Isaac1993 Posted February 14, 2020 Share Posted February 14, 2020 Hi there everyone I would like some help if possible, My bike was stolen, I have never been through this process and I just want a little information. How long usually does it take to get the pay out? Also they have told me I have to pay my insurance untill the claim is processed. After that I will have to pay a £300 cancellation fee is that correct? I just want to know if they are having me on as I have been told that's incorrect thank you for reading this. Quote Link to comment Share on other sites More sharing options...
Stu Posted February 14, 2020 Share Posted February 14, 2020 Hi and welcome to the forumNormally it can take around 30 days before they will think of paying out if the bike is not found 300 quid seems a bit steep! Check your documents it should state in there Quote Link to comment Share on other sites More sharing options...
Mississippi Bullfrog Posted February 15, 2020 Share Posted February 15, 2020 Sorry to hear of your bike being stolen.Did you ask to cancel the policy or did that come from them?If you took out an annual contract but are paying monthly then you may have paid only a fraction of the annual premium but obviously be looking for 100% of the claim. It seems a bit one sided as if you pay the full premium annually and need to claim they decide to cancel your policy from the point of settlement. Quote Link to comment Share on other sites More sharing options...
Marino Posted February 15, 2020 Share Posted February 15, 2020 That’s bad news, sorry for that, of course u should read carefully your policy it will be mentioned somewhere. Quote Link to comment Share on other sites More sharing options...
JackieOWheels Posted February 17, 2020 Share Posted February 17, 2020 Hi [mention]Isaac1993[/mention], Can you let us know who your insurer is? Usually with insurers, as [mention]Stu[/mention] has said, they should try and settle your claim from you first reporting it to your settlement cheque reaching you within 28 days. I would suggest that if you haven't ready done so to check online for similar model, age of bike, and mileage to your stolen one to get a fair idea of what to expect from your settlement value. As it is a motorbike, they would usually go by market value. Quote Link to comment Share on other sites More sharing options...
Mississippi Bullfrog Posted February 18, 2020 Share Posted February 18, 2020 The snag is, what is market value? Whenever I've had dealings with insurance it's always meant what you'd get if you traded it in, not what you'd pay for a replacement. That's despite it being insured for a higher value of course. It's a one way street insurance, and it's not going your way. Quote Link to comment Share on other sites More sharing options...
raesewell Posted February 18, 2020 Share Posted February 18, 2020 Good advice so far and one other thing, don't accept the first offer, try to bump them up a bit. Quote Link to comment Share on other sites More sharing options...
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