Stolen bike, 3rd party only, finance outstanding....
Discussion
Well you live and learn!
Left the house this morning to find my motorbike had been stolen. Due to the unpalatable insurance renewal cost, I opted for 3rd party only. I have just over 2years of finance on the bike.
Question is, and I think I know the answer, is there any sensible way I can avoid paying another 2 years of finance on a bike I no longer have?
Self-loathed thanks in advance
Sam
Left the house this morning to find my motorbike had been stolen. Due to the unpalatable insurance renewal cost, I opted for 3rd party only. I have just over 2years of finance on the bike.
Question is, and I think I know the answer, is there any sensible way I can avoid paying another 2 years of finance on a bike I no longer have?
Self-loathed thanks in advance
Sam
I suspect life is about to get worse, if the finance is on the bike, ie not a simple loan then you'll find a clause requiring you to have the bike insured fully comp, I suspect once the finance company discovers the bike has been stolen and they'll need informing, that they will demand settling of the balance as there is no longer any security for their loan.
Crap news mate but be preapred to go get a bank loan if need be to settle the finance.
Crap news mate but be preapred to go get a bank loan if need be to settle the finance.
dibblecorse said:
I suspect life is about to get worse, if the finance is on the bike, ie not a simple loan then you'll find a clause requiring you to have the bike insured fully comp, I suspect once the finance company discovers the bike has been stolen and they'll need informing, that they will demand settling of the balance as there is no longer any security for their loan.
Crap news mate but be preapred to go get a bank loan if need be to settle the finance.
That I did not want to hearCrap news mate but be preapred to go get a bank loan if need be to settle the finance.
sorry to hear this but I didn't think insurance company's/finance deals allowed anything less than fully comp insurance......SamPet said:
Monkeylegend said:
Is there a clause in your HP finance agreement specifying what insurance cover they require you to take out during the period of the loan?
Maybe!I didn't think about that at renewal time, but I am now!
Sorry to hear of your predicament.
If ever there was a thread which highlights that GAP or Retail Price Protection cover can be a good thing or not, it's this. (No doubt there are still some who maintain it's a 'waste of money, a con' etc)
Monkeylegend said:
I thought they would require fully comprehensive cover, but I am probably wrong. Keep your fingers crossed that the bike is found and returned to you without too much damage, although it will possibly be in bits by now.
Didn't mean to repeat the above posts, bit slow on the typing front.If you have to settle the loan then I think the best course of action would be to pay it off (assuming you don't have savings) with a credit card and then immediately take out another credit card in order to balance tranfer it onto 0%. This assumes you can't go 0% immediately.
Yes I realise you'll pay 2-3% of the balance for the transfer but at least it will give you breathing space and any monthly payments you make will be paying capital down.
Cut the card up by the way.
Just a thought - others will have different ideas.
Yes I realise you'll pay 2-3% of the balance for the transfer but at least it will give you breathing space and any monthly payments you make will be paying capital down.
Cut the card up by the way.
Just a thought - others will have different ideas.
Oi_Oi_Savaloy said:
If you have to settle the loan then I think the best course of action would be to pay it off (assuming you don't have savings) with a credit card and then immediately take out another credit card in order to balance tranfer it onto 0%. This assumes you can't go 0% immediately.
Yes I realise you'll pay 2-3% of the balance for the transfer but at least it will give you breathing space and any monthly payments you make will be paying capital down.
Cut the card up by the way.
Just a thought - others will have different ideas.
The finance on the bike is 0% over 4 years. I've been paying for just under 2. I doubt it, but wonder if they'd allow me to continue to pay until the end of the term (as I have been thus far)?Yes I realise you'll pay 2-3% of the balance for the transfer but at least it will give you breathing space and any monthly payments you make will be paying capital down.
Cut the card up by the way.
Just a thought - others will have different ideas.
Sam
BriC175 said:
Unlucky. Was it that much more expensive to get fire and theft added also? I know for my car insurance when I've checked it's been about £50 difference max!
When I last had a bike it was £100 a year TPO and £400 TPFT so a big difference.OP, you have 2 options. Just keep paying as if nothing has happened, or tell the finance co and stump up the full settlement figure. One is legally correct, and one isn't, your call.
jamiebae said:
BriC175 said:
Unlucky. Was it that much more expensive to get fire and theft added also? I know for my car insurance when I've checked it's been about £50 difference max!
When I last had a bike it was £100 a year TPO and £400 TPFT so a big difference.OP, you have 2 options. Just keep paying as if nothing has happened, or tell the finance co and stump up the full settlement figure. One is legally correct, and one isn't, your call.
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