and paid up when you make the claim there is nothing to be concerned about....do your claim, get the vehicle repaired and sell it

Once the vehicle is sold you can cancel your payments immediately, they can not expect you to pay for insurance on a vehicle you don't own

Just a hint though, make sure the sale has gone through and the vehicle is no longer in your name and all monies are paid to you before you cancel your policy

I hope this helps

Cheers

Geoff

 

[richard_smith237]

1 minute ago, GTgrizzly said:

So long as your insurance was intact and paid up when you make the claim there is nothing to be concerned about....do your claim, get the vehicle repaired and sell it

Once the vehicle is sold you can cancel your payments immediately, they can not expect you to pay for insurance on a vehicle you don't own

Just a hint though, make sure the sale has gone through and the vehicle is no longer in your name and all monies are paid to you before you cancel your policy

I hope this helps

Cheers

Geoff

 

 

This works if he's paying monthly. I've always paid yearly for my insurance - I figured most people did. 

[ChillinDude336]

I Bought the insurance policy up front I paid the full amount of around 18,000 Baht. The policy expires in Feb so I was expecting to get a refund for the existing 8 months left on the policy but my concern is that they will hold back the refund as I'm making a claim and then cancelling the policy. Perhaps I could just make the claim and then look into transferring the policy to my friend. 
 

Thanks for ideas and help, really appreciate it!

Edited May 16, 2018 by ChillinDude336

[GTgrizzly]

1 minute ago, richard_smith237 said:

 

This works if he's paying monthly. I've always paid yearly for my insurance - I figured most people did. 

Shouldn't make any difference Richard 

They should refund the balance, as mentioned in my earlier statement, they cant expect you to pay insurance on a vehicle that you don't own

They may charge a small exit fee but still are compelled to refund the balance

[GTgrizzly]

2 minutes ago, ChillinDude336 said:

I Bought the insurance policy up front I paid the full amount of around 18,000 Baht. The policy expires in Feb so I was expecting to get a refund for the existing 8 months left on the policy but my concern is that they will hold back the refund as I'm making a claim and then cancelling the policy. Perhaps I could just make the claim and then look into transferring the policy to my friend. 
 

Thanks for ideas and help, really appreciate it!

They may charge you till the end of the month that you cancel but can not charge any more, as I said they cant expect you to pay insurance on a vehicle you don't own

Your friend may or may not be required to pay the same premium as you, check it out first and make sure the policy is out of your name, if he has an accident this could cause issues

[richard_smith237]

1 minute ago, GTgrizzly said:

Shouldn't make any difference Richard 

They should refund the balance, as mentioned in my earlier statement, they cant expect you to pay insurance on a vehicle that you don't own

They may charge a small exit fee but still are compelled to refund the balance

Of course... But it's just much simpler to sell the car with insurance and factor that into the price (if someone was that concerned about the price).

 

Chances are that the bargaining over the price of the vehicle involved greater sums than the remaining value of insurance.

 

I've always sold my cars with the remaining insurance included. It's just easier and in some cases adds to the marketability.

[topt]

1 hour ago, ChillinDude336 said:

The policy expires in Feb so I was expecting to get a refund for the existing 8 months left on the policy

An English Translation of an Axa 1st Class policy actually had a table in it showing what percentage you received back depending on how long the policy had run. For a policy running for 120-129 days you would receive back 44% of the annual premium.

You should have a look at your documents....

As Richard_Smith237 says maybe better/advantageous to pass to the new owner.

[stevenl]

10 hours ago, GTgrizzly said:

Shouldn't make any difference Richard 

They should refund the balance, as mentioned in my earlier statement, they cant expect you to pay insurance on a vehicle that you don't own

They may charge a small exit fee but still are compelled to refund the balance

Standard in Thailand is that the insurance goes with the car.

 

Now they can and will give a refund, there is a table in the policy conditions for that, but it will cost.

 

And yes, yearly payment is standard, and with monthly payments there will be no balance to refund.

[ChillinDude336]

Great thanks for all the suggestions. I'm going ask my insurance company about transferring the policy to my friend and just ask him if he'll pay for the rest. I think if I cancel the policy they'll only give me 50% so it'd be better to transfer to him or just ask him for the 50% atleast he'll get a better deal on a policy as opposed to insurance company getting my refund. 

[stevenl]

1 hour ago, ChillinDude336 said:

Great thanks for all the suggestions. I'm going ask my insurance company about transferring the policy to my friend and just ask him if he'll pay for the rest. I think if I cancel the policy they'll only give me 50% so it'd be better to transfer to him or just ask him for the 50% atleast he'll get a better deal on a policy as opposed to insurance company getting my refund. 

If you have a standard policy it will automatically stay with the owner of the car, no need to inform the insurance company.