Norwich Union

cullbaggie

losgiganteskid wrote: »

This is a classic case cullbagge of having the wrong insurance cover from kick off.

Many older bikes have such a low value that in the event of a theft claim the excess applicable to the policy virtually wipes out any indemnity payout - you need to be mindful of what the likely payout would be against the total value of any excess - clearly if you had known Third Party Only would have been the order of the day, so saving you the "fire & theft" premium of your policy.

A while ago Norwich Union would only provide Comp or TPF&T cover - Bennetts were one of the first intermediaries to introduce TPO cover, via their panel of insurers.

There was historically a very bad period for insurers on bike theft (still is) and the TPF&T premium kept escalating to offest these claims, the compulsory excess also kept increasing. Third Party Only then came into it's own for lower value bikes. I recall on many occassions Norwich Union would decide the value of the stolen bike at a amount equal to or often less than the excess so there was infact no payout - and subsequently the policyholder had been paying a fire & theft premium for no reason whatsoever.

There is a lesson to be learnt here - me thinks.

i do totally agree with you,i have been taught a very valuable lesson and i will be more careful in the future.Good Business if you do not have to pay anything out after a claim.