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Insure My Ride - Policy Wording.Be very careful!

Discussion in 'Businesses and Service Providers' started by TWEET, Dec 2, 2007.

  1. Another member and I were just looking at the policy documents for IMR and under their heading:

    PDS & Policy Wording

    "Comprehensive insurance>What is covered"

    The section on uninsured third party states:

    If your bike’s damaged in an accident that’s not your fault, we’ll choose to either repair your bike or pay you the amount of the damage, provided that:

    - you give us written evidence that the driver, rider or owner of the other vehicle is not covered by any insurance policy for the damage to your bike

    - you notify us of the current name and address of the driver and/or owner of the other vehicle, together with the vehicle’s description and registration

    - the other vehicle was not owned or driven by you, your partner or any person who normally lives with you.

    We will determine who was at fault.
    We’ll also pay the reasonable costs for towing your bike to the nearest repairer or safe place if it’s unrideable.

    In the adjacent column of the table it states:

    What's NOT covered

    Any amount more than market value of your bike.

    An amount greater than $3000.

    Have a think about that......

    Well if someone who is uninsured causes an accident IMR will only pay you the lesser of:

    A) The market value of your motorcycle
    8) $3000

    Even if you can identify the driver and vehicle at fault, if that at fault person is uninsured, you will get no more than $3000.

    Think about that when you are insuring your $17000 brand new bike!

    What a total rort, I don't know of any other insurer with this type of minimalist cover for claims where the inusred is not at fault on a comprehensive policy.

    My NRMA and Shannons policies will cover me up to the full amount of my agreed value, and I believe many other insurers will do the same.

    Just goes to show you that it is imperative to read the PDS thoroughly before taking out insurance, and you get what you pay for.

    Perhaps Smithy or another employee that is a member here can confirm and point to literature published to the contrary if I am incorrect??
  2. wow ok.
    and wtf if its hit and run.

    That policy sucks balls
  3. Interesting question, because really you would be better off to say the driver couldn't be identified if they were uninsured, and then claim and pay your excess, particularly if the damage was far in excess of $3000
  4. I have contacted them, awaiting clarification. Basically asked them would would happen if an uninsured third party who was deemed at fault did $5000 damage to a $10000 bike and the insured rider had done all the right things - got details, Police report etc.
  5. NRMA Policy

    Hey TWEET, you should check your NRMA PDS carefully particulary page 14 which states the same that they will only pay up to $3000 damage dfor a collision with an uninsured motorist.

    Uninsured Motorist Damage
    ✓ Third Party Property Damage
    If your vehicle suffers accidental
    damage caused by a collision with
    • someone who has no insurance
    cover for your damage, and
    • the collision is not your fault

    we will
    • decide whether to
    • repair your vehicle, or
    • pay you the cost of repairing
    your vehicle, or
    • pay you the market value of
    your vehicle less the amount
    we estimate the salvage is
    worth. If we do this you keep
    the salvage
    • pay up to $3,000 (inclusive of gst)
    for damage to your vehicle[/b]

    • the damage must occur as a result
    of a collision with another vehicle
    • the driver of the other vehicle must
    be uninsured for your damage
    • we must agree that the accident
    was entirely the other driver’s fault
    • you must give us the registration
    number of the other vehicle and
    the name and residential address
    of the other driver
    • the damage must be more than the
    basic excess which applies to your
    Policy at the time of the incident.
    The basic excess is shown on your current
    Certificate of Insurance
  6. Those 2 contradict each other..
    The market value of my bike is far more than $3k which in the first line it says they will cover.. Second line says no more than $3k ??

    Confusing really.. I assume it is saying they wont pay more then $3k for repairs if the bike isnt worth fixing..

    There will be some explanation i am sure.. :grin:
  7. I have noticed similar wording in most PDS that is why I didn't worry to much about it when I went with Arista as it also had it mentioned. I think that the PDS is referring to both comprehensive and 3rd party and that the $3000 dollar limit only applies to 3rd party. Although it does not make it completly clear. I jsut looked at Shannons PDS it makes it much clearer.
  8. Pg 22 also contradicts this.

    But I'm ringing on Monday to confirm. If it is as it seems, they can cancel my policy then and there. :evil:
  9. Re: NRMA Policy

    I have comprehensive cover your quote relates to 3rd party property insurance.

    Blue: These are not really contradicting, it reads what is not covered: Any amount more than the market value of your bike (assuming the bikes market value is <$3K

    An amount more than $3K

    So if the bike is valued <thatn $3K, you get what its value is or the cost of repair up to $3K. If the damage exceeds $3K or is a total loss with a value of >$3K, well you get only $3K
  10. I think Blue might be on to something. Reading that NRMA one it might mean that over $3k damage by an uninsured motorist is an instant write off and then you get market value.
  11. Nope!

    If damage >$3K you get $3K, its not a total loss, it's just the maximum benefit available under this policy.
  12. Getting an email sent as confirmation from Insure My ride

    it is a misprint carried over from their 3rd party PDS into the Comprehensive (they claim they are getting new ones printed as we speak).

    If your $10000 bike is collected by an uninsured driver they pay the entirevalue of the bike or cost of all repairs etc,etc.

    matt sighs a deep breath of relief!!!!!! :grin: :grin: :grin:
  13. Sack the proof-readers!!! :LOL:.
  14. Time to update your Garage entry Uncle Browny?
  15. This is what I got back off INSURE MY RIDE:

    ( I withheld his name)

    So all is good
  16. That must be a breath of relief for some of you.

    I can't help but wonder how many people they may have shafted with this up until now, and if in fact the current PDS IS their policy, however from the backlash they got this morning, they have reviewed it and decided to do what most other competitors do, and ocver you for the agreed/market value in the event of an uninsured motorist. :?:
  17. Hey MG, thanks for the info.
    The strange thing is IMR list uninsured motorist protection under their comp policy wording and PDS. The anomoly is that uninsured motorist protection is usually provided under 3rd party property policies, with comp policies covering the insured for the full amount of agreed/market value depending upon their policy.
  18. No wonder you were a cop. You can't trust anyone on their word can you!

    I will say it again, I have gone through a claim with these guys and they were brilliant.