View Full Version : insurance pay out.
ok, most of you know my bike. it got stolen in september and i have just received my first settlement figure of £3000. for those that dont know the bike it was an sv650 k8 sport in grey with 4000 ish miles on the clock.
personally i think its a bit low to be honest.
should i push for £3400 or just take the money and run?
considering at 15 months later a new one would cost me around £4600
JamesMio
21-12-09, 03:57 PM
ALWAYS push for more - maybe worth having a quick squint on BikeTrader etc to see if there's anything similar going for more? (bad time of year for it, granted).
Did they know about the add-ons etc? You might be able to squeeze a few quid more out of them for those too?
Parkers (for what its worth) a quoting £3k as a dealer price on a K6. can't hurt to push for more!
ALWAYS push for more - maybe worth having a quick squint on BikeTrader etc to see if there's anything similar going for more? (bad time of year for it, granted).
Did they know about the add-ons etc? You might be able to squeeze a few quid more out of them for those too?
yes they knew about the addons, but i insured them as 'non price adjusted'. so not to fussed about that.
Parkers (for what its worth) a quoting £3k as a dealer price on a K6. can't hurt to push for more!
hmmm. cheers 3k for a k6. i think i will be pushing a bit more.
i only paid 4k for it though.
cheers peeps.
Always push for more .... but TBH - its probably pretty fair ..... prices have fallen, and its should get you another K8 ......
davepreston
21-12-09, 04:06 PM
email them 5-10 exsamples of a k8 that cost more than 3k they should then up there offer, in theaory insurance should pay enough for you to walk out and buy the same bike again without you adding to the fund (minus extras)
BoltonSte
21-12-09, 05:48 PM
I've always wondered about this. Should you really be getting examples as soon as possible after the event?
When you take out insurance, along with the bike, mods etc. they ask what it's worth. So I buy a bike in early summer for 5G, it gets wrote off in a non-fault pretty soon when it'd still cost me 5G to buy a replacement. Then I don't get a payout for 18mo, by which time it's winter and the same vehicle is 18 mo older so it's dropped by £1500.
To put me in the position I was in pre idiot taking me out, then I should get 5G, but they'll offer the £1500 less. Which, may cover the same bike, but it's now 18 mo. older and I'm now 1500 out of pocket, and ain't been riding or had to buy another bike, possible at inflated prices as well.
So which should it be, which is it? Anyone had any success arguing this?
Ste
speedplay
21-12-09, 06:14 PM
When my k5 got totalled they offered me peanuts for it.
Never take the first offer.
If they still offer you less than what you can replace it for then ask them to speak to someone on their "stalemate" team.
There you will get to speak to a reasonable person and not just some knob on a phone trying to hit target figures and save the company money.
I did this and they upped the offer bu £800 after I emailed them some examples within 25 miles of my area.
Dont let them tell you they can replace it for one with the same mileage and age thats 600 miles away (as they tried with me).
If you are reasonable with them and point out valid reasons as to why their offer wont replace your bike, then you shouldnt have any problems.
they have worked a 'fast one' as they have already paid my outstanding finance balance and sent me a cheque for the remaining balance without making an offer first.
i think what they have done is a bit underhanded if you ask me.
shonadoll
21-12-09, 07:19 PM
That's not on. I'd get in touch and ask for more.
davepreston
21-12-09, 07:30 PM
hello mr insurance man i have just rcieved a cheque from yourselves for x amount ,which i was surprised at as you have not made me an offer to date , so i will either send you this check back or hold onto it whichever you prefer untill you make an offer which does not insult my intelligance or you realise you havent changed your desk calander since april 1st
speedplay
21-12-09, 07:33 PM
hello mr insurance man i have just rcieved a cheque from yourselves for x amount ,which i was surprised at as you have not made me an offer to date , so i will either send you this check back or hold onto it whichever you prefer untill you make an offer which does not insult my intelligance or you realise you havent changed your desk calander since april 1st
+1
Call them and ask them why they have sent you a cheque and not made you an offer.
Just out of interest, how much have they paid off in finance?
Just out of interest, how much have they paid off in finance?
oooooppppppsssssss i think they have buggered up somewhere...
'''the information before us indicates that the vehicle had a pre theft value of £3000 after deduction of the policy excess £200'''
ok so are they saying that they have given me an offer of £3200?
they paid my finance at £2306.52 and given me a cheque for £693.48 which adds up to £3000.
i must read things properly first and not just chuck things to the 'do later' side of the desk. lol
speedplay
21-12-09, 09:18 PM
£693.48 to put down as a deposit for a new bike and no finance left to pay off doesnt sound too bad.
Gazza77
22-12-09, 08:26 AM
oooooppppppsssssss i think they have buggered up somewhere...
'''the information before us indicates that the vehicle had a pre theft value of £3000 after deduction of the policy excess £200'''
ok so are they saying that they have given me an offer of £3200?
they paid my finance at £2306.52 and given me a cheque for £693.48 which adds up to £3000.
i must read things properly first and not just chuck things to the 'do later' side of the desk. lol
That sounds right to me (numerically wise).
£3200 valuation
£2306.52 finance paid off
£693.48 payment to you
£200 of valuation to cover excess
Are you saying you'd already paid them the £200 excess?
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