Oh, didn’t notice that, I take back the £10k example! (Hmm, wonders what would happen if I bought a £6k bike in the next year….)
They don’t do ebikes as standard either, but then, ebikes pfft.
Yes, just checked, the £5K limit for bikes is still the case (£30 a year, to insure all bikes up to £5K each, btw)
Another advantage of QMH is you can make all changes AND cancel policy online and not have to wait on an irritating phone line like all the others I've dealt with.
So which othe insurer covers all this and bikes on holiday etc? Bikes in cars...
In other words the exact policy that pedalcover effectively offers.
Because I can't see the point in saying something is cheaper if it comes with differences and or limitations.
With pedal cover i think there was a max claim of 70,000 and max individual item of 10,000.
A bump from me, I know insurance is an ongoing question on here as cover slowly gets worse.
I just had my renewal through with Aviva - they had been covering son at uni and his £3k bike. They would not cover £3k bike next year with him at uni, and not matching items cover (hence why we have mis-matched kitchen cupboards now)...
I have moved to Nationwide (see OP...!) who offered new for old cover on bikes, matching items cover, more cover away from home, student cover and bike covered in student digs as long as his main residence is still here etc and came in £50 less than Aviva, with a £220/25% discount as we have a Nationwide account.
You can have *any* Nationwide bank account to access the 25% discount.
£220 discount
So they paid you to take the policy out?! 😀
In other words the exact policy that pedalcover effectively offers
I ended up with Halifax this year as there was a line in the pedal cover policy booklet to the effect of no receipts no payout.
Fine on a 6 week old bike, maybe 6 months but not a few years.
So they paid you to take the policy out?!
I wish...
Sadly still £600 for the year...
I'm going through a claim with Halifax Home Insurance currently, having been drawn to them for the reasonable bike insurance.
The claim was for jewellery, purse / wallet and bags taken whilst someone searched the house for car keys (which they unfortunately found).
Initially Halifax were brilliant - new locks that day, very fast payout on bags/wallet/purse, but they have been appalling on the jewellery replacement - they had the items valued using a company they appointed (using a detailed valuation from 2010 and a recent photo showing item was still owned) and the assessor stated one item was irreplaceable.
Since then they have tried to settle with our choice of an incomparable alternative item or a significantly reduced cash payout (started at 50%, currently up to 68% of their valuation).
They have made various bungles over the past 6 weeks such as offering us an amount for cash settlement then withdrawing it claiming someone made an error on their side, then later offering that higher amount again.
All of this is in contradiction with their own T&Cs which simply state for irreplaceable items 'we will base out payment on expert opinion of its value immediately prior to its loss...'.
It's currently with them as a complaint to deal with (payout not matching valuation or their T&Cs, their poor process in making settlements, and their ethics in trying to under-settle with us). I just hope they are reasonable, accept it's irreplaceable and pay out in line with their valuation.
Somewhat ironically if they had offered the current settlement immediately we might well have accepted, it was only due to them being difficult with the claim that I re-read the T&Cs and realised what we were entitled to as settlement.
I've learnt 3 lessons:
1. Read the T&Cs
2. Ethics go out the window when it comes to insurers paying out
3. Read the T&Cs again
‘we will base out payment on expert opinion of its value immediately prior to its loss…’.
Playing Devil’s advocate but "basing it on the estimated value" is not the same as simply paying the estimated value. Offering a fixed 1% of the estimate would absolutely meet the Ts and Cs you've written above.
OTOH did you not need to get it valued every 12 months anyhow if it was of significant value so you could declare it accurately and they could judge the associated risk correctly?
I get that however with an onus to put the insured back to the position prior to loss a company would be very hard pushed to justify paying less and FOS would take a dim view on that (TCF), plus it is clearly out of line with regulator conduct rules for any individual at the firm to make such a decision (acting with integrity).
There is no requirement to revalue under the policy requirements. We had it done back in 2010 with documentation and photos, easy enough to take that to an expert and get an up to date valuation when needed and I'd be buggered to pay out every year to refresh a valuation. The policy we has a very high unspecified limit for high-risk items which this falls within even at their valuation. We did in fact insure this at an agreed value, one which their appointed appraiser decided was too low hence and offered a larger payout than - their choice, nothing to do with us. They just haven't offered a settlement at their value.
Either way they have been incompetent, contradicted themselves (bungles mentioned above) and basically gone from heroes on day 1 post theft to showering themselves in shit.
Further to above Halifax Home Insurance investigated my concerns and upheld the complaint - been offered an appropriate settlement amount in line with the policy now. It feels like I got unlucky speaking to one member of staff on the way through which led to a merry dance.
Not put off using them again now have the right outcome, as said for everything other than the jewellery they were great.
