d'oh...bike written off

[Dappa D]

4th D collected my bike on friday just gone,

cap just called saying how will i feel about it being written off...no problem i said as long as i have the option to buy back...of course he said.

thats fine..

but then he went lets see what its worth..heard him tap tap tapping away...confirmed mileage 36k odd...tap tap tapping away...x reg...tap tap...its worth 2 grand...what!!!!!!!!! TWO GRAND?!...what the hells he using to value his bikes...

but worst of all....i paid £1050 (well factor in train fair and petrol it totals about £1175....so when i insured it I valud it at £1500....should i have said 2k? will i be out of pocket?

[FG1]

Looks like I will be in a similar situation very soon. Mine wend down the road after highsiding me and pretty much all of the right hand side needs repair/repalcing.
I have a feeling it will be written off.
K6 with 23000 on the clock. Was in lovely condition.
I will probably be offered next to nothing.

[Dappa D]

yep i saw the post, i feel for ya fella, hopefully it wont be too bad.

i must admit im not too concerned about it being written off could be a blessing in disguise with my comp claim.

[Dangerous Dave]

The more it is valued the less likely it would be a write off.

[Stu]

.should i have said 2k? will i be out of pocket?
Yes and yes , sorry :(
esp. as I reckon it doesn't add to your premium to inc. the value of the bike.

[Ceri JC]

Yes and yes , sorry :(
esp. as I reckon it doesn't add to your premium to inc. the value of the bike.

Yes, doesn't seem to. I always whack an extra £500 on my estimated value for this reason.

[Dappa D]

Yes and yes , sorry :(
esp. as I reckon it doesn't add to your premium to inc. the value of the bike.


will add a bit on next time me thinks...this not bad as i wont actually be out of pocket per se', just would have got a bit more back...

just hope the moran excepts liability now and the witness hurries up and gets her statement back

[muffles]

If you are claiming on your insurance that's when it matters, I think, if you claim on a 3rd party's insurance it's valued at whatever it's valued at. I got £2700 back from a £1500 car that was insured for £1500.

[jimmy__riddle]

yeah they just take whatever they deem as market value.

[Dappa D]

ooo thats interesting...it will be from the third parties insurance not mine.....things are looking up!!! fingers crossed!!

[mary]

I got my bike value off the 3rd party's insurance which was based on the market value. So you might be OK
mary

[Paws]

i valued mine at 1500 and got 2k as i argued with them over value-dont accept their first offer ;)

[454697819]

old on... if they are offering you 2k.... whats the problem, you only paid 1175 for it.. am i missing something or are you not 800£ up?

[startrek.steve]

Well, I payed £2200 for mine, valued it at £2600 and they paid up £2450 written off, bought it back for £800 I think, repaired for £870, quids in! AND I got £400 of my house insurance for my riding gear!

Steve

[Dappa D]

old on... if they are offering you 2k.... whats the problem, you only paid 1175 for it.. am i missing something or are you not 800£ up?

there is no problem!, did u read the whole thread? ive pretty much said its quids in..although an offer hasnt been made as yet...it ws just the guy at the repairers (4th D) saying it was worth 2k and he will write a letter to ins co saying its a write off....id not have a problem getting a grand back for it to be fair....just a bit tesco like....every little helps:D

[454697819]

there is no problem!, did u read the whole thread? ive pretty much said its quids in..although an offer hasnt been made as yet...it ws just the guy at the repairers (4th D) saying it was worth 2k and he will write a letter to ins co saying its a write off....id not have a problem getting a grand back for it to be fair....just a bit tesco like....every little helps:D


I did read it all but I must have miss read it...

Pleased to hear it could be ok...

[toadie]

What you get offered will be based on market value of the bike, not what you said it was worth when you insured it, the only way to ensure value is to get an "agreed value" policy.

As you are currently claiming off "your" insurance policy, the argument of value will be with them, not the TP, as your insurance company will be settling you and then claiming from the TP insurers.

Get plenty of examples of identical bikes at dealers and private adds, to prove value of bike and, as stated earlier in the thread, don't except the first offer.