Insurance excess

Susan_m

My son's bike has been stolen. The insurance company valued it at £150. They say they have done a deal with halfords where they get discount and can get a replacement bike for £110.99. They say I can either pay halfords the £100 excess and they will pay the £10.99 or they can pay me the £10.99 if I don't take them up on their offer. Surely if the bike is worth £150 they should send me £50.00?

mattymoo

Nope - if they can replace it through their supplier network at that price, that is all you are entitled to under the policy.
This rule does not hold though when the item cannot be easily replaced, e.g. family heirloom jewellery.

I would seriously consider withdrawing the claim if allowed. The £10.99 paid will be more than swallowed up in premium increases at next renewal. Was it even worth insuring the bike with a £100 excess? I would consider self insurance in the future for this type of item.

iceburn

I am assuming you got new for old cover, afaird that is what alot do. quite alot have similar arrangement with PCWORLD for computers. when my dad Tiny laptop died, they could not replace it since Tiny does not exist anymore. So they gave him £1000 in PCWORLD vouchers. They would not give a cheque cause it cost them less to give you £1000 vouchers than give a cheque.

geri1965_2

Is the bike from Halfords the same? If not, you can replace it yourself and claim the amount of the replacement less the excess - I did this last year, as Halfords could not get my bike.

System

be aware even if you withdraw the claim you still will have to declare it on future policys