[Closed] M&S Insurance / Bike Replacement and my rights.

I used to manage a claims dept for a large household insurer, we used a lot of suppliers to settle claims, we saved a lot of money that way. We would never give out the full cash equivalent, we would offer equivalents less the discount regularly.

Its the way of the world, read your policy.

Doesn't mean you were right. The Ombudsman always finds in the favour of the policyholder if it goes that far - unfortunately, many folk just take the insurance co's word for it. As stated before, if you actually read the whole policy it will either be indemnity or reinstatement as a basis of settlement - the former is 'market value' the latter 'new for old' - both entitle the insured person to be put in the same position he/she was immediately prior to the loss.

It's much like when you have a car accident & the insurer tries to insist you must use their repairer network - it's simply not enforceable unless the insurer can prove a valid case for it, but even then it's rare.

It's no wonder the industry has the reputation it does is it.

oh and did you buy all your kit brand new or second hand..is that the value new or what you paid

The deal with M&S/Wheelies is to offer a new equivalent replacement (or at least it was when I claimed recently). What you might have paid is irrelevant.

It's no wonder the industry has the reputation it does is it.

It's not all bad. My experience of dealing with M&S when my bikes were stolen was very favourable. People need to learn that if you're not happy with the settlement, call your insurer and negotiate instead of getting us forumites into a tizzy arguing about it.

i know but it would just help me decide if what there offering me is good in reality...it may have cost 1500 new but if id paid 800 and got offered 1500 less 20per id see that as good..

anyway if i bought it second hand how can i claim the new for old if it wasnt new..

above was said..

"both entitle the insured person to be put in the same position he/she was immediately prior to the loss."

if if it was second hand and the claim is for what it would have cost new then the OP is in a better position , which is fraud i think..

how is it more cost efective to replace a whole bike and not just the frame..?

genuine qustion

Wheelies are very helpful when you can get hold of them and in a position to put money their way.

But they are also quite keen to give high valuations.

If I were M&S I would want to consider separating the valuation and replacement parts of the process.

Oh, and +1 for the OP to just call M&S and discuss situatuion regarding existing parts. Or use your common sense.

If I were M&S I would want to consider separating the valuation and replacement parts of the process.

This crossed my mind I must confess

What impact have these claims had on your premiums? The other half had a huge ding put into her Stumpy during a fall recently and would be nervous riding it anymore. We know it meets the accidental damage criteria but we had (maybe wrongly) assumed that there would be more cost associated with premium uplift that actual payout. Any real world examples?

My claim was made in the same week as my renewal was due, so I managed to get another year at the same premium. I lost a considerable value of bikes in my theft so not claiming was not an option (well, it was, but I'd have been a very unhappy chappy)

Blimey, a couple on here who are so altruistic they pay for a service and then don't use it. Your choice.

I paid for accidental damage cover, suffered it and claimed accordingly. That's what insurance is for.

The Ombudsman always finds in the favour of the policyholder if it goes that far

Were we right to apply the policy terms? Yes, customers knew what they were signing up for, our shareholders needed a return on their invesment, and our business needed to operate as a business, not a charity.

I recently damaged the frame on my carbon road bike after someone mentioned I might be covered under my M&S home insurance

I would get the first line of your post corrected before someone who works at M&S insurance stumbles across it.

I do appreciate that it's not meant that way, but taken out of context it reads like you damaged the frame to claim on insurance.

I had to read that a few times to get what you meant but I got it now 😳

There are those that seem to think paying for accidental damage means paying for something that you shouldn't ever claim for. M&S were pretty meticulous in ensuring that it was and sufficient enough for a claim. So no it wasn't a scratch.

Simple fact is I have a bike that I can't ride because it's damaged. I am only claiming for the frame but they're saying a bike is more cost effective cos the only frames they supply are £2500+.

I spoken to both parties in depth. Wheelies are adamant they they supply the bike M&S will do whatever wheelies say. I have to scrap the bike and proove it. They have said I can swap the part from my old bike to the new one as they are higher spec however on the frames that are available to me thing like SL-K seatpost and SL-K chainset won't fit. They were bought only 6 weeks ago, new. So based on what they're saying I'd have to scrap them and accept a Tiagra.

Anyway I'm sure it will progress but that's where I'm at. I'm not trying to rip anyone off I just want a bike that I can ride again. The insurance was bought for situations like this.

So would 80% of their valuation allow you to buy a new frame equivalent to your or not?

I haven't found one yet but I'm still looking.
I can buy the frame as a complete bike for 120% (I'm happy to put the 20% in) of their valuation if they'd allow me to swap the bits over.

There are those that seem to think paying for accidental damage means paying for something that you shouldn't ever claim for.

Not at all. If I had a big stack that wrote off a frame/rendered it unsafe absolutely fine to claim. Cosmetic scuffs on road bike parts are wear and tear - that's taking the piss frankly.

Every one of my mountain bikes would have been replaced on insurance on that basis. Are you going to claim for chainsuck? Chipped paint from thrown up rocks? What about the dent on my downtube where I stacked into that tree stump?

Have you spoken directly to M&S? They are you insurers, they've appointed Wheelies to act in this behalf. IME, M&S were very reasonable and sensible to deal with. I felt Wheelies were pushing for full replacement as this was the easiest and least risk way for them (as agent). This was not the result I wanted and agreed this with M&S.

If you haven't, talk to them directly. If you have and they're giving you grief, I'm very surprised.

<edit> makes note never to buy a Nicolai on the strength of the above posts.

[i]Blimey, a couple on here who are so altruistic they pay for a service and then don't use it. Your choice.

I paid for accidental damage cover, suffered it and claimed accordingly. That's what insurance is for.
[/i]

No, not at all. We probably understand the 'costs' of claiming and its impact on premiums. And I've never claimed on insurance, but I have it for that time when I need it.

Consequently my premiums are all very low (with large excesses, as I'm only claiming with a big problem) - my contents with M&S is less than £13pcm for their all-singing/dancing policy.

The scuffed shifters are something I will insist on getting replaced too

If I had a big stack that wrote off a frame/rendered it unsafe absolutely fine to claim. Cosmetic scuffs on road bike parts are wear and tear - that's taking the piss frankly.

FWIW i heard an article on Whiplash - in france 3 % of accidents involve whiplash claims here it is 75% at a cost of just under £100 each for this difference- its not free

Cosmetic scuffs on road bike parts are wear and tear - that's taking the piss frankly.

So at what point did claiming for scuffs some into the equation? The bike is unrideable and it had plenty of scuff that I would never dream of claiming for.

Those comments [well mine anyway] are not aimed at you but the poster who would claim for scuffed lever/shifters post crash

So at what point did claiming for scuffs some into the equation?

This:

boblo - Member
I recently made a claim for damage to my carbon bike after falling on black ice. I wanted the scuffed bits replacing to reinstate original condition. .... the frame had only taken a small biff to the derailleur ....

Junkyard - Member

The scuffed shifters are something I will insist on getting replaced too

Might do if it was a crash and not my fault but I bet you [ I suspect I would] then sell them on [ the cosmetically damaged

.. how much do scuffed shifters go for?
Nearly new. Pair of sram force 10speed shifters. one careful owner..
Care to make me an offer??

If you assure me the money will go to charity, you seem like the honest decent type , what would be your best price?

No, they don't. The ombudsman sometimes finds in favour of the policyholder, and sometimes in the favour of the Insurer.

Were we right to apply the policy terms? Yes, customers knew what they were signing up for, our shareholders needed a return on their invesment, and our business needed to operate as a business, not a charity.

Really? The Ombudsman nor the ABI have ever accepted the "equivalents" argument if the actual product/item (or an updated version) is available AFAIK. The official definitions of indemnity & reinstatement preclude it.

I can't think of a situation that's arisen where such terms have been upheld when challenged legally or via the FO - the most recent was the debacle over the unusual terms/conditions that Quinn wrote into their motor & liability policies which were all overturned in court.

The 20% is basically the discount the one company gives the other to attract their business. You are in fact paying the one companies discount.
I have worked on the bike companies side (like wheelies) dealing with insurance claims. M+S will have required Wheelies to give them 20% discount on everything, hence if you go for a cash settlement M+S want to get this money from you. I would refuse to pay it and explain why