Can anyone help me about six months ago my son bought is very first bike on finance .
Got his insurance and so on , only to find out that a couple of days later his bike was stolen which he reported it to the police and the insurance company will cut a long story short Insurance company offered him a very poor pay out of about £900 at the time it was thr Insurance company offered him a very poor payout of about £900 at the time he didn’t know what to do but ended up taking it anyway ? The police contacted us yesterday and said that they have found a bike so we contacted the insurance company which weren’t very helpful we asked if we could buy the bike back and they said no which I think is a bit unfair which is still also the finance company over £3000 still so we offered The insurance company the money back that they paid out but no joy is there anything we can do to get the bike back before the insurance company sells it on ?

I don’t really get it. My insurance paid out on two bikes stolen from me in December, and when the police recovered one of them, the insurance company actually asked me if they wanted me to pay out on both anyway.

I said yes as the recovered bike was nothing but a frame, but insurance never asked me about its condition before negotiating the pay-out.

That seems really off.

I suggest you push them and be prepared to escalate.

You’re offering to do the right thing but they’re being difficult.

Hope you get them to see sense.

Ask for the bike back from the insurers, and ask to repay the claim, so they get their money back, you get the bike back, and your claims history is repaired?

That must have been one hell of a bad finance deal or the insurnce company screwed you out of £2k

Ombudsman. Keep a record of the conversations etc.