Insurance question.

I had my GT Zaskar stolen from my shed a couple of weeks ago. The Insurance people have told me that they're going to replace the bike (I'm not quite sure how they're going to do this as it was a 1996 bike that had evolved through numerous upgrades into a touring bike). They have told me that they are passing the details of my claim onto a company called DVS who will contact me.
Does anyone have information about this company and/or how the replacement will work, will I receive a cheque or voucher or will they source a bike for me up to a certain price? Any info will be appreciated, I'm busy doing research into a bike that will fit the bill regarding replacement. It's a tricky one as you'll appreciate as I've built it up myself from a varied list of parts and is impossible to replicate from a bike shop, closest thing I can find seems to be a Kona Sutra, best thing being that I source the parts myself and build a bike up to my tastes.

How does it all work?

I would be honest.

Because you're better off that way!!

Why?

List everything that was on the bike and find its value now new. Zaskar frame forks etc etc. You'll probably find that you have spent a lot more on it than you think. Don't forget lights/panniers/extras that were on the bike too. Remember it's TODAY'S prices you should quote as you'll have to pay TODAY'S prices to replace it!!

Present the list to the insurance company and say "this is exactly what was stolen, I want it replaced exactly the same". That's what insurance is for, to replace exactly what was stolen. Don't accept any less as they might try and get you lesser stuff to save money.

Normally what happens is that they give you the cash value of what was stolen as they would never be bothered to build a custom bike for you.

Then you could build you own bike up in your own time.

Personally I think a Kona Sutra would be a poor replacement for your lovely Zaskar.

Thanks for the reply. I did tally up how much it would cost to replace all the upgraded parts and without the frame and panniers it came to £998. The insurance co have agreed to replace it but are saying I need to keep the cost below £1000 as above that I'll incur £150 excess as opposed to £50 and a policy increse and loss of N.C.B. :?

Dawes galaxy?

I had a 1992 Diamond Back Axis XT stolen in 1998, the insurance company wanted to replace it like for like but with the nearest comparable bike of that spec, the options were a 1998 Univega with XT or a 1998 Kona Cindercone again with XT, I opted for the Kona as it looked a nicer bike, they put me intouch with a dealership and I was sized up and presented with my new bike. No cash alternative was offered. Worth looking at the small print of your policy. Mine was a new for old policy, £50 excess, they asked me for the full spec of the bike + extras and a police report from the theft. It was all sorted in a matter of weeks.

Sadly I would have loved my DB Axis XT back, but it was not to be, until now where I have sourced one through RB which will be my summer build 2013. I still ride my Kona and love it so all was not lost despite the break-in to my shed back in 1998.

Insurance

They will try to replace the bike with a current equivelant if one's available.
If you price out all of the parts that were on the bike, list them with prices and have a couple of pics to back it up then you can ask them/the insurance company for a cash settlement.
They usually try to replace bikes as they generally get a discount from the suppliers for buying in volume.
If they say that they can only replace, then ask them to refer back to the insurers to issue a cash settlement.
Happy christmas