How much to pay neighbour for theft

[tippietoppy2]

We live in London in a converted building where there are several flats. We had some guests over to the communal garden, and during the visit one of our guests must not have secured the side gate properly (for a max of 30/45min). Our neighbour later said their bike, which they had secured with a bike chain, got stolen (they told us thief cut through chain with bolt cutters).
We were very apologetic to our neighbour, and asked if we could contribute towards the bike. Our neighbour has sent us an invoice for the bike purchase of £525 from 2017 and their bank account. They asked us to send them £550 to buy the current model.
We feel terrible their bike got stolen. We want to be a good and considerate neighbour, and want to contribute financially towards the bike. But TBH I was shocked by the amount they are asking for. We were not expecting to buy them a brand new bike. It's not like we stole the bike ourselves. We are not familiar with the bike involved, nor seen a police report for the theft.
We have not even bought brand new bikes for ourselves or our kids ever, always purchasing our family bikes (and even our children's buggies) 2nd hand. We also don't have the budget to pay them £550.
Our neighbour is evidently extremely wealthy with multiple kids in private schools (we are an ordinary family with kids in free state schools). Possibly they might not understand £550 is a huge amount to a normal family.
How much is fair and reasonable to pay towards the neighbours stolen bike?
a) £550
b) £275 - half the price of another brand new bike
c) £250 - full cost of a 2nd hand bike (eg buy same model on ebay/gumtree)
d) £125 - half the price of another 2nd hand bike
e) see if they can claim it under their home and contents insurance, and we contribute towards the excess. The bike was chained right outside their front door. Although I suspect they probably didn't report the theft to the police
f) £100 - goodwill gesture
Any other idea's or suggestions appreciated. Would like to try to resolve it so we all feel comfortable and happy.
PS The Freehold building insurance doesn't cover personal property

I would go with the standard "like for like" which is what insurance would do

My insurance is new for old which means if anything gets stolen or damaged then I receive a new replacement. It's dearer than like for like but it's what I've chosen to do.

Also, does the neighbour not have contents insurance that would cover this? If so you could suggest he claims and you pay the excess plus a bit extra to cover any increase in fees next year due to loss of no-claims.

If someone had the intent to steal the bike surely they would have got through the gate anyway. If they had cutters they could have used these on any chain or lock.
I would maybe offer half the price of the excess on insurance and ask for police crime number and insurance paperwork. I’d only pay once the new bike was bought.
Good luck x

that is why they are rich and you are not
no proof and not your fault
they are taking the piss
i would not pay them anything
unless they could prove in a court of law that you were somehow liable

Any other residents that might have cctv - covering the area that could help you?

If they had bolt croppers to nick the bike, they would have used them to open the gate too regardless - so the bike was being stolen one way or another
Pay nothing

Agree with previous posters. Expensive items should be insured.

I wouldn't give them anything, not your fault it got stolen. Can they prove it was your guests?? If it has been stolen. They should of secured the bike......... i think its amazing that a thief had bike cutters with him!!!

Person generating the post says her guest left gate open. Why should the neighbour who has lost the bike be out of pocket? Claiming on insurance means premiums go up and stay up for the neighbour . That's unfair.

You think a robber isn't going to open a gate to get what they want? They prowl on the off-chance someone leaves the gate open and then commit the crime but opening a gate is a no-no?

no, having a very expensive bike secured with an easy cut lock and (apparently) not having insurance is the problem.

tough luck but the gate was a minor issue. Pay nothing.

@MissDew OP did come back at 8:30 last night to be fair, although not with much of an update.

Echoing everyone else. Dont pay because its an admission of liability. You're not responsible for this! Theyre a MASSIVE CF for trying to pin their shit 'security' on you and your guests.
I would say "Ive had some time to reflect and realised that your accusatory tone caused a silly knee jerk reaction. Of course I wont be buying a you a new bike! Good luck with tracking it down and of course I'll back you up with the leasing agency if they need proof you were storing it in the garden. Best wishes "

Tell them you need the crime number to claim on your insurance and you will contribute what your insurance pays out. That is generous

no, having a very expensive bike secured with an easy cut lock and (apparently) not having insurance is the problem.

No arguments on the foolishness of having any bike outside with anything other than multiple D locks on any part of the bike that can be easily removed.

But as an aside, £500 isn't a very expensive bike, it is about the starting price for a decent entry level road bike or hybrid. People but bicycle shaped objects for 150 quid or less in Halfrauds or a supermarket and then lo and behold it is miserable to ride, weighs a ton and falls apart and the bike gathers dust.

I'm far from rich, (far from comfortably off tbh) but I get the best bike I can afford and pay it off via credit card 0% offer. My best bike cost £1300, but it rides beautifully, works flawlessly and is so asthetically beautiful I can and spend time just gawping at it and it will last me the rest of my life. Yet people who drop £20,000 on a run of the mill hatchback car that they'll sell at considerable loss several years down the line think it's an outrageous amount to spend. Silly buggers.

Any update OP?

Irrelevant point but a £500 bike is not a “very expensive bike” as a few people are saying. I say this as a bike “widow”. It’s the cost of a fairly average mountain bike and as such a 2nd hand version would be half this at a guess. I wouldn’t give them anything and wonder why an opportunist with specific cutting equipment would go to bother of taking a bike like this. Seems odd to me.

A valuable bike wouldn't be left outside overnight. Not regularly, anyway.
Not that a bike bought new in 2017 for £550 would be worth anything like that now.
Especially if it's routinely left outside.
Insurance for bikes can be a big pain to get, mind, I'm not sure any of our bikes would be insured if we left them outside overnight.

I'd love OP to come back & tell us what model it was. I will see what they sold for lately on Ebay.

(E) and a bottle of wine for hassle factor!

Ask for the crime ref Number so you can speak direct to the Police, also ask for the insurance details as theft should be covered through their policy. I think they are taking the piss out of you and your falling right into it. It's down to the owner to secure the bike, not leave it outside in a communal garden where the bike was "Allegedly" stolen within a 45 minute time period where he knew you had guests, yet did not see the bike go missing????🤫

Christ I wouldn’t give them a penny. How can you be responsible for one of your guests not locking the gate. Grabbing bastards!

Do you even know for certain that your Guest left the gate unlocked?

Follow!

I would first want to see a crime number to prove that it has been reported. And then I would advise them if they want a new replacement bike to claim on their home insurance.

Not a hope in hells chance I would be paying for a new bike.

No way would i give them anything without absolute proof that it was actually stolen, and reported

I would not offer any money. It was not your fault, there is no proof it existed and it could of been stolen at any point.