Bike Stolen - should I bother claiming from insurance?

josip

I bought a €1000 bike a few months ago under the bike to work scheme, but it's just been stolen.
It would be covered under our house insurance policy but there's a €500 excess.
I also see from our last quote that we got a no claims discount of €104 on our last renewal. Will the insurance company reimburse based on:

1. The retail cost of the bike (€1000) ?
2. The retail cost of the bike, minus %age depreciation ?
3. How much the bike actually cost me (c. €500)?
4. The replacement cost of the bike (€900)?

If they do pay, then the max payout will be either €400/€500.
The no claims discount will be on a sliding scale over a number of years so I guess that the cumulative cost of claiming will be at least €300.



So is it worth the hassle to submit a claim?

Atlantic Dawn

It would be unlikely you would break even if you took out the claim, your insurance would lose the no claims for probably 5 years or so. That said if the bike is important to you and you don't have the money to replace it then insurance claim might be best option for now. If you had a mate who was to say be a non cylist and decided to get a very similar bike to yours through the bike to work scheme and then decided that after using it to complete 1 journey to work that cycling wasn't for them you could purchase it from them so to speak. Nothing in the terms of bike to work scheme to prevent you from selling the bike.

Did you call the Gardaí to report it stolen already? Perhaps it will turn up, remote chance I'd say.

punisher5112

Hi op sorry to hear that.

Have you posted in stolen bike thread?

Keep an eye on gumtree, donedeal, adverts.ie etc as could be placed for sale.

If you haven't let local garda station know and register the unique licence/code stamped on bike.
Give that info to cops and also there is a site online that you can register free so if anyone was to check code it would show.

josip

Yes, I reported it to the Guards the same night who just seemed to go through the process for the sake of it. It was if both they and I knew that it would be a waste of their resources to pursue something minor and we were put going through the necessary procedures for insurance/civilised society etc. I've already given up on seeing it again and am checking options for replacement.

josip

punisher5112 wrote: »

Hi op sorry to hear that.

Have you posted in stolen bike thread?

Keep an eye on gumtree, donedeal, adverts.ie etc as could be placed for sale.

If you haven't let local garda station know and register the unique licence/code stamped on bike.
Give that info to cops and also there is a site online that you can register free so if anyone was to check code it would show.

Thanks, the Guards already have the frame number. What's the online site for the frame number?

punisher5112

josip wrote: »

Thanks, the Guards already have the frame number. What's the online site for the frame number?

http://www.google.ie/url?q=http://www.bikeregister.ie/&sa=U&ved=0ahUKEwiA57KJw8rKAhWKXBQKHeVwBC0QFggLMAA&usg=AFQjCNHY49EaKIsaxdy15H_cotx7yJv95w


Also post pics of bike and any extras on stolen bike thread.
As said keep eye on sites as lots do be up for sale within a few weeks

Yakuza

You won't get the retail cost, more likely what the ins. company deems the value to be (under the principle of indemnifying you - putting you in the same position after the claim as you were before that, but in practical terms that's never the case as you won't get the same bike for the money they give you), and the excess will bite a nice chunk out of any settlement.

I think you might also have to declare it on other proposals (motor etc) though it shouldn't have much bearing.

davidtimoney

Hi,

Can you tell me where it was stolen?
I do a bit of work with Dublin Cycling Campaign on bike theft and am always interested in hearing where bikes are stolen from, what time of day and what type of lock you were using.

Thks