Ins. claim - Valuation help pls.

[Stu]

I'm claiming for my SV (K4 faired 25K) which was w/o after being pushed over (£2,600 repair bill). As a w/o we are now argueing over valuation. Their 1st offer was £2K (less excess) £600 to buy it back.
I sent them a nice letter enclosing a print out of all the 2004 SV's at that time on Motorcylenews.com, the average price was £2,750. I gave some more waffle about excluding the ridiculously over priced example and the low price from one that was already crashed.
They wrote back today totally blanking me - "All the points raised have been carefully considered, but we are still of the opinion that our valuation is both fair & reasonable...not willing to increase offer."
WTF! no justification as to where they get their valuation from or why it is fair?

So any help please org?

I think you'll have to bend over and take it, to be honest. You'd need to sue them for more and that's simply not worth it over perhaps £500. Small claims court might be worth going through (under £1k I think) but it depends how determined you are.

Good luck.

Originally Posted by Stu

I'm claiming for my SV (K4 faired 25K) which was w/o after being pushed over (?2,600 repair bill). As a w/o we are now argueing over valuation. Their 1st offer was ?2K (less excess) ?600 to buy it back.
I sent them a nice letter enclosing a print out of all the 2004 SV's at that time on Motorcylenews.com, the average price was ?2,750. I gave some more waffle about excluding the ridiculously over priced example and the low price from one that was already crashed.
They wrote back today totally blanking me - "All the points raised have been carefully considered, but we are still of the opinion that our valuation is both fair & reasonable...not willing to increase offer."
WTF! no justification as to where they get their valuation from or why it is fair?

So any help please org?

simple

write back and state that it was insured for market value, as you have demonstrated market value is 2750 and as such you expect an offer more inline with this, then keep rejecting thier offer, then keep sending in support using more adverts.

mind you you havent told us how much your excess was?

[Stu]

Originally Posted by 454697819

simple

write back and state that it was insured for market value, as you have demonstrated market value is 2750 and as such you expect an offer more inline with this, then keep rejecting thier offer, then keep sending in support using more adverts.

Thanks, I guess I will. I think I was just wanting confirmation as to what I'm entitled to i.e. what it's based on. I can understand it's definitely worth their while just countering my offer to save themselves some money.

mind you you havent told us how much your excess was?

er, don't see why that is relevant? The cheque they sent me was for the differnce between £2K & my excess. Obviously I can't start arguing over my excess now

[fizzwheel]

I just write back with a less polite more assertive letter saying that you dont accept their valuation.

If you keep being a pain in the bum for long enough they'll up your offer just to shut you up I would think.

I was lucky when my car got written off they made a very low first offer, I did as you have done and they then gave me market value for it so I only had to write one letter.

Originally Posted by Stu

I'm claiming for my SV (K4 faired 25K) which was w/o after being pushed over (£2,600 repair bill). As a w/o we are now argueing over valuation. Their 1st offer was £2K (less excess) £600 to buy it back.
I sent them a nice letter enclosing a print out of all the 2004 SV's at that time on Motorcylenews.com, the average price was £2,750. I gave some more waffle about excluding the ridiculously over priced example and the low price from one that was already crashed.
They wrote back today totally blanking me - "All the points raised have been carefully considered, but we are still of the opinion that our valuation is both fair & reasonable...not willing to increase offer."
WTF! no justification as to where they get their valuation from or why it is fair?

So any help please org?

Sorry no help.........Just filling out a claim form at the moment for something that sounds similar - bike pushed over.....http://forums.sv650.org/showthread.php?t=111092

But am curious to know what happened to you / the seriousness of the damage and how the insurance claim goes! Did you post a thread / some pics about the incident? I did a search, but yer don't half post a lot!!

I am guessing for valuation they are using a trade guide (Glasses?) rather than the retail adverts? Maybe someone here has access? Apart arguing the point do you also have any legal protection insurance, maybe can use this / threaten to in order to help with an increased offer?

BTW did the Insurance Company come up with the A?600 figure for the buyback? - and did you ask or did they simply offer it?

Originally Posted by Stu

Thanks, I guess I will. I think I was just wanting confirmation as to what I'm entitled to i.e. what it's based on. I can understand it's definitely worth their while just countering my offer to save themselves some money. er, don't see why that is relevant? The cheque they sent me was for the differnce between £2K & my excess. Obviously I can't start arguing over my excess now

because if your excess was 650 they sent you a cheque for 2k your only 100 out of valuation which isnt too bad during a claim...

You are doing the right thing you just have to be a pain in the backside as most people giove up after the 1st letter offer

First off all Insurance is based on indemnity you must be put back to the position you were in before the time of the loss. You have proved that their settlement offer is unsufficient to provide you with indemnity therefore (and provided that there is no under insurance otherwise the condition of average applies this will reduce your claim amount) you cannot accept their offer as it is not indemnity (give them more proof and average prices again) you can ask them to do the hunt for you and say if you are unable to give me the cash equivalent then I want you to source and supply the same bike as mine if they are unable to do this then you can say that you have not reached a figure that you deem indemnifies you for the loss. You can then ask them for their formal complaints procudure and say under the current FSA regulations they must have one and must give you it readily then it is a fight from there all their complaints procedures should be mapped out clearly for you

By then they will see that you mean business and for the sake of a few hundred quid are more likely to give in.

Good luck

Originally Posted by 454697819

because if your excess was 650 they sent you a cheque for 2k your only 100 out of valuation which isnt too bad during a claim...

If that is correct then they are not far out and I doubt you will get a better offer whatever route you go down if they are paying you 1350 then fight it per my post above

im glad im with carole nash
one phone later after receiving their first offer which i said they were having a laugh at-esp as id sent in adversts etc, i received a another cheque for what i was expecting for the bike

Don't give in Stu,