Hi guys, Some advice please: Had my bike written after it was taken out in a car park (was my commuter luckily not my new Striple). Anyway, to cut a long story short their communication has been poor in terms of keep me updated on the above. So after getting a message to arrange return of the hire bike I query the scenario to be told it's been written off and the offer (which I've now disputed). Anyway they raised the cheque Wednesday and didn't to inform me until I rang late Thursday to find out what's going on as I need a buy a replacement commuter when I have the cash. I spoke to a 'computer says no' women who has insisted the hire bike is returned Wednesday (and no later!!) even though I don't have the cheque in my hand or agreed an acceptable offer for a replacment. Came back from a weekend away to find a recorded letter (the cheque) at the post office which I'll have to have redelivered as my work hours dictate I can't get to the post office to collect. Surely they have to be flexible in terms of allowing me time to find a new bike and obviously need the cleared funds in my account and a day to do this! I've put in a complaint to them over this whole scenario and awful service!
We tend to forget insurance is a contract (it’s actually a betting contract that something won’t happen....) Interpretation of contract terms is what happens when s**t happens. You will not have an open ended right to continue to hire if they have made their ‘reasonable final offer’ (hence all their letters). It all comes down to a fair valuation of your loss and that will be trade in not retail - check the small print. You are obliged to mitigate your insured losses I.e. minimise them. If the replacement value is genuinely low then your route is firstly to register your disagreement and indicate what you would accept by way of counter offer. After that it is insurance ombudsman territory to exhaust the complaint. In practical terms you are best banking the cheque and expressly accepting it as ‘an interim but not final settlement ‘ and getting another bike. However irksome you need to be reasonable too and be seen to be so. How much short of a fair valuation are they? That should influence how you proceed. You need solid evidence of your own valuation - not a finger in the air. https://www.which.co.uk/consumer-rights/advice/how-to-complain-about-your-insurance-provider
Cheers for replies above will take a look at the link. It's the other parties insurance company and hire service provider. My understanding is they have to put you back in the position you were in before the accident. So allowing the time to receive and bank the cheque seems obvious. To answer the above I'd accept a couple of hundred over but speaking to anyone is a nightmare as has to be sent away for reassessment etc etc. I've indicated the nearest replacement bike near is Kidderminster and £700 more with 30k more mileage. Mine is previous Cat C which does make it difficult. Just some reasonable behaviour on both sides to allow the cheque to clear so I can collect new bike (event that would be quick on the day it clears). The fact they didn't bother to inform me of the situation or check the best address to send the cheque is even more frustrating.
You are legally required to be recompensed but NOT to be benefited i.e. in profit, by the insurance claim. The advice provided by @Callumity I feel is provided with sincere good intention and worth noting, bank the cheque but more importantly is to swiftly lodge a note of only partial acceptance. Recorded delivery supported by email is your friend however inconvenient it may initially seem
Thanks for your kind words @Dozers Dad, another nightmare to deal with! @Eldon thanks for clarification. I'm not looking to profit from this just have adequate time to receive a cheque and find a bike as it was my daily commuter that was written off. There is clearly no profit from this just the inconvenience of chasing the insurance company,dealing with hire arrangements and potentially paying for alternative transport to work once the hire bike is returned (if I can't get a new bike pronto). As suggested by Dozer having to borrow money awaiting an insurance cheque to clear and having to potentially miss work to sort this mess out is not ideal.
Sounds good, ensure the insurance company is informed accordingly and firmly stick to your planned course of action
Just an update considering so many were good enough to reply. Manager phoned me today and offered sincere apologies they didn't follow the correct procedure to discuss the whole matter with me to make the correct arrangments etc. They've extended the hire bike until Saturday and offered a bit of compo to boot. So they aren't all bad, cheers again for the support guys!
