Insurance claims and payouts

[Jimbo.]

In a nutshell:
Doored
Bike totalled (frame/forks/wheel/bars etc). Bike shop inspected, it’s dead.

The bike:
Genesis Equilibrium 20, but with a number of changes to take it up to Equilibrium 30 spec ie Fulcrum wheels, 105 5800 etc. No receipts for anything: I’ve either lost them or they were spares I had.

Insurance company:
“Looking on eBay, Equilibrium 20s go for around £400”

Me:
“No thanks”

They’re looking at an auction site for bikes which aren’t to the spec/value of what I had when setting out on that ride. What chances have I got re. getting them to settle for the value of a a bike to the same spec, given there aren’t any? Am I just fked?

[TwistingMyMelon]

How injured were you?

[Dannbodge]

Depends on what their policy says for replacement etc.

IMO they should at least give you a payout of what a new Equi 20 would cost (as that's what you have insured)

I know Bikmo will replace with new to or as close to the spec that you had insured (I built a bike from second hand parts and spares and was told to insure it for the value that a new one would have cost to buy)

[fromage]

I have claimed twice now for replacement bikes/parts and both times been paid out @ full RRP of the parts/frame etc

[anonymous-user]

If they are taking that attitude find a decent lawyer and sue for the full hit.

[Jimbo.]

Injuries are (suspected) busted ribs and some now-almost-healed soft tissue injuries around the wrist (no laughing at the back)

This is from the drivers insurance, FWIW. They’re saying they’ll replace to the value what was lost. But when you can’t put a value on it via normal means (if eBay can be considered normal means) then what can I do?

[anonymous-user]

Jimbo. said:

Injuries are (suspected) busted ribs and some now-almost-healed soft tissue injuries around the wrist (no laughing at the back)

This is from the drivers insurance, FWIW. They’re saying they’ll replace to the value what was lost. But when you can’t put a value on it via normal means (if eBay can be considered normal means) then what can I do?

Your personal injury solicitor should do it for you.

[citizenmtb]

Jimbo. said:

Injuries are (suspected) busted ribs and some now-almost-healed soft tissue injuries around the wrist (no laughing at the back)

This is from the drivers insurance, FWIW. They’re saying they’ll replace to the value what was lost. But when you can’t put a value on it via normal means (if eBay can be considered normal means) then what can I do?

I'm some 18 months into my claim for being hit. I went with British Cycling's solicitor (Leigh Day) and I've been told the same thing, they are only claiming for 50% of the original value so it will eventually be a large loss on the kit side of things. Apparently all you are entitled to is an estimated used value when claiming from a third party.

FWIW I insured my replacement bike with Pedal Cover and was in a hit an run about 2 months back and they have covered everything at full value, shipped the bike off for examination and repairs and paid out full whack for a new set or carbon rims.

[Jimbo.]

Thank you all.
Funnily enough it’s Leigh Day who I’d been speaking too beforehand. Will need to speak to them again tomorrow, however it seems the chances of getting back on something equivalent to why I had before are slim...:/

[lauda]

fromage said:

I have claimed twice now for replacement bikes/parts and both times been paid out @ full RRP of the parts/frame etc

Pretty much the same here. I recently claimed on my home insurance for a totalled bike and they paid me £950 for a £720 bike and about £300 of upgraded wheels, although I had receipts for both.

I clearly didn’t tell them the bike had been bought with a cycle to work voucher, so cost me nowhere near £700...

[Mark83]

I sought independent legal assistance when hit by a car.

I submitted a quote from my LBS on headed paper of the cost of repairs including clothing and helmet. Insurance paid out in full and for personal injury (broken elbow).

It’s not your fault so why should you be out of pocket and expected to ride a second hand that you have no history or possibly damage?

[citizenmtb]

I had a search through my emails and found the response (Over a year ago!) I had from Leigh Day;

said:

I note the original receipt does show that you did pay less for the bike than is detailed on the replacement quote. We will of course use the replacement quote in first instance but I just want to make you aware that should the insurers request the original receipt and price paid, we will need to disclose this and you will then only be entitled to the price paid, minus wear and tear deductions. We will do what we can for you in this regard.

So, i stand slightly corrected. Won't know what they will pay for until we get to the settlement. The kit costs are insignificant in relation to the injury portion so I guess they might just approve it.