Hello all, My gilera runner got stolen back in february and since then i've paid my excess of £600.00 to my insurers for a replacement bike which i have now also sent them my logbook and keys.. 3 months later (now) i got a phone call from the police saying they've recovered my bike and if i'd like to come and pick it up.. so i did. this was last night, its now sitting in my hallway. its a complete wreck panals cracked carb screwed petrol cap/barrel completely busted from the frame.. my question is, who owns the bike? do i need to phone up my insurance company and tell them? will they collect it? will i get some sort of reimbursement from my £600.00 excess? the way i think of it.. i spent £2000 on a brand new runner, it got stolen... i then pay £600.00 excess and they put the rest for a replacement.. now if they say they want to collect the bike.. i'm completely losing out? has anyone been in this position that could guide me through or maybe give me some helpful tips on how not to get completely screwed as i've spent alot on excess's.
They own the bike , however they very often offer you to buy it back from them for peanuts. Call them , discuss the matter, put forward how you feel and ask if it's possible to buy back from them
yes, agreed, it belongs to the insurance company as part of your claim, you had to pay the first 600 and they then replaced the bike...thats their obligation sorted and your excess. The property they replaced (your old bike) then becomes theirs As M1ck states, the're usually open to offers for you to buy it back. After all, its now only worth scrap value to them so you should get it cheap
