what happens to insurance when i wanna sell my bike to buy new bike after accident?

[mus_19]

i own a 3rd party insurance now, paying +++ due to claims made against me...what happens to my premium if i wanna sell my bike and get a new one?or juz sell my bike and not get another bike.any info would be helpful!

[contrarian]

If you're asking whether you can get any premium back from an early cancellation, the answer is no because a claim has been made against the policy.

[mus_19]

so lets say

 

1)if i sell my bike now when the policy is still active, will i still have to continue paying the insurance company due to the claim made against me?

 

2)if i sell my bike and terminate the policy when it expires,will i still have to pay the insurance company due to previous claim made against me?

[contrarian]

What do you mean by "continue paying the premium" or "still pay the insurance company"?

 

Have you not paid the insurance premium at the beginning of the policy period, when your record was clean? If that's the case, why would you have to "still pay the insurance company"?

[d0n]

so lets say

 

1)if i sell my bike now when the policy is still active, will i still have to continue paying the insurance company due to the claim made against me?

 

2)if i sell my bike and terminate the policy when it expires,will i still have to pay the insurance company due to previous claim made against me?

 

let me try to rephrase your questions.

 

both the scenarios you are talking about is about selling off your bike. the difference between 1 & 2 is the timing which the bike is sold off.

 

1. sell the bike now/before the insurance policy term ends

2. sell when the insurance policy term is ending/ends

 

now for my question to you.

 

did u pay for the insurance policy in full or did u go for installments?

(note: installments for bike doesnt necessarily mean you are paying for your insurance policy by installments as well)

[mus_19]

i paid in full.....the last time i paid was 700+...im juz wondering since 2k plus was claimed by the other party,wont i have to continue paying the increased premium nxt yr till the amount is reached?im sorry i dunno much abt insurance...so example if i dun want to pay any more premium after it expires, i can juz cancel meh?wont the company go after my money?

[Jacq]

you dun have to pay for anything. just that your next premium will increase if you renew or get new insurance.