Insurance question - bike totaled

[CAmudgeon]

+1 on everything said so far.

Their job is to lowball you not give you a fair settlement.

Don't rush into assuming you are not in pain/suffering. Contact Scotty Storey and discuss with him getting a fair settlement. If your gear and accessories are damaged they owe you for that at least, on top of what the bike is worth.

Take the (higher amount you negotiate) check and buy a comparable bike with lower miles so you can put 60k on that one. Reparing and coming out break-even on a bike with that many miles+salvage title is just not worth it IMHO. Winter is coming, bike prices will fall.

 

[Maddevill]

Make sure the wheel and forks are straight. It's hard to tell with forks but since they are leaking I suspect they may be bent.

 

[shoelace]

Slow down and hang in there, your claim isn't going away. Give it time to make sure you are back to 100%, don't take a chance on your health. The dollars are only important if you are otherwise OK. Don't settle until you are fully healed, no scabs, bruises or any pain.
After that it's just up to you if you feel the settlement is adequate.

russ is right. you get two years to sort this out. the insurance company wants to settle this thing as early as possible and then have you sign a form stating that you give up your rights to any future pay outs. don't do anything right now.

 

[ThumperX]

It sounds as if they have not considered the Custom Parts and Equipment, also what kind of mechanical services were recently performed, tires? when were they last replaced.
$1700 sounds low I realize the mileage is high but SV's bring top $$$.

Also don't be too quick to sign off on any injury. If you are still sore you should get checked out.

With respect to your gear, glad they have paid you full value for your leathers. What about your boots, helmet, gloves, underpants, cell phone, socks, glasses, etc etc

Know this, an insurance policy is in place to indemnify you. That means to put you back into pre accident condition via repair or replacement.

 

[ccbm3]

The insurance company does not determine the value of the bike, that is a conflict of interest, they contract through a third party which has to determine the value based on DOI standards. It is not an arbitrary amount.

Custom parts and equipment are often considered preferential and do not always add to the value of a bike. i.e. Beauty is in the eye of the beholder, some things can actually detract from the vehicle value and narrow the market for resale. That custom pink flame paint job may make it harder to sale.

I would not expect to benefit from the a low value bike with high mileage. You could try going through your own insurance company and see what they give you. Some insurance companies have provisions in their policy to pay for custom parts and equipment, and you may have better luck that way. But, it is not that the bike is worth more, it would just be how the policy is written that may determine a higher value. Your insurance company will just pay you based on your policy and bill the other lady's insurance after the fact. You dont have to settle through her company, you can go through yours.

Service receipts do not always help, especially if they are just for maint., as you are expected to maintain a bike. An engine rebuild may help, but dont expect anything for an oil change.

Make sure they pay for all your damaged riding gear. They owe you for that.

If you were hurt in the accident, state as much. Dont expect much, as it does not sound like you were injured that bad, but you might get something. It sounds like you were hurt some. If anything is nagging you go get it checked out.

If your bike was your only means of transportation you may be able to get a rental car out of them. They only owe you transportation, not necessarily a rental bike, more than likely just a car.

Basically just saying that dont expect to get much more, if any, for your bike. Look for compensation in other areas, like riding gear, pain & suffering, etc....

Remember, you are dealing with people, they are overworked, stressed out, and just trying to get through the day. If you treat them poorly they will treat you poorly, whole golden rule thing. Insurance companies have this process down to a science, the only thing you have to really work with is the human element.

Good luck,

 

[Cal24Rallymaster]

The other drivers insurance company is required you whole after the accident. Not to make you better, but in the same place you were before the accident. I looked it up on Kelly Blue Book, your bike has a estimated value of $2798 retail, and $1848 for trade in. The fair price for your bike should between those numbers, closer to the retail than the wholesale. As an alternative, they can find you a bike in equal condition and buy it for you. If the adjuster hard balls you, make that suggestion.

In addition to the price of the bike, they have to pay the sales tax, transfer fees and prorated license fees for purchasing a different bike.

As for accessories, they are responsible to repair or replace anything that was damaged in the accident. Usually they will pay you for your helmet, jacket, gloves, pants, boots etc. As for things you installed on the bike, it will depend. For example, if you had saddle bags on the bike, they would pay for them. If however you replaced the exhaust system, they would not pay you for that since the bike came with an exhaust system, and replacing that would be covered in the payment for the bike.

If you cannot come to a agreement with the insurance company you can sue the driver in small claims court for the difference between what the insurance company pays you and what you feel is fair. Then a judge will decide what is fair.

As for injuries, the general rule of thumb is to add all your medical expenses, and lost wages then multiply that number by 3. That will be your total medical settlement. If you hire a lawyer, he or she will typically take 1/3 of that, so you would get twice your medical and lost wages.

Good Luck!

 

[ScottRNelson]

As an alternative, they can find you a bike in equal condition and buy it for you. If the adjuster hard balls you, make that suggestion.

When has an insurance company ever done that?

And what if it's a rare bike where only a few come on the market every year (not the case with the SV, I admit)?

I've never heard of an insurance company finding a replacement for anybody.

 

[ThumperX]

The insurance company does not determine the value of the bike, that is a conflict of interest, they contract through a third party which has to determine the value based on DOI standards. It is not an arbitrary amount.

This is true but sometimes their data sources are off and the value is not comparable to THIS area

Custom parts and equipment are often considered preferential and do not always add to the value of a bike. i.e. Beauty is in the eye of the beholder, some things can actually detract from the vehicle value and narrow the market for resale. That custom pink flame paint job may make it harder to sale.

BAD INFO guys. Custom Parts and Equipment are always considered. May be a hassle to come up with the receipts but at least do the research. As for the flame pink paint job, the insurance company is not allowed to be subjective-custom paint is custom paint and it has a value. I have paid for some ugly ass paint jobs.

I would not expect to benefit from the a low value bike with high mileage. You could try going through your own insurance company and see what they give you. Some insurance companies have provisions in their policy to pay for custom parts and equipment, and you may have better luck that way. But, it is not that the bike is worth more, it would just be how the policy is written that may determine a higher value. Your insurance company will just pay you based on your policy and bill the other lady's insurance after the fact. You dont have to settle through her company, you can go through yours.

This is correct

Service receipts do not always help, especially if they are just for maint., as you are expected to maintain a bike. An engine rebuild may help, but dont expect anything for an oil change.

If you can provide solid maintainence receipts, especially over time the value may be increased. If you had just performed a major service the day before you were hit you may have a little more leverage in arguing the value up.

If your bike was your only means of transportation you may be able to get a rental car out of them. They only owe you transportation, not necessarily a rental bike, more than likely just a car.

Agree I don't think any company will provide a rental bike.They may provide cost of replacement transportation (but they've already offered to settle so only 1-3 days max car rental) Don't forget to argue your commute time. It really isn't worth anything but argue it anyway. Do it articulately in writing. Do not call the adjuster and whine-this will get you nothing.

Basically just saying that dont expect to get much more, if any, for your bike. Look for compensation in other areas, like riding gear, pain & suffering, etc....

Whoa!!!!!
Do Not Ever Use the term PAIN & SUFFERING with the insurance company EVER. Compensation for what you have now, Your bike and it's accouterments, your gear, your medical costs (go get checked out), a reasonable projected cost of treatments and missed work.

Do you have the bike home? If it is in a shop or storage facility it is up to you to mitigate these costs. Get it out of any where that is accruing storage immediately.

A 60K bike is probably not a worthwhile buyback especially since they are asking you to accept only $1700.
I would advise looking at the breakdown of value they are required to present this with their offer.

Remember, you are dealing with people, they are overworked, stressed out, and just trying to get through the day. If you treat them poorly they will treat you poorly, whole golden rule thing. Insurance companies have this process down to a science, the only thing you have to really work with is the human element.

Good luck,

This is key!!! These people are beat to hell and back daily. Be respectful and most likely it comes back.

 

[UDRider]

From my little experience with being hit and dealing with drivers insurance. There are two parts to it that are "closed" separately. One is property, your bike, gear, etc. Another is personal, your medical costs, time missed from work. So you can get the property side settled and done with, while still have personal side of the claim open to see if you develop anything or do follow up with the doctor.

They will try to push you, low ball you, offer you "one time deals", just be patient and take your time. The longer it is on their books the more open they are to settling it at higher value.

Also as others have said go get checked out. Some injuries are not obvious and take time to show symptoms.

 

[Archimedes]

The question isn't what it's worth. It's what it'd cost to replace it with something with the same setup. If they can't fix it, what'll it cost him to buy a comparable bike and replace his mods? Totalling out the bike doesn't get them off the hook for the remainder of the replacement cost of his bike, it was the fault of their insured that he's out a bike, he shouldn't have to sacrifice because of her idiocy. That's why we have insurance.

I was referring to price. Let me rephrase, "I'd have to pay more than $1,700 to buy an 03 SV650 with over 60,000 miles on it?!"

Mods, schmods. You're not going to get anything for mods. Particularly when most of them are pretty worthless come sale time.

 

[bluenoser]

I was referring to price. Let me rephrase, "I'd have to pay more than $1,700 to buy an 03 SV650 with over 60,000 miles on it?!"

Mods, schmods. You're not going to get anything for mods. Particularly when most of them are pretty worthless come sale time.

When my bike was totaled, I provided receipts for everything I purchased that was bolted on to the bike. The insurance company cut out a check equalling the sum of the parts (100% payback on those parts).

OP should expect the same.

 

[High-Side]

When my bike was totaled, I provided receipts for everything I purchased that was bolted on to the bike. The insurance company cut out a check equalling the sum of the parts (100% payback on those parts).

OP should expect the same.

How many people keep every receipt they get - I know I don't?

 

[ThumperX]

How many people keep every receipt they get - I know I don't?

surprisingly many!!!
Usually you can itemize and provide the source and cost-an internet link and print out is VERY helpful.
Another thing, your helmet, often we get deals on a sale, that price may not be available today make sure you get the LIST price for your gear.
Mojotown in SAn Rafael is very helpful in providing an estimate for helmet, gloves, boots, leathers, etc. He also seems to be a walking encyclopedia for aftermarket parts with numbers already in his head. This could be helpful wit respect to, steel brake lines, levers, rear sets, and related mods.
If you went down REPLACE YOUR GLOVES!!!! they may look Ok but they have been stressed.

 

[High-Side]

surprisingly many!!!
Usually you can itemize and provide the source and cost-an internet link and print out is VERY helpful.
Another thing, your helmet, often we get deals on a sale, that price may not be available today make sure you get the LIST price for your gear.
Mojotown in SAn Rafael is very helpful in providing an estimate for helmet, gloves, boots, leathers, etc. He also seems to be a walking encyclopedia for aftermarket parts with numbers already in his head. This could be helpful wit respect to, steel brake lines, levers, rear sets, and related mods.
If you went down REPLACE YOUR GLOVES!!!! they may look Ok but they have been stressed.

I used to keep all my receipts for everything, but most have got lost in all the moves I have made over the years. I'm pretty lucky because I haven' had to file a claim since 1989.

I like shopping at MojoTown and feel I get great customer service.

 

[Racenut]

My 03 SV650s was totaled on on Labor Day.

Granted mine was an "s" and had 25K miles. But value was figured at $3023. They also added on for tax and registration. So it ended up being $3385. That's a big difference from $1700

 

[Z3n]

I was referring to price. Let me rephrase, "I'd have to pay more than $1,700 to buy an 03 SV650 with over 60,000 miles on it?!"

Mods, schmods. You're not going to get anything for mods. Particularly when most of them are pretty worthless come sale time.

Insurance isn't "sale time". I submitted receipts for the renegade exhaust and other mods on my fiancee's SV650 that was totalled, and the total payout was 4800$ for an 02 SV650 with 22k on it. Probably about 1500$ more than it would have been otherwise due to the rarity of the mods on there, so they didn't have comparable bikes and ended up giving us MSRP of the upgrades.

 

[ThumperX]

Z3n please edit to reflect actual payout?

 

[Z3n]

Z3n please edit to reflect actual payout?

Sorry, the 4 got deleted when I edited the post

 

[Archimedes]

When my bike was totaled, I provided receipts for everything I purchased that was bolted on to the bike. The insurance company cut out a check equalling the sum of the parts (100% payback on those parts).

OP should expect the same.

Was that on YOUR collision insurance policy or the OTHER PARTY'S liability policy?

YOUR policy might have a full replacement cost clause in your collision. Third party liability is market value.

 

[moto-rama]

They're not offering anything for that. Frankly, it would be hard for me to argue that's justified considering I was out surfing the morning after the accident (of course I had to pop 4 advil, 2 aleve and 2 aspirin beforehand ...).

Other than just being a bit sore, my primary "pain and suffering" is being stuck in the damned cage for commute until I get the bike fixed. Traffic SUCKS when you're not on a moto. Sigh. My commute is a lot longer now and a lot more annoying.

And if you develop a chronic condition later on? How about some osteo-necrosis in your ankle? That's when the bone dies after an injury, leaving the victim crippled for life. Or how about a few years from now you are diagnosed with arthritis in the injured ankle/leg?

Do you think the insurance company will give a shit about that?

Get a lawyer, or be sorry.