CAMC Insurance
Comments
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As I have said the FCA also uses the word "may" in relation to the FOS. But that's all I have to say as I'm not qualified to go into legal arguments. But I will look forward to hearing from those who are qualified to answer. (But maybe not on this thread because it has drifted from the original.)
I hope the OP enjoys many happy and safe trips with the new van in 2020.
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Yup, love it, a real life review given in good faith, far better than all the fake reviews being banded about for other products, and as others have said if you dont like what is on offer from the camc, dont use it, everybody has a choice in life.
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No myth at all Brue. All financial services are regulated by the FSA, including those providing unregulated cover policies. Those unregulated policies are however not covered by the FOS and in the case of a dispute regarding payouts the FOS are not able to consider or adjudicate with regard to the unregulated products and hence the very reason that they are correctly described as unregulated products.
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They also, quite misleadingly in my view, allude to the fact that the policyholder may be able to access the FOS because of the backup cover they have in place. But, that would only be possible if CC Ltd failed financially, the backup cover was activated, and itself failed.
clutching at straws, look, if the club was going to go bust, every man and his dog would know (low occupancy on sites etc) well in advance, after all, the CAMC is very big business and bad news spreads very quickly, this would give people who were covered by the club to seek alternative cover, yes it could mean additional expense, but caravan cover is not exactly expensive in real terms.
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You miss the point entirely (deliberately?). Nobody expects the club to go bust and if it did there is, apparently, an insurance policy held by CMC to bale them out. The point about the club being non regulated is an entirely different thing.
The point that DD alludes to is that there is no recourse to the FOS except, perhaps, if the club where to go bust and then perhaps, maybe........ I have no idea as I have no knowledge of the terms of that insurance and whether it has any application other than to CMC.
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Man insures caravan. Caravan sadly gets stolen. Insurance company pays out. Some say Ooh isn't that good. Some say That's what insurance companies do. Some argue about it at length over Christmas. You read it all on here.
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The CMC I consider to be trustworthy and to offer a good product and service. As to whether they need regulating that is not an issue as they cannot be with regard to FOS. Nor can any company offering unregulated cover to their members.
My previous experiences with well regarded insurers is such that I have had two disputes. One was reassessed by the company and I was offered approximately 20% over top book price which was more than I expected. The other instance resulted in my taking legal action and it was when I instructed my solicitor, over 18 months after the claim started, to tell the insurance company's solicitors that I was substantially increasing my claim (details were given over the phone) and that he was forbidden to consider further offers as we intended to continue to court that we recieved a call (I was having coffee with the solicitor) to ask him to tell his client that the claim, including the increase, would be met in full. I would prefer to use the FOS in the later incident. The FOS service was not available then as it was prior to 1999
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It is only in about the last 5.5 years that companies have been able to offer unregulated cover to members only I believe.
In financial investments I read that 80% of complaints to FSA have been for unregulated products. Not that this reflects on unregulated insurance products.
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the club are in the business of making money from whatever they sell and endeavouring to make the club a one-stop-shop for anything related to caravaning/MH ing, they were selling an insurance product , they were making money from selling that product, they saw a way of making more money from this product by changing the way in which they sold it. Do you think that after going to great lengths to change the way the product is sold they are going to put a revenue stream in jeapordy by ducking and diving on claims, I dont think so.
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disagree, my only point is, that i have made clear all along, is that if you dont like the product walk away, no point Googling worthless bits of legal jargon posting on here and trying to pick holes in the product, it is what it is and it aint going to change any time soon,
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At no time have I tried to pick holes Rufs. I do like the product but walked for other reasons as stated. As for 'worthless bits of legal Jargon' I did my research back at the start of November on Government websites including FOS and FSA not on social media or spurious sites; obviously you did not as you felt no need and are well able to criticise without doing so.
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life is too short to worry about all that research and regulators, keep it simple, buy a product, and do what it says on the tin, then you wont need a FOS, FSA or whatever other fancy name they dream up. Worked for me over the past 55 years of needing my own insurance.
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This is exactly my experience of the Club Insurance too. We had or caravan stolen about 8 years ago now, and I still remember the efficient and sympathetic way the Club dealt with the claim. I would never insure my caravan with anyone else after this very positive experience. The person who had his 'van stolen t the same time had no end of trouble with his claim (another insurance company - and a long story!!)
David
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