Betterment - insurance won't replace new bike

[Cyclingwimp]

Last year paid £1719 for a 2009 Scott CR1 Pro Carbon, new from bike shop (RRP £2300). Two months later driver knocked me off (nothing broken) and rolled over bike. Solicitor says I'll get £1719 if I'm lucky as bike was new. They will not replace the bike as that would be 'betterment'. The 2010 model was £2400, for which I'd gladly pay difference, but I'll get what I paid and not thetrue replacement cost.

Has anyone else been similarly affected?

 

[SavageHoutkop]

Sounds ridiculous to me. I'm insured to cover my bike for theft/damage (and 3rd party insurance for me), and my insurance will cover replacement value (although I pay premiums based on that value), so insurers can do do new for old replacement. Giving you £1719 doesn't put you back in the same position, as you still don't have a bike!

From what I've been hearing about car accident claims (car on car), you could hire a bike from somewhere until the bike is replaced and claim for that too...

 

[spen666]

if you are claiming off other driver (or his insurers), you are entitled to be put in the position you were in before the accident. Tell them you want them to replace the 2009 bike with a 2009 bike.

In fact, don't agree to anything less and issue a claim in the small claims court- they will roll over

 

[PK99]

Last year paid £1719 for a 2009 Scott CR1 Pro Carbon, new from bike shop (RRP £2300). Two months later driver knocked me off (nothing broken) and rolled over bike. Solicitor says I'll get £1719 if I'm lucky as bike was new. They will not replace the bike as that would be 'betterment'. The 2010 model was £2400, for which I'd gladly pay difference, but I'll get what I paid and not thetrue replacement cost.

Has anyone else been similarly affected?

Two examples in the past year:

Bike written off in SMIDSY. 3 year old Tricross sport replaced by 2011 version

Computer: Extended warranty pay out of £1499 on 3 year old £999 PC (Now, that was as SERIOUSLY good result!)

 

[thomas]

When my bike was nicked Sainsburys just sent the new years model without fussing. A few of the accessories were a bit shoot, and we forgot the claim for the improved tyres...but was very impressed. I got the new bike before I was even due to go out for another club ride so it didn't really matter (other than house insurance excess having to be paid, etc).

Sounds like your Solicitor is crap. You should always be in the same position as before an accident, never worst off, but also not better off

 

[Over The Hill]

Last year paid £1719 for a 2009 Scott CR1 Pro Carbon, new from bike shop (RRP £2300). Two months later driver knocked me off (nothing broken) and rolled over bike. Solicitor says I'll get £1719 if I'm lucky as bike was new. They will not replace the bike as that would be 'betterment'. The 2010 model was £2400, for which I'd gladly pay difference, but I'll get what I paid and not thetrue replacement cost.

Has anyone else been similarly affected?

I am a bit confused here. If you paid £1719 for a new bike one year ago, how will £1719 not get you a one year old identical bike now?

Given a one year old bike must be worth less than a new one to be offered £1719 sounds rather good to me!


http://www.tri-1st.co.uk/product_2009SCOTTCR1PRO.htm

one here for £1560 new.

 

[vorsprung]

I am a bit confused here. If you paid £1719 for a new bike one year ago, how will £1719 not get you a one year old identical bike now?

It's quite simple. One year ago he got a new bike. Ten months ago he got knocked off. Since then, the price of bikes has gone through the roof and now the same bike costs more, much more.

I agree with the assessment that his legal team is not the greatest

 

[Over The Hill]

It's quite simple. One year ago he got a new bike. Ten months ago he got knocked off. Since then, the price of bikes has gone through the roof and now the same bike costs more, much more.

I agree with the assessment that his legal team is not the greatest

The point rests on the argument that you could buy a "£2,300 bike" for £1700 a year ago but now suddenly a "£2,400 bike" cannot be had for any less than £2,400. How is this so? How do you conclude that the price of bikes has gone through the roof? Google the bike and you will see you can get a year old one (like for like) for well under £1000 and a new present model for well under the RRP.

If you walked in the same shop with £1700 you would walk out with either the same bike as you lost or the next years model.

 

[Alun]

I am a bit confused here. If you paid £1719 for a new bike one year ago, how will £1719 not get you a one year old identical bike now?

Given a one year old bike must be worth less than a new one to be offered £1719 sounds rather good to me!


http://www.tri-1st.c...SCOTTCR1PRO.htm

one here for £1560 new.

This product is currently out of stock ...hmmm!!

 

[AlexB]

The issue here is that the cost is not relevant.
What the insurance replaces are the goods.

If you have a fridge stolen, the insurance company buys you a new fridge.

In a car accident, the insurance company makes an assessment of the cost required to repair the car and pays that value.
If the car is written off, the insurance company mankes an assessment of the value of the car and gives you that sumn so that you can buy a new car.

Bikes are generally treated as new for old under insurance policies, so if you have model X, regardless of when it was bought, the insurance company will seek to replace it with model X or an equivalent.
Some companies will attempt to reduce the value of the claim on the basis of wear and tear, but to be honest, this is not likely to be worthwhile, since the amount saved is going to be relatively small compared to the overall scale of the claim.

My advice, refuse the deal and carefully note all of your expenses and submit all of them, with receipts where you have them.