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VIC Insurance Theft Excess

Discussion in 'Politics, Laws, Government & Insurance' at netrider.net.au started by offtrack, Feb 27, 2016.

  1. Hi guys,

    My bike was stolen, and recovered, police report lodged, prints dusted, and bike is with repairer.

    Repairs have been authorised.

    So far, so good.

    Then, I get a letter from my insurer (won't name names just yet), requesting $650 excess. $400 basic excess, plus an additional $250 theft excess......????

    Now, if it was a not at fault accident, no excess would apply. Theft is absolutely a 'not at fault' claim, so why the huge excess??

    They state it's because I can't name an offender......well it's theft....unlikely they would leave a note with there details!

    I've never made a theft claim before. Is this normal? Any advice on having the excess waived?

    (I've sent off an email, haven't heard a reply yet)
  2. If that's a condition of the policy you purchased then you're stuck with it, you can always ask for a better deal but they are not obliged to offer it to you. A lesson for others, read and understand the conditions of the insurance cover you are buying, they aren't all created equal and sometimes they give you a choice of premiums based on excess levels.
  3. It's absolutely normal. If the insurer cannot recover the excess amount from another party, they will recover it from you.
    It'll be in the policy documentation.
  4. Thanks guys. The whole claims process went very smoothly, but the excess demand was a bit of an unexpected sting.

    If the police prints eventually link back to someone, I get the excess back, but in reality, it's not like I can call the police every month to find out if they've caught someone!

    Also, the thief actually bought their own helmet (found with my bike), so it's likely they wore bike gloves too = no prints.
  5. What excess is this one?

    It's non-recoverable claim, same as malicious damage, storm damage etc. You need to contribute to the claim by paying your applicable excesses

    Theft excess is usually applied after previously having a theft claim, but that doesn't apply to all insurers so there is no "normal". Any insurer which allows you to waive an excess will charge you an additional premium to do so.

    All excesses is provided on your insurance certificate. Have you not yet had a look at it?

    Not likely. The claim will have been finalised by then and the time and expense of actually obtaining payment from the thief is not worthwhile.

  6. Thanks Justice.

    $650 excess is composed of $400 Basic Excess (to lodge a claim) plus $250 Theft Excess (due to unnamed party).

    Yes.....its all in the very fine print!
  7. Ok, gotcha now. Honestly, do some research and you will soon realise you have nothing to whinge about. eg. the next person pays $650 for any non-recoverable claim whereas you only have $650 for theft, otherwise its $400.