extremebiker

Hi

I was wondering what happens if a stolen bike is recovered after kryptonite has already paid the insurance?

SMartin

You have two choices.

1. return the money
2. keep the money.

What does your head say?

StephenH

From what I recall of reading the lock warranties, it seemed pretty unlikely that they would ever pay the insurance. You had to have the opened lock- if the thieves took it, no payout. If it was cut with power tools, no payout. Maybe you had to have your receipt. Anyway, it sure didn't sound like they planned to pay for any bikes. Now that I think about it, I'm not sure if that was Kryptonite or not. Anyway, read the fine print and see how promising that warranty sounds.

FBinNY 

In theory, and as is standard practice when insurance pays you for a claim, the bike would belong to them. So, you would need to either turn over the bike or the payment. If the bike was damaged, you'd have the right to keep some of the payment according to the extent of the damage.

This is how it is supposed to work, and it usually works pretty close to that with things like cars or big ticket jewelry. Bikes are a bit different, and odds are that the insurer wouldn't know it was recovered unless you or someone told them. So, as a practical matter, it's between you and the guy in the mirror.

extremebiker

Thank you all for the help. Really appreciate it.

@StephenH Hi.. I read everything else, however I could not find the part where it said 'no payout if cut with power tools'. You are right about the fact that the insurance has 'no intention' of paying its customers. Also one can never 100% determine the tool used for breaking lock, so I wonder what exactly is kryptonite thinking.?? SMH at them

goraman

I never look at warranty on surge protectors or bike locks.
They have teams of attorneys present when they are drawn up and even if you did fit all the criteria.
You would spend far more than what you wanted replaced in years of attorneys fees trying to actually collect.
It should be criminal but to my knowledge no one has challenged it.
ANY CLASS ACTION LAWYERS OUT THERE READING THIS!!!!

molten

With the Kryptonite I had, I left it laying around by accident. To replace, I simply chose another brand name to replace. An international name, with a more unique design than Krypto.

extremebiker

So even if I have all the required documents, they still wont honor the insurance that comes with the lock?

goraman

Oh yah,
sure they will.
NOT!
Read the list of disclaimers.

rydabent

Begs the question-------------has anyone here ever been paid when their locked bike was stolen?