Restoration Insurance
Discussion
This is potentially a minefield and I would strongly recommend you discuss and get confirmation in writing as to what is covered or not as I have found out the hard way with a current claim that "loss" is very difficult to quantify as evidenced in some way below.
Despite having an agreed value policy, the insurance company are trying every which way to deny paying out as the restoration company went bust and somehow my car landed up in a neighbouring factory unit which took ages to find and when found, "neighbour" now wants storage fees and insurance initially advised to claim for theft when car was missing, the denied claim when car was found approximately 6 months later (by me and only after involvement of the police) and now stating that as car is now found, not their problem.
Car is currently stripped and missing doors, bonnet, tailgate and all glass, bumpers, interior and trim but now insurance company denying claim for damage as I cant evidence when exactly the loss took place despite them stating to Ombudsman themselves that the was was moved to storage (without my knowledge or permission) in or around 2019 when policy was in force from around 2016 onwards.
I have since referred to the Ombudsman and their initial findings disappointing and I have now subsequently twice asked them to go actually read the written correspondence and the policy wording and revert to me. first time the upheld my claim for theft as I could not proved theft until i pointed out that indeed I have never claimed for theft - I initially informed insurance car was missing and was told to report as stolen by police - policy clearly states that if not found within one month, claim will be settled - not done. the case goes on.....
I have also asked the Ombudsman to specifically ask the insurance company what exactly is and isn't covered as I have other cars under restoration with zero answer so far.
Irrespective of the outcome of this specific and complicated case, I plan to write this up for one of the classic car club magazines.
For what its worth, this is not some outlier but one of the largest classic car insurers in the UK.
Despite having an agreed value policy, the insurance company are trying every which way to deny paying out as the restoration company went bust and somehow my car landed up in a neighbouring factory unit which took ages to find and when found, "neighbour" now wants storage fees and insurance initially advised to claim for theft when car was missing, the denied claim when car was found approximately 6 months later (by me and only after involvement of the police) and now stating that as car is now found, not their problem.
Car is currently stripped and missing doors, bonnet, tailgate and all glass, bumpers, interior and trim but now insurance company denying claim for damage as I cant evidence when exactly the loss took place despite them stating to Ombudsman themselves that the was was moved to storage (without my knowledge or permission) in or around 2019 when policy was in force from around 2016 onwards.
I have since referred to the Ombudsman and their initial findings disappointing and I have now subsequently twice asked them to go actually read the written correspondence and the policy wording and revert to me. first time the upheld my claim for theft as I could not proved theft until i pointed out that indeed I have never claimed for theft - I initially informed insurance car was missing and was told to report as stolen by police - policy clearly states that if not found within one month, claim will be settled - not done. the case goes on.....
I have also asked the Ombudsman to specifically ask the insurance company what exactly is and isn't covered as I have other cars under restoration with zero answer so far.
Irrespective of the outcome of this specific and complicated case, I plan to write this up for one of the classic car club magazines.
For what its worth, this is not some outlier but one of the largest classic car insurers in the UK.
Sorry to be vague but as the case is still live, I would prefer to not provide more information.
I do take your point which is why I have specifically asked for clarification as to what exactly is and isn't covered covered under the insurance - in addition, I have asked them to comment on specific scenarios (based on friends' experiences) and it is their refusal to answer that worries me more. I would recommend you read your policy carefully.
I do take your point which is why I have specifically asked for clarification as to what exactly is and isn't covered covered under the insurance - in addition, I have asked them to comment on specific scenarios (based on friends' experiences) and it is their refusal to answer that worries me more. I would recommend you read your policy carefully.
Gassing Station | Classic Cars and Yesterday's Heroes | Top of Page | What's New | My Stuff