675.cc • Triumph 675 Forum

Insurance brokers/underwrites - all twats?

Discussion in 'General' started by Gremlin, Jun 25, 2020.

  1. Gremlin


    Thread Starter

    Location: Preston
    So my brother bins his modified Gixxer 750 on a gravel strewn bend, breaks his thumb and writes the bike off!
    Ok, not good but could have been a lot worse, but at least he has an agreed value policy with Bemoto which is 9k which covers all his mods (he's declared everything including 3k of magnesium wheels).
    Well, apparently not. Bemoto are questioning this now and only offering him 3k.
    He's got proof of this agreed value in his documents but Bemoto are still not interested.
    I've told him to contact the Insurance Ombudsman and papers like MCN to see if he can get some help.
    Is it just me or does the bike insurance sector need some tighter regulation?
    I've had similar poor service when making claims with bike insurers.
    I'm now considering at renewal time to go with MCE insurance, pay a fraction of my current premiums and just hope for the best if I need to claim?!
  2. Cupracing


    Location: Bracknell
    I think that’s just insurance companies in general I’m afraid. It’s a business after all. Charge you an arm and leg and pay out the bare minimum. Bemoto tend to be the cheapest around so I guess the trade off is the reluctance to pay out
  3. cpszx


    Location: Chatteris
    If your brother has an agreed value declaration from the underwriter, then there should be no issue here, unless he has a 6k combination of excesses?

    Or has the valuation been agreed by BeMoto and not actually agreed with the underwriter? Which is a different problem.
    Or have the parts just been listed as modifications and accepted as part of the overall risk, but not for damage or theft cover? Again another problem.

    Although i dont have agreed valuation on my bike, i do have on a couple of cars, and i had to submit a full list of everything that i wanted covered, along with receipts for specific high value parts, and pictures of the cars, and they then agree or negotiate a value. There is normally an additional cost on the policy for this feature.

    I am with BeMoto who i thought were quite good in their service, so will be interested to hear how this turns out when there is a need to actually use the policy agreement for a claim.
  4. Gremlin


    Thread Starter

    Location: Preston
    My brother suspects that it was agreed with the insurer but not the underwriter...
  5. RICH675


    Location: Merseyside
    Contact Tim Kelly Motor Claims Guru. This is right up his street. He deals with this scenario. Like a Tobin Hood figure. See image for his LinkedIn profile. Any problems please dm me and I will try to liaise with him initially. 0D5658BB-9DA8-47F5-9528-2EF927319BD8.png
    • Like Like x 1
    • Thanks Thanks x 1
  6. Gremlin


    Thread Starter

    Location: Preston
    Thanks for this. I'll pass it on to him.
  7. midgey46


    Location: Peterborough
    Also curious how this ends, Iv just insured myself with Bemoto after plenty of folk recommended them.
  8. Yeah gotta day you get what you pay for, I was with Goskippy and my bike got stolen, absolute nightmare to deal with and they also wanted an extortionate amount to buy the bike back when it was found (pretty much it’s market value mint)

    Now I just pay the extra and go with Bennetts, trade off is I get discounts everywhere like HM, Halfords etc and they usually put on 4 or so half price trackdays for their customers
    Aswell as covering leathers, helmets, riding other bikes etc.
  9. Gremlin


    Thread Starter

    Location: Preston
    Bemoto have agreed to payout (just short of the agreed value).
  10. If they have agreed to payout just short of the agreed value then it's not an agreed value surely. Stick to your guns for the full payout or like Gremlin said tell them you'll go to the ombudsman
    • Agree Agree x 1
  11. Take the offer if its good in your opinion. Your first loss is always the least.
  12. Either way you’ll pay for it through increased premiums, just keep pushing

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