English Forum Switzerland

English Forum Switzerland (https://www.englishforum.ch/forum.php)
-   Transportation/driving (https://www.englishforum.ch/transportation-driving/)
-   -   Car insurance cancelled by insurance company - securing a new policy (https://www.englishforum.ch/transportation-driving/250472-car-insurance-cancelled-insurance-company-securing-new-policy.html)

Mandrake 12.03.2016 22:16

Car insurance cancelled by insurance company - securing a new policy
 
Hi all,

I just received a formal communication that my insurance company would end the policy once the current term expires. They are entitled to do this it seems and i assume it must be related to two claims (one significant) in the past 3 years. Neither involved the police / fines / legal issues. Just cost.

I will obviously contact brokers and other insurance companies but, based on experience, can anyone set my expectations in regards to how costly and painful securing a new policy might be? If you try doing an online search / comparison any affirmative answer re claims or policy withdrawal results in no offers. Thanks for any feedback.

Sbrinz 13.03.2016 10:23

Re: Car insurance cancelled by insurance company - securing a new policy
 
You need to use an insurance broker, or you will be very busy looking for a reasonable deal.

Meerkat33 13.03.2016 14:21

Re: Car insurance cancelled by insurance company - securing a new policy
 
yes that's a good suggestion.
Btw I'm curious, was your previous insurance with a broker or directly with the insurance company? I wonder if a broker would tell you that the premium has to go up or they would just let you go like that. And if it was with a broker, did you have any other insurance policies with them?

fatmanfilms 13.03.2016 14:31

Re: Car insurance cancelled by insurance company - securing a new policy
 
Quote:

Originally Posted by Mandrake (Post 2553949)
Hi all,

I just received a formal communication that my insurance company would end the policy once the current term expires. They are entitled to do this it seems and i assume it must be related to two claims (one significant) in the past 3 years. Neither involved the police / fines / legal issues. Just cost.

I will obviously contact brokers and other insurance companies but, based on experience, can anyone set my expectations in regards to how costly and painful securing a new policy might be? If you try doing an online search / comparison any affirmative answer re claims or policy withdrawal results in no offers. Thanks for any feedback.

You may find it very difficult to get cover at all, insurance companies expect to make a profit over time, if they realise someone is a bad risk, the underwriters will run a mile.

V__ 13.03.2016 14:32

Re: Car insurance cancelled by insurance company - securing a new policy
 
You need to talk to a broker and you need to sort this before your current insurance cover ends. Once you have been denied insurance it will be impossible to get another cover from any other company or it will be super expensive.

Mandrake 13.03.2016 16:49

Re: Car insurance cancelled by insurance company - securing a new policy
 
Quote:

Originally Posted by Meerkat33 (Post 2554132)
yes that's a good suggestion.
Btw I'm curious, was your previous insurance with a broker or directly with the insurance company? I wonder if a broker would tell you that the premium has to go up or they would just let you go like that. And if it was with a broker, did you have any other insurance policies with them?

Hi - it was directly with the insurance company

Mandrake 13.03.2016 17:02

Re: Car insurance cancelled by insurance company - securing a new policy
 
Thanks for all the responses - i appreciate that there will be, at minimum, a nasty price hike but my greater concern is that no-one will offer to insure me at all. I have 2 cars (though the combined value is probably barely 25K CHF) and i can work with a high excess. Should i be aiming for the most basic level of cover in order to make myself a better proposition? Or might companies respond better to requesting one of their more comprehensive offerings? No longer being able to drive would obviously be a disaster.

fatmanfilms 13.03.2016 20:08

Re: Car insurance cancelled by insurance company - securing a new policy
 
Quote:

Originally Posted by Mandrake (Post 2554211)
Thanks for all the responses - i appreciate that there will be, at minimum, a nasty price hike but my greater concern is that no-one will offer to insure me at all. I have 2 cars (though the combined value is probably barely 25K CHF) and i can work with a high excess. Should i be aiming for the most basic level of cover in order to make myself a better proposition? Or might companies respond better to requesting one of their more comprehensive offerings? No longer being able to drive would obviously be a disaster.

What cost the insurance co money? 3rd Party or additional cover, then you know the answer.


All times are GMT +2. The time now is 18:41.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0