Insurance cover with credit card deposit

Templeton_Peck_2

Hi, apologies if this has been posted before, but here goes...I recently bought a new bike for £550, paid a 10% (£50) deposit with my Visa credit card, and the rest on a 24 month finance agreement, with monthly payments of £22.

Within two weeks the bike was stolen and it is extremely unlikely that it will be recovered. The bike was not insured (I know, but I was distrcted by other things and hadn't got round to it), so I am wondering whether the full value of the bike is covered because I paid the deposit with my CC...

Any advice would be much appreciated.

Thanks in advance,
TP

[Deleted User]

Only if your card offers that sort of insurance. Most don't.

grumbler

Templeton_Peck wrote: »

I am wondering whether the full value of the bike is covered because I paid the deposit with my CC...

I don't know any CCs that offer 'purchase protection' now.
At the time when some cards did offer it, only the amount you paid by the CC would have been covered (don't confuse it with s75 protection).

YorkshireBoy

grumbler wrote: »

I don't know any CCs that offer 'purchase protection' now.

There are 4 listed here...


http://www.moneysavingexpert.com/credit-cards/credit-card-tips#pp

McKneff

Why was such an expensive item not insured.....


It is very likely you will be paying for absolutely nothing for as long as the credit agreement runs.

grumbler

You call £500 bicycle 'such expensive'? My bike was a little cheaper, but I have it for about 15 years, use extensively and have never thought that it needed insurance. Good lock(s) is much cheaper than any insurance.

SuperHan

grumbler wrote: »

You call £500 bicycle 'such expensive'? My bike was a little cheaper, but I have it for about 15 years, use extensively and have never thought that it needed insurance. Good lock(s) is much cheaper than any insurance.

I spent nearly £60 on a 'good lock' and in my building where the bikes are locked up with actual chains and padlocks, but when the local thieves come round with bolt cutters, they may as well have all been locked up with shoe laces.

Nebulous2

Bikes are stolen so often that it is quite difficult to get insurance. Companies are reluctant to take them on and when they do they will place restrictions about where they are left and how they are locked.

A decent U lock and a cable are the best defence but even then if people get time and have the equipment that wont save it.

My bike is not often left in public. Work has decent bike racks and CCTV but probably the best thing is that they are in an area which is not readily available to members of the public.

pvt

McKneff wrote: »

Why was such an expensive item not insured.....

It's only the value of an iPhone 5S.

A lot of people would choose to self insure an item of this value - I would.

chattychappy

McKneff wrote: »

Why was such an expensive item not insured.....

Answered by the OP:

Templeton_Peck wrote: »

The bike was not insured (I know, but I was distrcted by other things and hadn't got round to it)

Nebulous2

pvt wrote: »

It's only the value of an iPhone 5S.

A lot of people would choose to self insure an item of this value - I would.

Good post. Similar issues with bikes and phones, easily stolen, or sold and then claimed for, making insurance very restrictive and/or expensive

I wouldn't and don't insure a £500 bike.

However as is often the case with phones, and with the OPs bike, people can be paying for it long after it is lost or stolen. That creates a sense of injustice and sometimes people clutch at straws.