When we calculate a Total Loss payment, any unpaid policy premiums for the full 12-month period of cover is deducted from the final claim settlement amount.
Paying a policy annually ensures you have paid for the full 12-month period of cover.
While it is more expensive to pay monthly, this still covers you for the same 12-month period. However, because you haven’t paid the full policy premium amount, any unpaid instalments are deducted from the Total Loss settlement figure.
Regardless of which payment method you’ve selected, no refund on your policy premiums will be due to you if your car has been written off by Bingle because you are essentially “using up” the insurance contract in full.