Kryptonite Theft Reimbursement For $2000 Real?

[zapshe]

Hi guys, so I was hearing about Kryptonite's Locks coming with anti-theft protection - which means they'll reimburse me for a stolen bike. The forgetaboutit lock has a 10/10 security rating which (according to their graph) I'll be covered up to $2000 on any stolen bike. The protection is free for one year, and $25 for protection till 5 years. I do have to send certain information to be included in the program, but it shouldn't be a problem. Usually people wont be reimbursed because they didn't do any of this stuff within "30 days of lock purchase" (written in small text).

Here's the actual websites with information:
https://www.kryptonitelock.com/en/customer-service/register-for-anti-theft.html
https://www.kryptonitelock.com/cont.../Kryptonite's_Anti-Theft_Protection_Offer.pdf
https://www.kryptonitelock.com/en/customer-service/faqs.html?id=112

I assure you they make it as hard as possible to get money from them. However, the conditions seem simple enough that even with their pestering and such I should be able to provide them with what they need and they should have no excuse to not reimburse me.

One of the things you need to do is send in the bike lock. However, this is sometimes stolen too. I was thinking of buying 2 locks and registering them. I'd keep one at home so if the other lock is picked/cut but also stolen, I can simply use an angle grinder to cut up the second lock to send in as evidence. If not stolen, then I got a backup lock at home I suppose. I could keep one unregistered to use (and save $25) but if it breaks, whether stolen or not stolen, I'd be forced to break the other one to send in which would be a $100 lock!

Let me know what you guys think. Thanks !

 

[Drago]

I think it was £500 in the UK? Yes, it's for real. Keep your receipt.

 

[classic33]

Used to have a number on the keys. You provide them with this in the event of failure of one of their locks.

Also if you needed a spare key.

 

[NorthernDave]

Just read the terms and conditions very carefully - I had a similar offer on a lock (don't think it was a Kryptonite), but the conditions were very restrictive and if I remember correctly required you to have the bike insured and provide all the insurance details to the lock company in the event of a claim.
I never had to use the offer, but I suspect they might have tried to offset their loss against the insurance policy in the event of a claim.

 

[zapshe]

Thanks guys.

I think it was £500 in the UK? Yes, it's for real. Keep your receipt.

With kryptonite, the coverage is based on the security rating of the lock. With the forgetaboutit lock (10/10 security rating) it covers up to $2000

required you to have the bike insured

Kryptonite doesn't do that for what I've seen. They say to provide insurance details "IF" you have insurance.


Thanks again guys, hopefully nothing will get stolen, but good to know that I have that option!

 

[vickster]

Thanks guys.



With kryptonite, the coverage is based on the security rating of the lock. With the forgetaboutit lock (10/10 security rating) it covers up to $2000



Kryptonite doesn't do that for what I've seen. They say to provide insurance details "IF" you have insurance.


Thanks again guys, hopefully nothing will get stolen, but good to know that I have that option!

Contact the company and ask for the Ts& Cs in writing. Don’t you have to have the psrts of the broken lock as proof or something

 

[zapshe]

Contact the company and ask for the Ts& Cs in writing. Don’t you have to have the psrts of the broken lock as proof or something

Yes, I covered needing the defeated lock in the original post.

 

[vickster]

Yes, I covered needing the defeated lock in the original post.

TL DR

But looks like you’d consider committing fraud to claim...

 

[classic33]

Yes, I covered needing the defeated lock in the original post.

The key supplied wouldn't match the lock though.

 

[zapshe]

TL DR

But looks like you’d consider committing fraud to claim...

You bet I considered it.

 

[zapshe]

The key supplied wouldn't match the lock though.

I don't think you understood what I was going to do. I was going to buy 2 locks, and register both of them with the bike. If my bike was stolen and lock taken as well (which happens), I'll have no lock to send back to them. With the OTHER registered lock, I'd break it then send it. The key I'd give them would be for the other lock.

 

[Tin Pot]

Hi guys, so I was hearing about Kryptonite's Locks coming with anti-theft protection - which means they'll reimburse me for a stolen bike. The forgetaboutit lock has a 10/10 security rating which (according to their graph) I'll be covered up to $2000 on any stolen bike. The protection is free for one year, and $25 for protection till 5 years. I do have to send certain information to be included in the program, but it shouldn't be a problem. Usually people wont be reimbursed because they didn't do any of this stuff within "30 days of lock purchase" (written in small text).

Here's the actual websites with information:
https://www.kryptonitelock.com/en/customer-service/register-for-anti-theft.html
https://www.kryptonitelock.com/cont.../Kryptonite's_Anti-Theft_Protection_Offer.pdf
https://www.kryptonitelock.com/en/customer-service/faqs.html?id=112

I assure you they make it as hard as possible to get money from them. However, the conditions seem simple enough that even with their pestering and such I should be able to provide them with what they need and they should have no excuse to not reimburse me.

One of the things you need to do is send in the bike lock. However, this is sometimes stolen too. I was thinking of buying 2 locks and registering them. I'd keep one at home so if the other lock is picked/cut but also stolen, I can simply use an angle grinder to cut up the second lock to send in as evidence. If not stolen, then I got a backup lock at home I suppose. I could keep one unregistered to use (and save $25) but if it breaks, whether stolen or not stolen, I'd be forced to break the other one to send in which would be a $100 lock!

Let me know what you guys think. Thanks !

I think ‘Fraud’.

 

[zapshe]

I think ‘Fraud’.

Thanks, wouldn't have figured it out myself. Would you rather commit a little fraud to get around the fact that they try to make life hard on you by asking for the lock that may have been stolen or lose $1000+?

^If you choose the second option, you're a better man than I.

 

[classic33]

The amount they'd pay out if their lock is defeated can be $4,500, depending on your bikes value.

Chances of a payout seem to be slim. The lock mechanism apppears to require defeating, not the lock itself.

 

[zapshe]

The amount they'd pay out if their lock is defeated can be $4,500, depending on your bikes value.

Chances of a payout seem to be slim. The lock mechanism apppears to require defeating, not the lock itself.

I'm going to call them to confirm all this first. Thanks for info, gives me another thing to ask about.

EDIT: They say this on their site "If your bicycle or powersport vehicle is stolen because of the malicious or unintended opening or breaking of the Kryptonite lock by force, we will pay you"

So it should cover breakage