Who's changed Insurers

[Eugene]

I was wondering.

 

There has been 2 threads against a particular insurer and the way they compensate their clients for damage to their bicycles (repairing rathing than replacing). 

 

There has also been a few other threads over the years complaining about one or other insurance company.

 

I was just curious to know who has actually changed insurer because of a negative thread on the Bike Hub.

 

 I recall a lady whose bike was stolen from her locked yard (whilst drying from a wash) and the insurer refused to pay because there was no signs of forced entry. It was only after half the Hub threatened to take their business elsewhere did the insurer pay her out. 

 

How many people actually carried out their threats.

 

 

[GLuvsMtb]

I can't speak for insurance, but I have avoided races / events organized by certain organizers based on reviews and comments here. I doubt whether bikehub has a large enough footprint in the insurance industry to force any policy changes. It may be a small contributor though. It will also hopefully make people aware of their bike replacement policy considering their product, which will assist them in making an informed decision.

[Patchelicious]

I had dinner with one of the insurer CEOs lastnight, and there was definitely a case that made it all the way to his desk because of the BikeHub, they ended up paying a claim that they could have repudiated.

[Surv0MTB]

The story you have mentioned sounds like the bike never had specific cover. Insurers can get sticky about paying out for a bike from household contents insurance if there are no signs of forced entry, however if she has specific cover, the bike would have been covered.

Just moved all my insurance to Lyall Morgan (Hollard) and paying about 65 bucks for about R24000 worth of cover. Will be putting this value up soon, just need to get my bike re-evaluated. I questioned them about the cover and it seems every angle is catered for.

[HBO]

there are a few that I've helped

[Patchelicious]

The story you have mentioned sounds like the bike never had specific cover. Insurers can get sticky about paying out for a bike from household contents insurance if there are no signs of forced entry, however if she has specific cover, the bike would have been covered.

Just moved all my insurance to Lyall Morgan (Hollard) and paying about 65 bucks for about R24000 worth of cover. Will be putting this value up soon, just need to get my bike re-evaluated. I questioned them about the cover and it seems every angle is catered for.

In this case they had specific bike cover. The insurer was within their rights to repudiate the claim as per the policy wording, but because it was borderline and the stink that the policy holder was kicking up, it just was just easier to pay.

 

Edit: this is common trend with the normal underwriters, they rather pay claims than repudiate them when it's a borderline case. They don't try and NOT pay. Just a little side note

[HBO]

In this case they had specific bike cover. The insurer was within their rights to repudiate the claim as per the policy wording, but because it was borderline and the stink that the policy holder was kicking up, it just was just easier to pay.

 

Edit: this is common trend with the normal underwriters, they rather pay claims than repudiate them when it's a borderline case. They don't try and NOT pay. Just a little side note

Agree. In my 19 years experience the more reputable companies will ALWAYS give the benefit of the doubt to the client.

 

They only repudiate a claim if they are 100% sure it will be upheld at either the Ombud or a court of law.

[Eugene]

Agree. In my 19 years experience the more reputable companies will ALWAYS give the benefit of the doubt to the client.

 

They only repudiate a claim if they are 100% sure it will be upheld at either the Ombud or a court of law.

You hit the nail on the head when you said "reputable" There has been a flurry of dubious insurers hitting our shores of late.

[Tumbleweed]

You hit the nail on the head when you said "reputable" There has been a flurry of dubious insurers hitting our shores of late.

 

Who are these foreign insurers?

[Kranswurm]

The story you have mentioned sounds like the bike never had specific cover. Insurers can get sticky about paying out for a bike from household contents insurance if there are no signs of forced entry, however if she has specific cover, the bike would have been covered.

Just moved all my insurance to Lyall Morgan (Hollard) and paying about 65 bucks for about R24000 worth of cover. Will be putting this value up soon, just need to get my bike re-evaluated. I questioned them about the cover and it seems every angle is catered for.

We have been insured through Lyall Morgan for ever it seems.From M & F days.we always specified our bikes.When my son was racing and broke his bikes they never blinked once.Insurance is a part of our lives I never even think about