Question for anyone who has had a racing bike stolen:
We had a break-in last fall, during which my racing bike was taken. Insurance covered it, and it was replaced (to my satisfaction). Now the original bike has been recovered (long story, but basically the guy was a dumb-ass). I did the right thing, and called the insurance co. As I understand it, they now ‘own’ the bike, and want to pick it up. Bike is in decent shape.
I understand that it is their property, but I am surprised that they want to actually take possession of the asset - Will they try to sell it elsewhere? I can’t imagine they want an inventory of recovered property, particularly high-end bikes.
Any thoughts on how I should proceed? Obviously, I agree that it is their perogative to take it, but I was hoping to buy it from them and re-sell it myself. Thoughts?
Chances are the person you are dealing with is not an expert and the instructions in his/her cubicle at the insurance company call center states that all recovered assets over X$ should be retrieved.
I would call or write them in regard to the value of high end bikes and importance of fit etc… to make a case that their ability and chances to recover the value are limited and follow it up with an offer to buy it.
I have worked in the insurance industry for many years. They will try to sell via a salvor that will get next to nothing for it and will charge handling fees. Offer to buy salvage direct for say 20-25% of paid claim, or advise that you would be willing to matrch their high bid within reason. This should make everybodys job easier.