Insurance Related Question

[Xenophobia07]

Had this question in the back of my mind that needs to be answered.

 

Will the Insurance Company refund or return you the money that you paid for the Rider for a particular bike if you sell the bike away?

 

Meaning, I renew my Insurance in let's say 01/01/08. So its valid for 1 year till 01/01/09. (Payment for the Insurance let's say $1000, all paid in full.) However, I decide to sell my bike in 01/03/08. So will the Insurance company return the Insurance amount paid for the period of 02/03/08 to 01/01/09? Or will the company actually just take all and the amount paid is forfeited to them?

[BlackDawn]

yes. can refund ( - administrative fee)

[Xenophobia07]

  kiamh said:

yes. can refund ( - administrative fee)

 

So we have to look for them at let's say NTUC (if its NTUC insurance. Duh!), or will they just auto calculate and send a mail?

[YEN96]

  Xenophobia07 said:

So we have to look for them at let's say NTUC (if its NTUC insurance. Duh!), or will they just auto calculate and send a mail?

 

bro ..u have so many insurance queries, better call insurance company for a clear answer.

 

PLS understand different insurance policies calculate in different ways.

 

So........anyway, yes, the remaining will be refunded back to you subjected to many terms & conditions.

 

1. How much was your premium for the year?? If refund premium falls below certain amount ( eg...$80 ). It will be forfeited.

 

2. Are you getting another policy from the same company ?? Else, there will be a levy charge amount.

eg. Your premium is $1200. you use 2 months . so by right they shld refund you $1000. BUT what they will refund you is 0.85 X $1000 = $850

 

So bro ...best if you are not familiar, call up & ASK . this is how much i can help

 

thansk

[Xenophobia07]

  YEN96 said:

bro ..u have so many insurance queries, better call insurance company for a clear answer.

 

PLS understand different insurance policies calculate in different ways.

 

So........anyway, yes, the remaining will be refunded back to you subjected to many terms & conditions.

 

1. How much was your premium for the year?? If refund premium falls below certain amount ( eg...$80 ). It will be forfeited.

 

2. Are you getting another policy from the same company ?? Else, there will be a levy charge amount.

eg. Your premium is $1200. you use 2 months . so by right they shld refund you $1000. BUT what they will refund you is 0.85 X $1000 = $850

 

So bro ...best if you are not familiar, call up & ASK . this is how much i can help

 

thansk

 

I wasn't checking on how they calculated the returns, or what's the percentage.

 

The only question I wanted to know was will they return the remainder and how will they return it. That's all.

 

If I wanted to check the EXACT amount they'd return and how they calculated it, I wouldn't be posting it here.

[paithorn]

For NTUC...if you buy another bike within 90 days and insured by them again, the 15% is refunded to you...

[YEN96]

  Xenophobia07 said:

I wasn't checking on how they calculated the returns, or what's the percentage.

 

The only question I wanted to know was will they return the remainder and how will they return it. That's all.

 

If I wanted to check the EXACT amount they'd return and how they calculated it, I wouldn't be posting it here.

 

ok...sure return .... mostly is cheque and you got to keep hounding them..take very long.... months

[ahsnow]

u can call to cancelled they will mail u the remain amount in a cheque or u can go down to the branch they pay u cash