Bike stolen - what sort of pay out might I get?

[grellboy]

Had my bike stolen from work today, blatant as anything. Anyway, was locked up in bike shed and stuff. Wasn't sure if I had insurance for it but turns out I had. Apparently insured to tune of £750. A direct replacement for this year's model is £1000. Just wondering what sort of payout would I get if the insurers agree to the claim? Ignoring any excess, will they give me £650? Less cause it it 18 months? More coz it is £1k to replace it? And can the claim go over the £750 because of the extras on the bike: garmin mount, lights, spd pedals etc? Any advice from anyone else who has been in this situation will be appreciated.

 

[vickster]

I expect £750 less any excess. Don't know if the extras will be covered above and beyond the cost of the bike. IIRC the payout will only go up to the max payout amount (£750). Ask the insurance company. They know best

 

[Cycleops]

You really need to contact the insurers and see what you're entitled to. Unless its a gold plated 'new for old' policy you won't get the full payout. They might even consider the use you've had from it.

 

[screenman]

£750 less excess and a rise in premiums for the future 5 years would be my guess.

 

[vickster]

£750 less excess and a rise in premiums for the future 5 years would be my guess.

My bike claim of a similar amount a few years ago made almost no difference to my premiums but I did have protected ncb

 

[screenman]

My bike claim of a similar amount a few years ago made almost no difference to my premiums but I did have protected ncb

NCB and premiums are two different things, you were lucky. I had a no fault claim this year protected no claims and a £140 prise rise.

So the premiums can and often do rise why the NCB stays the same percentage.

I would say you were lucky, of course in reality they may have come down, we will never know.

 

[vickster]

NCB and premiums are two different things, you were lucky. I had a no fault claim this year protected no claims and a £140 prise rise.

So the premiums can and often do rise why the NCB stays the same percentage.

I would say you were lucky, of course in reality they may have come down, we will never know.

Indeed but they rise anyway and mine increased minimally

 

[screenman]

Indeed but they rise anyway and mine increased minimally

Ours actually dropped a few years on the trot a while back.

 

[vickster]

Ours actually dropped a few years on the trot a while back.

Good for you

 

[screenman]

Good for you

I know, we were very suprised. The BBC did an interesting program about insurance claims a while back.

 

[Pale Rider]

The general point with insurance is you should be put back into the position you were the moment before the claim.

Thus the company will pay the replacement cost of the same bike at whatever age yours was, unless you have 'new for old' as posted.

There can be some negotiation, the insurance company may offer, say, £500, and you can counter with 'make it £650 and we'll call it quits'.

When the leader of my Sunday morning group had his bike stolen, the insurance company was keen for him to accept a voucher from one of the online retailers.

He could have resisted that, but he accepted because it meant he got a new bike of similar spec to replace his well-used one which was a few years old.

 

[biggs682]

If it was on works premises then surely they should be paying

 

[NorthernDave]

Technically, if the bike is worth £1000 but insured for £750 the insurers might consider the bike to be under insured which is an interesting set of circumstances in it's own right.

As for cover for extras, deductions for age, wear and tear, etc it depends on the terms of your policy. For example, some policies will pay out the full insured value, sometimes referred to as 'new for old' cover, where others might have a sliding scale of deductions based on age.

 

[CopperBrompton]

Yep, they may well consider that you underinsured it by 25%, which will reduce the payout by the same percentage.

 

[grellboy]

Update by OP. Just had a bike Chase!!! The thieving moronic twat was only riding the bike 100m (from where he stole it!!! My missus was driving the kids back from a friends house when she saw my bike (it's pretty unique) and gave chase but the little daffodil gave her the slip down the warren of alleys on the council estate where he must live. Unbelievably when she came back and told me I then went out on my other bike him and his scally mates then went past me! I yelled some abuse at them and gave chase but because he knows the alleyways I lost him, which I found particularly affronting. Anyway, pretty sure I know which road he lives on so will now just ride up and down his road until I catch the thieving twat.