Author Topic: Here's a reason why insurance is so expensive  (Read 552 times)

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Offline welldc

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Here's a reason why insurance is so expensive
« on: June 20, 2021, 10:29:47 »
2 days ago I was knocked from my Strom when a vehicle suddenly decided to reverse back from a give way junction. Front wheel of the bike went under the back of the vehicle. Damage to front mudguard, tank side panel, DLR and mounting bracket. Obviously, a concern about the forks, but nothing immediately visible.  Bit of bruising but nothing significant.   Leave aside the who could have done what better.
1. Phone claims line to report and get bike recovered. (Handled well and speedily)
2. Passed to No Fault Team, who took details (to decide if they were on my side or not). They decided I had a good case against other drive and swung into action. Claim for injury (No), claim for clothing/helmet (No). Do I need replacement bike? Not really. They suggest claims will take 8 to 12 weeks and it is my own interest to take a 'hire' bike, so I agree.
3. Passed to bike hire people who arrange for a replacement bike to be delivered to my house in 24 hours.
4. Van arrives to deliver a brand new Honda NC750X, at a cost of £910 per week!!!!!
5. Said van also takes my Strom away for repair, to their central repair depot in Surrey (from Derbyshire!!). All recovery, delivery, collection and transport fees to be added to the claim.

So, 4 different parties involved so far, all wanting fees or a cut. Hire fees at £910 per week will quickly exceed the value of my Strom.

All I wanted was someone qualified to say 'Your forks are fine and we can fix the plastics' or 'No they're buggered, likely a write off', but instead we have a snowball rolling downhill, gathering costs and expenses as it goes.

it seems the insurance companies and 'claims handlers' are quite happy to rip each other off.


Offline StromGeeza

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Re: Here's a reason why insurance is so expensive
« Reply #1 on: June 20, 2021, 11:34:33 »
To be fair, they aren't ripping each other off. We all pay through inflated premiums. Govt gets a bigger cut of IPT too.
And yet the financial services sector scream blue murder at at the thought of tighter regulation....

Offline StromGeeza

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Re: Here's a reason why insurance is so expensive
« Reply #2 on: June 20, 2021, 11:35:51 »
P.S. glad you're OK!

Online kwackboy

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Re: Here's a reason why insurance is so expensive
« Reply #3 on: June 20, 2021, 11:59:28 »
Yes , glad you're OK ..   :thumb:

Why is it in your "best interest" to have a hire bike @ £910 pw . ?

Chief trouble maker 🙂

Offline welldc

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Re: Here's a reason why insurance is so expensive
« Reply #4 on: June 20, 2021, 12:58:54 »
According to the claims handlers, it keeps the other insurance company focused on resolving the claim as costs are going up by the week.
My bike is worth £3k on a very good day, so hire charges will very quickly overtake the value of the damage even if they write it off.

I still maintain they are ripping each other off. Adding unnecessary costs and fees to the claim, encouraging people to maximise values etc.
I guess that's what you get when 3rd party handlers get involved.

Offline Dark-Strom

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Re: Here's a reason why insurance is so expensive
« Reply #5 on: June 20, 2021, 14:10:54 »
Yes, glad you are OK, metal and plastics can be replaced.  :thumb:
Amazed they can charge 1/6th of the new bike value per week - I'd want something classier for that money  :crazy:
May your God go with you...
(Dave Allen)

Offline welldc

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Re: Here's a reason why insurance is so expensive
« Reply #6 on: June 20, 2021, 14:30:20 »
Other hire bike on the van was an Africa Twin!
Goodness knows what the hire rate for that would be.

Offline UK_Vstrom650

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Re: Here's a reason why insurance is so expensive
« Reply #7 on: June 20, 2021, 15:09:49 »
Glad you're OK.
Be careful on hire bikes. I think it was 44teeth had a feature with Dalton White about this and you may end up having to sue the insurance company to cover the costs as I think they said you can be liable for the fee. Solicitor implied it was a big scam too.

Offline Brockett

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Re: Here's a reason why insurance is so expensive
« Reply #8 on: June 20, 2021, 16:46:12 »
Glad you were not seriously injured and I applaud your concern at the insurance costs when so many others might have laid on the floor and sought a route to medical compensation. I hope you get the outcome you deserve.
This doesn't last forever, so do it while you can.

Offline strop

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Re: Here's a reason why insurance is so expensive
« Reply #9 on: June 21, 2021, 20:10:57 »
I had experience of these type of people and was far from happy with them and their methods,make sure you read every thing very carefully as one lad I knew ended up owing them loads of money as he lost his case,when my case finally came to court the bike loan sharks did very well out of it despite advising me not to pursue the case and settle 50/50.this was after I was hit from a side road witnessed by 3 people who all agreed I was riding correctly and in a safe manner, how they get away with it I don't know?

Offline UK_Vstrom650

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Re: Here's a reason why insurance is so expensive
« Reply #10 on: June 26, 2021, 11:14:09 »
Following my post above, I was looking through an old Bike magazine and this was the article I mentioned about hire charges (not 44teeth)

Back in my days of a 50cc scooter, I was given a hire bike when someone reversed into me at a set of lights. The repairs were c.£600 on a £1600 scooter. I was also given a hire bike (50cc scooter) which I used as my daily commute for 2 weeks. However after getting my scooter back, I was later contacted by the hire firm and told I had to sign court documents as they were taking the other driver/his insurance company to court for refusing to meet the hire charges. The cover letter also said if I didn't sign the court documents then I'd be liable for the charges. IIRC they were after close to £1600 in hire charges for 14 days use...
I never did hear what happened, but I assume the insurance company paid up in the end though I bet the wished they'd just wrote the scooter off.

Offline welldc

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Re: Here's a reason why insurance is so expensive
« Reply #11 on: June 27, 2021, 16:00:15 »
I off hired the bike after 3 days. Agents were not happy and tried to blackmail me to keep it.
Looks like my bike will be a total loss, so I hope I can get it sorted quickly.

Offline welldc

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Re: Here's a reason why insurance is so expensive
« Reply #12 on: July 06, 2021, 13:40:42 »
Update.
I off hired the loan bike and basically 'My' agents pretty much washed their hands of the matter. Told me they couldn't proceed if I didn't take their advice (to retain the hire bike).
Was dealing with the third party agents anyway. Assessment of my bike done from photographs, a pleasant call from the engineer who confirmed total loss and offered me £200 more than I paid for the bike two years previously. Accepted that and money was in my bank within 72 hours.
Resolved in 10 days from the collision.
My agents told me it would take 8 to 12 weeks!
Still lose out with loss of no claims (new policy up £60) and all the hassle and inconvenience, but at least I can now start again.

So, what next? I found the V Strom heavy to move around the garage and turn around (old age and lack of experience). The NC750X loan bike weighs the same as the Strom on paper but feels much lighter in practice, plus the footpegs don't get in the way or whack your shins when stationary or paddling. It pulls well in low/mid range but has no top end.
Other possibility is the Tracer 700, but I have no experience of that one. Just going on the quoted weights as 'lightest in class' at about 25kg lighter tha the V Strom.

Offline StromGeeza

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Re: Here's a reason why insurance is so expensive
« Reply #13 on: July 06, 2021, 16:48:14 »
Sounds like a good result, and great that the claims management people got less than they hoped.

Offline Rusty Nuts

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Re: Here's a reason why insurance is so expensive
« Reply #14 on: July 06, 2021, 17:19:18 »
£200 more than you paid 2 years ago! Maybe that's the reason insurance is dear, all us non-claimers are funding your new toy?

Offline welldc

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Re: Here's a reason why insurance is so expensive
« Reply #15 on: July 06, 2021, 18:03:39 »
Yes  :lala: :lala:

Offline V-Twin

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Re: Here's a reason why insurance is so expensive
« Reply #16 on: July 06, 2021, 18:14:06 »
Quote "a vehicle suddenly decided to reverse back from a give way junction."


If this is the case, your Insurance Co will get their expenses back from the third party Insurers.
Then you should not miss out on a more expensive insurance premium. ??
Might be well worth a phone call to your insurers.

Offline Rusty Nuts

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Re: Here's a reason why insurance is so expensive
« Reply #17 on: July 06, 2021, 18:20:11 »
Even if you are asleep in bed and a drunk, blind car thief smashes into your legally parked pride and joy, you will be listed as a greater risk, simply because your vehicle has been involved in an incident and you have already cost the industry as a whole. Crazy but true. Robbing bastards.

Offline welldc

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Re: Here's a reason why insurance is so expensive
« Reply #18 on: July 06, 2021, 18:23:45 »
Worth a try, but his insurer and my insurer are one and the same.
The quote did go down as a non fault claim, but as they are quick to point out, it's No Claim, not no blame.

I did have a car claim many years ago where the other party's insurer contacted me accepting liability and I didn't actually make a claim. They simply took my car away and repaired it.

Offline Mr Nick

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Re: Here's a reason why insurance is so expensive
« Reply #19 on: July 06, 2021, 19:02:58 »
As I found out when an old duffer drove into me after seemingly falling asleep whilst in a traffic jam, your premiums are likely to be affected for 5 years regardless of there being full recovery of costs or not.
Seems pearl asbo orange is faster after all....

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