No money back after bicycle theft?

Questioner

Have theft insurance. They will not give you your money back, but you can choose a new bike from the same store where the old bike came from. I would like my money back so I can look everywhere for a new bike. Is this possible? Or is the insurance company allowed to enforce this? There are also longer waiting times, which makes it unpleasant to shop there.

Lawyer

Good afternoon, In principle, in your case, a compensation in kind applies: based on your policy, you can choose a bike for the insured amount (kind policy). Some insurers do use payment of an amount (refund policy). Your question as to whether it is possible to receive the money cannot be answered directly in the affirmative. Based on your case description, you have entered into a kind insurance. You can easily read this in the policy conditions. It is advisable to contact your insurer to explain why you want payment of the amount. It could possibly lead to a different outcome. However, the insurer is not obliged to do so and they can hold you to the applicable policy conditions. Gr, Mr. Mr. S. Leito FerLei Legal 06-49175526