MCE INSURANCE!!!!!

sirswali · Nova Slayer Joined: 07 Jun 2012 Karma :

Hey Guys,

Need some help.. Unfortunately for me when looking for insurance for my newly aquired, brand new Yamaha YZF R1 2010 i didn't bother to look at the reviews for the insurance company that came up with the cheaps quote..... I was simply over the moon happy that the monthly cost wouldn't break the bank and when I wen to go sign for my new pride and joy I'd be able to ride her all the way down from Wigan to Cambridgeshire.

1 week later! to the day! My pride and joy got nicked not 10mins after I had a look outside to make sure she was fine. In the Middle of London BROAD DAY LIGHT, wittnesses and all!

MCE we quickly notified not 20mins later, an hour and their accessor was on to me, trying to trip me up with leading questions about the legitimacy of the circustances etc etc.. the usual BS. I was told that an impact accessor will be on to me to finalise payment as the bike is brand new and theres aprox £11k owing on the bike to the finance company I decided to use. He said he didn't forsee there being any complications as the bike was only a week old.

Today, i get a call almost 4 weeks later and the guy "Richard" on the other end of the line tells me that because I had listed the value of the bike as being £7,000 at the time of taking out the insurance. He stated that the £7K was an agreed valuation and that although the market value of the bike obviously surpasses the value of £7K they would only payout up until £7K!!!

I need help:

1. The insurnace was purchased before settling details with the Bike showroom so the value I may have written down was a best guess

2. An agreed value is for old / specialty bikes that can't be accessed/valued according to any market value as they are either unique or otherwise

3. How do they expect to get away with NOT paying out the MARKET VALUE to the less value even though they know the value of the bike isn't the £7k they say I listed?!?!?

Seriously any help here is greatly apprecieated... I'll take these bastards to court if I have to.

PS.

If anyone sees a Matte Black R1 with Akrapovics plate PK12 JUF, give the guy a closeline from me..

AyrtonSenna · Nova Slayer Joined: 03 Apr 2012 Karma :

You signed on the dotted line mate..........

Alpha-9 · Super Spammer Joined: 19 Jan 2012 Karma :

You paid 11k for a 125?

Fucking hell.
And you put on your insurance it's worth £7000? Why would you even do that.

You deserve everything you get, good luck! Laughing

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MarJay · But it's British! Joined: 15 Sep 2003 Karma :

AyrtonSenna · Nova Slayer Joined: 03 Apr 2012 Karma :

angryjonny · World Chat Champion Joined: 01 Sep 2006 Karma :

Wave2k · G's Stalker Joined: 06 Apr 2004 Karma :

MCE are cowboys full stop.

You need legal advice

Try citizens advice
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sirswali · Nova Slayer Joined: 07 Jun 2012 Karma :

sirswali · Nova Slayer Joined: 07 Jun 2012 Karma :

Kwaks · I'm not a fast rider Joined: 28 Jan 2006 Karma :

The only question you need to answer is were you the first registered owner of the bike.

If the answer is YES then MCE need to replace the bike (or give you enough funds to do so) as the policy is new for old.

If the answer is NO then you will get the value of your bike.

The fact that you took out a loan to purchase it is not their business, however I would point out that if you called the finance company up they will offer an early settlement.
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..... · Quote Me Happy Joined: 15 Jan 2005 Karma :

If MCE are like my insurance company it clearly states in the small print that they will not pay over the amount you put in the estimated value box. Whether or not this has any legal bearing I don't know.

You did read the small print didn't you?

Kwaks · I'm not a fast rider Joined: 28 Jan 2006 Karma :

U_W v2.0 · World Chat Champion Joined: 07 May 2012 Karma :

as above

insurance will only pay out an mount UP TO what YOU DECLARED the bike as being WORTH when you SIGNED the CONTRACT with MCE.

as for the new for old bit i dont know.

further, you need to find out the ACTUAL price you paid for the BIKE.

most people dont realise it but when you take out finance your paying off your interest FIRST so that the company can maintain your interest % and once thats cleared THEN you pay off the amount you took the finance for.

point being? when you make a payment, do by so phone and tell them your paying off the VALUE OF THE ITEM on finance, and NOT the interest.

because you have reduced the outstanding balance on said item your interest % in ££ will be lower Wink

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Alpha-9 · Super Spammer Joined: 19 Jan 2012 Karma :

Rogerborg · nimbA Joined: 26 Oct 2010 Karma :

sirswali · Nova Slayer Joined: 07 Jun 2012 Karma :

sirswali · Nova Slayer Joined: 07 Jun 2012 Karma :

anthony_r6 · World Chat Champion Joined: 31 Mar 2011 Karma :

The problem is people undervalue their bike to get cheaper insurance. In your case you undervalued your bike by several thousand pounds and they're not willing to pay over it. I suspect they would never pay out more than the value of bike that you agreed on. I also suspect any company would treat you the same way.

You screwed yourself over here unfortunately. I'm not a fan of these companies, but this isn't their fault. Sorry to hear your bike was stolen.
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angryjonny · World Chat Champion Joined: 01 Sep 2006 Karma :

Kwaks · I'm not a fast rider Joined: 28 Jan 2006 Karma :

You are in the clear, tell them to point you in the direction of where you can get the same bike for that money, or even better tell them to buy it and deliver it to you. In all honesty they should be able to buy it cheaper than you anyway.

Just keep repeating to them, new for old.
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Fallen Angel "Nae sniffing my seat now!!!!! "
www.cliqueycuntsmcc.co.uk
I AM NOT A FAST RIDER!!!!!!!!!

map · Mr Calendar Joined: 14 Jun 2004 Karma :

As said above you need to do some work and get some other quotes.
Just shows there is a problem with dealers if a 2010 model is sold new. Couldn't shift it in 2010 then.

Problem with this is if I understand it right is that the insurance company are seeing it as a 2 year old bike. That means their little black book (probably Glass's guide) says market value at the lower end is £7K.

Your schoolboy error is not to have put the value you paid for it. Even if you'd said market value that wouldn't be what you paid for it.

Also as said with insurance companies is not to accept their first or maybe even second offer. It's a bit of a negotiation but they know they have they usually have the upper hand as they can just play for time and string you along.

Get some quotes, even go back to where you bought the thing.

Also how long was it before buying the insurance, getting the bike and getting the insurance paperwork? Did you have time to read the paperwork? Is your amendment where they say if there are any changes to this let us know not in the post? (post service is bad, they may not have received this or perhaps lost it in their own internal system?).
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sirswali · Nova Slayer Joined: 07 Jun 2012 Karma :

Philly46 · Spanner Monkey Joined: 05 Jun 2005 Karma :

Just read the whole thread, all I can see is user error. Rolling Eyes

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Kwaks · I'm not a fast rider Joined: 28 Jan 2006 Karma :

iooi · Super Spammer Joined: 14 Jan 2007 Karma :

Op. Get your glasses on and get reading their T/C and policy docs.
Most ins policies will cover like for like replacement on a new car/bike so long as its under X months.

If they have nothing in there covering this. then you need to speak to finance co as well.
Perhaps there is something they can do to assist you in getting it sorted.

Undervaluing a bike is a major error, and you can't expect them to pick up on that. as far as they are aware a 2 year old R1.
Gives a guide
It is your responsiblity to ensure you have the correct level of cover.

Given it was a 0% deal YOU must have know how much you were going to be paying before signing on the dotted line...
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