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easty238

Joined:

Aug 10

Posts: 2

easty238 says:

who owns the bike after an insurance claim payout

hi,recently had a accident were a driver pulled out of a side road and didnt see me and knocked me off.all is going fine with the claim but have been told that i am not to give them the bike as it doesnt belong to them even tho they have paid out on it?
any advice or info any1 has would be appreciated.cheers

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  • Posted 3 years ago (19 August 2010 17:28)

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littleredrooster

Joined:

Aug 02

Posts: 467

littleredrooster says:

Ownership

Usually the Insurance company own the bike after a payout, unless the owner has specifically asked for it as part of the settlement.

The policy then becomes 'paid up' (i.e. finished) and a new policy has to be taken out for the replacement machine.

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  • Posted 3 years ago (19 August 2010 23:35)
AdieR

Joined:

Apr 08

Posts: 2976

AdieR says:

I am assuming the bike has been written off?

In which case the insurance will have it usually.

They will sometimes allow you to buy the bike back with a settlement if its simply uneconomic to repair (rather than dangerously damaged, in which case it'll be scrapped) through an authorised centre (parts / labour / VAT etc outweighing the bikes value - this can happen with smaller / older machines) - in such case you may be offered the bike, and you can repair it as you see fit (eg, with secondhand parts).

Hope that helps.

Edit: who told you not to give the bike to the insurance co? Was it legal / other insurance advice, or a "someone down the pub said..." comment?

Has it been repaired through insurance, or waiting to be written off?

[This Reply has been modified by the Author]

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  • Posted 3 years ago (20 August 2010 00:47)
JohnBiker4

Joined:

Oct 08

Posts: 14

JohnBiker4 says:

who owns the bike after an insurance claim payout

If the bike is a write-off, the insurers assessor will give it a category(A to D) i.e.either that it has to be crushed, to being capable of being put back on the road. The insurer will also agree with you a Pre-Accident Value (PAV) and a salvage value. The bike remains yours until the V5 is transferred. If you want to retain the bike, you deduct the salvage value from the PAV and the insurer will send you the balance. Check the category write-off otherwise you could be left with a pile of scap that you can't put back on the road. The insurers usually advise the DVLA that it is subject to a write-off and therefore will come up on an HPI check. If you don't want the bike, make sure that the insurers are going to arrange to dispose of it otherwise, if it is still in storage, charges will continue to mount up and will be your responsibility. If in storage, the insurers will usually do a deal with the garage to let them have the bike if they withdraw their claim for recovery/storage charges.

The important thing to do decide if you want to keep the bike, subject to the category write-off, or let the insurers have it once you have received full payment. Speak to the insurers once valuations are agreed, to determine what is to happen with the bike. If they are to dispose of it, you will usually be asked to send them the V5, current MOT, spare keys/alarm fob. Don't just bury your head in the sand hoping that they will forget about it, as they may come back to you especially if the pay-out is full PAV without deduction of salvage.

Hope all this makes sense.

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  • Posted 3 years ago (23 August 2010 14:02)
easty238

Joined:

Aug 10

Posts: 2

easty238 says:

ownership

cheers for the advice off of you all.it makes sense now.was told by a friend who went thru the same thing,and he battled it out with them and got to keep the bike with out paying for it.his argument was that for instance : if your house burnt down or was flooded and that the insurance paid out for it would they then own the house? no,but why is it so different with a motor vehicle? anyway,my claim is now progressing and was unsure wich way to proceed but think i will take the road that has been suggested.thanks for the help.cheers

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  • Posted 3 years ago (24 August 2010 15:23)
Hewso

Joined:

Aug 11

Posts: 1

Hewso says:

who owns the bike after an insurance claim payout

In order to provide the most comprehensive support for your claim.take a proactive approach to your insurance claims process.

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  • Posted 2 years ago (27 August 2011 07:48)
littleredrooster

Joined:

Aug 02

Posts: 467

littleredrooster says:

Hewso

Thank you, Hewso, for a massively interesting post on a thread which has just had its first birthday.

Most useful. Do continue.

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  • Posted 2 years ago (27 August 2011 17:32)

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