Insurance cover if scammed on bike sale?

Amadeus 2014 · 12-01-2016 04:21PM #1

Hi folks,

Bit of a random question, I'm emigrating and need to sell my bike. I've negotiated a decent price with a "we buy any car" type service here in the UK but they want to take the bike away and clear the finance once they have checked it over. The bike is only 6 months old so even at full value there will still be a small finance shortfall which I will need to clear.

I've done checks on the company and they seem legit and I can hold on to the transfer of ownership part of the reg docs until I am happy finance is cleared but there is still a nagging voice saying "what if it's a scam?"!

If it is and they take the bike without paying off the finance I assume that my fully comp insurance covers it as a theft? The fact that it's a scam rather than them just wheeling it away doesn't alter that does it?

DaveD · 12-01-2016 10:25PM

No. Loss or damage by deception is usually excluded by most policies.

Del2005 · 14-01-2016 03:50PM

Amadeus 2014 wrote: »

Hi folks,

Bit of a random question, I'm emigrating and need to sell my bike. I've negotiated a decent price with a "we buy any car" type service here in the UK but they want to take the bike away and clear the finance once they have checked it over. The bike is only 6 months old so even at full value there will still be a small finance shortfall which I will need to clear.

I've done checks on the company and they seem legit and I can hold on to the transfer of ownership part of the reg docs until I am happy finance is cleared but there is still a nagging voice saying "what if it's a scam?"!

If it is and they take the bike without paying off the finance I assume that my fully comp insurance covers it as a theft? The fact that it's a scam rather than them just wheeling it away doesn't alter that does it?

I know someone who's car was stolen when they where showing it to a potential buyer, they had to take the loss as they handed the keys over. Unless force is used it's not an insurance issue.

TeaBagMania · 15-01-2016 05:47PM

Amadeus 2014 wrote: »

they want to take the bike away and clear the finance once they have checked it over.

Oh Hell NO, Cash in Person only.

You want a test ride? I hold your cash while you ride, you break it you buy it

Del2005 · 16-01-2016 06:20PM

TeaBagMania wrote: »

Oh Hell NO, Cash in Person only.

You want a test ride? I hold your cash while you ride, you break it you buy it

Don't forget to make sure it's cash your holding.

CJhaughey · 16-01-2016 08:45PM

Del2005 wrote: »

Don't forget to make sure it's cash your holding.

And genuine cash as well!

Insurance cover if scammed on bike sale?

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