Help please claim on insurance

bubbs

Hi,
Can anyone help me/us please. Never had a claim before so dont know what happens.
2 weeks ago hubby got 8 month old 125 scooter stolen, insurance police etc informed obviously lol, but what we dont know is when the money comes thru for new bike (which the offer was accpeted today) and we go and purchase a new bike the insurance we have got now does this continue, with the new updates?
Hope i have made myself clear in what im asking.
Thanks

huckster

Does the current policy cover a brand new replacement if the bike stolen is less than a year old? If yes, the Insurers will offer amount paid, less excess. The Insurers could opt to arrange replacement themselves, if they can supply at a cheaper price

If not the Insurers will offer the market value, less the excess. They will make an offer which may be lower than you could be a similar bike for, so you would need to check with dealers as to cost of buying similar and supply evidence to Insurers.

The Insurers may wait up to 6 weeks or so before paying out, to see if there is any chance of the bike being recovered, before they pay out. This is pretty standard and you should expect this kind of delay.

When the new bike is purchased, you would just switch the details on the policy.

bubbs

We paid £2,000 for the bike and they have offered £1,700 after a bit of negotiating (sp) less excess of £200, so we get £1,500 and said as soon as all documents and keys were returned the cheque would be released, and they signed for these today

huckster

They may keep the cheque for a few weeks before releasing to see if recovery made. So if they do not send the cheque out immediately as they have promised this may be the reason.

Obviously if the bike is recovered and you are contacted by the Police, let the Insurers know, so they can arrange to collect the salvage. The Insurers should be in the process of notifying DVLA, but sometimes recovery occurs before this happens.

Rolandtheroadie

They signed to say they have had the keys and documents in their possession yesterday? So they should now post the cheque to you.

bubbs

Yes they have signed for them as we sent them special delivery and i have checked online, and they did say as soon as they had them back in there possession they would send the cheque