Bike (1 of 2) was stolen 3 weeks ago from shed in back garden,
Gained crime number,
Insurance paid out,
one of the two bikes recovered through finding on internet,
Police recovered today (Gobsmacked!) and handed it to me and said it’s up to me what I do with the insurance company.

Where do I stand?
Are the insurance company likely to gain knowledge of its return through the crime number update?

Obviously I’d love to keep my recovered bike, but Am I better not contacting the insurance company and waiting to see if they contact me, obviously meaning I can’t insure it, Just yet.

Legal professionals and voices of experience would be welcome to advise!

and said it’s up to me what I do with the insurance company.

😯

Are the insurance company likely to gain knowledge of its return through the crime number update?

No, they will gain knowledge of it’s return from when you contact them.

Or not…

The insurance company have paid out. They have a claim on the bike now. Contact them and tell them the score. They may be happy to do a deal to avoid the hassle of recovery and disposal but as its only been missing for three weeks, don’t expect miracles.

And I am a cop. 🙂

Your bike is now the insurance company’s property. When my stolen bike turned up they were happy to accept an offer for the bike. They’d already paid out a brand new bike so I was pretty happy. Tell them you no longer want it and you may get a good deal.

Inform Ins co. Its their property now, when my stolen bike was recovered I informed them of its recovery, gave crime ref no from police and after a day they called me back and told me to keep it. I assume they contacted police to confirm they did actually recover it.

Bike was pretty shagged on recovery, it was my intention to charge storage if the offered me the chance to buy back, but the just keep it was acceptable 😉

mikeyp, What did they value your bike at and what did you offer them?

From what I’m reading I’m best telling the insurers,
It is after all their property and hope they will except a decent offer, maybe in installments included with my monthly premium?

Definitely tell them. They are likely to accept some fairly low offers as it is a lot of hassle for them to sort.
Installments assuming they’ve paid out is likely pushing it though!

what value would you put on bike? and take it from there. If they want it back charge em secure storage rates, assuming you have beefed up the storage area.

play by their rules: tell them, make them low (like 20% of original value) offer, if they refuse, charge them silly (£XX a day) for storage

You’re really asking this question?

Your bike was nicked, they paid out within 3wks, and you’re thinking about stiffing them by ‘stealing’ your old bike?

Unless they royaly screwed you over on the price they paid out you’re building up a whole bunch of negative karma (and breaking the law).

No wonder bike insurance costs are increasing (on behalf of everyone else, thanks by the way…)

Call them up, they won’t want it back so will take much less than the actual value, you get your old bike back, a new bike, and you aren’t screwing the rest of us with higher policies.

Job done.

No wonder bike insurance costs are increasing (on behalf of everyone else, thanks by the way…)

Not on my behalf thanks. Bike insurance is increasing cos of the scrotes that steal them.

The insurance company have paid out. They have a claim on the bike now. Contact them and tell them the score. They may be happy to do a deal to avoid the hassle of recovery and disposal but as its only been missing for three weeks, don’t expect miracles.

And I am a cop.

are you sure Bregante? thats not what your esteemed colleagues at GMP seem to think in the case of my bike…proper boffins they are!!

Your first mintake was posting this thread. Because now you’d feel guilty if you keep the bike.
I would have said absolutely nothing to anyone. Yep. I really would.

Commendably the owner of a ti Jones on here did the decent thing and contacted his insurer. Its upto you OP but I would, partly because I’d ‘worry’ what if somewhere someone notifies the insurance company that the crimes number/crime was solved and items recovered/returned? LONGSHOT and slim and none but hey.

Personally I would otherwise I’d be committing another crime of insurance ‘fraud’ (with little chance of retribution though).

Not on my behalf thanks. Bike insurance is increasing cos of the scrotes that steal them.

Really? So insurance fraud plays no part in the cost of insurance to the consumer? Have you been drinking or do you have no grasp of how insurance works?

To the OP, it’s your life and bike, do what you will, but at best it’s theft, at worst it’s insurance fraud. For a no doubt minimal fee you get your old bike back wiothout defrauding anyone or breaking the law… Tough choice.

Take all useful parts off it & replace with worn out stuff then contact insurance company & ask if they want it back

I would have said absolutely nothing to anyone if I was going to keep it and be a massive crim against the upstanding and honourable insurance company chaps.

FTFY 😉

Your first mintake was posting this thread. Because now you’d feel guilty if you keep the bike.
I would have said absolutely nothing to anyone. Yep. I really would.

This.

I’d tell them, likely to well out of it and insurance companies don’t like being ripped off. Honesty pays overall IMO.

gonzy, apologies as I haven’t read all of your post where your bike was recovered but that was a different situation. In your case the eBay seller had a legitimate claim that at the time he purchased it from the shop he had no reason to suspect that it was stolen. Cases such as yours where ownership is disputed are referred to a system called interpleader.

That’s why I used the phrase that the insurers “have a claim” rather than the immediate assumption that they own it.

It doesn’t help you in your case, but from what I can see the cops got the explanation somewhat arse about face. The ownership dispute is between the eBay seller and the insurance company IMHO.

Called Insurance company, They’ll be contacting me within the next 48hrs with an offer.

They did say they don’t normally take back bikes, I suspect the £1700 valuation may allow them to make an exemption, although that is a valuation of a new bike and not the value of the actual bike itself.

The way I see it is I pay a premium to protect myself from bike thieves and the Insurer is there to replace the bike when I fall victim,
I now understand that the bike is the property of the insurer (or at least they lay claim to it)
but when I’ve been reunited with a custom built bike that I’ve spent many of my hard earned pennies on and gave many hours building and maintaining,
it’s very hard to see that bike in my possession, knowing I may have to hand it back (don’t have spare £££’s) to a faceless company that in all honesty isn’t going to do anything with it.

You have obviously told them about the terrible damage to it?

Well said Peter Poddy, that makes you a thief , as much as the guy who originally stole it. Not a very good example to expect that from you. TBH.

the £1700 is irrelevant, what are s/h values at now, factor in wear n tear, what would you need to replace to make it “good” have a list ready.

Whats been trashed since it left your possession? tyres (skids for kids) does the wheel have a buckle now that needs repaired? brake pads worn out? more scratches on frame etc etc etc add it all up. Plus how many days have you stored their property?

Remember they dont really want it back as its gonna be a PITA to dispose of for them. It would be much easier if they can off load to you for £££.

Play it down, the fact you dont really need it back. Have a number ready and dont accept their 1st offer.

that makes you a thief , as much as the guy who originally stole it

😆 so a person who bought a bike, had it stolen and given back to him by the police, is as bad as a bike thief..? Have a word with yourself Mr RealWorld..!

Real world Dez, is that he doesn’t own it, his insurance company owns it. And to come from a ‘bike mechanic’ to say, he would keep something which actually isn’t his and not advise his insurance company, woh had paid out for it, is still considered theft. Chew on the facts Dez……

As bad? In one way worse as you should know better. Its insurance fraud but maybe not so severe a term. If you’ve been paid out its no longer yours. So why take it/keep quiet with someone elses property?

So why take it/keep quiet with someone else’s property?

because I built it with love and they don’t want it?
❓

If they dont want it and agree to ‘sell’ it to you and it becomes your property again Tacopowell, then all is good again.
For once I agree with Hora !!

I don’t want anyone to consider me a thief, My OP was due to uncertainty and a naivety of the process,
I’ve done the right thing and I’m hoping that karma will work in my favor.

MrsTaco say’s I should cry on the phone, I’d like to go on Judge Judy with the thief and my insurer,
I’d build a worth while case,
Judge Judy would see whats right.

If you’ve been paid out its no longer yours

Don’t agree with that at all. I’ve owned my bike, built it up, ridden it, maintained it over the years (yes, some of us do own bikes for years). It’ll always be mine unless I sell it or give it away.
why have the police given it back to him if it’s not his?

Don’t agree with that at all. I’ve owned my bike, built it up, ridden it, maintained it over the years (yes, some of us do own bikes for years). It’ll always be mine unless I sell it or give it away.
why have the police given it back to him if it’s not his?

That’s fine. Just give the insurance company back their replacement bike then.

Don’t bother telling anyone fxxk all! You paid what was asking to insure it. It got nicked and you were paid out. You went through all the correct channels and miraculously you got it back. Enjoy the new bike mate. The police won’t bother with reporting anything to anyone, there to busy for shitty little bicycle crime.

“That’s fine. Just give the insurance company back their replacement bike then.”

Or their money. Why do some people have morals to suit them?

I don’t want anyone to consider me a thief, My OP was due to uncertainty and a naivety of the process,
I’ve done the right thing and I’m hoping that karma will work in my favor.

MrsTaco say’s I should cry on the phone, I’d like to go on Judge Judy with the thief and my insurer,
I’d build a worth while case,
Judge Judy would see whats right.

What would be “right” in your eyes then?

I’m confused at what you are actually wanting out of this now.

Your bike was stolen, you were compensated for its loss (presumably that’s why you had it insured). The police have recovered the bike that now belongs to your insurers. You seem to be wanting the bike and the payout now?
Best you get is the option to buy it off them at a reduced rate or if that rate is too high charge them a storage rate for their property. If the amount they want is too high tell them to collect their property ASAP. Or you hand back the £1700 monitory payout you received if you love the bike that much, I’m sure the insurance co would much rather have the hard cash back than a pile of various metals and rubber.

Be grown up about this and you’ll probably be surprised by the outcome

I’m confused

Clearly.

I’ve a bike, I built this bike with my own hands, with love,
Events have lead for this bike to be no longer my bike,
A faceless company will offer me a price I’m unlikely able to afford,
Forcing me to hand back a bike I know they don’t want and in all likelihood won’t do anything with.

Regardless of the insurance system, it’s hard to see this bike disappear from my life because I’ve done the morally right thing.

You simply can’t put a price on love.

Be grown up about this

No humor in a period of heartbreak?

You are cruel.

Is this the same faceless company that paid out £1700.

What have done with the insurance payout?

No you’ve done the right thing legally as well as morally

Granny gets mugged for £70 pension = Crime

A bikeshop gets broken into = a crime

Your small employer gets robbed = a crime but the insurance company will pay out.

A big company pays out thousands to you = They can afford to not have that money returned to them.

I see something that isn’t mine that I keep as theft= a crime.

I’m done.