You may be better off if you're NOT insured

[Oscar]

Hi, I am a broker at John Baker Insurance.

1) You need to insure the bike for it's replacement value. If you insure a vehicle worth $10,000 for $5,000 - then in the event of a claim you cannot reasonably expect the insurer to pay $10,000 for the vehicle.

2) If you make a claim with an insurer and then decide to withdraw half way through, you must still tell any other insurer you contact for a quote/insurance that you have lodged(and then withdrawn) a claim, and that you have been involved in an accident. Most insurers have this question on their proposal form.

3) If you decide to contact the third party's insurance whether or not this third party is at fault, their insurer will ask if you have insurance, and why you are not claiming on your policy. They will then, most likely, tell you to claim on your policy.

1) Actually I think you mean market value. I don't imagine anyone is offering replacement cover.

2) One out of three, not bad.

3) They can TELL you anything they like, but you don't have to do it. You are quite at liberty to hold the other party liable and not claim on your own insurance. This happens frequently for claims under excess.

[Oscar]

As your bike was insured for $2,000 we will base our claim on this value, however we will definitely attempt to recover for the extra $1,000 from the other insurance company on your behalf, as we would to any "un-insured" loss any of our clients suffer.

That's very big of you.
Legally, if you accept the claim on that basis, one third of every dollar you recover goes back to the insured. Even better, as the excess is the "first loss", you should be paying that back in full, first.

I'm surprised you didn't apply average.

[Pancakes]

1) Actually I think you mean market value. I don't imagine anyone is offering replacement cover.

I get brand new replacement for the first 12 months.

That clicked over 8 days ago. No claims, thats nice.

[Grumpy Gnomb]

also spoke to jetboy and got confirmation that if I buy a brand new bike and I total it in the first 12 months I get a brand new one. Sound sweets to me

[Oscar]

I get brand new replacement for the first 12 months.

That clicked over 8 days ago. No claims, thats nice.

That's common to all Motor Vehicle policies.
Now yer insured for market value.

[N4CR]

slightly overinsure it.. helps. also good for getting damaged gear back if need be.

[jetboy]

1) Actually I think you mean market value. I don't imagine anyone is offering replacement cover.

2) One out of three, not bad.

3) They can TELL you anything they like, but you don't have to do it. You are quite at liberty to hold the other party liable and not claim on your own insurance. This happens frequently for claims under excess.

Hi again Oscar. Still handing out bad reputation I see?


In response:

1) Read that sentence in context please. I was simply pointing out that you should insure the bike for what it's worth and not to under/over insure. As a matter of fact if you buy a brand new bike and fully insure it through me, if the bike is written off within the first 12 months we will get you a brand new bike.

3) Nice one man! It happens frequently for claims under excess because, wait for it.......the claim is under excess! If your excess is $750 and the repair costs $450, why would you involve your insurer?

Shhhh its ok Oscar, daddy's here now.

[jetboy]

That's very big of you.
Legally, if you accept the claim on that basis, one third of every dollar you recover goes back to the insured. Even better, as the excess is the "first loss", you should be paying that back in full, first.

I'm surprised you didn't apply average.

Ask Klingon what we/Star Insurance settled the claim for.

[jetboy]

That's common to all Motor Vehicle policies.
Now yer insured for market value.

Is it really? Every motor vehicle policy aye?

[Oscar]

Hi again Oscar. Its been a long time!
In response:

1) Read that sentence in context please. I was simply pointing out that you should insure the bike for what it's worth and not to under/over insure. As a matter of fact if you buy a brand new bike and fully insure it through me, if the bike is written off within the first 12 months we will get you a brand new bike.

3) Nice one man! It happens frequently for claims under excess because, wait for it.......the claim is under excess! If your excess is $750 and the repair costs $450, why would you involve your insurer?

Shhhh its ok Oscar, daddy's here now.

I see your comprehension skills are unchanged.
Insurers (obviously not the ones you use) quite frequently act for clients where the claim is under the excess. Does your cover not include third party indemnity?
What a maroon.

[Oscar]

Ask Klingon what we/Star Insurance settled the claim for.

So have you got a bike yet?
Or are you just here on orders from Mr. B to flog his product?
Spamming prick.

[zooter]

Another 50c and another question for Jetboy

what Jetboy was alluding to in his "I won't go into the behind the scenes workings of insurance" sort of statements is the insurers' "knock for knock" arrangement. I don't want to run it down because at the end of the day it keeps evryones insurance cheaper.

Instead of insurance companies chasing each other for payments and having to deal with the other company's insured party and loss assessor they just cover their own insured's claim and it all averages out at the end of the year. "knock for knock" it doesn't matter who is the guilty party

Now in this case it's a bit different because of the excess over the sum insured. I believe Jetboy is representing the client as his broker (which is a completely different animal to the insurer) and going after the other insurer for the excess.

Somebody made a post about the insurer getting dibs on a chunk of the excess clawed back from the guilty party's insurance. I'd like to see a response to that and a clarification of the boundaries, obligations and niceties of broker acting for the insured "against" the company he's trying to buy cheap insurance off on behalf of the client.

[zooter]

I had to hassle the owner twice a day for about ten days to get some action but he finally got me to take the bike to Red Baron for a quote. They sent that to the owner and he forwarded it to their insurance co. They contacted me and said it's all ok to take the bike in for repairs and whats my insurance company? I was at work and got suss, told her I am fully insured (true) but don't want to involve the company as I'm not claiming from them and the damage was not my fault, why should there be a chance it is on my insurance record when I have done nothing wrong? I also said I wanted bike rental for the period of the repair. She was fine with that and the bike is getting fixed at present.

She was fine with that? You might want to take some more advice on just accepting her assurance over the phone.

[Pancakes]

Zooter, what more advice do I need?

She asked me if their companies assessor has seen the bike, I said no, she had a look at the quote and told me "it's all fine". She had got the quote from the bike shop via the service station owner. I talked to the shop an hour after that and they confirmed it's all signed off on by the insurer and to drop the bike off and get a rental from them. They are the insurer for BP's public liability and so I'd assume for all of BP (NZ at least) so I'd bet they're bigger (and more professional, heheheh) than yo' mommas ass!

I also have the confirmation from her in writing (email), never hurts to have a hard copy in your back pocket eh?

[zooter]

never mind my mother's arse but I see you have stuff in writing these days.