Insurance refund problem. pls advice.

[eversman]

Here the full story.

 

1) I bought a 3rd party insurance through a bikeshop for my bike for $400++ on Jan 08

 

2) I sold my bike on Jun 08 and hence i ask the bikeshop to cancel my insurance with the insurance company. They claim the cancelling progress would take 3 months.

 

3) Phone the bikeshop this week and they said my refund is ready for collection. Went down to the bikeshop and to my horror my refund was on $35...

 

Is there something wrong here?? I thought i suppose to get 80% of the remaining months of my insurance. Is the bikeshop or the insurance company trying to eat my money?

[dragonforce]

try calling your insurance company on refunds.. i think different company different way of calculating refunds.. but they are not very willing to reveal how is the calculation done.. i ever tried asking cos i need to extend my insurance to use for a few months..

[contrarian]

If you were to read your policy on cancellation terms, you could have saved yourself getting agitated.

 

It is merely that you have a different expectation of the refund amount from what the policy you signed up for gives you contractually. Is there something wrong here? I suggest no.

 

Ask them to show you the refund calculation if you like - the "short rate table" that applies to early cancellations.

[mepkoh]

Here the full story.

 

1) I bought a 3rd party insurance through a bikeshop for my bike for $400++ on Jan 08

 

2) I sold my bike on Jun 08 and hence i ask the bikeshop to cancel my insurance with the insurance company. They claim the cancelling progress would take 3 months.

 

3) Phone the bikeshop this week and they said my refund is ready for collection. Went down to the bikeshop and to my horror my refund was on $35...

 

Is there something wrong here?? I thought i suppose to get 80% of the remaining months of my insurance. Is the bikeshop or the insurance company trying to eat my money?

 

refund for me...8 months bal..with ntuc...$65...paid $140/year 3rd party..

insurance was purchased directly from ntuc..refunded immediately..

shop always "have all sorts of admin charges"...maybe go to small claims tribuna..to get balance..

[Vespa11]

refund for me...8 months bal..with ntuc...$65...paid $140/year 3rd party..

insurance was purchased directly from ntuc..refunded immediately..

shop always "have all sorts of admin charges"...maybe go to small claims tribuna..to get balance..

 

So the refund is 100% of the remaining months? cash ? or do they put it back to the bank acc>? I had juz sold my bike, so do i have to head down to NTUC to terminate myself?

[Figila]

erm anione of u noe,is there a maximum amount for subriders? or there is a limit for subrider:?

[lawbah]

1 rider 1 sub if im not wrong...

[NaRuTo13]

1 rider 1 sub if im not wrong...

 

yeah only 1 sub rider max.. n insurance will be base on the youngest aka higher premium paid out of the 2rider.. sometime with 2 rider the premium might be lower slight compared to just the more expensive rider..