How can I get a stolen bike paid off?

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How can I get a stolen bike paid off?

I had an individual working on my motorcycle. We worked up a contract on fixing the bike and parts. He said he would be working on it at a storage that he said was secure. Well he moved the bike to his place of residence to work on it and 8 months ago reported it stolen. I called him when I was visiting family to check on the bike which is when he informed me about the theft. I would like to know what are my options about either getting him to pay off the bike or getting some kind of compensation for a bike that was in his possession and he did not secure?

Asked on February 17, 2016 under Business Law, North Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Ideally, you'd have insurance on the bike and would simply submit an insurance claim.
If you don't, your only option is to sue the other person for the then-current fair market value of the bike, but note that he is only liable, or financially resonsible IF he was at fault in the theft--e.g. he either conspired with the thief, or was unreasonably careless (didn't lock doors, for example; or let someone borrow it, who then stole it). If the bike was stolen through not fault of his, he is *not* liable; liability is based on fault, or doing something wrong.


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