Dipslick's Martini Niner stolen

[marko35s]

is that a legal fact?? not fighting not getting clever just asking???

Fact as far as I know.

That's not to say they wouldn't contemplate selling it back to you but as of the moment their money hit your account the bike is theirs.

[Odinson]

is that a legal fact?? not fighting not getting clever just asking???

 

Yes. Your contract of insurance contains a subrogation clause, which dictates that if your insurer has indemnified you for a loss, any salvage or recovery (such as getting the Niner back) will become their property.

 

It is done to avoid any unjust enrichment of the insured party (for example where you receive your insurance payout and then later find the bike). 

[DIPSLICK]

Yes it is,

you would have to buy it back from insurance.

this i do know and accept as they did pay me for it, im saying legally am i no longer allowed to offer the reward WITH THE FULL INTENTION OF RETURNING IT TO THE INSURER and trying to buy it back

[DJ84]

this i do know and accept as they did pay me for it, im saying legally am i no longer allowed to offer the reward WITH THE FULL INTENTION OF RETURNING IT TO THE INSURER and trying to buy it back

The reward is still yours to offer.

No one can stop you from doing it.

But if someone demanded it now you can refute it as the bike is no longer your property.

[DIPSLICK]

so i must retract the offer of reward even if i plan to go hat in hand return it to the insurer and ask for " a family price" to buy it back SHOULD IT BE FOUND

[DIPSLICK]

The reward is still yours to offer.

No one can stop you from doing it.

But if someone demanded it now you can refute it as the bike is no longer your property.

OK         I WOULD FEEL LIKE A TOOL NOT TO HONOUR WHAT I OFFERED  

[TK-Sp3cialiSt]

You are allowed to offer the reward(as anyone can for the recovery of anything), but it does not make sense as you have been paid "book value" for the item, the attempt to recover would likely have lead to the insurer knowing it was not a fraudulent claim(although anyone couldndo the same if trying to rip the insurance off)

[DJ84]

OK         I WOULD FEEL LIKE A TOOL NOT TO HONOUR WHAT I OFFERED  

You are not like most out there.

a lot of people would be happier that they were now let off the hook.

 

Hope you still find it and the nice chap just wants a beer for his efforts.

[marko35s]

so i must retract the offer of reward even if i plan to go hat in hand return it to the insurer and ask for " a family price" to buy it back SHOULD IT BE FOUND

Probably the best course to take otherwise you could end up paying for it twice. It's even possible the insurance company could say no to a repurchase.

[V12man]

saying that here is one scenario

i pay someone for a badly damaged niner R10K give it to the insurance they say "ok give us half"what we paid you out

i end up paying anotherR10-R15K TO FIX IT "my niner" ends up costing stooopid money

Wait for the bike to come back first before crossing that bridge.... it will eventually come back... might take a couple of years.

 

You might need an extended period before riding it again after it comes back....  not because you won't see your insurers right either or risk being relieved of your possession again...

 

Taken a LONG time for me to get a frame out of storage.... and do something about getting it ridable again... it's all in the head.

[madbradd]

Tough one regarding the reward now. I wanted to post something a few days ago about advertising a 10k reward to everyone at the taxi rank being a bad idea, but didn't at the time since it was a bit emotional still. Now that you've been paid out I think there's still a bit of emotion, but at least you have a cool new project and funding for it.

 

I personally wouldn't have offered the reward unless it came with info that led to an arrest (and the reward would only be paid out on proof of conviction). If word gets out that there are big cash rewards for our bikes, it may set a precedent (or create the impression that there is a precedent for big cash rewards) and then perpetuate the theft of bikes for bigger rewards than they sell the bikes for in the first place. I just feel that the last thing we want is to create a bigger incentive for more bike theft as this just places all of us riders in more danger.

 

[DIPSLICK]

What you saying does have merit, what you missing is I posted the guy bought my bike for R1500

They are taking theses risks already for R1500, yes they could find out what the bikes are worth from a LBS or the hubs classifieds/olx/gumtree ALSO, we are living in a dream world if we think they have no concept of the value of these bikes,if I post a reward or not, they know the value and they feel rocks, they sold that bike for R1500 my reward won't change that mentality

[madbradd]

What you saying does have merit, what you missing is I posted the guy bought my bike for R1500

They are taking theses risks already for R1500, yes they could find out what the bikes are worth from a LBS or the hubs classifieds/olx/gumtree ALSO, we are living in a dream world if we think they have no concept of the value of these bikes,if I post a reward or not, they know the value and they feel rocks, they sold that bike for R1500 my reward won't change that mentality

 

I did see that it was bought for R1500. I just worry that if they know that we would buy it back for more, that the guys would take bigger risks more often to get our bikes. Could also work in reverse in that they know its worth more to the right people, so "sales" volumes drop but their "revenue" stays the same.Either way its not cool. But glad you got paid out and can't wait to see the new build.

[marko35s]

I did see that it was bought for R1500. I just worry that if they know that we would buy it back for more, that the guys would take bigger risks more often to get our bikes. Could also work in reverse in that they know its worth more to the right people, so "sales" volumes drop but their "revenue" stays the same.Either way its not cool. But glad you got paid out and can't wait to see the new build.

There is logic in what you are saying but in the end thieving scum are going to act the same way and continue being thieving scum regardless of what we on here say or do.

[marko35s]

I did see that it was bought for R1500. I just worry that if they know that we would buy it back for more, that the guys would take bigger risks more often to get our bikes. Could also work in reverse in that they know its worth more to the right people, so "sales" volumes drop but their "revenue" stays the same.Either way its not cool. But glad you got paid out and can't wait to see the new build.

There is logic in what you are saying but in the end thieving scum are going to act the same way and continue being thieving scum regardless of what we on here say or do.

[DJR]

If you paid the R10 000 reward to whoever brings the bike back, mark my words, the insurer will take the bike and you'll be R10 000 out of pocket.