What happens if you get your bike stolen?

If someone steals a bike that you are paying off and have put $4000 into payments already. They are fully covered with insurance. Do the the insurance company just cover the cost or cover it and give him what he has put into it back or do they replace the bike...or is he just screwed. Any insurance people out there? Thanks.

Insurance will pay the value of the bike at the time it was stolen, assuming it is not recovered within the time limit of the policy (usually 30 days) The finance company will be paid up to the amount of the value of the bike, and the owner will get (or have to pay ) the difference.

For example, if the bike is worth $5000 and the loan balance is $3000, the loan is paid off and the owner gets the $2000 remaining. If the bike is worth $3000 and the loan balance is $5000, the owner would have to pay the bank the $2000 difference.

Most insurance companies, ( at least the ones i have dealt with) will give blue book value. Some companies will cover replacement. I would call the insurance agent and find out what steps are needed to cover the loss.

They will only pay the book value of the vehicle (any vehicle). Say the bike cost $ 20,000; you've paid $ 4,000, which means you still have to pay $ 16,000, right? However, the book value may have fallen to $ 12,000, which is what the insurance company will pay. That means you're still on the hook for the remaining $ 4,000. Hope this clarifies it for you. (Remember, the figures I've used are hypothetical figures and are not meant to be taken literally; they are used as an example only!) Good luck