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should I buy a bike before insurance pays out/decides on pay

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skylineonfire
Trackday Trickster



Joined: 01 Jun 2012
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PostPosted: 09:45 - 20 Jun 2012    Post subject: should I buy a bike before insurance pays out/decides on pay Reply with quote
as some of you may know, I had my bike stolen Sunday night. as its my only current means of transport I urgently need to replace it. the insurance people said they would be calling me back in the next 72 hours, but I can't wait a month for a decision. should I just buy a bike now, my concern is they say they will replace my old bike rather than just give me money. if that's the case I'd end up with two bikes. not an ideal situation.

Any advice welcome and my apologies for the poor punctuation, I'm on my phone
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Casper
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Joined: 12 Jul 2010
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PostPosted: 09:51 - 20 Jun 2012    Post subject: Reply with quote
Buy a shitter and punt it on when you get your payout/new bike.
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Kradmelder
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Joined: 13 Jun 2012
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PostPosted: 09:56 - 20 Jun 2012    Post subject: Reply with quote
Two bikes is ideal as then you always have transport. The insurance probably has to wait a certain time to see if the bike is recovered.

If they give you cash, you can wait up to a year to buy another if you have a 2nd bike. Then you can trade in each bike every few years and always have transport and fresh bikes. If they give you a bike, wait a year and trade one of them for another.

if you can afford to have 2, it works out better in the long run
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skylineonfire
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Joined: 01 Jun 2012
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PostPosted: 10:10 - 20 Jun 2012    Post subject: Reply with quote
The thing is I intend to buy the same bike again as a run around, so if they decide to replace my stolen bike, I'd have two identical bikes...
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chris-red
Have you considered a TDM?



Joined: 21 Sep 2005
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PostPosted: 10:14 - 20 Jun 2012    Post subject: Reply with quote
skylineonfire wrote:
The thing is I intend to buy the same bike again as a run around, so if they decide to replace my stolen bike, I'd have two identical bikes...


I have never heard of an insurance company buying a bike for you.
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Well, you know what they say. If you want to save the world, you have to push a few old ladies down the stairs.
Skudd:- Perhaps she just thinks you are a window licker and is being nice just in case she becomes another Jill Dando.
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Shinigami
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Joined: 14 Feb 2012
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PostPosted: 10:20 - 20 Jun 2012    Post subject: Reply with quote
chris-red wrote:
skylineonfire wrote:
The thing is I intend to buy the same bike again as a run around, so if they decide to replace my stolen bike, I'd have two identical bikes...


I have never heard of an insurance company buying a bike for you.


This,

wouldn't trust them to, unless it was brand spanking new
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skylineonfire
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Joined: 01 Jun 2012
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PostPosted: 10:21 - 20 Jun 2012    Post subject: Reply with quote
chris-red wrote:
skylineonfire wrote:
The thing is I intend to buy the same bike again as a run around, so if they decide to replace my stolen bike, I'd have two identical bikes...


I have never heard of an insurance company buying a bike for you.


I heard they sometimes replace your bike with a similar model, rather than pay out? If they will be, in the event my claim is successful, paying in cash for me to buy a new bike, that would be ideal and I would go ahead and purchase now a new bike.
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skylineonfire
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Joined: 01 Jun 2012
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PostPosted: 11:04 - 20 Jun 2012    Post subject: Reply with quote
Just found a CBF125 in white, identical to what I had stolen, I can get it tomorrow. I need transport but I'm concerned at what my insurance company will do.
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Hetzer
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Joined: 19 Feb 2007
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PostPosted: 11:10 - 20 Jun 2012    Post subject: Reply with quote
skylineonfire wrote:
Just found a CBF125 in white, identical to what I had stolen, I can get it tomorrow. I need transport but I'm concerned at what my insurance company will do.


Why don't you call them and see if they'll tell you?
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Shinigami
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Joined: 14 Feb 2012
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PostPosted: 11:11 - 20 Jun 2012    Post subject: Reply with quote
skylineonfire wrote:
Just found a CBF125 in white, identical to what I had stolen, I can get it tomorrow. I need transport but I'm concerned at what my insurance company will do.


check the vin with your stolen one Wink haha
____________________
Current: Honda City Fly CLR125 2003 Honda CB600F Hornet 2008 Yamaha FZ6 S2 + 1991 Kawasaki GPZ500
"Once you realize what a joke everything is, being the Comedian is the only thing that makes sense.
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skylineonfire
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Joined: 01 Jun 2012
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PostPosted: 11:14 - 20 Jun 2012    Post subject: Reply with quote
Hetzer wrote:
skylineonfire wrote:
Just found a CBF125 in white, identical to what I had stolen, I can get it tomorrow. I need transport but I'm concerned at what my insurance company will do.


Why don't you call them and see if they'll tell you?


I've been passed from company to company and phone number to phone number I've no idea who is actually dealing with me, going to go through it again now.
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skylineonfire
Trackday Trickster



Joined: 01 Jun 2012
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PostPosted: 11:14 - 20 Jun 2012    Post subject: Reply with quote
Shinigami wrote:
skylineonfire wrote:
Just found a CBF125 in white, identical to what I had stolen, I can get it tomorrow. I need transport but I'm concerned at what my insurance company will do.


check the vin with your stolen one Wink haha


Aha this one is in a dealership with no miles on it!
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chris-red
Have you considered a TDM?



Joined: 21 Sep 2005
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PostPosted: 11:19 - 20 Jun 2012    Post subject: Reply with quote
skylineonfire wrote:
chris-red wrote:


I have never heard of an insurance company buying a bike for you.


I heard they sometimes replace your bike with a similar model, rather than pay out? If they will be, in the event my claim is successful, paying in cash for me to buy a new bike, that would be ideal and I would go ahead and purchase now a new bike.



I have never heard of this happening to anyone ever. Go buy your new bike.
____________________
Well, you know what they say. If you want to save the world, you have to push a few old ladies down the stairs.
Skudd:- Perhaps she just thinks you are a window licker and is being nice just in case she becomes another Jill Dando.
WANTED:- Fujinon (Fuji) M42 (Screw on) lenses, let me know if you have anything.
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weasley
World Chat Champion



Joined: 16 Oct 2010
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PostPosted: 11:23 - 20 Jun 2012    Post subject: Reply with quote
Even if they're "replacing" a bike on a "new-for-new" clause, they would still only do it with money, not actual metal and plastic. You're under no obligation to spend that money on a replacement bike, although clearly you want to.
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arry
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Joined: 03 Jan 2009
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PostPosted: 11:45 - 20 Jun 2012    Post subject: Reply with quote
chris-red wrote:

I have never heard of this happening to anyone ever. Go buy your new bike.


Correct. An insurer isn't going to go and source a bike for you, they'll give you the money less your excess that it would cost for you to buy a bike similar to the one you've had stolen. If, for example, you didn't want to buy another one, then that's your choice, the money is yours to do what you want with.

The danger of you going out and buying another bike is coming at you 2 ways really, 1) is that you'll be waiting ~6-7 weeks at best for insurer pay out because it's left at least a month to ensure that your bike isn't going to turn up again, so can you afford that financially and 2) if your bike does turn up in repairable condition, then you're going to have to retain ownership of it, once it's repaired - therefore you'll have 2 bikes and you'll have to make a decision on selling one.
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Nexus Icon
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Joined: 26 Aug 2010
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PostPosted: 12:11 - 20 Jun 2012    Post subject: Reply with quote
chris-red wrote:

I have never heard of this happening to anyone ever. Go buy your new bike.


Some insurers do it if the bike was purchased new and is under 11 months old. It was certainly so when I insured mine. They replace it with an identical, brand new model regardless of mileage on the stolen/written off one.

Thinking about it, it was the same when I bought the Megane new as well. 11 months of the insurance was replace with brand new car, and that was a different insurer.
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Rogerborg
nimbA



Joined: 26 Oct 2010
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PostPosted: 13:39 - 20 Jun 2012    Post subject: Reply with quote
1888 wrote:
Buy a shitter and punt it on when you get your payout/new bike.

Why did the thread continue beyond this? Eh?

Especially as you're looking at doing your tests soon and moving up to a bigger bike.
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GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike
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Old Thread Alert!

The last post was made 13 years, 226 days ago. Instead of replying here, would creating a new thread be more useful?
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