Total loss - do insurers have to send the cheque within a set time?

hullight

My bike was nicked in December 2008 and I keep pestering the insurance company to pay out as they agreed but to no avail. I need the money to replace the motorbike so I am having to spend lots of money on buses and I get lifts from family members.

Are they taking the mickey?

anniecave

have they given you a valuation yet and therefore told you what you will receive less any excess? Have you agreed to the figure?

Or are they still investigating the theft?

hullight

Yes we agreed the figure already.

dacouch

a) How long ago did they agree a figure with you?
b) Which Insurer is it?
c) Have you sent off the relevant documents eg log book, keys and mot etc and if so when?

hullight

The insurer is Ebike (Southern Rock), the figure was agreed last month I think and all of the documents (CBT certificate, V5, invoices, keys, etc.) were sent back in December and I have not received them back either.

dacouch

Insurers who were regulated by the Association of British Insurers had a voluntary code for which I attach a link. The Financial Services Authority superceded the ABI a few years ago and in theory would have adopted the ABI General Insurance Claims Code. However finding anything on their site is notoriously difficult.

Speak to the Insurer in a polite manner and advise them you have sought advice and under the ABI General Insurance Claims Code they should have sent the claims cheque within ten days of agreeing the amount with you.

If you still have any luck try ringing the FSA.

http://www.abi.org.uk/Public/Consumer/Codes/claimscode.pdf

Your Insurers are a combination of Norwich Union and Southern Rock, Southern Rock is registered in Gibralter...

Kittian_the_Blue

Under the FSA Insurance Conduct of Business Sourcebook (ICOBS) which came into effect on 6th Jan 08, all agreed payments must be made within 5 days

dacouch

Thanks Kittian, I spent ages looking on the FSA website but you know how difficult to find things on their wesbite is. Could you do me a favour, post the link to the relevant part on here as we may need to refer to it again for another MSE member.

lisyloo

Just an idea, but could you get any 0% finance to help out in this situation.
I have a new bike being delivered next week and this is financed short term by a 0% credit card (the one I got had no balance transfer fee either).

hullight

lisyloo wrote: »

Just an idea, but could you get any 0% finance to help out in this situation.
I have a new bike being delivered next week and this is financed short term by a 0% credit card (the one I got had no balance transfer fee either).

I don't really have job security so don't fancy getting into any debt...it's been a year since I turned 18 and I've managed so far without debt! :A

lisyloo

ok, but it was really only meant as a temporary thing until the payout comes through.
If they have agreed then the payout is not in doubt, only the timescale.

But as you say you might not have enough of a credit record to qualify.
As an aside it might be worth applying to your own bank for a credit card and just using it for petrol and paying it off every month.
This way you will build up some credit history which will help if you want a loan or mortgage in future.
Having no debt is a fantastic goal but it doesn't work for buying a house.