Insurance claim on a stolen bike?

[sanjuro]

Curious about this:

My buddy lent an old GT I-drive out and it was stolen off the car rack. The owner of the car says his insurance won't pay unless my friend buys a new bike and produces a receipt.

While he works at a shop and should be able to produce a receipt without actually buying a bike, has anyone heard of this?

My friend has the original receipt for his bike, and I thought that and/or an estimate for the replacement value should suffice.

[Secret Squirrel]

Curious about this:

My buddy lent an old GT I-drive out and it was stolen off the car rack. The owner of the car says his insurance won't pay unless my friend buys a new bike and produces a receipt.

While he works at a shop and should be able to produce a receipt without actually buying a bike, has anyone heard of this?

My friend has the original receipt for his bike, and I thought that and/or an estimate for the replacement value should suffice.

Hmmm...when my bikes were jacked outta my garage (it went under my homeowners policy...if that makes a difference...) they wanted a replacement value invoice. So I just listed out the parts, took it into the shop where I had the two bikes built, and had them put the retail price for each part down...pretty painless.

I suppose if it's an "as new" or "replacement value" policy (or whatever it's called) that might be why they want current value as opposed to original purchase price....

[jimmydean]

Mine is replacement value as well. So a price quote should be all they need.

[stoney]

He should not have to produce a receipt. When I crushed my bike with the garage, I got depreciated value of the bike. If I bought a new bike or exact replacement costs, they would have given me replacement costs.
The owner needs to ask the insurance company why they are withholding payment on an insurance claim until replacement is acquired. What if the individual did not have the free cashflow to buy a replacement until the check is received? How would the state insurance board look upon this withholding of payment?

[mandown]

mmm... i love stolen

[TheTruth]

your friend needs this.

[sanjuro]

He should not have to produce a receipt. When I crushed my bike with the garage, I got depreciated value of the bike. If I bought a new bike or exact replacement costs, they would have given me replacement costs.
The owner needs to ask the insurance company why they are withholding payment on an insurance claim until replacement is acquired. What if the individual did not have the free cashflow to buy a replacement until the check is received? How would the state insurance board look upon this withholding of payment?

Mr Joker, you figured out the problem with my story.

The individual who was responsible for the bike is giving this malarky to my buddy.

If you borrow a bike and have it stolen (it was not locked up properly, of course, and the borrower lives in Oakland) you should pay it back, not ask the lender to jump thru hoops.

I think my buddy should push back with this information.

[maddog17]

in Mass it falls under your homeowners insurance. car insurance doesn't cover it. go figure. when my car was stolen a few years back i had my hockey equip in the car and of course it was gone when the cops found it. at the time i was only renting so i was pretty pissed to find out that my car insurance didn't cover stuff in the car!!!! this friggin state blows sometimes!!

[ultraNoob]

in Mass it falls under your homeowners insurance. car insurance doesn't cover it. go figure. when my car was stolen a few years back i had my hockey equip in the car and of course it was gone when the cops found it. at the time i was only renting so i was pretty pissed to find out that my car insurance didn't cover stuff in the car!!!! this friggin state blows sometimes!!

sometimes??? what do you mean... sometimes???

[Wumpus]

I had some jackets stolen out of my car in San Francisco, and it was home owners insurance that picked it up. I'm surprised that any auto insurance would cover stolen property unless it was a special rider like I had when I had a expensive sound system in the car.

[chuffer]

i agree with the others who say that it is going to have to go through homeowners / renters insurance. the guy who lent the bike out would probably be better off trying to file a claim with his own homeowners / renters insurance...