Insurance question

FoldingJoe

Friend of mine had his Scott Addict R2 stolen whilst he was away last weekend.

His insurance have agreed to pay out, but he bought it off ebay which he mentioned to the insurance company. He's not sure if he'll get what he paid on eBay or the ful cost for a new replacemet.

Anyone had a similar experience? What was the outcome?[/i]

optimisticbiker

Depends on the T&C's of the insurance.

If its like for like replacement and they didnt ask the value or for proof of purchase, or he'd declared the 'as new' replacement value previously then they should pay out replacement value less excess. But now they know it wasn't new, they might only pay market value (i.e. what it would cost to replace as a second hand item).

When I had my MTB stolen many years ago it was 2y old but the insurance (house insurance) was "all risks" "new for old" replacement and i got a brand new bike.

Confusedboy

Your friend might be able to argue that the bike must be replaced as new from a dealer as eBay is an auction site where your are not guaranteed to be able to purchase the item, only to put in a bid for it. Let us know how he gets on.

Headhuunter

I had a bike nicked many, many years ago. My dad basically put it together from bits but the household insurer paid pretty much a new replacemeent price for it... Probably depends on the insurance company though...