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Insurance Claim question

  • 05-01-2017 3:29pm
    #1
    techdiver
    Registered Users, Registered Users 2 Posts: 3,259 ✭✭✭


    Hi,

    Recently my bike was stolen and I'm now out of pocket as I need to purchase a new one.

    It was covered under our home insurance, but I'm wondering whether it is even worth claiming as I am concerned as with motor insuracne that they will just recoup the cost back with increased premiums over the next few years?

    If that is the case, is there ever any point of insuring content in a home anyway?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,476 ✭✭✭✭coylemj


    It depends on the size of the claim you may or may not submit, same as is the case with minor fender benders and car insurance. The probability is that it won't be worth claiming because as you say, your premium will go up but bear in mind that it also means that other companies will not quote you for a few years as you'll have had a recent claim.

    Is there ever any point in insuring contents? It's definitely needed to cover you for fire & smoke damage since that tends to be pretty catastrophic in terms of damage to bedding, electrical appliances and furniture, even if there's no major structural damage. For minor domestic accidents and theft of personal possessions, in most cases you have to take the hit.


  • #3
    kkelliher
    Registered Users, Registered Users 2 Posts: 1,583 ✭✭✭kkelliher


    techdiver wrote: »
    Hi,

    Recently my bike was stolen and I'm now out of pocket as I need to purchase a new one.

    It was covered under our home insurance, but I'm wondering whether it is even worth claiming as I am concerned as with motor insuracne that they will just recoup the cost back with increased premiums over the next few years?

    If that is the case, is there ever any point of insuring content in a home anyway?

    Insurance was generally and originally geared towards catastrophe type scenarios but in order to sell the products insurers have been adding in extras covers and the likes over the years which in many cases are worthless. Bikes is a prime example. Unless your bike is worth thousands by the time you take off the excess and take the loss of your ncb into account, it wont be worth while. The same cant be said for a fire where in most cases you will have no problem justifying a claim for a high % of your sums insured in one claim. The loss of your ncb and the excess then becomes a negligible issue.


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