insurance question

[MWAKU]

for full comp, i paid the amount for 12 month coverage, right so i know if i sell the car and buy another one, i just put the extra amount on top for whatever the premium is (assuming that car B is higher). If car B is lower, will they refund you the money in form of a cheque sent to your mailbox?

What if i decide to not use full comp for car B, and i still have a remaining 8months worth of full comp paid already on car A. Will they calculate the monthly amount, and refund the money and only pay for the period i was covered? (With NRMA. )

[ep3rsteve]

If car B is lower, will they refund you the money in form of a cheque sent to your mailbox?

Yes

Will they calculate the monthly amount, and refund the money and only pay for the period i was covered?

Yes, They will refund you the difference from any other policy you choose (assuming the new policy is cheaper.)

I know this is how Just Car works, and considering how regulated the insurance industry is I would say this is standard procedure, but ask NRMA to be 100% sure.

[aaronng]

Be aware that some insurance agencies might have to refund you the remaining cover amount from car A's policy and then get you to pay the full amount for car B.

[MWAKU]

Oh ok thanks, too easy.

[jeffheron]

It depends on the insurance company and their policy maybe they pay you the check or adjust the amount in the new car.

[thismodernlove]

What if i decide to not use full comp for car B, and i still have a remaining 8months worth of full comp paid already on car A. Will they calculate the monthly amount, and refund the money and only pay for the period i was covered?

Yes basically it's like starting a new policy but your NCD will transfer over. They can also EFT. And what above said, they will refund you but when you start your new policy they'll ask you to pay the full amount or you can choose PBTM.