I have GAP insurance via Warranty Direct. The underwriters Lamp co. have called in the Liquidator and I have just had a refund. Does anyone else have issues.
I had a 2 year policy with a deferred start date of 12 months as my Insurer LV covers total lost of a new car in Year one.
The refund I received today is calculated on the amount left on the policy and is calculated based on 90% of premium paid at beginning of 3 year despite no cover in first year. Anyone else been caught or have an opinion.
Example.
Policy start date 1.3.2018 deferred for a year so cover is 1.3.2019 -28.2.2021. Cost say £240. Company went bust on 1.9.2019 therefore I was expecting £240 divided by 24 x months x outstanding 18 months x90% so £162 refund.
The Liquidators calculation is based on 36 months (despite no cover in first year). so £240 divided by 36x months x months outstanding x 90% =£108..
Any thoughts ?
I had a 2 year policy with a deferred start date of 12 months as my Insurer LV covers total lost of a new car in Year one.
The refund I received today is calculated on the amount left on the policy and is calculated based on 90% of premium paid at beginning of 3 year despite no cover in first year. Anyone else been caught or have an opinion.
Example.
Policy start date 1.3.2018 deferred for a year so cover is 1.3.2019 -28.2.2021. Cost say £240. Company went bust on 1.9.2019 therefore I was expecting £240 divided by 24 x months x outstanding 18 months x90% so £162 refund.
The Liquidators calculation is based on 36 months (despite no cover in first year). so £240 divided by 36x months x months outstanding x 90% =£108..
Any thoughts ?
