Bike Insurance

[jesse@123]

TERRIBLE SERVICE FROM INSURANCE COMPANY

Things not going MY WAY

1.      4 August 2016 Requested policy update telephonically  and sent email of  MOUNTAIN BIKE to be added

2.      Went through the same process again 24 October 2016 to make sure my bike was covered

3.     Try and  Claim 22 Jan to be informed that my bike was never added, after much phoning and emailing on my part due to the fact I had a race coming up in two wks (luckily I still had original emails )  insurance company admitted it was their error

4.       On day four I realised their mistake was taking some time to sort out so I informed them via email them that I would have to make temporary repairs to the bike so I could continue training on my indoor trainer I have to date received no email to advise me otherwise

5.      Finally informed told my claim would be settled but I was totally responsible for the back dated payments from August 2016 to present 17 months totalling R5253.64 Not sure how they got to that amount by my calculations: Updated policy amount subtract the original  amount and multiply by the amount of back dated months (R319.94-R158.62)x17=R2742.44         If I agreed to this settlement the case would be closed

                                                                                   

“30 January 2018             Correspondence Ref. ########                                                                                                       

Mr #########

No.#########

#############

 

 

 

 We have the pleasure of informing you that your claim relating to the incident, which occurred

On 20 January 2018 has been authorised for settlement.

In order for us to proceed with the payment of the claim we require of you to sign this letter

And by signing this letter you confirm that you have read the content of this letter and that you

Understand and agree with it.

By signing this letter you the insured:

Accept the Settlement Amount as full and final settlement of the above claim

And that no further claims for MiMovables will be entertained with regard to the above-mentioned incident;”

 And payment would be made within three working days

 

6.      Queried   this amount(still have no idea how this amount was calculated) and was asked if I did not feel responsible for making sure my policy was updated I agreed and explained that is why I did follow up telephonically and via email in October and was at that time re assured my policy would be updated

Suddenly their whole attitude to an already bad situation seemed to get worse it appeared that getting me back on a replacement bike was not their concern at all but more how they could drag this claim out after I had dared to queried the back dated amount and who should be responsible this was their second attempt to settle please note the new conditions   Good day Mr. Haines, Firstly I would like to apologize for any inconvenience caused with regards to your claim and I assure you that treating our clients fairly is our main focus at all times.

We do acknowledge that an error was made by not adding your bicycle to your policy in 2016. The backdated premium totals to the amount of R 5 253.64 but we have decided to waive R 2000 of the backdated premium.

 

Settlement:

 

Replacement of bicycle frame and fork: R 29 994.00

Excess applicable: R 680.00

Backdated premium: R 3 253.64

Settlement amount: R 26 060.36.

 

Please note that we will make arrangements to collect the damaged parts as salvage and settlement will be processed once salvage has been received.

Hope you find the above in order and let me know should you need any assistance.

 

7.     I again queried the fairness of this settlement and ended up having to take the bike at my own cost( over 80km away)to their preferred service provider for further assessment of ALLEGED DAMAGE  only to have him concur on initial outcome of claim

8.     Was then contacted  telephonically  by insurance company to say they would once again go ahead with settlement minus 50% of back dated premiums  and I could buy back the damaged parts (I had requested to to make an indoor trainer) at a price of R5000 though salvage price was only R500  not sure how they got to that amount

9.     I requested this to be emailed to me and two days later still nothing

10.  I have now been 14 days without a mountain bike 4 Jan 2018

 

 

[Eugene]

Never been a fan of Miway, but they have accommodated you and are making payment. Taking the backdated premium is fair.

 

Taken so long to sort this out is not good and not adding your bike after 2 requests is inexcusable.

[jesse@123]

Never been a fan of Miway, but they have accommodated you and are making payment. Taking the backdated premium is fair.

 

Taken so long to sort this out is not good and not adding your bike after 2 requests is inexcusable.

i would like to know how they came to that amount .check out my calculations compared to their proposed amount i still have no explanation

[Oufy MTB (Roadie)]

Don't you get a schedule emailed? Outsurance sends an updated schedule when I amend policy and one annually. When I bought my mtb, I did not ride it until I got my updated schedule , which I got 5 minutes after my call. Sorry about this but this is a reminder, having it in black & white is still critical

[jesse@123]

Don't you get a schedule emailed? Outsurance sends an updated schedule when I amend policy and one annually. When I bought my mtb, I did not ride it until I got my updated schedule , which I got 5 minutes after my call. Sorry about this but this is a reminder, having it in black & white is still critical

Hence the follow up in October

[Patchelicious]

Broker.

[Bitumenous]

So who would you guys use for insurance? Need to insure my new ride

[Help.Me.]

Broker.

I really cannot believe that people still want to go the telephonic route.....get a broker. I also do not believe that all the telephone operators are fully "qualified" to do the job properly and the brokers must jump through a lot of hoops to qualify..... this is sickening!!

[jesse@123]

I really cannot believe that people still want to go the telephonic route.....get a broker. I also do not believe that all the telephone operators are fully "qualified" to do the job properly and the brokers must jump through a lot of hoops to qualify..... this is sickening!!

That is why I sent emails as well  Thank goodness i did

[Help.Me.]

That is why I sent emails as well  Thank goodness i did

Send me a pm if you want a broker

[Patchelicious]

I really cannot believe that people still want to go the telephonic route.....get a broker. I also do not believe that all the telephone operators are fully "qualified" to do the job properly and the brokers must jump through a lot of hoops to qualify..... this is sickening!!

Well believe it.

 

With RDR coming in, most brokers are going to be forced to put their personal lines business direct.

 

Best advice is, study your policy schedule.

[Heel Drop]

also the cheaper insurers are cheaper for a reason - they will look for any excuse not to pay - just had an incident with other sports gear with King Price - will be moving away from them.

Best go for the better brands with higher premiums and investigate the reviews online for settling claims 

Ill rather pay more and know I am covered fully and get a good service specially with insurance 

Last thing you want is a dog fight once you have to claim 

[Oufy MTB (Roadie)]

Don't use your equipment until they send you an updated schedule. I got my bike the Saturday, itched whole weekend to ride but didn't. Called outsurance Monday morning, added the bike, updated policy arrived in my inbox as I put the phone down and immediately went for a spin.

[Letum911]

Never heard of any good feedback from MiWay, from what I've seen they go out of their way not to pay out and create loops to jump through.

 

Best advice I have for you: GET A BROKER. 

 

As for the payments. Ask them for a calculation and how they got to the amount. Remember to take into account last year's payments pre 2018 increase.

[jesse@123]

Insurance company seem as if the are now coming to the party. Things looking very positive

[Schnavel]

I had shocking experience with Miway - don't go near them