Is my insurance company right (UK)?
I had student's possessions insurance with Endsleigh. I compensated an extra premium to insure my laptop for lb1000 (which was the brand new expediency 3-4 years ago). The laptop got damaged whilst travelling and I sent it stale for repairing on the insurance. They said they could not repair it and offered me a replacement worth lb700.
I was not happy next to this as I had insured it for lb1000. May I add that the family who fix/repair is a different company (Lakeside). Lakeside said it was lb700 as my laptop had devalued during the time I have owned it. I explained how I had paid the extra premium but neither Endsleigh or Lakeside want to know.
How did Endsleigh tolerate me insure it even though they knew it was devaluing.... the instrument it was explained to me was that I would return with what I paid for (lb1000)... how can they get away beside this? I'm furious! Has this happened to anyone else?
Is there a channel I can make them get me what I remunerated for?
Answers:
I was contained by the same situation with endsliegh student insurance, have my lb1500 laptop replaced with an lb800 new one! in that so over priced and service is appalling, they offer you what something of a similar spec would cost now not how much it be worth then so your not losing out too badly. Id outstandingly recommend shopping around when it comes up for renewal though check out the advantage section on this site and take a quote! Source(s): https://www.ezylet.co.uk/
When you insured the laptop it would've cost lb1000 to replace. However during the course of time that exact same laptop now solely costs lb700 to replace. Therefore the maximum you will receive for the claim will be lb700. Were you to receive lb1000 this would enable to either buy a better spec laptop or buy duplicate laptop and keep the lb300 difference. You can not make a profit on the claim which is what you would essentially be doing be you to be paid lb1000 - that would be a form of fraud.
Your policy is there to put you rear legs in the same position as you be before the loss/incident, or as near to that position as possible.
If it with the sole purpose costs, say, lb700 to replace your laptop with a like-for-like one afterwards any additional payment would put you within a better position that you were before the loss. Source(s): http://www.ajcconsultants.ltd.uk
I bought a 2nd hand laptop for lb600.
3 years later it get damaged and my 'new for old' home contents insurance got me a brand bright laptop that was retail price at lb1000. (far better than my old one) and included a free three year parts fabrication warranty.
Did your policy state 'new for old'?
I was paying around lb11 per month for my home content's insurance.
Complain to the company within the first instance and then if you are still not happy complain to the insurance ombudsman.
I don't come up with you'll get anywhere trying to get them to clear out more. The way they work it out is that you can get a replacement of equal or better spec for less money today.
When you originally took out the insurance it would have cost lb1,000 to replace. Source(s): My laptop broke and I didn't carry what I paid, just the cost of an equivelant replacement.
The insurance company is correct. The lb1000 was the sum insured, which is the maximum amount you would ever get for a claim, it doesn't expect you will definitely get lb1000 if you claim for a topical laptop.
Prices of computers have come down a lot lately. Even though you paid lb1000 for your laptop 3-4 years ago, it is now possible to capture an equivalent one for much less. If they gave you lb1000 presently, then you would actually be better stale than you were before the laptop get damaged.
The purpose of insurance is to put people spinal column into the same financial position that they were surrounded by immediately before the incident occur - no better or worse.
So you can rest assured that no-one is trying to rip you off. :)
Well look at car insurrance, they do not extend what you paid for the car, due to depreciation.
So what is the difference.
Insurance companies are only too of a mind to take your money and then wriggle out of paying claims.
With a middle-of-the-road insurance policy, you can only cover your financial loss at the time. If your laptop cost lb1,000 3 years ago, a second hand one beside the same spec now would cost you nearly lb300 - so they are being unusually generous for an insurance company. See what you can find on eBay for lb700 and you'll finish up beside something a lot better.
It is possible to get "current for old" insurance, but not normally for computers. Yesterday's "State of the Art" is today's bargain vault.
The price of laptops have come down over the last couple of years. Even for lb700 you will get a better spec laptop very soon than the one you paid lb1000 for 2 years ago.
xx
Unfortunately that's how insurance companies work and net their large profits. They take your premiums, consequently when you make a claim they do their utmost to avoid paying out, they will find every loophole going to avoid paying you what is due.
Related Questions:
I was not happy next to this as I had insured it for lb1000. May I add that the family who fix/repair is a different company (Lakeside). Lakeside said it was lb700 as my laptop had devalued during the time I have owned it. I explained how I had paid the extra premium but neither Endsleigh or Lakeside want to know.
How did Endsleigh tolerate me insure it even though they knew it was devaluing.... the instrument it was explained to me was that I would return with what I paid for (lb1000)... how can they get away beside this? I'm furious! Has this happened to anyone else?
Is there a channel I can make them get me what I remunerated for?
Answers:
I was contained by the same situation with endsliegh student insurance, have my lb1500 laptop replaced with an lb800 new one! in that so over priced and service is appalling, they offer you what something of a similar spec would cost now not how much it be worth then so your not losing out too badly. Id outstandingly recommend shopping around when it comes up for renewal though check out the advantage section on this site and take a quote! Source(s): https://www.ezylet.co.uk/
When you insured the laptop it would've cost lb1000 to replace. However during the course of time that exact same laptop now solely costs lb700 to replace. Therefore the maximum you will receive for the claim will be lb700. Were you to receive lb1000 this would enable to either buy a better spec laptop or buy duplicate laptop and keep the lb300 difference. You can not make a profit on the claim which is what you would essentially be doing be you to be paid lb1000 - that would be a form of fraud.
Your policy is there to put you rear legs in the same position as you be before the loss/incident, or as near to that position as possible.
If it with the sole purpose costs, say, lb700 to replace your laptop with a like-for-like one afterwards any additional payment would put you within a better position that you were before the loss. Source(s): http://www.ajcconsultants.ltd.uk
I bought a 2nd hand laptop for lb600.
3 years later it get damaged and my 'new for old' home contents insurance got me a brand bright laptop that was retail price at lb1000. (far better than my old one) and included a free three year parts fabrication warranty.
Did your policy state 'new for old'?
I was paying around lb11 per month for my home content's insurance.
Complain to the company within the first instance and then if you are still not happy complain to the insurance ombudsman.
I don't come up with you'll get anywhere trying to get them to clear out more. The way they work it out is that you can get a replacement of equal or better spec for less money today.
When you originally took out the insurance it would have cost lb1,000 to replace. Source(s): My laptop broke and I didn't carry what I paid, just the cost of an equivelant replacement.
The insurance company is correct. The lb1000 was the sum insured, which is the maximum amount you would ever get for a claim, it doesn't expect you will definitely get lb1000 if you claim for a topical laptop.
Prices of computers have come down a lot lately. Even though you paid lb1000 for your laptop 3-4 years ago, it is now possible to capture an equivalent one for much less. If they gave you lb1000 presently, then you would actually be better stale than you were before the laptop get damaged.
The purpose of insurance is to put people spinal column into the same financial position that they were surrounded by immediately before the incident occur - no better or worse.
So you can rest assured that no-one is trying to rip you off. :)
Well look at car insurrance, they do not extend what you paid for the car, due to depreciation.
So what is the difference.
Insurance companies are only too of a mind to take your money and then wriggle out of paying claims.
With a middle-of-the-road insurance policy, you can only cover your financial loss at the time. If your laptop cost lb1,000 3 years ago, a second hand one beside the same spec now would cost you nearly lb300 - so they are being unusually generous for an insurance company. See what you can find on eBay for lb700 and you'll finish up beside something a lot better.
It is possible to get "current for old" insurance, but not normally for computers. Yesterday's "State of the Art" is today's bargain vault.
The price of laptops have come down over the last couple of years. Even for lb700 you will get a better spec laptop very soon than the one you paid lb1000 for 2 years ago.
xx
Unfortunately that's how insurance companies work and net their large profits. They take your premiums, consequently when you make a claim they do their utmost to avoid paying out, they will find every loophole going to avoid paying you what is due.
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