Insurers - How bad can they be..

Insurers - How bad can they be..

Author
Discussion

moanthebairns

17,918 posts

197 months

Wednesday 4th March 2015
quotequote all
dibblecorse said:
But its not ridiculous, I think its fair when risk is taken into account, the balance between premium and excess is a trade, 2 of my bikes carry a £1000 excess, I just wouldn't bother with a claim for less ...
I cant be bothered to discuss it, quite frankly it bores me to tears.

LoonR1

26,988 posts

176 months

Wednesday 4th March 2015
quotequote all
moanthebairns said:
What was the script with that.

In the end I was incredibly lucky. I got to keep my 675 for nothing from the other party. Is this more common when dealing with a car insurer as they don't have the expertise to sell on a cat c or d bike. Or can't they be arsed.
MCE are a bike insurer. IIRC you got paid out by the TP insurer though rather than MCE, that changes everything. Just confirm if that was the case and I'll explain why as its a lot of typing to do if I've remembered incorrectly.

dibblecorse

6,872 posts

191 months

Wednesday 4th March 2015
quotequote all
moanthebairns said:
dibblecorse said:
But its not ridiculous, I think its fair when risk is taken into account, the balance between premium and excess is a trade, 2 of my bikes carry a £1000 excess, I just wouldn't bother with a claim for less ...
I cant be bothered to discuss it, quite frankly it bores me to tears.
Bully for you .....

moanthebairns

17,918 posts

197 months

Wednesday 4th March 2015
quotequote all
LoonR1 said:
moanthebairns said:
What was the script with that.

In the end I was incredibly lucky. I got to keep my 675 for nothing from the other party. Is this more common when dealing with a car insurer as they don't have the expertise to sell on a cat c or d bike. Or can't they be arsed.
MCE are a bike insurer. IIRC you got paid out by the TP insurer though rather than MCE, that changes everything. Just confirm if that was the case and I'll explain why as its a lot of typing to do if I've remembered incorrectly.
YES.

Mr OCD

6,388 posts

210 months

Wednesday 4th March 2015
quotequote all
LoonR1 said:
Doesn't always work like that as OCD will testify. I had all sorts of fun with them about their valuation of his R1
Aye... and in the end they paid MORE than market value just to get rid of me... (well Loon) not to mention a very polite phone call from the insurance company to apologize. Their real mistake was making 'statements' that Loon knew were 100% bks and told them so and therefore after building sufficient 'evidence' against them I submitted (well Loon did, I just signed it biggrin) a full complaint to the Ombudsman who agreed with my complaint and told the insurance company to sort it out. Which they did at their own expense.

However, despite it all working out well. I've learnt my lesson being cheap and buy insurance at the current market rate with good service than the cheapest quote I can find online.


LoonR1

26,988 posts

176 months

Wednesday 4th March 2015
quotequote all
moanthebairns said:
What was the script with that.

In the end I was incredibly lucky. I got to keep my 675 for nothing from the other party. Is this more common when dealing with a car insurer as they don't have the expertise to sell on a cat c or d bike. Or can't they be arsed.
As per your reply, you can't teference MCE in the payout for your bike. They didn't pay out for it, the drivers insurance did. That takes MCE completely out of the equation for that.

They probably let you keep your bike by mistake but many do when they payout on TP claims, as the staff aren't really geared up to deal with salvage.

Mr Pew

Original Poster:

174 posts

127 months

Wednesday 4th March 2015
quotequote all
Now have some decent cover after being on the phone for hour and a half and listened to some of the worst cheesy guitar music ever..

Just have to wait 2 months till I get home and can ride the bloody thing again frown


Deranged Granny

2,313 posts

167 months

Wednesday 4th March 2015
quotequote all
Very annoying. However, I can see why you would go with them despite their reputation. For me, they consistently come out with quotes 1/3 of the cost of the next quote. Very tempting...

LoonR1

26,988 posts

176 months

Wednesday 4th March 2015
quotequote all
Deranged Granny said:
Very annoying. However, I can see why you would go with them despite their reputation. For me, they consistently come out with quotes 1/3 of the cost of the next quote. Very tempting...
And that's fine. But don't come in kicking off when the product you've bought turns out to be ste.

If you buy Tesco Value rump steak you can't then kick off that it's not ChateauBriand when you eat it


Edited by LoonR1 on Wednesday 4th March 19:21

CoolHands

18,496 posts

194 months

Wednesday 4th March 2015
quotequote all
well thanks to threads like this I have indeed avoided certain ins companies so it has not all gone unheard

LoonR1

26,988 posts

176 months

Wednesday 4th March 2015
quotequote all
CoolHands said:
well thanks to threads like this I have indeed avoided certain ins companies so it has not all gone unheard
Thank you at least one person is listening.

In the coming year I will be my usual helpful (but blunt) self with insurance. However, if it's an issue with MCE then I'm going to charge my daily consultancy rate for resolving issues at a minimum of one day. That rate will dwarf any "savings" made by buying cheap, but may be the only option to get through their (lack of) claims process.

Deranged Granny

2,313 posts

167 months

Wednesday 4th March 2015
quotequote all
LoonR1 said:
Deranged Granny said:
Very annoying. However, I can see why you would go with them despite their reputation. For me, they consistently come out with quotes 1/3 of the cost of the next quote. Very tempting...
And that's fine. But don't come in kicking off when the product you've bought turns out to be ste.

If you buy Tesco Value rump steak you can't then kick off that it's not ChateauBriand when you eat it


Edited by LoonR1 on Wednesday 4th March 19:21
Totally agree, but the OP was hardly kicking off - he admitted it was his fault!

LoonR1

26,988 posts

176 months

Wednesday 4th March 2015
quotequote all
Deranged Granny said:
Totally agree, but the OP was hardly kicking off - he admitted it was his fault!
Agreed. I was just pointing. it out.

CoolHands

18,496 posts

194 months

Wednesday 4th March 2015
quotequote all
here's a post I nicked off bcf posted today lol poor sod

sucker said:
Hello, I took out an insurance policy on my R125 in September 2014 which was £143.18 monthly , and I wanted to cancel it on 15/dec 2014 because I sold the bike and so MCE sent me a cancellation declaration to sign and send back to them which I did. I was checking my bank statement the other day and saw that they took money (£143.18 which is the monthly cost of the insurance) on 02/03/2015 so I checked for Jan and Feb and saw that they took money for the 2 months too, which means that they haven't cancelled my policy so I called them about it and told them I was still getting charged they said that they didn't receive my cancellation declaration but I told them I have proof that I sent it and so I send them pictures of my outbox showing that I did sent it on 15/Dec. I called them today for an update about it and now they are telling my that I need to pay them an additional £288 to cover the outstanding balance.

I am so confused why I need to pay them an additional £288, since they owe me £429 because my policy should have been cancelled on 15/Dec/2014.

Can someone shed some light as to what is going on please.

LoonR1

26,988 posts

176 months

Wednesday 4th March 2015
quotequote all
I can shed light straight away. Insurance policies are annual contracts not monthly, despite what people think. There are plenty of other contracts like this such as mobile phones or similar. Just because you don't need it doesn't mean you can walk away.

With motor insurance you do get some rebate and don't have to pay for the full 12 months. See what happens if you try that with Sky / mobile phone / landline / gym membership / school fees and so on.

CoolHands

18,496 posts

194 months

Wednesday 4th March 2015
quotequote all
yeah he's just posted this. Jesus he's paid a fortune for a short ride on a 125!

poor boy said:
This is an email I just received from them,

with the short term cancellation rates set out by your insurer they would return 37.5% of the gross premium to themselves. This results in a return of £453.67 to be used towards the remaining balance to Close Brothers Premium Finance.

A pro rata refund has also been given from the set up charge on the policy, giving a further return of £19.80, and again a pro rata refund on the add ons you had, a further £122.18.



This results in a total of £595.65 to use to settle the balance with Close Brothers.



The total remaining balance to Close Brothers on December 15th 2014 was £1145.44 plus a £25 cancellation charge. Since this date you have made a further 2 payments of £143.18, reducing this figure to £884.08.



When off set with the return premium from the policy, the final balance owing to Close Brothers Premium Finance following the cancellation of your policy with the effective date of December 15th 2014, would be £228.43.

But iv made 3 payments of £143.18 not 2 as they are saying (jan, feb, mar), wouldn't that bring the final balance down to around £145? Or what is going on. I have no idea why there are so many cancelation fees.

LoonR1

26,988 posts

176 months

Wednesday 4th March 2015
quotequote all
He's not going to accept it whatever they say.

Here's a way to explain it that he might understand.

I take out a contract with Vodafone for £40 a month amd a free iPhone 5S on a two year deal. After 8 months I sell my phone and decide I don't want a mobile phone anymore. So I ask Vodafone to cancel my contract. The charges would be simple, 16 months remaining at £40 per month is £640 owing.

There's no point me arguing I won't use it as I've Sold my phone and am not getting another one. I signed up for 2 years and they want their two years worth of money.

Now swap bikes for phones and there's your explanation.

steve954

895 posts

179 months

Wednesday 4th March 2015
quotequote all
Ever since I came back to biking I have avoided using mce pretty much because of what loon has said about them! Some times it's just not worth the hassle to save £50.

moanthebairns

17,918 posts

197 months

Wednesday 4th March 2015
quotequote all
steve954 said:
Ever since I came back to biking I have avoided using mce pretty much because of what loon has said about them! Some times it's just not worth the hassle to save £50.
Yeah your quite right. But for some it's hundreds.

steve954

895 posts

179 months

Wednesday 4th March 2015
quotequote all
moanthebairns said:
steve954 said:
Ever since I came back to biking I have avoided using mce pretty much because of what loon has said about them! Some times it's just not worth the hassle to save £50.
Yeah your quite right. But for some it's hundreds.
Oh yeah you are correct this was just me.