S works venge stolen durham

[fossyant]

Just ask the insurance company to provide you with a replacement S Works Venge for £380 from the bike shop they got the valuation from and see if anything turns up

Yeh, some actually specify the replacement comes from Wheelies....

 

[jack smith]

The limit is 1k which tbf would get me a decent bike but 380 is a mick take

 

[nappadang]

A good fall back is slagging them off on social media. if they have a facebook page or a twitter account they often respond quite quickly to negative comms. Mind you, they probably get thousands of unhappy customers so may not have the desired effect with an insurance company.
I'd certainly be asking for the details of the dealer who quoted that price and be speaking to them direct.
If you formally complain and get nowhere then go down this route..
http://www.financial-ombudsman.org.uk/

 

[Cuchilo]

Can't believe that offer. What sort of bike shop thinks a Venge is £380.

A Giant store ?

Sorry , bad taste joke

 

[cyberknight]

Its a pish take ,

Do not accept the offer. You have told them the frame retails about £2.5k..... You have photos of you with the bike. Does your home insurance have a value limit? My bikes that are over the limit are individually named.

Can't believe that offer. What sort of bike shop thinks a Venge is £380.

+1 , a bike shop that does not know WTF they are talking about and probably in the pocket of the insurance company to help reduce claim costs.

 

[fossyant]

Our policy is £1k per bike except two which have their own extension. The £1k would cover replacement of my old Ribble for like for like with same group set. The minimum you want is £1k. Sharks the lot of them

 

[Pumpkin the robot]

Our policy is 1K per bike as well unless you agree a different price beforehand.

 

[w00hoo_kent]

My home policy (Zurich) is £500 per unnamed bike, but happy to take named ones, so the three that are worth more than that are named. They do new for old on anything they cover.

You can quibble with insurance companies, you don't have to agree to their offer. You'll need good evidence that it's worth more (receipts, photo's, etc. help you might even find historic posts on here are a good trail if you kept a build diary). You may find that they argue second hand parts aren't worth as much, but again you should always be able to fall back on the argument that they need to be able to replace what you had so if the parts are that cheap they should be able to find them. Get your own quotes for a sensible replacement, don't trust them to do all the work, and wave the ombudsman in front of their noses if they mess about. You're talking small amounts of money to them so providing you're not trying to get more than they'd ever offer (saying 'yes' to that would worry them) at some point your chasing them is going to be costing them more money in time and aggro than just agreeing.

 

[Archie_tect]

The 'under my control' aspect of the insurance cover is a concern the more I think about it. I get my bike out of the garage, have to return back through the house to lock the garage from the inside and lock the front door on my way out, leaving the bike outside by the garage door. If someone was to nick the bike while I am locking the door out of sight of the bike does that constitute 'not under my control', and should I start locking the bike to a rainwater pipe in the interim? I can send them an email to check, but I know what the answer will be! Ah well.

 

[jack smith]

Apparently sighted at Leeds trinity shopping centre.. Seems strange two people in that area have messaged me keep an eye out! I'm going to message the shopping centre tommorrow and tell them to keep an eye out

 

[classic33]

One of those in the picture sent works there, as security!

 

[jack smith]

After sharing the posts round more ive had 5 people say its in leeds/wakefield, who works as security @classic33 ?

 

[classic33]

After sharing the posts round more ive had 5 people say its in leeds/wakefield, who works as security @classic33 ?

I'll have to check and get back to you. He lists it on his profile.

 

[400bhp]

The limit is 1k which tbf would get me a decent bike but 380 is a mick take

If I am reading this correct (apologies I haven't read the whole thread and it's late on Sunday) then you have a £1k limit per bicycle on your home insurance policy and included in this was your S Works Venge which is upwards of a £2.5k bike?

If I'm correct then the insurer will likely be using the principle of "Averaging". This is where they pro rate down your claim when you have under insured an item. So, £1,000 (limit per bike) / £2,500 (bike's real value) x £1000 (maximum insurance payout) = £400, which sounds about right I'm afraid. I hope I've misread the situation and please do check with the insurer. They are well within their rights to do this I'm afraid.

 

[Hop3y]

I work in insurance and the above sounds like whats happened.