Insurance Company Refunds 9 years of Insurance Premiums to Man
When you need to remove a vehicle from your auto insurance company it’s important to make sure you actually stop paying for that vehicle. Sounds like common sense, but sometimes things like that slip our minds and end up costing us $11,000.
This is exactly what happened to a Pickering, Ontario man named Stanley Brown who unknowingly continued to pay premiums on a car for nine years after he sold it. How could he have not noticed this for so long? Well the answer is simple. He just doesn’t keep a close eye on his finances.
According to CTV News Stanley’s 1994 Plymouth Acclaim died in 2007. Instead of getting it fixed he scrapped it and called his insurance company to close his policy. When he got his next vehicle he moved to a different insurer and as far as he was concerned everything was alright. When he received a letter in the mail from the old insurer he assumed they were just trying to get him to come back to their company. He tossed it in the garbage without reading it. He did that for nine years.
Luckily his wife decided to see just why the company wouldn’t stop sending them mail and found that the vehicle they no longer had was still fully insured. A closer look at his bank statements told Stanley that he had indeed been paying premiums for the car despite cancelling it years ago.
He called the insurance company and told them of the mix-up. The company agreed to cancel the policy and reimburse him for 2 years of his payments. Understandably, Stanley refused the offer and the company doubled their offer to four years. After CTV got wind of the story and contacted the company to investigate they relented and decided to refund the full nine years, totalling over $11,000.
The unusual case is a good example of why you should check your finances regularly.