Bike stolen - what sort of pay out might I get?

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srw

It's a bit more complicated than that...
Average is a very sensible clause in the right circumstances - which is when you're insuring a sophisticated buyer who is advised by an expert adviser. But quite rightly consumer protection legislation insists that insurance policies sold to naive consumers without an expert adviser are clear.
 
NCB and premiums are two different things, you were lucky. I had a no fault claim this year protected no claims and a £140 prise rise.

So the premiums can and often do rise why the NCB stays the same percentage.

I would say you were lucky, of course in reality they may have come down, we will never know.

Like I often say, do not spend money on insurance unless its a legal requirement. You pay money for cover, then when you do need the cover the insurers either refuse your claim, or for some reason or another, dont pay out the full amount. Plus your premiums may rise in future despite paying for protected NCB. Protected NCB should mean your premiums dont rise at all. To me, buying insurance is setting yourself up for being mugged. With few exceptions such as building insurance or certain medical insurance, its just not worth bothering with.
 

screenman

Legendary Member
Like I often say, do not spend money on insurance unless its a legal requirement. You pay money for cover, then when you do need the cover the insurers either refuse your claim, or for some reason or another, dont pay out the full amount. Plus your premiums may rise in future despite paying for protected NCB. Protected NCB should mean your premiums dont rise at all. To me, buying insurance is setting yourself up for being mugged. With few exceptions such as building insurance or certain medical insurance, its just not worth bothering with.

Protected no claims means you will still get the same percentage knock off whatever premium they decide to make up, a lot of people do not get this. Classic in my business is a glass claim will not effect no claims bonus, how do they get away with it.

Come on trading standards, wake up and smell the roses.
 
Protected no claims means you will still get the same percentage knock off whatever premium they decide to make up, a lot of people do not get this. Classic in my business is a glass claim will not effect no claims bonus, how do they get away with it.

Come on trading standards, wake up and smell the roses.

Exactly. Its a con. They will just bump up the premium by whatever your NCB discount is. It should be a protection on the premiums themselves, excluding only inflation and tax.
 

screenman

Legendary Member
Exactly. Its a con. They will just bump up the premium by whatever your NCB discount is. It should be a protection on the premiums themselves, excluding only inflation and tax.


More misrepresentation than a con, everybody should know how it happens, unfortunately many do not. I do not want to pay more than I need due to others claiming more often, so feel it is quite fair.
 

spen666

Legendary Member
More misrepresentation than a con, everybody should know how it happens, unfortunately many do not. I do not want to pay more than I need due to others claiming more often, so feel it is quite fair.
Not sure why you think it's a misrepresentation.

It is called a protected no claims bonus.

It protects your no claims bonus


No misrepresentation there.




It makes no claim to protect premiums
 

Tin Pot

Guru
Update by OP. Just had a bike Chase!!! The thieving moronic twat was only riding the bike 100m (from where he stole it!!! My missus was driving the kids back from a friends house when she saw my bike (it's pretty unique) and gave chase but the little daffodil gave her the slip down the warren of alleys on the council estate where he must live. Unbelievably when she came back and told me I then went out on my other bike him and his scally mates then went past me! I yelled some abuse at them and gave chase but because he knows the alleyways I lost him, which I found particularly affronting. Anyway, pretty sure I know which road he lives on so will now just ride up and down his road until I catch the thieving twat.

So breath for a moment - can you prove it is your bike and not a similar one? Can you prove that he stole it, rather than is in possession of it?

These are things the police may want to know after they've pulled you off his bloodied carcass.
 

screenman

Legendary Member
Not sure why you think it's a misrepresentation.

It is called a protected no claims bonus.

It protects your no claims bonus


No misrepresentation there.

I agree, the point I was badly getting across is where the likes of the big names in my trade implying a claim will not cost.
 

PK99

Legendary Member
Location
SW19
Like I often say, do not spend money on insurance unless its a legal requirement. You pay money for cover, then when you do need the cover the insurers either refuse your claim, or for some reason or another, dont pay out the full amount..

That runs directly counter to my experience - but I don't buy an ISO (insurance shaped object, like BSO) and expect top quality service.
 
That runs directly counter to my experience - but I don't buy an ISO (insurance shaped object, like BSO) and expect top quality service.

Unfortunately I have had poor experience. One example was when my motor insurance company provided free breakdown insurance. Because I had "free breakdown" cover, I didnt bother purchasing it separately. However when my vehicle broke down, I needed to call them out. What I didnt expect was that the cover was only for 10 miles, the garage I needed to get to was 35 miles away and I was charged over £100. Luckily I had funds on me, I no longer carry much money on me during work. £100 for what turned ou to be a broken oil filter, cost to replace was less than a tenner.

Got my money back tho. Come renewal time I waited for them to give me a quote, and then demanded they reduce it by £100 to compensate for tucking me up. What I did not expect to happen was for the person on the phone to respond saying they can knock £80 off the quote and add an additional 3 months free cover. So I took it. Cant remember what company it was with so as to avoid them in future.

Anyway its interesting you said ISO. How do you spot the signs of an ISO before taking out a policy?
 

glasgowcyclist

Charming but somewhat feckless
Location
Scotland
One example was when my motor insurance company provided free breakdown insurance. Because I had "free breakdown" cover, I didnt bother purchasing it separately. However when my vehicle broke down, I needed to call them out. What I didnt expect was that the cover was only for 10 miles,

Surely that's down to you accepting the terms of cover offered? Nothing's really free anyway and any 'free' add-on has to be checked by the customer to ensure it meets both his needs and expectations, they're usually very basic benefits. It's too late once you need the service.
 
OP
OP
grellboy

grellboy

Über Member
So breath for a moment - can you prove it is your bike and not a similar one? Can you prove that he stole it, rather than is in possession of it?

These are things the police may want to know after they've pulled you off his bloodied carcass.
Got stickers on the forks? - check. Union Jack Ass Saver? - Check. Dodgy 50 tooth ring that slips the chain and makes the rider fall off? - hopefully!
 

PK99

Legendary Member
Location
SW19
Unfortunately I have had poor experience. One example was when my motor insurance company provided free breakdown insurance. Because I had "free breakdown" cover, I didnt bother purchasing it separately. However when my vehicle broke down, I needed to call them out. What I didnt expect was that the cover was only for 10 miles, the garage I needed to get to was 35 miles away and I was charged over £100. Luckily I had funds on me, I no longer carry much money on me during work. £100 for what turned ou to be a broken oil filter, cost to replace was less than a tenner.

Got my money back tho. Come renewal time I waited for them to give me a quote, and then demanded they reduce it by £100 to compensate for tucking me up. What I did not expect to happen was for the person on the phone to respond saying they can knock £80 off the quote and add an additional 3 months free cover. So I took it. Cant remember what company it was with so as to avoid them in future.

Anyway its interesting you said ISO. How do you spot the signs of an ISO before taking out a policy?

If it were me, I would have checked the product I was buying.

ISO - Generally, any insurance policy selling on price alone (ie cheapest on all the comparison sites) is something I avoid. I also go to the policy website and check the coverage
 
If it were me, I would have checked the product I was buying.

ISO - Generally, any insurance policy selling on price alone (ie cheapest on all the comparison sites) is something I avoid. I also go to the policy website and check the coverage

Thats my mistake then, I always buy the cheapest. Nowadays I buy it in the knowledge that I personally wont benefit from any claim, I just need it to be legal. So it makes more sense to go cheapest. My vehicle isnt worth enough to make claiming for it worthwhile. Breakdown cover (one of very few exceptions I make) is purchased separately and cover is checked before purchase.

However there is still room to be fudged over. I once watched a program on the BBC about dodgy builders. The person who hired the builders to work on the house did all the checks necessary and done the research on the company doing the work (cant remember what the work was). Anyhow the house ended up falling down and the owner couldnt get an insurance pay out. The owner was also left still paying a mortgage for a house that no longer existed! I would boycott the mortgage, its not like they could repossess anything. I just cant trust insurance companies to the value of the paper they print the policies on.
 
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