Insurance Companies 2 !!!!

wayne65hen
wayne65hen Posts: 27
edited September 2009 in Campaign
An update on my previous discussion.

It appears that insurance companies eg Coop Insurance Services (my insurers) do have the right and will reduce any "pay out" by approx 30% if you choose not to use their "preferred" suppler ie Halfords. Therefore in my case an offer of approx £2300 for Halfords, is reduced to £1730 for cash, minus the excess!!

I would suggest that anyone who insures their bike makes sure "what will be paid out and where" before agreeing to it.

I now have to decide which is the greater compromise, Halfords or cash!!

Comments

  • spen666
    spen666 Posts: 17,709
    wayne65hen wrote:
    An update on my previous discussion.

    It appears that insurance companies eg Coop Insurance Services (my insurers) do have the right and will reduce any "pay out" by approx 30% if you choose not to use their "preferred" suppler ie Halfords. Therefore in my case an offer of approx £2300 for Halfords, is reduced to £1730 for cash, minus the excess!!

    I would suggest that anyone who insures their bike makes sure "what will be paid out and where" before agreeing to it.

    I now have to decide which is the greater compromise, Halfords or cash!!

    Re the "reduction"

    It depends on the terms of the contract you have with the Insurance company - if the contract provides for a reduction, then you are stuck with it

    caveat emptor
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  • wayne65hen
    wayne65hen Posts: 27
    The replacement value is based on "what they can get it for", not what I paid or will have to pay to replace the items.
  • Principalm
    Principalm Posts: 20
    I was told by the AA that I should reinsure names items every two years to ensure the "like for like" value can be matched.

    I also was the victim of bike theft and was insured via Groupama who once I had provided the correct details including a crim ereference number paid out in under 24 hours. If I had updated the value of my bike I would probably not have had to fork out the extra £300 in upgrades I had done to my bike just before it was stolen.
  • alan_sherman
    alan_sherman Posts: 1,157
    Self insure - the only true way to manage the risk.
  • thefall
    thefall Posts: 1
    what ever you do don't go to cycleguard as they knock off 18% of your payout, this is after you've spent 3 months trying to get some sense out of them, phoning THEM all the time, like you've got nothing better to do, while they keep hold of your money
  • suze,really?
    suze,really? Posts: 5
    wayne65hen wrote:
    An update on my previous discussion.

    It appears that insurance companies eg Coop Insurance Services (my insurers) do have the right and will reduce any "pay out" by approx 30% if you choose not to use their "preferred" suppler ie Halfords. Therefore in my case an offer of approx £2300 for Halfords, is reduced to £1730 for cash, minus the excess!! I would suggest that anyone who insures their bike makes sure "what will be paid out and where" before agreeing to it.

    I now have to decide which is the greater compromise, Halfords or cash!!
    "

    I'm interested that you can get CIS to talk to you about a bike worh over $2000 cos they told me that was their uppper limit when I tried to add my new bike !

    I'm now between a rock and a hard place with CIS not willing to offer me cover and the cost of one-off insurance being eye-wateringly expensive and so stringently worded with rules about locks etc ... that there would be no risk of theft for them to cover, apart from a break in at my house ...
    This post is a natural product. The slight variations in spelling and grammar enhance its individual character and beauty and in no way should be considered flaws or defects

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