E&L declined claim but policy wording is ambiguous

duffpaddy

** UPDATE **

E&L have agreed to settle my claim and are sending me a cheque for £679 so I'm very happy about that. Unfortunately, the cost of buying the latest model of the bike I insured is now £899.

When I renewed my insurance policy at the start of this year, I did not revalue my bike so my insured amount remained at £679. My insurance policy will replace Old for New but only up to the total amount insured i.e. £679.

For future reference, can I confirm what should I have done when I renewed my insurance policy; should I have found out the cost would be to replace my bicycle and then insured against this value?

Oscar_The_Grouch

Errmmm.... I think you need to find an insurer that will cover cycles as part of their "away from home" cover, or specify your bike at £1,000 as "Cycle and accessories". At least that way you know you are covered!!

dacouch

Well done duffdaddy, another MSE success.

It's a hard lesson to learn when it costs you money, but no doubt it will teach you to check the insurance policies and probably other financial products you buy so it could end up saving you more than the money you have lost in the long run.

If you need our "Opinion" on the quality of an insurer in the future feel free to ask as we all hate Insurers such as E&L who give the industry a bad name so will be happy to give you some pointers.

Don't hold your breath waiting for the cheque as E&L are not quick on the issue of payments

P.S Imagine how much money E&L save by declining the amount of claims and how many people without the knowledge to fight them let them get away with it.

duffpaddy

@dacouch - I daren't think how often E&L get out of settling claims. They truly are a dreadful company and they fully embody all the cliched stereotypes associated with insurance companies. Fortunately I'm stubborn enough to keep chipping away at their stone-walling and get the result I wanted!

@wrangler5 - Have no fear - I'll never use E&L again!

geri1965_2

I'm pleased at this outcome.

Just renewed my policy with Cycleguard via Evans. I've not had to claim yet though!