Music insurance

[flyfisher]

[quote name='Grangur' timestamp='1370865700' post='2106476']
Don't forget the risk insurers have of being de-frauded.

You could tell them you have a Wal. You don't own one, but you've got a pic of you holding one. You agree a value of £2K.
You take out a policy with £2k as an agreed value and pay your £15 a month (theoretical sum, i don't know the price).

3 months later you call the insurance company and claim for a theft of the Wal that never existed. And you take their £2k and buy a nice Wal, or whatever. [b]This is why they want paperwork and evidence.[/b]

House/car insurance is different at least there's loads of paperwork to verify the car/house existed and you DID own it.
[/quote]

Fair point about proof of ownership to help avoid fraud, but the actual value could still be separately agreed - the higher you want to insure it for, the more premium you'll have to pay.

[Grangur]

True, but you may be claiming the full value long before they've had that from you in premiums.

If you weren't hoping to profit out of it by making a claim for a bigger cost than the actual loss, why would you want to pay a bigger premium than you need to?

Don't forget insurance fraud is NOT victimless. It costs jobs when the company goes down and that would happen if fraud becomes rife.

When you by a bass on BC, there's nothing to stop you getting a receipt from the seller. Then you would have paperwork to back up the proof of ownership.

[fretmeister]

I use Allianz-Cornhill music cover.

I use their litigation insurance policies and they have always paid out when I've needed them to.

[flyfisher]

It's not about making a profit, it's about knowing where you stand in case of a loss.

Car insurance is another example where we end up at the whim of insurers as far as value is concerned. Why, for example, do insurers always want to know the value of the vehicle when they'll only pay out the "market price" (which they seem to always know!) if it's written off anyway?

And writing off is a whole scam in itself. I have a 14 year old Saab 95. it's probably not worth more than a grand, maybe only £750. This means that pretty much anyone bumping into it will result in a "write-off".

But, I've had it almost from new, I know its service history, it has been well looked after and is in perfect running order - so it's worth a lot more than £750 to me. But I still get charged about 33% of it's "market value" for insurance!

if someone damages my car I don't want the insurance company to be able to decide to simply write it off, I want it repaired to the condition it was in before it was damaged!

In fact, if anyone DOES cause such accidental damage then I would seriously consider suing them personally for the cost of repairs and let them argue with their insurance company about who should pay for what.

[Grangur]

And what will they have to pay out when your brakes fail and you drive into a 5 series BMW, or hit a mother on a crossing?

Let me assure you, paying you your £750 will be the last of their worries.

I'm out of here. Thanks for the chat

[flyfisher]

You're confusing the 3rd party cover for damage to others with the cover for damage to your own vehicle.

When that 5 series BMW driver drives into my car, his insurer will pay our £1000s to repair his vehicle but only a maximum of £750 for the damage to mine by using the "write off" rule.

The damage to his car is fully fixed but mine is not. How is that fair?

[Grangur]

because £750 will buy you another 14yr old SAAB. The fact that yours has new tyres, exhaust and pink furry dice doesn't come into it.

It's illegal to profit from insurance.

[bobpalt]

Look at New Moon music insurance. I have thankfully never had to claim, but their policy is simple and far reaching, small print minimal and premiums very fair. They are part of Hiscox Insurance who are a great company when it comes to claims (I was a loss adjuster for 30+ years till I retired so know who to spend my insurance money with), and great to talk to on the phone.

[Cat Burrito]

Further to reading this thread I phoned my Insurer. It looks like a valuation letter is all that is required when there is no receipt. I also checked out New Moon & they can offer me the same cover for half the price. Nice one

[Kev]

Allianz have advised me they accept photos as proof of ownership without valuations so i will get a quote from them. Ill look into New Moon also, cheers

[flyfisher]

[quote name='Grangur' timestamp='1370871299' post='2106615']
because £750 will buy you another 14yr old SAAB. The fact that yours has new tyres, exhaust and pink furry dice doesn't come into it.

It's illegal to profit from insurance.
[/quote]

I'm not expecting to profit from insurance, but if I've just paid £360 for a new set of tyres, £200 for new discs and pad, and £150 for a new exhaust system, then that's £710 alone, so unless £750 buys me a new 14 year old Saab WITH all those new parts fitted then I'm not profiting from insurance I'm actually LOSING from it.

Surely the whole point of insurance is to put you EXACTLY back into the same position as you were before the claim - no gain and no loss.

Fortunately, I've never had a car written off but all the people I know who have felt that they had actually lost out through absolutely no fault of their own.

Why should I care that it costs £1000 to repair damage to my £750 car? If someone inflicts £1000 worth of damage then they should pay the cost of reinstatement. That doesn't give me a profit it just gives me back what I already had!