insurance claim offer - help!

Tondella

Bike got nicked and insurance company have offered to replace with similar model. However, I'd rather have the money and put it towards buying a better bike. They say that I can only have the value of what they would have to pay at the cycle shop (ie heavily discounted). But i have read here that you are entitled to receive the full amount - except now i can't find the thread that mentioned it. Can anyone help me find the info?

eternally grateful, thanks!

mattymoo

Ask their supplier to get in touch with you and discuss an upgrade with them. They will bill you for the excess and difference in cost.

Astaroth

you are not entitled to full cash price at all. Insurance under both common law and in every policy book I have seen have the right to decide how a claim is settled. As a gesture of good will they often will offer cash settlements rather than a replacement item but they are under no obligation to do so and therefore free to offer a lower than shop price for it if they wish.