Tuesday, August 30, 2011

Insurance Update: Another dull post

I telephoned my insurance company about my motorcycle the day after the fire. I made it clear I hadn't done this before and wanted them not to assume anything, ask me everything and lead me through the proceedure.

The insurance company gave me another number who deal with it. I told them the story and they gave me another number who deal with the wreckage (who I also told the story to) and it was another number that arranged for the motorcycle to be picked up (who thought it was a car, and then felt it was alright to wheel the bike to the truck).

Having sent a 20+tonne lorry the size of a double decker bus to go over our little bridge to pick up my pile of ash they rearranged for a smaller lorry to do the job the next day.

I waited a couple of days and then the insurance took a statement and then asked for various documents which I sent. This Thursday they made me an offer which is the price the motorcycle is insured for. I asked this company whether I could have more in order to cover the costs of everything I lost. They told me the first number I phoned would deal with that. However, if I found a selection of the same bike (2007 Suzuki VStrom) with similar mileage (16K) that were more than the insured value then I should send them in and they will consider that. Otherwise I just accept the offer. I will have a hunt around and see whether it is a fair price.

I telephoned the first number again over the weekend and it was a great surprise to them that there was a possibility of claiming off another vehicle (my bike was the second to catch fire). Apparently the first person who spoke to me didn't log it all properly and thus it wasn't sent on to the relevant department. Now I need to collect all the information regarding the cost of replaceing the equipment lost and post it in. That shouldn't be too hard. The delay, as the chap on the phone told me, is infuriating.

The thing I find most stagering about all this is that my insurance company contracts out all the work!!

so, the saga continues.


Blogger BigJohn said...

Oh you poor you.

The way you have been dealt with is disgusting. You deserve better. Anyone would think your insurance company was doing you a favour rather than providing a paid-for service.

9:00 AM  
Blogger Christopher Proudlove said...

You should also brace yourself for a series of phone calls from third party companies offering to help you with injury claims. The fact that the bike was stationary and you were somewhere else seems to matter not a jot.

11:28 AM  
Anonymous Malcolm said...

Hi Bones

If you don't get too bored reading this, I hope it helps.

Unfortunately this all sounds pretty typical and I suspect you're dealing with your insurers' appointed loss adjusters.

Contractually the most you're entitled to is the sum insured, (the value of the bike listed in the policy) minus the policy excess. (£300 I think you mentioned).

If they offer you more than the sum insured, accept it as they've made an error!

Inviting you to send in details of bikes advertised for more than the sum insured is getting you to do their work for them, and suggesting you may be offered more is misleading. (See above).
That said, providing such details will help you justify claiming the full sum insured.

You should claim against the owner of the vehicle that set fire to your bike for your policy excess and any other uninsured losses. (Items that weren't included in the sum insured eg the contents of your top box).
The owner is obliged by their policy to pass your claim to their insurers asap and they, (or their loss adjusters) will contact you.
If you know the details of their insurers, send your claim direct to them.

Be prepared for this to take a while and if it all starts to go south, you should involve your insurers' claims manager. That's a way off yet, keep me posted and it shouldn't come to that.



7:34 PM  
Anonymous Malcolm said...

Hi Bones

I left a comment the other day but it seems I failed to publish it, so as far as I can remember here it is again.

It's boring but I hope it helps.

Claims are routinely passed by insurers to loss adjusters for settlement, so your experience is not unusual.

Contractually, the maximum you are entitled to under the policy is the sum insured, (the value of the bike detailed in the policy), less the policy excess. (I think you mentioned £300).

If someone you spoke to said that if you send in adverts showing similar bikes advertised at higher prices than your sum insured you will receive a higher offer, they are wrong!

Supplying such details is doing their work for them but it will help you justify the receiving the full sum insured.

If you're offered the sum insured, take it!

You can claim against the owner of the vehicle that set fire to your bike for any uninsured losses. (Anything not included in the sum insured, eg your excess and the contents of your topbox).

The owner will be obliged to forward your claim to their insurers and they will deal with you directly. If you know the details of the insurers, send your claim straight to them.

If you succeed in recovering your excess from the third party insurers, inform your insurers, and they will file your claim as 'no fault' and any no claim discount you have will be preserved.

If things start to drag on for an unreasonable length of time, you can involve your insurers' claims manager but that's a way off, and if you keep me posted it shouldn't come to that.



12:58 PM  
Anonymous Allan said...

I Eagerly await the next chapter in this Intriguing story

11:53 PM  

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