After AK intervention

E-biker receives new value of his stolen bike

Over two years ago, a man from Vorarlberg bought a new e-bike for around 7500 euros and took out insurance. If the bike was stolen, the insurance would not cover the current value, but the replacement value.  

After almost two years, the e-biker sold his bike to another amateur athlete. He not only took over the used bike, but also the insurance contract including the replacement value clause.

Insurance only wanted to cover the current value
When the bike was stolen from the new owner some time later, he reported the theft to the insurance company and demanded cover for the damage. However, the insurer wanted to offset the amount of compensation against the current value of the used bike. The victim then turned to the AK consumer protection organization. 

The people in charge at the AK intervened with the insurance company and made it clear that the original contract was taken over. And this included the aforementioned replacement value clause. In the end, the employees of the insurance company had to realize this and paid the bike owner 7464 euros, i.e. the new value of the e-bike.

Contractual agreements
"For us, there was no question from the outset that the case had to be settled in favor of the insured person," said AK consumer advocate Thomas Käferböck. The case shows once again how important it is for consumers to have such matters examined by AK Vorarlberg so that they can obtain their rights. "The original replacement value clause was a central element of the contract - so it must be complied with under all circumstances."

"Collecting premiums first and then looking for ways to avoid having to pay in the event of a claim: that's not how it works, dear insurers," emphasizes AK President Bernhard Heinzle. When it comes to insurance in particular, it is crucial that consumers can trust that promised benefits will be honored - regardless of whether a new contract is concluded or taken over.