Motorbike insurance theft claim nightmare

funkyorange

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I am pursuing a claim for my stolen motorbike. After two months of much questioning I have finally recieved a settlement claim. The case was no so straight forward as I lost keys for the bike at the same time. Much of the qyestioning was to insure without a doubt the keys were not left in the bike.

Anyhow the settlement claim was offered for 1200 I bought the bike for 2050 about a year ago very cheaply from eBay. I insured the bike fir a value of 3000. Today I paid for a glass quote based on age/mileage/make and it cane out as 2570 also parkers valuation was 1950

So is it possible to reject the claim and ask for a higher value. I have heard it is in their right to refuse a settlement if a offer is refused based on simple contract law. Any help would be appreciated.

dogbot

You can reject their offer and ask for higher with supporting evidence - provide the glass's valuation, any identical examples of sale. Worst they will do is not budge.

Is the £1200 with excess deducted though? Even so, worth trying for more if you have supporting evidence.

(£3k is the max they would ever pay, not the amount they would pay. As you paid much less a year ago then realisiticaly they arn't going to pay you more than that - so max they are likley [not certain] to offer is £2050 less your excess)

foggytown

dogbot wrote: »

You can reject their offer and ask for higher with supporting evidence - provide the glass's valuation, any identical examples of sale. Worst they will do is not budge.

Is the £1200 with excess deducted though? Even so, worth trying for more if you have supporting evidence.

(£3k is the max they would ever pay, not the amount they would pay. As you paid much less a year ago then realisiticaly they arn't going to pay you more than that - so max they are likley [not certain] to offer is £2050 less your excess)

dogbot, I don't agree. It has always been the case in these matters that you shouldn't take credit for another man's bargain. If, in fact, he did pay an undervalued amount for the bike, the insurer would still owe him the market value at the time of loss, even if it's more than what he paid for it.

dogbot

indeed, sorry i didn't explain myself well at all. I was assuming that the guide valuation obtained was overly high and that the price paid reflected the market price... sorry for any confusion.

funkyorange

dogbot and foggytown, appreciate your help on this. I am going to give them a call this afternoon and I will let you know how the case progresses - fingers crossed they will budge to a more realistic offer.

Badger_Lady

Yeah - ask them to re-evaluate. The only risk is that, after evaluating, they could come back with an offer that's higher or lower than the original one.

I had a similar problem with my old car - it was a rare, collectible model that I wanted to replace like-for-like, but the insurer would only pay out the market value of a "similar" car, which ended up being half what I paid to replace it

whatmichaelsays

The aim here is surely to put the claimant back into the position that he was was pre-accident / theft, less any excesses due?

What you paid for the bike and whether you over or underpaid is an irrelevance. The key factor here is what it would cost you to replace that bike (and any insured extras) with one of the same model, age, mileage, condition and specification.