TSB Insurance

Please be fair and thoughtful in your opinions. No rants please.
PH
Posts: 9605
Joined: 21 Jan 2007, 12:31am
Location: Derby
Contact:

TSB Insurance

Postby PH » 25 Jun 2020, 11:41am

Earlier this month, I answered a query about cycle insurance by writing - I'm with the TSB, never had a cause to claim on a bike...
viewtopic.php?f=1&t=138214
Then just a few days later - Shortened my Thorn Mercury by half a meter, forks mangled, downtube not straight, front wheel not sounding right. I'm about to see if three years of TSB insurance premiums have been worth paying.
viewtopic.php?f=7&t=138644

So I thought I'd relate me experience, though anyone considering acting on it please bear in mind it's just a single example.
Like many, I chose on price, my premium is based on the £2,900 value of my most expensive bike and all other bikes kept at my address are automatically included, I live in whats rated as a mid risk urban area, my bikes are kept indoors. I chose the £200 excess and it currently costs £78 a year, paid DD monthly at no extra charge.
So, Accident on Monday.
Inform the insurers on Wednesday, only way to do so is by phone, I'd have preferred email. The call was straightforward, short wait, then some simple questions, they accepted the claim there and then. Told the valuation and settlement would be handled by a third party, BeValued, and that they would be in touch within two working days.
A few hours later got a call from BeValued, a short but clear explanation of the process, and my consent to open an online portal. I was told I'd need to upload any relevant documents, plus get a professional damage report and an estimate of the cost of repair or replacement. The person I was speaking to wasn't a cycle expert, though it didn't sound like that would be an issue.
Over the next few days I collected the required documents together and uploaded them, the website was simple to use. I had a damage report done by a local shop who are repair specialists, which I paid for, in the report they also quoted for the labour to swap parts. I had a quote from SJS for the parts. I also included some info on the bike and before and after photos.
I'd completed that by the weekend and sent them an email on Sunday saying I'd done so and asking if there was anything else required.
Received an email on Wednesday, offering to settle my claim in full, including the cost of the damage report and the labour (Minus the excess). I had to send my bank details and the money was paid in same day.

I'm very satisfied, it couldn't have been more straightforward, OK it wasn't a complex claim, but there was no question of alternatives or reduced value. The only thing that remains to be seen is what it'll do to the premium, I'll update this when I find out.

Oldjohnw
Posts: 5293
Joined: 16 Oct 2018, 4:23am
Location: Northumberland

Re: TSB Insurance

Postby Oldjohnw » 25 Jun 2020, 12:37pm

Thanks, PH. Thanks s is very useful. It also illustrates that insurance is worthwhile and that not all companies are only there to rip you off.

At least as important as the welfare of your bike, how are you?
John

PH
Posts: 9605
Joined: 21 Jan 2007, 12:31am
Location: Derby
Contact:

Re: TSB Insurance

Postby PH » 25 Jun 2020, 12:46pm

Oldjohnw wrote:Thanks, PH. Thanks s is very useful. It also illustrates that insurance is worthwhile and that not all companies are only there to rip you off.

At least as important as the welfare of your bike, how are you?

I'm fine, thanks for asking.