Insurance Replacement Dilemma

Help,

Got robbed last week and it looks as though the insurance company will pay out either £2,500 Cash or £3,300 credit at Wheelies bike replacement scheme. I need to replace my son’s Genesis Core 50 24inch, it is either £490 retail or £550 through Wheelies which would leave me £2k cash or £2,750 wheelies credit.

Previous bikes have been 2008 Stumpy FSR upgraded components and then I custom built a Zesty 514 2011 frame with standard Fox forks but xt, thomson and easton everything else. 2012 XT brakes were phenomenal. Anyway, options

Add £250 to Wheelies and get a 2013 Zesty 514,
Add £100 to Wheelies and get a 2013 Zesty 414,
Receive £250 credit and get a Specialised Camber Carbon Comp 2012
Receive £250 credit and get a Stumpy Comp Evo 2012,
Receive £250 credit and get a Giant Trance X1 2013
Receive £250 credit and get a Orange 5 S

Or alternatively

Take the Cash and add £200 to allow me to get a Canyon Nerve AL+8.0

I know that the Canyon is slightly heavier than my stolen Zesty 12.2kg versus 13kg but spec looks amazing. Opinions, experiences anyone, I was happy with the climbing of the Zesty with 140mm and worried about the jump to 150mm.

Any help would be gratefully received.

Alan

Canyon yes.

Climbing on a 150+ bike, if you can get a fork that drops in height then go for that no matter what it is, I find when teh going gets really tough, even with a stem dropped to the headtube AND flipped and bent over the front wheel (with most bikes) you spend most of your time trying very hard not to flip over!
Also a rear shock like an RP23/CTD that you can firm up/lockout will help keep the back end up for climbing to avoid that problem

Also nice to hear you’ve actually got options, normally when insurance co’s do payouts its just ALL compromises and losses 🙁

The purpose of insurance is to put you back in the same position you were prior to being robbed. If their first offer figure doesnt allow that to happen dont accept it and negotiate a higher figure.

What Glupton said…but it depends a bit on your insurance co.

I had 5 bikes stolen before xmas, insured with M&S who use wheelies, wheelies initially valued the bikes under £6k but after querying a few of their suggestions (including an alu framed scott scale as a suitable replacement for a steel kona explosif!) and a call to m&s to clarify what my policy covered the claim was re validated at almost £8k.

Wheelies really pushed for me to have their choice of replacements or take a 20% hit for a cash settlement and were quite snotty on the phone when I said I wasn’t happy being sent £2k+ bikes I’d not ridden however with m&s if wheelies cant replace the identical bike they pay the cash settlement with no discount.

As yours were older models I’d check with your insurance company exactly what their replacement policy is, wheelies have a vested interest in you getting the bikes from them and tried telling me that I would only receive a non discounted cash settlement if they couldn’t replace the identical bike but I could so as none of my bikes were current models I would have to take the hit or let them supply me.

I ended up getting a non discounted cash settlement and will not be giving wheelies any of the money.

I am insured with Aviva and their loss adjustment service is through a company called ival. They have agreed that having bought the bikes during 2012 and as I have a new for old policy they will consider the situation. I have provided them with receipts for £3,700 for my custom build including all parts and the frame. This is in the process of being validated.

I quizzed the guy from ival’s bike team and he confirmed that they would encourage me to go to http://Www.bikereplacement.co.uk to pick a bike. My total claim including some of the other gear they thieving buggers stole will be around £4,500. But, I have a policy condition that states maximum claim for something stolen from garden/outbuilding is £2,500 I have explained that this amount will clearly not be able to replace like for like. That is when the guy stated that they would be prepared to give me £3,300 credit for wheelies or worst case £2,500 cash. Definitely pushing wheelies though.

Fingers crossed, I can get the choice. So what bikes guys?

Anyone been in this situation within this insurer?

Thanks

Just spoke to IVAL, that is my claim now validated.

So what do you guys think?

Add £250 to Wheelies and get a 2013 Zesty 514,
Add £100 to Wheelies and get a 2013 Zesty 414,
Receive £250 credit and get a Specialised Camber Carbon Comp 2012
Receive £250 credit and get a Stumpy Comp Evo 2012,
Receive £250 credit and get a Giant Trance X1 2013
Receive £250 credit and get a Orange 5 S

Or take the Cash and get a Canyon Nerve AL+8.0

What do you reckon?

Alan

Life is short: do what best floats your boat. Probably out of that list there are sensible options, and one you really want. Do that.

+1 get what you really want. Heart over head type decision

For me this normally means what colours they come in 😉

I would moan like hell to your insurance company and to Wheelies. Why are wheelies devaluing your claim if you dont use them – how are they justifying this? Their so called ‘discount’ is complete hyprocrisy. Or on the other side of the coin, why are wheelies charging you more (via increased premiums) if you do use them? I have had too much experience with Wheelies and i wouldn’t use them if they were the last bike shop on earth.

I’d also be complaining very loudly to the insurance company first – make sure you’re getting everything you’re entitled to and don’t stand for any nonsense from wheelies.

The only claim I’ve made was a for a TV that got broken during a house move. The claims folks tried to palm me off with a model that was far inferior to the broken one. Only after lots of arguing and very derisory comments from claim company ‘experts’ did I get what I felt was satisfactory and fair.

zesty 414
there you go sorted

TBH if you’ve got a £2500 item limit on your insurance then them offering you more than this with wheelies seems quite good – it will be costing them the same whichever way they do it but you could potentially gain a little using wheelies, depends on whether you can save more than 20% off the rrp elsewhere.

MikeG – I agree however my point is I have issue with the principle not with the mathematics.