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mis-sold an insurance policy :(
thistimenextyearrodney
Posts: 24 Forumite
please help me!!! my husband has an insurance especially created through the co-op insurance company - he has had this policy for 20 years now - its a van contents insurance - when it was created he was led to beleive it was a new for old - last month he had his van broken into and £3000 worth of carpenters tools were stolen!!!! he has now been informed thorugh the claims dept that its an indemnity policy and with the sending of copies of receipts will only get back approx £1100.... co-op now saying also they cant prove he asked for a new for old as calls werent recorded back that far and he should have read the info booklet that came with the policy when it was took out - each year all he gets is a covering letter with premium due and he sends payment and gets a letter back confiming the policy is running ..... he had paid this since 1993!!!! year in year out and now this has happened and he doesnt know where he stands - HELP!!! :mad:
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Comments
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Does he have any evidence to support his allegation that he was told it was new for old?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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no i dont think he does as it was too long ago....... this policy was set up 20 years ago -0
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he specifically had the policy created for him!!! they dont even make policys like it anymore
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can anyone help????0
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I suspect you dont have any chance on this one. Without evidence and so much time passed and nothing at their end to support the allegation you cant really see this one succeeding unless something new comes to light.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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How does the policy say they will settle claims?0
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I've dealt with a couple of CIS policies going that far back to inception and they are always indemnity.0
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FlameCloud wrote: »I've dealt with a couple of CIS policies going that far back to inception and they are always indemnity.
I think you're right, it's worth checking though.
I remember checking my mums Home Insurance back around that time, she had a few claims in the previous few years so was tied to them and liked the nice co op man who she had dealt with for donkeys years. I could not believe how carp it was. Indemnity and vastly underinsured amongst other things. Got her a decent bedroom rated policy at a fraction of the price. Weirdly they had settled her previous claims without apply under insurance0 -
You should ask CIS to send you a copy of the policy wording that they are relying upon.0
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