Posted on: 15-06-04 09:17:34
Dear All.
I would like to narrate my bad experience with a Auto Insurance company.
It so happened that I had got Insurance cover for my vehicles from a leading company. But due to much lower rates offered by a competitor company, I recently switched over to the same and notified the previous company as well as the Broker by FAX. I also called up both the parties to confirm the cancellation of the insurance.
But to my utter surprise, I note that the previous company withdrew two monthly instalments inspite of notifying them well in advance.
I am pissed off at this non professional and disturbing conduct of the insurance company.
Could anyone on the board suggest me the way out to deal with the same ?
Thanks !
Note : Name of the defaulting company has been withheld in the overall interest of CD. However anybody interested to know the same can send me an PM or email.
Quote:
Orginally posted by Vikas Gupta
But to my utter surprise, I note that the previous company withdrew two monthly instalments inspite of notifying them well in advance.
This is one of the reasons why you should not give any company direct access to your checking account.
You are opening yourself up for these kinds of frauds every time you do so.
Quote:
Could anyone on the board suggest me the way out to deal with the same ?
The very first thing to do is to call your bank and tell them to immediately stop all automatic debit transactions on your account.
Tell them that a rogue insurance company is trying to drain your account.
Once that is done, send the bank copies of your written letter to the insurance company and the broker where you told them that you are cancelling your policy.
Tell them to refund that money back into your account.
Also, try contacting the rogue company and see if you can resolve it with them as well.
Unfortunately with these so-called "direct debit" transactions, the money is already gone from your account and you now need to fight your own bank as well as the rogue company to get your own money back.
Crazy, ain't it?
Hope this helps.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Thanks Pratick.
It was great help your side.
I will keep you posted.
Regards.
