When my car was stolen some time ago, my insurance was terminated from that point on because I ran out of a car (despite the fact that there were other covered things like permission to drive other cars in a limited way) AND they withdrew the cost for the rest of the payments of the money they paid , although they don`t cover me for anything for them. I wasn`t happy, but I was told it was normal. To my knowledge, this is a 12-month contract, payable in advance. So, as Will says, that`s why monthly payments are structured as they are. If you read the contract, you will see (as John did) that in the event of a total loss (whether by theft or damage), the contract ends, but no refund. In most other termination cases, a proportionate refund must be paid for the unused duration of the policy. I had one when my driver`s license was revoked for medical reasons, but I discovered that a person`s insurance was riskier (and therefore more expensive) than spouses. It`s annoying, but my son, who works for a real estate agent, tells me that`s the case. The information contained in your application and payment details and the status of your account will be collected and updated with one or more of these agencies, including, but not limited to Experian, and may be forwarded to other collection and fraud prevention agencies and to decide on credit and insurance decisions about you and for fraud prevention purposes. Doesn`t that just have to do with the fact that the price of insurance is based on an aggregate risk – aggregated both on the total population of customers and on the total insurance maturity period? So you can`t buy less than an annual insurance policy – you bet with the insurance company about the likelihood of an accident – anytime in the next 12 months – and you assume that it`s a predictable (-sufficient) mix of high-risk and low-risk time over the next 12 months. So they don`t want to sell you monthly insurance, because they may have to consider whether insurance should cost more in January than in June, and you could buy other insurance at different times of the year. The credit contract is a way to be absolutely explicit, what happens – you clearly separate the obligation to buy insurance at 12 months (paid in advance) from the process of deferring payments. Sounds like a good thing, really.

I guess it is actually fairly clear regulatory and legal things that have to do with the insurance that has to be paid in advance, but I do not know the details. In the written notification of termination, we will tell you our reasons for the termination of the credit contract and a declaration with the amount of outstanding decreased possible rebates. If the outstanding is not settled within seven days, we will terminate the insurance contract and all additional benefits paid with the balance made available. Any refund or remuneration resulting from this cancellation is used to reduce any amount remaining under this credit agreement. I pay every year, the cost of credit for monthly insurance payments are, in my opinion, blackmail. Everything else is paid for free or there is a monthly discount.

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