Naked insurance claim

[reteid]

One of the fundamentals of insurance is that you have to have an insurable interest. Your friends wheels do not fall under this category. As to the wheels your wheels did not incur any damage and as such will not be replaced or paid out. If you were underinsured ie got the benefit of paying a lesser premium, you will be paid out a percentage. I am not sure as to the wording of your insurance contract and say the above from the perspective of general rules of insurance. 

It is normally not in your best interest to go the legal route for the difference.

 

Just my 2 cents worth.

[Lynskey]

I went to the ombudsman while my so called claim was in the process. You are allowed to have grievances I think. Naked are absolutely useless in my opinion. Personal experience. I feel for the OP as I know how worrying this gets. The ombudsman is not my lawyer versus theirs. It is a fair and amicable outcome of which after a month he does not have. He can also complain directly to hollard. It is in the naked t's&c's. Anyway good luck to him.

[Lynskey]

1 minute ago, reteid said:

One of the fundamentals of insurance is that you have to have an insurable interest. Your friends wheels do not fall under this category. As to the wheels your wheels did not incur any damage and as such will not be replaced or paid out. If you were underinsured ie got the benefit of paying a lesser premium, you will be paid out a percentage. I am not sure as to the wording of your insurance contract and say the above from the perspective of general rules of insurance. 

It is normally not in your best interest to go the legal route for the difference.

 

Just my 2 cents worth.

I may be wrong but his complaint is he hasn't heard anything. About anything. 

[Bub Marley]

16 hours ago, Jbr said:

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. 

If you’re the first owner they want to check wrt crash replacement policy. 
 

i had a claim which I handled recently for a client. He had a trek bike. Assessor made use of the crash replacement policy first when settling claim. In other words, the final claim about was lower because of this. End of the day it’s a business for every insurance company. They will try as best they can to lower the final claim value. As long as they put you in the same position you were before the accident, there job is essentially done. 

[Bub Marley]

11 minutes ago, Lynskey said:

I went to the ombudsman while my so called claim was in the process. You are allowed to have grievances I think. Naked are absolutely useless in my opinion. Personal experience. I feel for the OP as I know how worrying this gets. The ombudsman is not my lawyer versus theirs. It is a fair and amicable outcome of which after a month he does not have. He can also complain directly to hollard. It is in the naked t's&c's. Anyway good luck to him.

This is not really the correct process. You first need a decision from the insurer. You then need to go back to your insurer if you’re unhappy. If you’re still unhappy after that, then you approach the ombudsman. If you go straight to the ombudsman, they will during the process ask you and the insurer to liase and see if you can come to an agreement. So you still have to go through the process. 

[reteid]

21 minutes ago, Lynskey said:

I may be wrong but his complaint is he hasn't heard anything. About anything. 

My bad. I read the first post as that he thinks the reason for the time delay is because of the wheel issue.

[Lynskey]

10 minutes ago, Bub Marley said:

This is not really the correct process. You first need a decision from the insurer. You then need to go back to your insurer if you’re unhappy. If you’re still unhappy after that, then you approach the ombudsman. If you go straight to the ombudsman, they will during the process ask you and the insurer to liase and see if you can come to an agreement. So you still have to go through the process. 

Indeed, yes. I had been dealing with them for 3 months as I stated. These guys are a whole new level of useless in my opinion. I went through it all before I got to them. 

[Jensie]

This is not bike related but insurance related, had an issue with Hollard. Claiming a laptop that was specified which got damaged. Took 4 weeks. Had to give a affidavit that the laptop was mine but was bought second hand(laptop was still in my possesion). Value of laptop was correctly insured but still they wanted to pay out a third of the insured price. Had to fight to get my settlement at the end.

[andydude]

5 hours ago, Bub Marley said:

As long as they put you in the same position you were before the accident, there job is essentially done. 

See this is interesting, which would have applied if a bicycle is insured for replacement value like a car.

But a bicycle is insured for new value! Therefore you are actually put in a better position because you get a new bicycle if old one was written off?

[Lynskey]

1 hour ago, andydude said:

See this is interesting, which would have applied if a bicycle is insured for replacement value like a car.

But a bicycle is insured for new value! Therefore you are actually put in a better position because you get a new bicycle if old one was written off?

I thought you insured your bike for what you thought its value was. New or second hand. A car gas a book value. You cannot insure it for what you think it is worth. 

Not necessarily new but what you would like to receive if something happens. Related to how much you would pay to insure it.

[Zeffer]

Its different from a car. Its like a TV or a fridge - like for like but new.

[Bub Marley]

1 hour ago, andydude said:

See this is interesting, which would have applied if a bicycle is insured for replacement value like a car.

But a bicycle is insured for new value! Therefore you are actually put in a better position because you get a new bicycle if old one was written off?

A bicycle is insured the same way you would a cell phone. If the current model is not available you need to insure it for the value of the model that is available which is specced the same. If you have an ultegra mechanical groupset you can’t get ultegra di2. Unfortunately there is no book value for bicycles like we have for vehicles so there’s no way around this for insurers.