Member Since: 27 Mar 2008
Location: Riyadh, KSA
Posts: 3079
Purely out to interest, as this is all water under the bridge to me now.. but I'll try and dig out the paperwork when I'm home and re-read the verdict.D4 XS, gone, much loved, never forgotten
2018 FFRR SDV8 Autobiography - Gone to someone with less sense and more time to enjoy it
2016 Toyota Hilux Invincible - Liberating experience
16th Aug 2017 3:50 pm
James W
Member Since: 27 Mar 2008
Location: Riyadh, KSA
Posts: 3079
Just to put this to bed, I dug out the files and the actual relevant wording in the letter from FOS reads:
Quote:
"I must explain that the Financial Ombudsman Service is not a regulator; we cannot police [or] punish businesses. My role is to consider whether Pinnacle's actions to decline your claim were in line with the policy terms and conditions and moreover, fair and reasonable."
Verbally, she explained that essentially they can conclude an opinion but not necessarily enforce anything for this company/product. Which I accept does seem contradictory to, say, PPI decisions which I believe are legally enforceable. I seem to recall her explaining that this is due to it not being an insurance product, or something similar. It was over two years ago.
I'm not going to keep commenting about WD now, as I'm just repeating myself and probably boring others. The situation doesn't warrant me to keep on slating WD on here. The good news stories on here seem to far outweigh the bad experiences, like mine - which is great. I always just wanted to add a bit of balance as people need to (as with any insurance product) watch their backs.
In my case, the terms and conditions were interpreted and applied unfairly and inaccurately by WD to avoid honoring a claim. FOS were unable to add anything to the situation despite a 6 month process (overall). Hence my post earlier in this thread about any claimed oversight by regulatory bodies not necessarily meaning you'll get a dispute resolved (in my experience). This could have been a misunderstanding on my behalf. I don't think it was, but I don't know.
In the end, I got my claim value back as a renewal discount offer/goodwill. I then moved to a provider I felt happy with. You pays your money, you makes your choice.
Caveat emptor, as always, applies.
JamesD4 XS, gone, much loved, never forgotten
2018 FFRR SDV8 Autobiography - Gone to someone with less sense and more time to enjoy it
2016 Toyota Hilux Invincible - Liberating experience
17th Aug 2017 8:57 am
ITO
Member Since: 26 Jan 2017
Location: Aberdeenshire
Posts: 37
Great info, thanks so far.
I started looking at these when I bought my D4 but when I mentioned offroad, all of a sudden they wouldn't cover the vehicle.
I know I could have just not mentioned it, but was thinking about the £1000 bill for something that wouldn't pay out if... I needed it.
How has anyone's experience on this worked out?Prev: 2015 D4 HSE Corris Grey
Prev: 2011 D4 XS 8spd
Prev: 2015 110 XS USW Corris Grey
Prev: 2004 D2 Landmark Manual Black
COTAG 4x4 Response
17th Aug 2017 9:41 pm
Red Merle
Member Since: 30 Aug 2014
Location: Liskeard
Posts: 7441
Does anyone go to Companies House and pull sets of accounts from these extended warranty companies before making their decisions on who they should entrust their premiums to?!2011 - 2015: 3 x FL2
2015 - 2017: 2 x D4
2017 to date: FFRR SDV8
2023 to date: 2 x FL2 as “second” cars 🙄
2021 to date: Hinckley built ‘14 Triumph Trophy 1200
2022 to date: Hinckley built ‘14 Triumph Trophy 1200 & sidecar!
(One of only two known to exist in the world!)
18th Aug 2017 5:06 am
RichardE
Member Since: 24 Apr 2007
Location: Ongar
Posts: 15
It's an interesting question whether it's worth looking at Companies House records.
Personally, I would rely on insurance companies that are properly regulated by the FCA and from a solvency point of view by the Prudential Regulatory Authority (part of the Bank of England). This wouldn't guarantee that a company won't go bust but at least someone who understands insurance company accounts has looked at the accounting and reserving for claims process and ensured minimum solvency margins are maintained. Insurance policies are also covered by the Financial Services Compensation Scheme which will pay 90% of a valid claim.
On the other hand, the sellers of "discretionary" policies aren't insurance companies and are therefore not subject to the regime described above.
Because of Red Merle's comment, however, I did look at Companies House for Motoreasy and so far it has only filed dormant company accounts. The last return shows share capital of £2,000.
I should add that I really don't have an axe to grind here. I have learned a lot from this forum over the years and just wanted to payback with something that I understand and that people may find useful.MY12 HSE
MotorEasy has declined my claim for the rear propshaft on my MY11 D4 because it's noisy and hasn't therefore suffered a sudden failure. Also the lower steering column claim has been declined because it's not a covered component. All-in-all not a happy bunny with them at the moment and questioning its worth.Front Runner Rack, OEM Ladder & RAI, Tuff-Trek Foxwing, B'rakhah Ingonyama Expedition Trailer, RLD's Spare Wheel Protector, Bodsy's Bars, Empty Pockets! Member of Gloucestershire & Worcestershire 4x4 Response.
20th Aug 2018 1:14 pm
lynalldiscovery
Member Since: 22 Dec 2009
Location: Maidstone
Posts: 7274
I would say most warranties are only any good for crank/engine failure and as most dont seem to cover that aspect!
Its a dear car to run and if you cant afford the repairs, buy something you can afford, it really is that simple.
Ps Im not aiming to insult anyone, but Im sure some will be , its just I have never bought a warranty for anything I have bought ever, I wonder how much I have saved over the years?
I have cancelled the warranty now and will be ordering the new propshaft and steering column and doing the work myself. Overall I'll have an extra 500 readies in my pocket by DIY! Front Runner Rack, OEM Ladder & RAI, Tuff-Trek Foxwing, B'rakhah Ingonyama Expedition Trailer, RLD's Spare Wheel Protector, Bodsy's Bars, Empty Pockets! Member of Gloucestershire & Worcestershire 4x4 Response.
20th Aug 2018 2:25 pm
lynalldiscovery
Member Since: 22 Dec 2009
Location: Maidstone
Posts: 7274
TBH thats pretty much how I work eveything out, yes you screw up every now and then when diying, BUT you learn so much and each job becomes less of a mystery.
Touch wood! Ive ran my D3 for 3.5 yrs now without any major hitches and in my eyes thats pretty good for an old car.
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, its just I have never bought a warranty for anything I have bought ever, I wonder how much I have saved over the years?
