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Insurance replacement

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  • July 1, 2017 at 9:06 am #27297
    Hobo120

    I got hit by a fully insured driver back in March. My 18 month old frame got snapped & my new mavic rims are broken.

    My solicitor has just told me that the drivers insurance company will not pay out the full price for the bike instead they will apply some depreciation to it. I haven’t been advised how much they are willing to offer.

    Surely they can’t do this can they? I thought it should be replaced like for like or at least that I should not be left worse off because of their customers inability to drive safely.

    Anybody else had any experience with this kind of situation?

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  • July 1, 2017 at 3:25 pm #896223
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    wycombewheeler

    drosco wrote:

    drosco wrote:
    Same happened to me. My bike was old, but had upgraded most of it over time. They offered me a derisory amount. After some negotiations, I settled for something between mine and their valuation. I was advised they’re under no obligation to replace new for old, so I just got the best I could. As it was a personal injury case, I could have made it part of that, however could do with the money up front.

    It’s true they don’t have to replace new for old, but I would suggest the onus should be on the to find a suitable replacement. I.e. same age and condition. The difficulty in obtaining an exact replacement should not fall on the injured party. The second hand cycle market is nowhere near as fluid as the second hand car market.

    July 1, 2017 at 3:14 pm #896221
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    ktache

    Never accept the first offer.

    Never accept the first offer.

    Their entire world is built around the motor vehicle, which have defined prices for everything, there are television adverts for car buying websites.

    Remenber to factor in the costs of all the mechanic time, and the costs of replacement brake and gear cables.

    And every time your soliciter does anything it will cost them more.

    They decided to take the money of the awful driver, I’m shocked how cheap it seems to be.

    July 1, 2017 at 2:38 pm #896219
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    drosco

    Same happened to me. My bike
    Same happened to me. My bike was old, but had upgraded most of it over time. They offered me a derisory amount. After some negotiations, I settled for something between mine and their valuation. I was advised they’re under no obligation to replace new for old, so I just got the best I could. As it was a personal injury case, I could have made it part of that, however could do with the money up front.

    July 1, 2017 at 2:37 pm #896217
    0
    Grahamd

    Yes they will always try this

    Yes they will always try this, my experience with insurance companies has found that they hate questions. I would ask them where you can purchase a replacement bike and wheels at the price they are offering. 

    July 1, 2017 at 2:15 pm #896215
    0
    Rapha Nadal

    They’re well within their

    They’re well within their right to make deductions for wear & tear based upon age etc.  They even do it for their own client’s motor claims in the event of a total loss or write off.

    I’d bypass a solictor (wholly unnecessary to have one in most cases), get on the phone yourself and give the very reason you’ve provided – why should you be at a loss due to somebody elses poor driving. You’d be surprised how often they’ll back down.

    If not then ask your solicitor to pursue it through the courts. You’ll also be surprised how often an insurer backs down with this threat too!

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