I had my bike stolen in a targeted burglary.
The bike had an RRP of over £3000, but I had managed to buy it for just under £2000.
Assuming that no insurance company would pay out more than I had paid, I insured it for £2000.
The insurance company is claiming that in under insuring the bike I was accepting the risk for a portion of the value so that they are only liable to pay out £1250.
Naturally I feel that I paid for £2000 of cover and should receive that.
Is anyone familiar with the insurance market able to tell me if the insurers are within their rights?