Possible to buy bike back after insurance payout?

[Gavalar]

In another thread I mentioned ed having my bike stolen 2 weeks 6 days into ownership. I was paid out in 13 days but today had a letter from the police to say its been recovered, locally.

Question is, now I've been paid out what are the chances of buying it back from the insurance company? I would call them but the offices are closed.

[eastanglianbiker]

as you have been paid out you have no rights to it and it now belongs to the insurance company they normally get salvage companies to sell them at auction

[Hoggs]

That's annoying. I'm guessing the insurance people will either tell you where it's being auctioned or laugh manically in your face whilst they devour the souls of children

[Gavalar]

I understand the normal procedures, paid out, insurance company owns, auction, but I was wondering if anyone has jumped the gun and had an offer accepted or been made an offer.

Not even sure of condition yet so this could all be a waste of time, but if anyone has purchased direct post settlement it would give me hope.

I really would like it back as a second bike.

[eastanglianbiker]

normally in the case of an accident they would offer you one price for t he bike and they keep it and then another price with you keeping the salvage but in the case of theft they give you the full payout and chances are if t hey will give you the name of the salvage company selling it then it could be anywhere in the uk as most of them hold the auctions on site or even online only and t hen it would depend if its a cat b write off only registered breakers can bid for it

[Mr Fro]

Take a look at it first bud. Would you want it back if it were bollocksed?

[Gavalar]

No, but if negotiations were possible at this stage I'd take a look.

Thanks EAB. Gonna call them tomorrow.

[Stu]

there have been instances of insurance companies saying to keep it as it costs them too much to recover it!

ring them and tell them its at the police station

dont mention buying it back as they might then just take your money!

see what they want to do with it!

tell them its scrap and not worth a penny

[Gavalar]

Just the info I was wanting to hear Stu.

Call them in the morning. Thank you.

[Fozzie]

My last CBR was totalled. Cat C although it was running, and riding despite a rubbing noise somewhere.

Insurance company offered a good amount for it, or a reduced amount (£850 less) if I wanted to keep the scrap.

I costed up fixing the bike as I thought I could maybe do it up, sell it and be in profit but it was too close to break even so I let them have it.

I get the feeling I could have phoned up and renegotiated to keep the bike as it would save on them having it picked up. So worth a shout.

[Gavalar]

Thank you for all your comments.

I spoke with Ageas today and they confirmed that company policy (and that of all insurance companies he's aware of) is that once a settlement has been made the bike can not go directly back to the original owner, and that they must be auctioned.

Its gutting because I spoke with the people where the bike is being stored and they commented on how good condition it was in, just steering lock and ignition buggered. They also recovered it less than a mile from my home!

Again, thanks for your replies. Concrete block motorcycle workshop now in progress

[eastanglianbiker]

thats y its always worth taking a walk round the local area and fields if bike gets stolen

[Six30]

See if you can find out where the auction is, have a cheeky bid.