bike stolen, insurance question

biglad

have my bike insured through house insurance and rang up to double check it was insured in new bike shed last week so all covered there

gutted but it got nicked last night and wondered if making a claim would put up our premium much?

dacouch

You will have to pay your excess which will be £50 or more, it will put your premium up by between 10% and 20% for a few years. (If you make further claims in the next few years expect a much bigger increase)

biglad

thanks

yea excess is £50

insurance is currently around £130 so not too much of a hike i spose

biglad

not sure i quite understand that last post

bike is worth £500 and excess of £50 plus insurance increase is not going to be too much. looking to move house soon and also have garage to put bikes in so can use independant bike insurance instead of having to claim on house

dacouch

With the amounts involved its probably worth claiming.

Your Insurers will probably use one of their suppliers who will ring you up, get details of the bike and then offer to deliver a direct replacement or more often a similar bike. They will normally also supply any extra equipment you had on it like lights etc.

If you are not happy with what they offer you and they won't help then post up here and we can try and help

biglad

thats a real !!!!!!, wanted to replace the lights and computer i had with it with better ones and put on new bike

however spose it wont hurt to have two bikes can i not pick the shop i get it from as prefer to use a local bike shop to me

just got bike ordered through c2w scheme

bike was an old frame with new components on, there are equivalent i spose. would they likelt give me a choice of bike and any rough idea how long it would take to sort out?

BruceyBonus

biglad wrote: »

thats a real !!!!!!, wanted to replace the lights and computer i had with it with better ones and put on new bike

Insurance is supposed to put you back into the same position as you were before - you are not meant to make a gain.

biglad wrote: »

however spose it wont hurt to have two bikes can i not pick the shop i get it from as prefer to use a local bike shop to me

Not normally, as the insurer has large discounts. As an example, I can get a £400 bike for £320 (using an insurance company's staff discount scheme). I would assume they receive even large discounts than this when they make purchases, as it is their sole supplier for bikes.

geri1965_2

You don't have to accept their replacement. When my bike was stolen, their supplier couldn't get my bike (a Marin) so I ordered a replacement myself locally and they paid me for it less the excess.

No reason why you shouldn't get cash towards the cost of your new bike (although it may be limited to the amount they could have replaced it for).

dacouch

The Insurers suppliers will allow you to upgarde the bike and / or the extras, they just ask you to pay the difference (You often get the Insurers discount off the difference as well).

You are not obliged to use the supplier, although the Insurer will push you down this route, here is some info from the ombudsman relating to this.

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/10/oct-repair-replace-cash.htm

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/75/75-household-insurance.html

What I would do if I was you, is to go to your local bike shop (I assume you bought it there) and ask them to give you a written quote to replace the bike on a "Like for Like" basis. There quote should outline what they propose supplying and state "This is a like for like replacement". You can upgrade if you want but get a quote on the first basis and then for on the upgrade basis.

You can then use the above as a guide if you are not happy with what the Insurers supplier offers or to ask the Insurer to use your supplier. (If they use your supplier they will normally write the cheque out payable to the supplier and not to you)

biglad

thanks for replies

thats the thing im worried about, if they look up the frame number will show a 2005 bike that cost £250 but i have spent loads on upgrading etc and worth well over £500. at least i have pictures of parts before, during and after the build up of my bike

brucey didnt mean it to sound wrong, but just feel gutted at the minute, its not just a hobby my bike its a means of transport all through the year and a lot of time and effort went into me building it

you cant get my bike now but however can get a similar model so prob just go down that route