SADivemaster
Pack Dog
Morning all,
After 12 years of accident free insurance, I made my first claim after writing off my GSA in the mother of all potholes. A most unfortunate event, but these things happen.
Whilst putting the paperwork to bed with the insurance broker, I was surprised to find that the value of the claim was a good 20% lower than the insured value, to which the insurance broker has answered that somewhere deep down in the fine print, I agreed to the underwriter paying out the lesser of the insured sum versus the retail value. I can understand this, and am not in absolute disagreement with the principle. At policy inception I suppose that the insured value and the retail value where aligned, but have gradually crept apart over the years. What I am upset about though, is that the insurance broker has been pocketing the premium for the insured value, whilst only ever insuring the retail value, at a 20% lower value. I cannot maintain a relationship with a company whose ethics are this skewed. So, it is time to move on.
So who is insured with whom? Or maybe I should ask it the other way around - which brokers should I avoid?
After 12 years of accident free insurance, I made my first claim after writing off my GSA in the mother of all potholes. A most unfortunate event, but these things happen.
Whilst putting the paperwork to bed with the insurance broker, I was surprised to find that the value of the claim was a good 20% lower than the insured value, to which the insurance broker has answered that somewhere deep down in the fine print, I agreed to the underwriter paying out the lesser of the insured sum versus the retail value. I can understand this, and am not in absolute disagreement with the principle. At policy inception I suppose that the insured value and the retail value where aligned, but have gradually crept apart over the years. What I am upset about though, is that the insurance broker has been pocketing the premium for the insured value, whilst only ever insuring the retail value, at a 20% lower value. I cannot maintain a relationship with a company whose ethics are this skewed. So, it is time to move on.
So who is insured with whom? Or maybe I should ask it the other way around - which brokers should I avoid?
