Travel Insurance wear and tear calculation - Is there an industry standard?

grward19

I bought travel insurance from Insurefor.com.  On a holiday to South America I had my rucksack stolen which contained a number of items.  Insurefor have deducted amounts for war and tear which I am ok with.  However, their calculations are 10% per year and 5% per month which they claim is an industry standard.  Is there such an inductry standrd or are they conning me?

grward19

An example of their calculation.  An item bought for £100 a year ago woule have £10 deducted but if the same item was bought 11 months ago, they would deduct £55.   I cannot see any possible logic in this.

Ganga

Are you sure you read their calculations right as this does not make sense ,is it not 10% per year plus 5% for any number of months up to a year, ie 16 months old item - minus 10 +5 % = 15% deduction. 

grward19

Yes.  They have sent their calculation spreadsheet.  I know it sounds stupid but among others, they have deducted 40% for an item only bought 8 months ago.  There are other actual calculations that they have provided that I could quote!

Manxman_in_exile

Have you pointed out to them the results of their calculation as expressed in your second post?  I'd simply ask them if that's what they really mean.  Give a few other examples using their spreadsheet too.  (Sorry - but are you absolutely sure you are using their spreadsheet correctly?).

When you get nowhere with them, make a formal complaint according to their procedures and if that gets nowhere, complain to the FOS.  Insurers are obliged to treat their customers fairly and what you describe (if it's accurate) isn't fair.

grward19

I have queried it with them and am waiting for a response.