My bike was recently stolen, but has since been recovered by the police. Do I have to tell my insurance firm?

Question

When my bike was stolen I was informed by the police there was little chance of recovery. However they have since recovered my bike and made an arrest. In the meantime I claimed for the bike under my contents insurance, paid my excess and they have provided a replacement bike.

Do I have to inform my insurance company my bicycle has been recovered? I can find no reference to this situation in the terms and conditions of my policy.

Are they liable to take back the replacement bike or does the original stolen now recovered bike become their property? If I do inform them am I still deemed to have claimed? As this will affect no claims discount next year and of course the excess I have paid.

I provided a crime reference number when I made the claim, will they receive notification from the police that the case has been 'solved'.

Answer 1

Yes.  If you dont you could be looking to spend time behind bars.  

They will find out when they run reports every 6-12 months anyway.

Answer 2

you have to tell em because if they found out that u didnt u can get arrested

Answer 3

Yup the original recovered bike is now 'salvage' and belongs to the insurer... they might sell it to you at a very reasonable rate or (if you are REALLY lucky) just tell you to keep it... failing that they'll sell it to a scrap/salvage yard who'll send a man in a van round to pick it up. depends how much it's worth really as to how much trouble they'll go to.

They won't take away the new replacement.

But you do HAVE to tell them, if you don't it's theft.

Afraid your NCB is already gone I doubt anything you do now will change that.

Answer 4

Yes, you need to tell them.  The original, stolen bike is now theirs.  Yes, you have claimed, and yes, it will affect your no claims discount.

Yes, it is likely that eventually, they will be notified that the bike has been recovered.

Answer 5

Yes you do have to tell them, also as well tell them about the arrest so they can contact the police about it. The insurance companys still add on the off few pounds for theft claims when there wasnt a arrest or "third party" involved. Tell them and be honest with them and it wont affect you when you come to renewel. Have you asked your insurance company about your no claims at all. Some companys take no claims even in non fault situations.

I doubt they would take any of the bikes back as this is alot of time, and extra cost to themselves.

Be honest and dont lower yourself to the person who stole your bike in the first place

Answer 6

Yes, of course, tell them. How much is the bike worth? If they think they can recover a reasonable sum then they will. Ownership of the stolen bike is probably now in the hands of a recovery company rather than your insurance company. As soon as you make a claim then that cannot be reversed. I presume you were paying extra premium because bikes are not normally covered on contents insurance when away from the house. They cannot take back the replacement bike. They may even let you keep the old bike if of low value.

Answer 7

Yes  if you have been notified by the police the Insurance company will also gain this information.

Now if your bike was damaged you still will gain assistance from your insurance carrier with a claim to repair or replace it.

Insurance is a great tool for us to have and or use. If it is abused it will eventually cause the companies to raise  the payment and that affects all of us.

Since your insurance company is there to help you, and operates primarily in a system of believing their clients we hold a morale standard of honesty if nothing else.

Congrats for the recovery of your bike, hopefully  they caught the person who disrespected you and your property when they took it.Any type of theft is wrong and shows a lack of respect for those who had been taken from, whether it be an individual or a corporation, we have no right to take what is not ours.

Answer 8

Hi,

Its good that the culprit has been nabbed. Well,you've had a replacement bike in place of your stolen bike.As per general insurance law your old recovered bike is now insurance company's legal property and it is your social duty to intimate to insurer about the recovery.Otherwise police is law-binding to inform about the recovery. You've made a claim and for this you did get paid.So you cannot get a no claim discount.

Answer 9

YES! It now belongs to them, they paid you out for it/replaced it, they own it.Tell them, they may tell you to keep it, but if they find out you have it back without telling them, your in deep.

Answer 10

Yes you have to tell them.

When they paid for the stolen bike.....the purchased the stolen bike from you. It is now their property.

If you keep the bike with out telling them....that's insurance fraud - a crime.

Answer 11

Yes you will have to tell them

Answer 12

You most definitely do have to inform them, a crime reference number is just proof of your reporting the theft, weather you inform them or not your claim has been processed and as suuch will effect your no claims bonus.

Answer 13

Yes, you need to tell the insurance company. What they'll do, I don't know but I'd guess that the recovered bike becomes their property.

It is a criminal offence not to tell them and they might find out from the police.

Answer 14

Yes...  you have to let them know.  

This once happed to me.  I let the insurance know and they said to keep the new and old bike.  

Now if it is a motorcycle, that might be a different case.