Naked insurance claim

[Zatek]

It feels like they are stalling to give a low ball settlement.

[Spafsack]

Are you sure you covered for full comprehensive or just 'stolen' insurance....

[ChrisF]

31 minutes ago, Zatek said:

It feels like they are stalling to give a low ball settlement.

 

SADLY insurance companies love a "70%" offer ....

 

They save a few pennies ...

Difference is not enough to take them to court ...

 

And if you dont accept ... it becomes one long drawn out mess, after which you might get 71% ...

 

 

 

Think long and hard before rejecting an offer.  Some seriously painful school fees I paid on this one ...

 

 

Let's HOPE they pay what you were covered for.  The set of wheels should not make a difference, it not cheaper, thus your original cover amount was lost in full.  The rest is just details .....

[Tomik]

You're moaning about a 6 day wait. Chill, man.

I waited 6 weeks for a payout with Santam. They eventually saw my side of the story thanks partly to my broker at the time. 

[Zatek]

Try 4 weeks. It's 6 days after they received all final reports and investigations. Claim was submitted 12 April

Edited Tuesday at 12:38 PM by Zatek

[Tomik]

2 hours ago, Zatek said:

The insured amount was less than replacement value with or without the varbon wheels. I don't want extra money for the carbon wheels just the insured amount.

This makes it sound like you were under-insured from the start. So you can only expect to get a % of the insured value, not the insured value. 

[Tomik]

9 minutes ago, Zatek said:

Try 4 weeks. It's 6 days after they received all final reports and investigations. Claim was submitted 12 April

My bad. The delay is likely due to 3rd parties they use leading to back-and-forth's between them.

They might insist on a repair (if CBR says it's possible). Santam initially insisted on repairing my frame. I had to get BMC Switzerland to tell them not to.

Your wheels weren't insured, the alu ones aren't damaged so it's not a "total" loss. And you're underinsured, Based on what I've read, you'll be lucky to get 50% - 70% of the insured value out if they pay you. Yes, insurance sometimes sucks. And a broker is often worth it.

[WR 1.0]

I'm with Naked and have not had any issues on my previous claim.

When in doubt, your policy terms and conditions will dictate in respect of how the item should be insured. If you do not insure for the full value then you are not paying the full premium and the Insurer will prorata the settlement accordingly. 

From their website:

How much should you insure your bicycle for?

The golden rule is to insure it for what it would cost to buy new today. If the model of your bicycle is no longer sold, then insure it for the price of a similar one. If it’s custom-built, make sure you’re considering the price of every individual part.

 

You do not own the carbon wheels, your comment state you were testing them. You cannot claim for them from your policy. Your buddy however can claim for them if they are insured on his policy.

[Zatek]

1 minute ago, WR 1.0 said:

I'm with Naked and have not had any issues on my previous claim.

When in doubt, your policy terms and conditions will dictate in respect of how the item should be insured. If you do not insure for the full value then you are not paying the full premium and the Insurer will prorata the settlement accordingly. 

From their website:

How much should you insure your bicycle for?

The golden rule is to insure it for what it would cost to buy new today. If the model of your bicycle is no longer sold, then insure it for the price of a similar one. If it’s custom-built, make sure you’re considering the price of every individual part.

 

You do not own the carbon wheels, your comment state you were testing them. You cannot claim for them from your policy. Your buddy however can claim for them if they are insured on his policy.

That will teach me to he honest. Wheels are not insured as it was his spare set .

[Bub Marley]

Sometimes saying less is better. If you had just registered claim normally, it would probably be resolved. The fact that you made it known that it wasn’t your wheels you were riding has now almost triggered more questioning and delayed the claim further. 

[WR 1.0]

Not worth it not being honest. Insurers are taking a much harder stance on fraudulent claims. Where previously they just cancelled your policy, you ( not you specifically OP, I'm using the term generally) now run the risk of being blacklisted in the Industry, and having a criminal case opened. Once you are blacklisted, your whole household is affected as any member would need to declare that you were cancelled as result of fraud. So the convicted won't even be able to take out a policy in his/ her spouse's name

 

 

[Skubarra]

7 minutes ago, Zatek said:

That will teach me to he honest. Wheels are not insured as it was his spare set .

As opposed to ripping off the insurer on claiming for something you did not own, nor paid premiums for?

ie I don't think it is a bad thing that you were honest.

[milky4130]

4 hours ago, Zatek said:

The insured amount was less than replacement value with or without the varbon wheels. I don't want extra money for the carbon wheels just the insured amount.

If you under insured for a replacement you should get the full amount settled, i.e. If you are insured for R50K but replacement today is R100k then insurance pay out the R50k less excess, they salvage the complete bike plus Alu wheels. at least this is what happened with my claim. 

[Russell Wells]

I have only had great experiences with Naked. Lodged two claims in the last 18 months. one crash and another accidental damage to my bike. Both times I was sorted out within a week. Brilliant service. 
 

With regards to your situation. Value doesn’t mean anything. If an item isn’t specified they cannot insure it. It’s to protect them from potential fraud. That’s why you submit photos of all your insured equipment on the app. 
 

If they weren’t strict like that it would open them up to so much fraud. Imagine if everyone claimed a crash for wheels they were just borrowing without going through the valuation process. They would be put out of business in a week. 

[cadenceblur]

They are usually quite quick once you send updated pics 

normally get a mail day or next day if sent after hours 

[Jbr]

I'm currently in a process with Santam myself, I must say this is quite frustrating, contacted them last thursday with a damage report from specialized, friday the expert calls me to get my version of what happened. Then Monday asks me for the original invoice to prove I'm the first owner, then today asks if I agree for the frame to be sent to them for inspection by the carbon expert (like I have a choice ?), not sure what he's going to be asking for tomorrow or the day after. 

Tbh, I think after this it's the end for me insurances for stuff that I can afford replacing if they break or disappear, it's like the casinos, they always win. In the last 5 years I'm pretty sure I covered why I'm asking them to pay out now, or at least the amount if I were to replace through Spez crash replacement policy. 

Edited Tuesday at 06:49 PM by Jbr