View Full Version : received cheque for sv
Post arrives this morning, open it up-cheque for my sv....
ok...brill except no ones actually contacted me to make an offer!!!??? all theyve done is sent the cheque!!
£1500 minus me £200 excess. (bike trader etc sv's are going for £1800)
Ive phoned them up and asked them why so low etc and they say its all i had her insured for thats all they will pay http://www.mcnninjas.co.uk/forum/Smileys/mcnninjas_classic/icon_rolleyes.gif
I take it i accept it and learn the hard way???
If you put £1500 as the value of the bike, then that's what they pay :( Always worth over estimating it a bit IMHO (not by thousands but a bit) Just to give yourself a better chance....
Was it you that crashed the bike or a third party, I can't remember?
third party-got rear ended
If you put £1500 as the value of the bike, then that's what they pay :( Always worth over estimating it a bit IMHO (not by thousands but a bit) Just to give yourself a better chance....
ah well lesson learnt,least i actually got a *pretty* good payout...im cliaming excess back via my solicitor so "should" get the full 1500
Well in that case it should not matter how much you ensure the bike for as thats your cost for replacement, the third party should give you the amount you require to replace the bike at current market rate.
Its MY insurance thats paid out...i was fully comp, just trying to get through to me solicitor to have a chat
Blue_SV650S
18-10-07, 02:18 PM
Its MY insurance thats paid out...i was fully comp, just trying to get through to me solicitor to have a chat
Surely the ins. co's ask each other what the bike is valued at (by you) ... if you said it is £1500, you get £1500 ... if it didn't work this way, why would they ask when you get the ins???
I can't see you can haggle for more just coz it was a 3rd party not you to blame ...
Surely the ins. co's ask each other what the bike is valued at (by you) ... if you said it is £1500, you get £1500 ... if it didn't work this way, why would they ask when you get the ins???
I can't see you can haggle for more just coz it was a 3rd party not you to blame ...
Pass-never had to deal with insurance etc before, least i now know though to say that whatever i replace her with cost me more than it actually did.
All i need know is for my leg to heal and i can start the winter hack search (summer toy is 95% decided)
John Burt
18-10-07, 02:43 PM
If I remember rightly and it is an if.
1. Not at fault, sounds like it as you werre rear ended.
2. No fault to you so why are your insurance paying you out?? No loss of NCB either
3. You are entitled to put back to the situation you were in immediatley before the crash, ie you could even fight to have your bike repaired and uninsured losses/ injuries.
Blue_SV650S
18-10-07, 03:07 PM
Oh and I am not sure you should be paying XS (and not getting it back) if the calim has gone againt the 3rd party ...
I'd give them a phone and ask them about that at least ...
ASM-Forever
18-10-07, 03:12 PM
As soon as liabilty is officially accepted, then she will get the excess.
The insurance monkeys do like to keep their hands on the £'s for as long as they can. :)
kwak zzr
18-10-07, 04:22 PM
tell me about it :( NIG say they have sent out 3 letters of the offer for my sv1000 but i haven't received any? i know the post is bad but not that bad surely? they said just to send my documents in and they can process the claim, they need- my insurance certificate, my MOT, a copy of my driving license and a copy of the V5.
MR UKI (1)
18-10-07, 04:30 PM
Surely the ins. co's ask each other what the bike is valued at (by you) ... if you said it is £1500, you get £1500 ... if it didn't work this way, why would they ask when you get the ins???
I can't see you can haggle for more just coz it was a 3rd party not you to blame ...
I valued mine at £1,500 and got £3,000 minus £600 salvage (Cat 'D'), this was what the assessor valued it at. It shouldn't matter what value you place on it, they normally give bottom book price.
tell me about it :( NIG say they have sent out 3 letters of the offer for my sv1000 but i haven't received any? i know the post is bad but not that bad surely? they said just to send my documents in and they can process the claim, they need- my insurance certificate, my MOT, a copy of my driving license and a copy of the V5.
Thats what i did huni, photo copy all your docs though and keep the copies, i then got the cheque through.
If I remember rightly and it is an if.
1. Not at fault, sounds like it as you werre rear ended.
2. No fault to you so why are your insurance paying you out?? No loss of NCB either
3. You are entitled to put back to the situation you were in immediatley before the crash, ie you could even fight to have your bike repaired and uninsured losses/ injuries.
1) Correct-i was (on a duel carraigeway)
2) Insurance are paying me and then will claim back off her insurance, until she admits liability i dont get my excess and ncb back
3) Got legal cover fighting for my excess/kit and injuries
kwak zzr
18-10-07, 04:41 PM
Thats what i did huni, photo copy all your docs though and keep the copies, i then got the cheque through.
thanks hopefully it will be quick now.:rolleyes:
Warthog
18-10-07, 04:43 PM
I don't reckon the amount you value it at has any bearing if it is someone elses insurance paying out. They should replace everything just how it was worth.
ASM-Forever
18-10-07, 05:20 PM
I don't reckon the amount you value it at has any bearing if it is someone elses insurance paying out. They should replace everything just how it was worth.
Of course declared value affects things. If that is the value you have paid on it, then its easier for them to pay you that. As paws is FC her insurance company will pay out and then be reimbursed by the other party. You have to consider that insurance companies are constantly dealing with one another and its in their interests to keep costs down.
If you state that is how much the bike is worth to you, they would be mad to pay out more. However thats not to say it doesn't happen. My SV was also valued at £1500, but i was awarded £2175(?...i cant honestly remember for sure) and got to keep salvage. They obviously didnt contact my insurer as they would of discovered i valued it significantly lower. Its probably worth saying that it genuinely was a minter.
Although in fairness if they had offered £1500, i would have accepted it as a fair valuation.
In conclusion; Nick is ghey.
netsurfer
18-10-07, 08:03 PM
Not had the time to be around much lately, sorry to hear about your little bump, paws!
Hope ur feeling better soon :)
Insurance companies will give you the least they can get away with. If you have the bike insured under value they will pay you what its insured for.. If its over valued they will just come out and tell you so and pay you what they think.
A friend of mine had a 1979 mk1 Fiesta insured for £2500 - it actually was costing him much more, but that was what the car could've been sold for.. It was stolen and he got £200, they said its all it was worth!
Pete
toonyank
18-10-07, 10:05 PM
If I remember rightly and it is an if.
1. Not at fault, sounds like it as you werre rear ended.
2. No fault to you so why are your insurance paying you out?? No loss of NCB either
3. You are entitled to put back to the situation you were in immediatley before the crash, ie you could even fight to have your bike repaired and uninsured losses/ injuries.
I was thinking just that??
Gazza77
19-10-07, 07:29 AM
I'd have a read of your policy if I were you. I was always under the impression that irrespective of your valuation that market value was paid out in the event of a claim, hence the usual need to argue over what that is. Bikes (and cars) depreciate over a year, so any value can't be accurate for a full 12 months, hence the market value at the time of an incident being the insured value.
muffles
19-10-07, 07:51 AM
Yes I'm also surprised at the strictness of the valuation. All I would say is it should play both ways - if they can claim it was overvalued in the insurance, and pay you less, you should be able to do the same and tell them it was undervalued. OK they might say the insurance would have cost you more, but again - it's not as if they would give you a refund if you claimed and it turned out it was overvalued (and the amounts involved in changes of value are usually pretty minor, if anything).
I'd definitely be going back and questioning them along the lines of the above - sounds like they are trying to fob you off (would we expect anything else!) to me.
SoulKiss
19-10-07, 08:04 AM
tell me about it :( NIG say they have sent out 3 letters of the offer for my sv1000 but i haven't received any? i know the post is bad but not that bad surely? they said just to send my doc
that would be thieving postie scum at work then :P
David
NOTE this is a joke !!!
kwak zzr
19-10-07, 09:05 AM
ive just sent my documents registerd post £4.50 :( at least i know they will get there.
kwak zzr
19-10-07, 09:06 AM
my assessor valued my sv at £3050 even tho i only insured it for £3000, he said it was the market value for this machine with so few miles on the clock.
metalmonkey
19-10-07, 09:14 AM
If your not happy with the pay out, don't bank the cheque!!
Call them tell that you won't be execting it, and give them the value of your bike how you should get for it. I would look at a few bike that you want now to replace it with, adn say that they cost this much.
If your not happy with the pay out don't back down sticj to your guns.
I haven't had deal with this with a bike, but my camera got nicked I gave them hell and they eventually paid out. Good Luck:smt077
petevtwin650
19-10-07, 09:49 AM
That's why I like fully comp. You get the money and then the insurance companies can sort out who's responsible.
You should be able to claim back both the excess and shortfall from the third party as she was clearly in the wrong. May take some time though and you'll have to justify why you only valued it at £1500 and now want more. Good service from your insurers IMO.
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