My Giant Reign was stolen 8 months ago.

Yesterday it was recovered by the police after a friend spotted it on ebay. All good news so far.

I got very good & full compensation via the insurance (M&S) so the bike
is now theirs, & I have a replacement.

Anyone know what the procedure is now ?

Are they likely to be willing to sell it to me for an attractive place or
will they be out to get as much as possible, wither via me or an auction.

My guess is that at the auctions they will not get a great price – a few hundred at most.

Have the police got the bike or have you got it?

I don't know how it works for cycles but for motorbikes I've offered the bike for approx 10% of the settlement figure.

The insurance company don't really want it back as they then have the headache of storage and then selling it.

I'd be quick about chasing it up with them tho' as they may potentially move quickly to get rid of it

the bike is with the police.

The PC implied it was up to me to contact the insurance so they do not know yet.

still chuffed with the score:
scroats 0: the law & me 1
even if I do not get it back

Police may require it for evidence so you won't get it back for ages. I'd call the old bill and ask them if you can collect it.

Once you have it in your possession call the insurance company. They are much more likely to let you have it for not very much if you have it locked away at your house.

How can he collect it? Doesn't it belong to the insurance company once claim has been settled?

Great news that it's been recovered though 🙂

Mine was nicked (cheap spesh), Insurance paid out. Then police found bike and it was returned to me. End of story.

Woody

I'm not saying he will be able to collect it but it would be certainly worth a call to ask.

I certainly intend to ask.

If it has any value, it will be misplaced at the police station.

MSP – cynic

Similar things happened to me about 6 months ago. The police wouldn't hand it back as they said it was the insurance companies property and they couldn't sell it because it was owned by the insurance company. Anyway I rang the insurance company (Tesco) and explained it all and they were a little bemused as I think Police normally just hand the bike back or chuck it in a skip. Anyway I got them to fax a letter to say that they didn't want the bike back and that the Police could hand it over to me. Basically the insurance company have no use for the bike as it is not worth their trouble so they are normally happy for it to be handed back to you for free.
Got the letter, handed it to the Police, all fine

Good news Bill, hope you get it back on your terms.

Are you coming out to play tonight? I need to know if sunglasses are needed – assuming you will be on your new bike.

Police officers very rarely want to hang onto property as it causes too many problems/paperwork if it goes missing or gets damaged. They will look to pass it back to the loser and leave the onus on them to deal with it. This includes keeping hold of it until any court case has been dealt with.

this happened to me 18 months ago

£3k bike nicked, insurance paid out £3k, ended up on ebay, police recovered

police held on the bike until I had paid the insurer £1k (via the loss adjuster) for the reduced value bike (a few new scratches, and minus my eggies)

loss adjuster then contacted police to sign it off that the bike was now my possession

Thx for all the responses guys.

Burger,
I am not going out with RideOn – plan next week to ride with Andy up to Cragg/Lee quarries.

Doing a local ride with local riders.