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Chefdav

Joined:

Nov 05

Posts: 1

Chefdav says:

Think my insurance company is screwing me over!!

Good evening all. To cut a very long story short....

I wiped out ( on a greasy wet road, non speeding/ no fault) a 2009 '59 plate White VFR in mint condition. I'm fully comp and my insurance company decided to wrie the bike off. It was valued by myselft on my insurance policy for £9000. which is what i paid for it on the 2nd sept 2009 ..... now that it has been written off, they have valued my bike at £6450 even though when i asked for an inventory of parts, they claim that in damaged form my bike is worth £1450 and the parts to fix it back up plus labour and VAT will cost 5864.63 so that means my true value is £7314.63 ..... I have declined their offer and they have now responded and said that they will not offer any more and that if i do not respond by the 25th of this month then they will just dispose of my bike regaurdless of where my claim is at. What rights do i have, can I ask for someone else to value my bike as on MCN there are not many White VFR's kicking about and not for £6450 with luggage racks.. isnt full comp meant to replace a bike like for like... can anyone please advise???

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  • Posted 3 years ago (20 October 2011 19:22)

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jaffa90

Joined:

Mar 09

Posts: 8895

jaffa90 says:

ins

Welcome Chefdav,sounds like davids a chef,you can insure special bikes with an insurance cover for a fixed price payout but your ins has to agree on it,it sounds like your cover is for market value as most are.When they ask you what`s the value of the bike means market value not what you say.If you declare all the mods/extras as you have got when the policy started they should take these into account on payout.

http://www.motorcyclenews.com/MCN/community/Forums/Categories/Topic/?&topic-id=421617 

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MarcusMarsh

Joined:

Aug 09

Posts: 2707

MarcusMarsh says:

Write off

The insurance company will look to settle for the trade in book value only - not the resale value.  This is because, as a write-off, they are effectively buying the bike from you.

Have a good look at your bike yourself.  You should be able to work out fairly quickly if you can repair the bike for a reasonable cost - in which case it's worth you having the bike back and fixing it up.  When an insurance company asesses repair costs they use the full list price for any parts and main dealer labour rates.  By repairing parts and/or using second hand parts and your own efforts you can often repair the bike for much less that the cost assessed by your insurers.         

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flatspots

Joined:

Aug 09

Posts: 233

flatspots says:

.

A write off can be as little as 55% of the book value of the bike if memory serves. So unfortunately your damage plus repair figure doesn't apply.

You have the book value and what's for sale, Have another go at trying to negotiate a price with them. It's unusual that they give a first and final offer, Good luck.

 

 

    

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AdieR

Joined:

Apr 08

Posts: 3042

AdieR says:

It may have been

£9k new, but 2 years of depreciation will hit its value as well.

You can go through adverts, and see what kind of price similar bikes are being advertised at (though at this time of year, prices will begin falling anyway).

There is such a thing as "gap insurance", which is intended to make up the shortfall between what you paid for the bike, and it's "current" value, however its not something I've used so don't know the cost (ie if it's worth it).

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Pete1950

Joined:

Nov 11

Posts: 4

Pete1950 says:

Sue them

You have made a claim against your insurance company on your policy.  It is for you to say how much you are claiming, and if they offer to pay some lesser sum that is not the last word.  The insurance company does not have power simply to decide how much to pay you, without you having any recourse. You can sue them.  Then the outcome depends on whether you can persuade the judge to accept your figure, or if the insurance co can persuade the judge their figure is right.

CAUTION!  You need to be very certain your figure is right, and can be justified with evidence.  Just believing you are right is not good enough.  If you sue them and lose, that can be very expensive for you.  So you need to be objective:  why exactly is their figure too low?  what is your opinion based on? 

If you genuinely have a good case, sue them and good luck.

 

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littleredrooster

Joined:

Aug 02

Posts: 468

Valuation

Sue them for what? Never heard of that before...surely it would cost a fortune just to start a case off?

All insurance payouts that I have come across have been the result of haggling between claimant and Insurance company until a mutually agreeable figure is reached.

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