Insurance anxiety

[junglegusset]

As posted in the 'Stolen' section I have recently had my old nineteen ninety something Kona Explosif stolen from my bike shed in my garden. I think my insurance company will pay up but I am a bit concerned about how. They talk about replacing 'like for like' but I can't see how that can work because you can only buy an Explosif as a frame nowadays and they do not seem to be a patch on what they used to be, mine was reynolds 853, the new ones are Kona's own stuff. Does anyone know what will happen? I am now deeply worried I will end up with a bike that doesn't fit, doesn't suit and doesn't make me smile like my old Explosif did. Apparently they don't give cheques out like they used to, and even if they did how can they put a value on something that is not available anymore? Break it down into component parts and get a value on the closest modern equivalent? That will take them a while. In the meantime I don't have a bike, which I find a tad disturbing to say the least. Can anyone dispell some of my anxiety please?

 

[Woz!]

I'm really not an expert on this, but I believe you can refuse to accept an offer if you don't believe it's an acceptable replacement?

 

[Beebo]

The Insurance claims handler will not be a bike expert so I suggest that you do some leg work and source your own "like for like" replacement, get a written quote and then list the components of the new and old bike to demonstrate why the new bike is a like for like replacement.

A word of warning, you may have a policy limit for bikes, non specified bikes are sometime limited to around £500, and after the excess is deducted this could be further reduced.

 

[Pigo]

I'm pretty sure Woz! is correct as I had to claim for a camera a while ago which was no longer available. I refused the updated model as they didn't make an underwater housing for it. My insurance company then just sent me a cheque, minus the excess so I could find my own & I ended up quids in! Good luck with it

 

[Rouge Penguin]

Same here, its a minefield. The prefered company by most seems to be iVal, who must have some sort of agreement with halfords as they try to insist on only paying out in their vouchers.

You might have a fight on your hands, as it took ages for them to accept that halfords couldn't supply a Rockhopper and I wouldn't accept anything else.

 

[junglegusset]

I phoned and checked today that my policy is 'new for old' so they can't try to give me the Value of a ten year old bike. My policy says that items are covered up to. 1500 pounds, I think an equivalent bike would be around 1250 pounds. If they gave me a cheque I would get something completely. Cc classifieds or ebay. I really don't want halfrauds vouchers. I just hope they don't take forever. I will get the full spectrum sorted and get some assistance from lbs. Thanks chaps.

 

[junglegusset]

The insurance company have just sent me some forms through the post, it seems I need to fill in one that lists the value of everything in my house! Is this the normal way of doing things? Has anyone else experienced this? I have been paying my premiums for eleven years and claimed next to nothing yet now they decide they want to know how much the contents of my house are worth! What's all that about?

 

[gb155]

The insurance company have just sent me some forms through the post, it seems I need to fill in one that lists the value of everything in my house! Is this the normal way of doing things? Has anyone else experienced this? I have been paying my premiums for eleven years and claimed next to nothing yet now they decide they want to know how much the contents of my house are worth! What's all that about?

TBH thats normally done when you start the policy !

 

[summerdays]

The insurance company have just sent me some forms through the post, it seems I need to fill in one that lists the value of everything in my house! Is this the normal way of doing things? Has anyone else experienced this? I have been paying my premiums for eleven years and claimed next to nothing yet now they decide they want to know how much the contents of my house are worth! What's all that about?

As far as I know (not an expert here - I haven't claimed on the house contents insurance for 20 years), if you have house hold insurance for 20 K but all your belongings add up to 100 K then you get a reduced figure for the payout (makes up a figure) say 20 % of what you claimed, as you are under-insured in their eyes. Maybe they weren't expecting you to have a bike of that value?
It may not be that .... equally I would be wary of just stating that is the only thing of value you own, as if you are then burgled next week you won't be able to claim for any of the missing stuff.

 

[asterix]

I have never insured my bikes for decades. I had one stolen once after I left if outside a hardware shop with just a cable lock for security. Anyone who'd nick a bike would also nick a cable cutter probably in reverse order.

Buying a good lock seems the best policy together with being careful where the bike is parked. Try to park next to a better bike than yours.

At home my bikes live in a brick garage attached to the house and are locked to wall anchors with good D locks.

When I commuted I didn't often clean my bike. Partly because I am too lazy and also I have a theory that bike thieves are even lazier and like to steal clean bikes.

 

[Beebo]

Summerdays is correct. They are looking to see if you are under insured.

The techical term that they will use is "average". If your contents is under insured they will seek to apply average at a pro rata level.

If you insure your contents for £20,000 but your contents is actually worth £40,000 then in their eyes you are only paying half the premium to cover half the risk so they will only pay you half your claim.

Be wary of filling it in incorrectly as it could come back to bite you if you deliberately under value your things.