Cornmarket Insurance (IAM broker) - Good Service

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I rang up Cornmarket insurance in Feb to advise that I had sold my bike, and whilst I had ordered a new one it wouldn't be delivered for a few weeks so was without a bike. No problem, rather than charge a cancellation fee just let us know as long as it's not too distant in the future. I had a follow up call about two weeks later from them and said I wouldn't be getting it until the end of March at the earliest, fine they said, no problem.

I rang them today to say that I wouldn't be picking up the bike for some time now due to the lockdown, and they said rather than cancel the policy and cause additional charges they can just let it lapse on its renewal in a few months time if I hadn't had the new bike by then.

Maybe this is typical, but I was pleased how easy it was, and that I didn't have to lose the current years no claims I was adding by cancelling the policy early.

I was slightly nervous that they would just cancel the policy if I didn't keep in touch with them within a certain time period hence me calling them today (the last thing I wanted was to be getting a new policy when I get my new bike and having to answer that I had had an insurance company cancel a previous policy).

:thumb2

RBW.
 
If the old bike is still covered by Cornmarket and it’s involved in a prang, the policy can still be subject to a claim even if you don’t own the machine.


The typical scenario is a new owner, not yet had time to arrange insurance, gets the bike stolen and it crashes injuring a 3rd party.
The 3rd party can claim of your policy.
 
As policy still live, have they confirmed they have removed your bike from the MID?

Important that you get this confirmation, as if still on MID in your name, a claim could be made on your policy, if for example the new owner has not insured it
 
Oldrat said:
If the old bike is still covered by Cornmarket and it’s involved in a prang, the policy can still be subject to a claim even if you don’t own the machine.


The typical scenario is a new owner, not yet had time to arrange insurance, gets the bike stolen and it crashes injuring a 3rd party.
The 3rd party can claim of your policy.
Click to expand...

That misses the most important part - the underwriter who pays out, will pursue you for the loss. Savings, Car, House...............
 
No that's why I informed them in the first place, I explained the concern as had heard horror stories like this before. Unless they have lied to me (which I would hope not), then it shouldn't be an issue. They have had to refer each time I have rang to query about waiting for the new bike, so have some confidence/belief that they are not making it up as they go.

The only reason I rang them in Feb was to ensure against this very thing.

Ryan.

Oldrat said:
If the old bike is still covered by Cornmarket and it’s involved in a prang, the policy can still be subject to a claim even if you don’t own the machine.


The typical scenario is a new owner, not yet had time to arrange insurance, gets the bike stolen and it crashes injuring a 3rd party.
The 3rd party can claim of your policy.
Click to expand...
 
Oldrat said:
:beerjug:
Click to expand...

Something was niggling about your post, so rang up the broker and asked for what they had told me verbally to be put in writing (they had told me verbally that I no longer had any liability). They said they would contact the underwriter and be in touch.

Quelle surprise, they couldn't confirm this because technically the bike was still insured.

Policy has now been cancelled (and just to add insult, the cancellation fee mean't that I had to pay another £6 to cancel it, if I had cancelled it when I had first sold the bike it wouldn't have cost me anything).

My learning from this is to get things in writing from the underwriter and treat with a pinch of salt anything the broker tells me.

I expected better from Cornmarket.

RBW.

P.S. Admin, could the title be changed to "Cornmarket Insurance - Bad Service" so that it accurately reflects where the topic ended up :thumb2 .
 
Thanks for the update.
At least there is now first hand experience that this is a reality, rather than a biker age heard off a bloke in the pub.

BTW A long long time who, whenever I was in court with a motoring offence involving insurance and needed to ring the insurance company to verify whether the defendant was covered by insurance at the relevant time. I’m pretty convinced that the answer I got was different depending on whether the driver was involved in an accident or have just been stopped by police.
 
rainbow-walker said:
Something was niggling about your post, so rang up the broker and asked for what they had told me verbally to be put in writing (they had told me verbally that I no longer had any liability). They said they would contact the underwriter and be in touch.

Quelle surprise, they couldn't confirm this because technically the bike was still insured.

Policy has now been cancelled (and just to add insult, the cancellation fee mean't that I had to pay another £6 to cancel it, if I had cancelled it when I had first sold the bike it wouldn't have cost me anything).

My learning from this is to get things in writing from the underwriter and treat with a pinch of salt anything the broker tells me.

I expected better from Cornmarket.

RBW.
Click to expand...

RBW,

Two years back when changing over for a new bike I had issue with them. But as the new bike was due to be collected I had little choice, I thought I had had bad service and registered the fact. When they sent the autobot e-mail for service feedback, I actually made contact with a manager laying out the circumstances and my views.

I was very pleasantly surprised by their response and the resolution. I would use them again as part from that they have always been OK. I think it not so much that things go wrong, they do and that is part of life, but how people deal with the issue once raised. Just my experience. FYI.

:thumb2
 
"BTW A long long time who, whenever I was in court with a motoring offence involving insurance and needed to ring the insurance company to verify whether the defendant was covered by insurance at the relevant time. I’m pretty convinced that the answer I got was different depending on whether the driver was involved in an accident or have just been stopped by police."

Always the case Oldrat. First question was always "Have they been involved in an accident?" Their customer retention was always seemed to be top of their agenda unless, of course, their was a claim pending.
 
"BTW A long long time who, whenever I was in court with a motoring offence involving insurance and needed to ring the insurance company to verify whether the defendant was covered by insurance at the relevant time. I’m pretty convinced that the answer I got was different depending on whether the driver was involved in an accident or have just been stopped by police."

Always the case Oldrat. First question was always "Have they been involved in an accident?" Their customer retention always seemed to be top of their agenda unless, of course, their was a claim pending.
 
corn market are the old IAM surety ....they were a nightmare to deal with ,no idea why the IAM promote them, must be a backhander involved.
 
DC said:
corn market are the old IAM surety ....they were a nightmare to deal with ,no idea why the IAM promote them, must be a backhander involved.
Click to expand...

Each to their own, I have been insured with them both car and bike for several years, always had brilliant personal service. Only left this year as Bennetts managed to beat them on price by a fair margin.
 
I found the service mediocre at best. Every year the premium got higher and it took me a while to twig they were always using the same story to exolain the increase. At the same time they were kenn to sell me home and car insurance too. Oddly enough I don’t insure with them anymore........
 
DC said:
corn market are the old IAM surety ....they were a nightmare to deal with ,no idea why the IAM promote them, must be a backhander involved.
Click to expand...

I’ve found them easy to deal with. Nice folk from Norn Ireland. Always match the best quote I can find and they’ve never yet charged for alterations. Everybody’s experience is different I guess.
 
harry the cat said:
I’ve found them easy to deal with. Nice folk from Norn Ireland. Always match the best quote I can find and they’ve never yet charged for alterations. Everybody’s experience is different I guess.
Click to expand...

Not my definition of "nice" and not professional at all. Happy to rip you off with a high initial price, then they "nicely" expect you to do the work of shopping around, and other brokers/providers to price the risk for them.
 
I've never had an issue with Cornmarket, although yes you do have to do a bit of legwork every year but they have always matched like for like if I have found a cheaper policy. They also provide class 1 business cover (or something like that) for no additional cost of you are an IAM member.

The main issue that this post is highlighting is that they told me something verbally on the phone which was not true, which I only established by asking for proof in writing from the underwriter. Whilst in the scheme of things this may have just been an innocent oversight and unlikely to cause me an issue, what would have happened if someone had had an accident on the bike and injured themselves or others and hadn't insured it. An example here : https://www.whitedalton.co.uk/motorbike-blog/2013/10/i-sold-my-bike-but-didnt-cancel-my-insurance/


RBW.
 
Probably an oversight.

The old adage “if it’s not written down it didn’t happen” never more applicable
 
Nippy Normans supply Touratech, Wunderlich, Desert Fox and many other makes of accessories.
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