Why do I have to pay my Outstanding Premiums, I don’t have that car anymore.
When you take out an RAC Insurance policy, your policy term is for 12 months. If you chose to pay your policy by monthly instalments, you may still have an outstanding premium to pay. See pages 28 and 29 of the PDS. When your vehicle is deemed a total loss, RAC will pay you the full benefit of your insurance policy. When you use the full benefit, the full 12 month premium needs to be paid.
When there are outstanding premiums to pay, we will deduct the outstanding premium amount from the total settlement. There is no refund on the policy premium as you’ve used the full policy benefit. Please refer to your total loss letter for more information about your insurance policy and refer to page 26 of the PDS.
When there are outstanding premiums to pay, we will deduct the outstanding premium amount from the total settlement. There is no refund on the policy premium as you’ve used the full policy benefit. Please refer to your total loss letter for more information about your insurance policy and refer to page 26 of the PDS.
