Write off capped at estimated value

dacouch

rs65 wrote: »

OP what does your policy say about how a total loss claim is settled?


Also, could you do anonymous quotes with them to see if a value of £2800 or £2000 makes a difference to the premium.

Which may well have been what caused the current problem.

takman

mr_megs wrote: »

I had no idea that any payout would be capped at what I estimated the bike to be. I just put in a quick figure without much thought. Do you think if I estimated an Aston Martin at £50 that my insurance premiums would reflect that estimation? I doubt it.

They're sticking to their guns so I have lodged an official complaint. If they still refuse to offer me the correct market value I will take it to the ombudsman and see what happens. Will keep you informed.

But what did you think they were asking you the value of the bike for if it had nothing to do with how much they would pay out lol.

mr_megs

I understand where you're all coming from. But as I see it I got asked for my estimation of the bikes worth. I'm no expert on this and (wrongly) didn't put much thought into it. If I was told this would cap my insurance I would have put in what I bought it for just to be sure.

As rs65 said "The difference here is that an estimated value for vehicle insurance is not the same as a property sum insured." And if it was, I believe that fact should be made extremely clear to the consumer.

I will do some testing changing the estimated value and see what it comes out at.

GwylimT

If you thought the value was £2k why are you annoyed at being offered £2k? If you were really that bothered you would have insured it properly in the first place.

rs65

mr_megs wrote: »

As rs65 said "The difference here is that an estimated value for vehicle insurance is not the same as a property sum insured." And if it was, I believe that fact should be made extremely clear to the consumer.

The way a claim is settled will be clearly set out in your policy. What does it say?

mr_megs

They sent me a link to my documents when I took out the policy and when I looked at them I (stupidly) didn't save them. Now they refuse to reissue them unless I pay £20! I saved my policy just not the t&cs.

So the answer is I don't know.

rs65

It will be in your policy.

mr_megs

I've just looked online at the Policy Booklet. It says:

The maximum amount payable by us in respect of any claim for loss or damage shall be the market value of your motorcycle or the cost of repair whichever is less, immediately prior to such loss or damage but not exceeding your estimate of value shown in our records.

quote.motorcycledirect.co.uk/documents/MCDWebPolicy.pdf

Damn! I'll still take it further

cajef

So you have paid a reduced premium based on your valuation but expect them to give you the full amount you think the bike is worth now?

mr_megs

How do you know the premium was reduced due to me under valuing by £800?

I know it's easy to take the high ground here but I honestly didn't think my valuation would affect the policy. I should have read the t&cs I know.