AIB Insurance Rebate?

[I2C]

Asking for my MIL who is with AIB for her motorhome insurance.

She’s just sold her PVC and is 4 months in to her insurance policy with AIB. Now she’s sold the van she wanted to cancel her insurance and expected a refund for the 8 months she hasn’t used. She’s heard from them that they don’t do rebates which I find hard to believe but wondered if anyone else with AIB could confirm this or not.

 

[David and Sally]

Can’t see that that is correct. Don’t have my AIB to hand but will check tomorrow.

 

[Figaro]

I had similar on a Classicline (car) policy
I think they just see it as an opportunity to boost profits with no risks

 

[I2C]

Can’t see that that is correct. Don’t have my AIB to hand but will check tomorrow.

Thanks David and Sally , doesn’t seem right to me but I can’t check as we’re over an hour away from her.

 

[Jim]

It won't be AIB who pay, they are not the insurer they are a broker, they use loads of different underwriters. It will be in the underwriters contract and details about cancelletion and refunds and will be in your policy docs. Get her to check them.

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[Emmit]

I have received a refund from AIB HOWEVER,
I asked AIB to close an Insurance Policy in order to move my Annual Renewal date from a time when I would invariably be away. ie Winter, I was credited with the remaining months when taking out the new Policy

 

[The Wino]

I would expect some rebate but thinking that it would be pro rata sounds very optimistic. I would have expected at best a 50%rebate for the 8 months not used more realistically 25%. Apart from anything else there will be an admin charge to set it up a fee to the brokers for selling the policy etc.

 

[I2C]

It won't be AIB who pay, they are not the insurer they are a broker, they use loads of different underwriters. It will be in the underwriters contract and details about cancelletion and refunds and will be in your policy docs. Get her to check them.

I’ll see if I can get her to check her policy, will have to be tomorrow now. Forgot AIB is a broker!

 

[David and Sally]

It won't be AIB who pay, they are not the insurer they are a broker, they use loads of different underwriters. It will be in the underwriters contract and details about cancelletion and refunds and will be in your policy docs. Get her to check them.

I’ll read mine in the morning.

 

[I2C]

Emmit She’s cancelled so would have expected some rebate but maybe as others say the policy states you don’t get one.

The Wino I think she’d be happy to pay an admin charge to get something back, especially as she’s an OAP on reduced income.

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[Emmit]

Emmit She’s cancelled so would have expected some rebate but maybe as others say the policy states you don’t get one.

The Wino I think she’d be happy to pay an admin charge to get something back, especially as she’s an OAP on reduced income.

From a lifetime reading 'stuff' my memory tells me that Insurance Companies have a sliding scale for refunds.
. Can't quote but it went something like, within one month of issue, 50% back, two months 40% back etc going down to four months nothing!!! You get the picture.

 

[I2C]

From a lifetime reading 'stuff' my memory tells me that Insurance Companies have a sliding scale for refunds.
. Can't quote but it went something like, within one month of issue, 50% back, two months 40% back etc going down to four months nothing!!! You get the picture.

Emmit That makes sense, just doesn’t seem right. Something to remember if we ever think of selling our van…

 

[gus-lopez]

Yes ,years ago in the UK I never bothered in the end just left them running building up ncb's insuring nothing as the likelihood of getting back what you should was never going to happen. That way when I bought another vehicle I could just swop to one already running which also reduced the preiums as usally they'd be sky high . "do unto them as they would do unto you"

 

[DavidG58]

Spoke to AIB myself on exactly this issue today

sold my car, advised AIB, they said no refund due on remaining 2 months on policy , which is fair enough, but even worse there is a £42 charge to cancel

their advice , they have noted the sale, but will leave policy live to avoid the charge

they did say that Insurers don’t like cancellations, apparently quite a few do cancel over winter, cars , motorbikes and MH’s when not being used

 

[pappajohn]

I can see a problem arising if they won't cancel.
How can the new owner get insurance if its already on the MID database as insured.
You can't insure the vehicle with two insurers at the same time.

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[Figaro]

This is a paragraph from my Markerstudy policy through AIB

Sorry it won't allow me to copy and paste, but page 19 says you may cancel anytime after 14 days but there will be no refund of premium.

 

[The Wino]

From a lifetime reading 'stuff' my memory tells me that Insurance Companies have a sliding scale for refunds.
. Can't quote but it went something like, within one month of issue, 50% back, two months 40% back etc going down to four months nothing!!! You get the picture.

That's what I remember too. It was years and years ago. Thats why I said it was likely to be quite a bit less than a straight fraction. It is useful to put this out on a thread as others have said if you were expecting to sell during the year it might affect which policy to choose. Another question is what happens if you pay monthly do you still have to keep on paying until the end of the year?

 

[gus-lopez]

I can see a problem arising if they won't cancel.
How can the new owner get insurance if its already on the MID database as insured.
You can't insure the vehicle with two insurers at the same time.

To my knowledge , the UK has no restrictions on how many companies can insure a vehicle at the same time. In the event of any accident they would probably drag the others in & proportion it.

 

[Gromett]

To my knowledge , the UK has no restrictions on how many companies can insure a vehicle at the same time. In the event of any accident they would probably drag the others in & proportion it.

Agreed, a vehicle can be covered by 2 policies, but a single person is not allowed to have two policies on a single vehicle as I understand it.

For instance a husband and wife could have separate policies on a shared vehicle. Not sure why they would want to as a named driver option would make more sense. But it is possible for a vehicle to have 2 policies covering it.

 

[jonsea]

tried to cancel mine today they waned £45 plus they said might be some more after and just to change to my new van which is a bit newer it cost me £59-66 so will let is run till Febuary then move to Saga

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[Gromett]

I just went and checked.

Source: Broken Link Removed

 

[Spriddler]

To my knowledge , the UK has no restrictions on how many companies can insure a vehicle at the same time. In the event of any accident they would probably drag the others in & proportion it.

I have always understood that you can't insure a vehicle that you don't own..................

 

[pappajohn]

I have always understood that you can't insure a vehicle that you don't own..................

Yes, two of the questions usually asked....
'When did you buy the vehicle'
'are you the registered owner' or maybe
'is the vehicle in your name'

I've never had reason to tick no so I don't know the outcome

 

[Spriddler]

Yes, two of the questions usually asked....
'When did you buy the vehicle'
'are you the registered owner' or maybe
'is the vehicle in your name'

I've never had reason to tick no so I don't know the outcome

I've come across the problem a few times when I've had resident English pals who needed to borrow one of my (insured in my name) motorbikes to ride to and use for a camping rally or other event (some lasting 10 days and 1000+ miles) who wanted to take out their own insurance and been refused on the basis that they weren't the owners.
In the end I added them to my own policy but they really wanted to take out their own cover so that in the event of an incident/claim it wouldn't affect my NCB or claims record which would have an impact on all my insurances; my cars, m/h and other motorbikes.

 

[Silver-Fox]

sold my car, advised AIB, they said no refund due on remaining 2 months on policy , which is fair enough, but even worse there is a £42 charge to cancel

That’s the reason I don’t cancel policies if I can help it.

Very often a cancellation fee.

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[Bailey58]

On a different subject to rebates, I was told by AIB recently when renewing one of my vehicles that after ten years with them they cover the second vehicle free. I have three with them, some for seven years but, whatever, maybe it's get the cheapest free. Anyone else had this mentioned?