Uncollected Premium

[Aznkid2000]

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I received in my mail today that i have balance due... I canceled back in Dec 12 and they sent me it Feb 27 due March 14.

Here is the story, i went through a broker to get insurance for Jevco for my bike, broker told me that jevco provides insurance allows monthly payments (later on found out it doesnt) so i was cool with it and signed up. I payed the first and last month of insurance when i signed.

When i got my first payment i found out that they don't go by monthly but charge you of 6 payments that each payment covers 2 months each. So its started 1st of Oct and i already payed 4 months worth of premium and canceled Dec 12.

Why am i getting in my mail that i still have balance due?

 

[Sushii]

Take a look @ http://www.gtamotorcycle.com/vbforu...immum-policy-Want-to-know-your-Penalty-Refund

But judging from what your stating, you shouldn't be owing, they should be refunding some money back to you. Better to ask your broker.

 

[Aznkid2000]

this is the message i got from them

To further explain, your total policy cost from Oct. 1, 2012 - December 12, 2012 was $1,880.78 based on our filed rules and rates for mid-term cancellations. The total amount of payments received from you was $1,308.77 resulting to above mentioned balance outstanding.

Currently waiting for reply from broker

 

[Sushii]

this is the message i got from them

To further explain, your total policy cost from Oct. 1, 2012 - December 12, 2012 was $1,880.78 based on our filed rules and rates for mid-term cancellations. The total amount of payments received from you was $1,308.77 resulting to above mentioned balance outstanding.

Currently waiting for reply from broker

Oct to Dec premium % shouldn't be that high... Maybe its just a penalty for cancelling midway.

 

[Aznkid2000]

so update:

i got a letter from collection agency and still awaiting for my broker's response. Now regarding the collection agency what can happen?

 

[Sushii]

so update:

i got a letter from collection agency and still awaiting for my broker's response. Now regarding the collection agency what can happen?

They call you everyday and demand money. Could also impact your credit score.

 

[Two50noob]

Sorry im lost why are you not paying the outstanding balance?

 

[Sushii]

Sorry im lost why are you not paying the outstanding balance?

He believes the insurance company has made a mistake on the outstanding balance, as do i.

 

[jeffjones]

He believes the insurance company has made a mistake on the outstanding balance, as do i.

Well first off, I would stop the emails as it proves it is getting you nowhere and go to your brokers office and sit down with them and get it all fixed. (Or at least call and speak to a real person so you can ask any and all questions you have)

Get them to show you what you have paid, what you owe and why you owe it. They will gladly break it all down for you and explain it, In a matter of minutes this will be solved (Wheter to your satisfaction or not is another question) but you will have your answer.

As of right now your credit rating is going down because of laziness......

 

[Two50noob]

Well first off, I would stop the emails as it proves it is getting you nowhere and go to your brokers office and sit down with them and get it all fixed. (Or at least call and speak to a real person so you can ask any and all questions you have)

Get them to show you what you have paid, what you owe and why you owe it. They will gladly break it all down for you and explain it, In a matter of minutes this will be solved (Wheter to your satisfaction or not is another question) but you will have your answer.

As of right now your credit rating is going down because of laziness......

Yea i think thats what confused me. When it comes to someone claiming you have an outstanding balance thats not somthing you want to sit on for a month. Go deal with it.

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