Following on from my earlier thread about having bikes stolen i have been in touch with my insurers – M&S. They have told me to wait for a call from their supplier Ival – who will try to relace ‘like for like’.

I wondered how to get them to insist they settle with cash allowing me to chose my supplier (LBS). Also, two of the bikes are custom-builds or at least have significant upgrades on them.

Peoples experience please.

cheers

did you try asking? they are not allowed to limit you to only one supplier.

Replaced a frame via M & S, supplier couldnt replace same frame so got a quote from Stif for frame and rebuild and they paid for it

Tracey

I just had this with AXA / Wheelies – the settlement for cash was below the offer of ‘value’ to spend via Wheelies. I was offered nearly £500 less for cash, and no haggling was to be done with AXA or Wheelies… 🙁

But I have a shiny new ST4, so I am NOT complaining!

I have been cleared out twice and both times I just told them that I wanted a cash settlement and they have done this, (either to upgrade or in my last case, merge two bikes into one). However the 1st time my bike was a pretty standard orange 5, and they would only give me the cash to the value of what there supplier could source one for. This didn’t bother me as I bought it in a sale and was still better off, and but some cash towards a better model.

Not had the experience with M&S, but had big problems with endsleigh. Had custom build SS that was taken from garage. They insisted that Evans had to supply me with a bike ‘like for like’ – Even though that was not possible. Picked a random figure out of my head which they agreed to, but they then took 20% off that because that is what the could get their stuff from Evans for…. I argued until I was blue in the face (including writing several letters) that they could not apply the 20% discount if their preferred supplier could not source a suitable bike.

After that I went for specific bike insurance, which costs more, but at least I have exactly what I want insured….

The basic principle is that you must suffer no loss. If their supplier cannot replace you like for like then you have the right to get a replacement from elsewhere. The insurance co would prefer you to get a bike from their suppliers as they will be getting a discount.

As for custom builds – A friend of mine had a custom built secondhand bike stolen. He had a decent list of the spec. He was offered a couple of different off the peg bikes of equivalent spec that cost about twice what he paid – he took the one he like best.

All the bikes in this household are custom built – I have detailed photos and listings of the components so in the event of one getting stolen I can argue that this or that bike is not equivalent. I would be prepared to negotiate tho as to what I got – especially as some of the stuff is no longer available

You have the absolute right to demand where you get your replacement goods from, DO NOT accept the crap the insurance company gives you.

Shame goes if you have insurance done on a car or house, you have the explicit right to use who you chose to get your replacement/repair done.

trickpsyclist,

Let us know how you get on with M&S in the end as given our loss last week(null) we need to upgrade our insurance to something that will cover the full value in the future (not the standard £500 limit).

Ziggy I think you are right about determining where replacements are sourced…BUT…the insurance company is also entitled to only pay out what they could obtain an equivalent spec item for, usually 20% or so less for bikes

M+S insurance is a nightmare. Ive nearly finished the process, and when I do get all my phone costs back I will be letting you all know. Basically document EVERYTHING. Ival have 4 different branches you deal with. They say things that disagree with M+S policy (ie they say photos arent proof of purchase, M+S say it is). They do not call you back, even their complaints people. However, I did get what I wanted, but I had to be very firm with them, even got most of my excess back. Note everything, if you have problems, ring up M+S again, moan until you get one of there managers, they will give you full name and direct line and email address, then keep hasseling them, afterall your insurance is with M+S not ival. I got my bike, from my local trek dealer, with money paid directly to me for the value of the bike. Let me know if I can help more

panda

In contrast I had a wonderful experience with AXA – claimed, sorted, new bike. She (my named AXA claims handler) called to check I was happy bunny.

New bike in a few weeks – pretty good, considering 2 weeks were waiting for build/delivery faffing….

😀

Ival were fantastic with my claim, they don’t settle the claim M&S do. All Ival do is talk to you and handle the ‘bike’ side and let M&S know how much to settle.

My wife’s car was involved in an accident on Dec 18th & subsequently written off.
A hire car was provided the same day & she had a new car on the drive on the 16th Jan

Hard to fault the way M&S [or their agents] dealt with it TBH

When my small friend wrote off her road bike we provided a detailed schedule (via our LBS) of what the value of everything that had been damaged was and sent it off. They initially wanted her to settle through some company but were unable to provide a custom built 853 frame so settled with a cheque.

I took the brompton that the Land Rover drove over last week into the bike shop on the way into work this morning, hopefully they’ll have the schedule of replacement finished tonight and the letter asking for recompense will be going to the driver tomorrow.

My wife accidently rode over my Giant Reign frame and I claimed for it. I was going to france in a couple of days so needed a bike quick and bought something there and then. When I made the claim the insurance company said my frame was worth more than they would pay out (£500) so their cycle shop / company would do me a highly discounted replacement frame. When I spoke to the cycle shop I told them I had to buy a new one due to the holiday so didn’t want what they had to offer. The insurance company then called me back and offered the full amount in a cheque. They never even took of the excess which was a bonus!!