The compensation you will receive will be the same as the real damage, minus the deductible, but will never exceed the value of the insured bike.
1. In case of material damage
If the damage caused to the insured bike is repairable and justified, we will pay you back the total repair fee minus the deductible. The amount will be transferred to your bank account.
2. In case of total loss or theft
If the damage can not be repaired or if the bike has been stolen in its entirety and has not been found back in the 14 days following the reporting to the police, you have two choices:
When you accept the compensation in case of total loss of the bike, you agree to transfer the ownership of the stolen bike to the insurer. If your bike is found, the ownership stays with the insurer.
An insured bike with a higher repair fee than the insured limit is considered as total loss and will be paid back as per explained above.
There is no depreciation applied to the insured limit for the first 36 months (3 years). As for the 4th year, the compensation is 75%, the 5th year it's 50%.