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Insurance rip-off

Discussion in 'The Lounge' started by taxor, Jun 29, 2006.

  1. taxor

    taxor Well-Known Member

    I got my insurance renewal from Carole Nash the other week. They wanted £150 quid for TPFT on an ancient Yam J1200. I was going to go ahead and pay it, until I looked at how they'd arrived at that figure. £113 premium (quite good!), £5 insurance premium tax (we've all got to pay it!), £32 broker fee!!. Now I know brokers have to make their money somehow, but does this strike anyone else as somewhat excessive? This is 30%(ish) of the premium! No wonder more people are dealing direct. Bloody grumble, mutter, *&!!^**........
     
  2. Scphoto

    Scphoto Well-Known Member

    I went through my home policy today and got More Than to remove all the extra crap i didn't need. The £50k legal expenses and Credit Card cover saved me about £25.
    Lowering the amount for highrisk items (now i've got camera insurance) saved me another £30.
     
  3. Lounge Lizard

    Lounge Lizard Well-Known Member

    Doesn't Carole Nash include breakdown recovery? I made use of it once and it certainly saved me from paying for something which would have cost me far in excess of the broker fee. Before you write them off, just look to see what you get for your money.
     
  4. Barney

    Barney Well-Known Member

    30%'s about fair for a mark up on anything. Usually brokers will get the intial quote cheaper just by economy of scale so you might not be paying that much extra anyway.

    Is your camera cover new for old? If so who did you go through? If not, you were probably better off insuring through your home insurers.

    I'm moving and may have to take buildings cover through a nominated insurer. Not too happy about this as it means we'll have to pay shed loads extra to insure our contents elsewhere and I'm not sure Allianz Cornhill ( for tis they who are nominated) will do the type of All Risk/Personal Possession cover I want.
     
  5. Scphoto

    Scphoto Well-Known Member

    I went through Photoguard and the cost of each item was a replacement cost (or cost of equivelent item). So it should be new for old.

    To be honest the house insurance was o.k. but the max single item limit was £2000. No i know what insurance companies are like, if my 5D and lenses went they'd probably count them as a single item. I thought better be safe than put up with normal insurers. O.k. its probably cost me more, but i'm happier with the piece of mind a Photo insurer will give me.

    Hopefully i'll never have to use them.
     
  6. GeoffR

    GeoffR Well-Known Member

    Isn't English a funny language, I think you mean Peace of Mind, not Piece, as in part, of mind. Mind you with insurance you may be closer to the truth.
     
  7. Barney

    Barney Well-Known Member

    Unless it specifically states it, all items should be classed as individual items. It's not a hard point to argue. A lens can be used on a number of different bodies and is therefore a separate item. Likewise most accessories. From my experience, general insurers are more likely to pay out than specific ones.

    I'd double check the wornding of your pocily if it states replacement cost (or cost of equivelent item). They could quite easily apply wear and tear under this description.
     
  8. Scphoto

    Scphoto Well-Known Member

    oops, probably explains why I got an ungraded score in CSE English.
     
  9. Lounge Lizard

    Lounge Lizard Well-Known Member

    Isn't English a funny language

    English comprehension as well. It's strange that taxor started off by complaining about motorbike insurance and then everybody else discusses home insurance or camera insurance. ;)
     
  10. 0

    0 Guest

    Re: Isn't English a funny language

    Well, the thread title is "Insurance rip-off", not motorbike insurance.
     
  11. Lounge Lizard

    Lounge Lizard Well-Known Member

    Re: Isn't English a funny language

    Well, if anybody bothered to read the original post to see what this thread was supposed to be about, they'd realise that it was m/c insurance. But, hey, who bothers to read anything these days?
     
  12. benlovejoy

    benlovejoy Well-Known Member

    Re: Isn't English a funny language

    Thread-drift is a fact of forum life ...

    I'd definitely second the advice to insure photographic gear through home insurance, though. Adding all my gear as personal items with all-risk new-for-old cover added about £30 to the premium, and adding professional use added a further £11. That's much cheaper than the policy that company keep promoting through inserts in AP.
     
  13. Barney

    Barney Well-Known Member

    Re: Isn't English a funny language

    Strange, I thought it was about brokers' fees which of course can apply to motorcycle, home or photographic insurance.
     
  14. Lounge Lizard

    Lounge Lizard Well-Known Member

    Re: Isn't English a funny language

    Even stranger, I thought that the broker in question was Carole Nash who specialises in motorbike insurance. Few other replies discussed broker fees and simply recommended the best way of getting a camera insured.
     
  15. Barney

    Barney Well-Known Member

    Re: Isn't English a funny language

    When they're not selling Car, Home or Travel insurance that is.
     
  16. Scphoto

    Scphoto Well-Known Member

    Re: Isn't English a funny language

    Now i know what 'TPFT on an ancient Yam J1200.' actually means.

    Still, insurance brokers always make their bit (whatever the policy). I worked for a company that sold IT systems to commercial insurance brokers. They weren't short of a quid or two.
     

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