insurance brokers what a bunch of cnuts.

[mark2jag]

Got a new bike today and came across the following dramas, which i hope sombody can work round.. or any general good advice about a reputable insurance company that doesnt take the fucking piss and charge the earth.


1. micron can fitted. so therefore wanted more money to insure said bike, even though the can is cosmetic and doesnt affect performance, as far as I'm aware. in this case it would be better for them to accept the Micron can as it is cheaper than a standard can anyway if you ever had to replace it..

2. Location of bike is on a military site within a locked hangar, with a very good and unguessable combination.. Equity Red Star said they would not insure it because a hangar is by definition a place where more than one person has access to at a time, but if it was a private garage then that would be ok........this location is at a different address from my home address. Cant keep it at home because (a) it will go missing, and (b) not enough room, and theres no way as long as i have a hole in my arse am i gonna leave it out on the street..

I'm really struggling now. and ANY CONSTRUCTIVE COMMENTS would most definitely be of use. cant wait to get out on it, but its looking increasingly unlikely, dont ya think all........

Cheers for the help, Mark

 

[Loiq]

take out a private bond tell the insurance to fook off... how much damage can you do in one life time....

 

[mark2jag]

take out a private bond tell the insurance to fook off... how much damage can you do in one life time....

Private Bond, whats one of them then ,lol. Sounds interesting....

 

[Loiq]

I'm not an expert but, HMG, MOD, Police, don't have insurance they are bonded in some way. So they must have a measure of how much damage they can do and buy or lodge an appropriate bond. Which covers them against any action, liability or claim.

Workout how much damage you can do, then put up your own security in the form of a bond and your covered.

it's not much different to a bail bonds agent in the US, durty crim scum gets caught, finds a bail bonds agent, they put up the bail for which the crim pays an insurance premium for want of a better word. The crim does a runner the bail bonds agent is the owner of the face value (the payout) of the total bond.

Dog "The bounty hunter" gets for a reward part of the total bond goes and catches the durty crim scum.... sticks him in the slammer and collects the dosh (his part of the bond)

I don't know how to do it but it must be possible.... look at any bank note issued by the bank of england, it says something like "I promise to pay the bearer blah blah blah" that's a bond in effect between you, the person your giving it to and ultimatley the bank of england. Who issued that bond...(financial instrument) for want of a better word...

Sort out a bond for the total damage you can do, place it in trust get a receipt and the jobs a carrott...

however obviously you will also need to accept that if you do damage something and there's a claim that you can pay the bond.....

 

[luke scott]

Thread title............

Let me point out to you that its the insurance company (underwriters) not the broker that are causing you the problem.

 

[ChasMill]

Let me point out to you that its the insurance company (underwriters) not the broker that are causing you the problem.

... and if you went through a broker as opposed to directly to the underwriter, the broker may be able to shop around many underwriters on your behalf to get you a better deal / what you want.

I have a colleague who had a similar problem to you when trying to insure a bike that he was going to keep at the office. Underground parking with 24 hour security and only then accessable with a security (electronic) pass. Underwriters refused cover for similar reason to yours.

 

[Loiq]

but could you raise a bond? and how would you do it in practise?

I guess it comes down to money..?

(obviously I'm not asking for advise from a insurance professional about insurance matters it's a hypothectical question)

 

[ChasMill]

Your current (and all motor) insurance has unlimited cover for damage / injury to third parties.

I would imagine that you would need to post a bond of at least £10m in order to bypass the current insurance requirements.

 

[littleredrooster]

So how is it the fault of the broker?
1. Micron can makes it (statistically) more desirable to thieves. Greater risk = greater premium. Surely that comes as no surprise to you as a mature motorcyclist?
2. Storing it in a public place away from your home is something that no (or very few) insurance companies will cover unless at a large premium. Again, no surprise, surely?

Get a bucket o'crete, a good ground anchor and a great big fekk-off Almax chain at your address and try again. And find a company which doesn't charge extra for an aftermarket can.

 

[TeaPig]

You're up against standard forms and uneducated call centre operatives. The micron pipe issue is pretty normal, some insurers seem to want more for non-standard pipes, others don't. The person on the other end of the phone may have no idea what a micron pipe is or does, but there's a box for it which costs money if they tick it . If it's just cosmetic, do you like it that much or can you put the standard one back on?

By comparison, keeping the bike at work will do their heads in. I'm plesantly surprised your employer allows it to be honest as most company H&S liability types would faint with shock.

Maybe be some specialist underwriters would take you on, perhaps specifying a customised policy for your situation. You'd have to consider their position though, as how much would a payout be if your bike caught fire one night and burnt an MOD hanger down?

Is there room at your gaff for one of those steel bike sheds that are just large enough to hold one bike?

 

[Bikerbuk]

Eeeh? I'd suspect a bond is out of the question. We all have the option of insurance or a bond, however the bond is in the region of 1.5 million. Not quite sure of the figure but it's of that nature. I remember when I was in the plod learning about this and as said above, MOD, Police etc use a bond. But they can afford it.

 

[Bikerbuk]

Just thinking about your situation.

The end can is just stupid. Clearly the can costs less than an original part so I can see why they wouldnt cover it with a small excess for the value of the can?

With regard to the bikes location, clearly the hangar you want to keep it in is far more secure than on the street, could you tell them it's normally kept at home in a private area etc but keep it in the hangar anyway? If something did happen then clearly you left it there for the first time? Cue the prophets of doom.....

Trouble is your dealing with someone who is reading it off a screen, not someone who can think freely and be objective. The old "computer says no" is what's happening here.

 

[Loiq]

I would imagine that you would need to post a bond of at least £10m in order to bypass the current insurance requirements.

Now we're getting some place so a 10 or better a 100 million bond (what's the difference between friends at the end of the day anyway) and actually who really cares it only makes an issue when someone tries to cash the cheque.

So the question remains could it be possible to set up a bond that has a face value of 100 million (Sterling) after all money use to be based on hard currency Gold and Silver. Which it no longer is... so what security would I need to put up?

As for HMG being able to have a bond and the protection of it, what a load of shit, if we believe the paper as they ask us to. They can't afford the fuel for the planes, ships and tanks or bullets, boots and body armour and have to pawn or put in hock the family jewels to borrow enough to keep the fires going in the winter time.

The financial establishment operate in la la land, the process and thoughts would almost appear to be, inspired by pirates.... as they use to be able to borrow money against a ship. Which they don't own to operate beyond the rule of law. Stealing along the way to then hoping to return bringing back enough treasure to repay the first loan with interest. To have enough for a second venture or as it should be known properly an "Adventure" into the great unknown.

Make them an offer, they can't refuse, as refusal of the offer will leave them at risk of losses... Which they can't pay cos they don't have any money...

 

[solidstate100]

As a Broker I kindly would suggest that A. I an not a cnut and B. you really should do a modicum of basic research before you hurl insults and perhaps try to understand the difference between Brokers and Insurers

Having been accused of being a cnut I don't feel particularly predisposed to help you personally, but as a professional post the following for general information to the other thread readers

Go to a specialist Broker (look in the back of MCN there's enough of them there) and get them to do the work for you. That's what they are there for - you will often find that due to a brokers purchasing power (which basically equates to a qualified lead/distribution channel which will deliver a certain agreed result for the Insurer) they may often have better rates than going direct to insures/have a wider/better product and actually understand your situation and have dealt with it already.

And the reason the MOD police etc don't buy individual cover is nothing to do with bonds - the government provide cover and its called (if I remember correctly) crown indemnity

 

[(RIP) Mark H]

I think civil servants are cnuts, so I don't feel particularly predisposed to help you either

 

[Yellow Peril]

And the reason the MOD police etc don't buy individual cover is nothing to do with bonds - the government provide cover and its called (if I remember correctly) crown indemnity

He is quite right, in my previous live used to deal with "Pool"cars for HMG, quite funny when they get pulled by the rozzers as they don't have insurance or road tax.

I think best suggestion insure as at home and leave at work, its never going to get nicked there, got plenty of buds who keep bikes, caravans and speed boats on base never a problem.