Bikes stolen, home insurance question

WILL 1 AM

Shed broken into, locks cut = 3 bikes stolen

My main question is how do they generally pay you out as I've heard whispers that it may be in a form of vouchers etc.

The only problem is I had a Santa Cruz Heckler which I built from frame up and it's unlikely Im unlikely to be able to purchase anything similar from halfords and the like.

So will I get cash or specific Company voucher?

Thanks in advance

njee20

Depends entirely on your provider. You can always demand cash.

WILL 1 AM

Can anyone who's been offered vochers give me an insight as to how much they offer in vouchers vs % less in cash?

coulddobetter

Got vouchers after 2 bikes stolen . Actually ended up with more than replacement value as they paid out for locks , lights , spd , upgraded saddle etc. Did have to fight though as garage was not directly attached to house . Bizzarely £ 1300 worth of goods and nearly £ 1800 payout . Process took nearly 3 months with calls to More Than who referred on to a loss adjuster. In their case vouchers are used as a fraud prevention measure .

Hopefully you have receipts or photos of the build , this should help.

Woody80

WILL 1 AM wrote:

Can anyone who's been offered vochers give me an insight as to how much they offer in vouchers vs % less in cash?

When I demanded cash I was told it'd be 25% less, just wasn't worth it in the end so I took vouchers. I'm sure it'll depend on your insurers though.

welshkev

WILL 1 AM wrote:

Shed broken into, locks cut = 3 bikes stolen

My main question is how do they generally pay you out as I've heard whispers that it may be in a form of vouchers etc.

The only problem is I had a Santa Cruz Heckler which I built from frame up and it's unlikely Im unlikely to be able to purchase anything similar from halfords and the like.

So will I get cash or specific Company voucher?

Thanks in advance

a friend of mine had his nomad stolen. he got the payout in vouchers for wheelies (seems the shop of choice) he was told that a santa cruz could take up to 3 months to get so he went for an orange 5 straight away.

Tom Barton

If you have insured the bike as a named bike (i.e. my policy states that a 'Lapierre Spicy 516' is on the policy) - if its stolen, you should expect to get a like for like replacement.

If the bikes are not itemised on the policy you may very well get offered less in cash and the providers rely on peoples reluctance to challenge this at a higher level. But if the heckler was itemised they should give you the full cost either in vouchers to a shop that sells them or cash so you can source a new frame/bike like the one you had before...

thelonegroover

My insurance company actually split the payout between vouchers for Wheelies and cash. The vouchers did include about a 25% discount so it is worth using them.

WILL 1 AM

Thks, my insurance company has referred all my receipts and paperwork to wheelies, so it's looking like they are the company that I'll be receiving vouchers for.

I'll see if they will go mostly cash but part vouchers

Thank you

poah

what locks did you have?

Briggo

WILL 1 AM wrote:

Thks, my insurance company has referred all my receipts and paperwork to wheelies, so it's looking like they are the company that I'll be receiving vouchers for.

I'll see if they will go mostly cash but part vouchers

Thank you

Why the need for cash?

WILL 1 AM

To buy another SC heckler, they don't seem to be listed on Wheelies site

2x10

I had a very upgraded mongoose stolen, I had some receipts and the insurer appeared happy with my word for the rest. I was offered a replacement bike which I declined. I then had a chat with the insurer, having had a mooch around the LBS and agreed on a trek of roughly similar spec with a few add ons. ( SDP's Brakes , lights etc.) lloyds home insurance came through for me. ( wonder if this will get me a discount?)

Briggo

WILL 1 AM wrote:

To buy another SC heckler, they don't seem to be listed on Wheelies site

Have you tried ringing them to see if they can order in as its a bike replacement? Might be worth a shot, you don't want to get a reduced payout although I can understand why as Wheelies has a limited range.

cooldad

If you had a Heckler, that's what they need to replace, either via Wheelies or elsewhere, providing they are still available.
Or a reasonable cash amount.
They can't insist on a random inferior replacement.

Or to put it another way if it was a watch, they can't replace a Rolex with a Timex.

stiscooby

My bike was stolen last year....... My insurance is with direct line and they offered me vouchers to the value of what my bike cost new but the vouchers were for use with Halfords.

If I had cash then the payout would have been 20% less, never really understood why?

Anyway I went for the vouchers in the end and ended up getting more anyway due to "extra's" topping up the voucher amount.

cooldad

Because they get a fat discount from the supplier.

The Northern Monkey

I'm sure a few people have argued that the vouchers wont get a like for like replacement because the shop doesnt stock the brand.. then got the full amount in cash.

SUPERSUTT

I had my camber stolen last year from my shed. i was told i could only spend the money at Wheelies bike replacement web site. after many hours of searching I chose a bike ( giant Trance x).

A couple of weeks later I popped my LBS and told them what had happened his reply was why didn't you come here you can spend the money any where you like and he would of given me a better deal, so ask around before committing to anything its your money. and don't rush into buying something your not sure on

PS I had to pay £300 excess but wheelies took into account and i could spend on accessories i.e. Kryptonite lock and work stand

WILL 1 AM

With regards to the Heckler, it was 26" and Stif and Santa Cruz uk have brought in the 27.5" so they won't have them new.

I might have a change and have a nose at what wheelies have to offer, I think it'll be them as the insurance has referred my claim to them to verify I'm not over claiming.

Thanks for the replies, 20% less cash is a good indicator and gives me an idea of what to expect.

I will update and let you guys know what's happening