Insurance have paid out on my mate’s stolen bike but have given him 750 shop credit which he has to spend in one go.

Problem is it’s taken so long to sort out he’s already bought a new bike.

Any suggestions in how he can maximize his payout and turn it into cash?

Let me guess – at wheelies ?

Your friend is entitled to go else where he just has to exercise that right

He may how ever be payed a lower ammount as is commonly the case.

Doesn’t matter really where it’s from, its changing an insurance paid for purchase into as much cold hard cash as possible.

Is your mate a certain Mr Wheeler? If so, just seen his post on FB…

That is a hard one – if it were me, I could easily find something I needed for £750… The cash is already spent so doesn’t count?

nice components and wheels etc, then sell bits of current bikes?

Buy something bigish and then ask for store credit for the change, to spend at your convenience (if the store will let you?)

Bulk purchase of gear cables/chains/tyres to keep you stocked for next few years?

another bike (maybe a cheap road bike?)

Yeah that’s him. I think we could all find something to spend it on but it seems silly when he loves his new bike so much

None of them really turn it into cash to they?

And it’s a one time offer, one purchase, if you don’t use it you can’t come back for more.

No voucher option either

No easy answer. Try to find someone looking for a bike and buy it for them for a bit of £££ off?

Mavic Carbones hold their price well

buy them,

sell them on eBay/Bikeradar

put cash in pocket

Cheers for the feedback everyone, yes it’s me….

Just been speaking to them and I have to pay the first £100 out of the £750 anyway, or accept a cheque for £390!

Insist on cash settlement. Took a while with m+s but they paid out.

Who was the insurer?
Name and shame

Can they replace the bike like for like with the new equivalent?
If not then its not really fair to insist that you HAVE to use their retailer..
Also, this one off, limited time only offer? That’s bollocks that is.. You should have a credit that lasts a set amount of time not a hurry up and use it voucher..
Go through your policy conditions and definitions- look up new for old and like for like.. If its not the exact make and model or the new equivalent you should be entitled to the retail value less your excess. If they can’t replace it like for like they should be settling at full retail cost less your excess, NOT the cost to them to replace with something similar less excess through their own suppliers..
Sounds like sharp practice- complain and go to the ombudsman.

It’s a bit of a problem. I never got round to itemise the bike on the insurance so although I’d spent 1K on the bike, the max they say they will pay is £500 (-£100 excess).

I can either take a cheque for £390 (don’t ask where the £10’s gone!)

or

Get something for £750 off Wheelies and pay £100 excess. I would want to sell on and recoup as much cash as possible.

It’s taken forever to get to this point, many many phone calls and really poor service so I really want to get to the end of it as soon as possible!