Insurance offers

Hi all,
I'm after a bit of advice/guidance from those more knowledgable than myself, I had an off on 30th July, on my 1.5 month old SV sport (paid full RRP too, yes I know, more fool me, ho hum), did all the usual stuff and waited and waited and waited (phoning every other day it seems) and finally on Friday I got an offer through, £3550 for my bike (less my £200 excess, so £3750) my gut reaction is decline the offer as it seems low but just wanted some advice and also proof of the bikes worth if anyone has seen any ads anywhere they could post i'd be much appreciative.

I've got a new SV waiting that is financed but they won't release it till the insurance have paid out on this one, grr, so I need it sorted ASAP but can't afford to just accept that offer really, am I right in thinking its too low though or am i just being idealistic?

any help/advice appreciated

A new SV can be had for £4000 or less....so £3750 really doesn't seem that bad an offer to me.

If you sold the bike instead of writing it off then you sure wouldn't get anyway near £3750.

Its your call at the end of the day, but expect to take a few hundred loss.

does'nt seem a bad offer.

Hmm, OK, thanks for the responses, I'm just a little miffed as there is still £4340 finance outstanding on it but thats why I asked the question, wasn't sure if I was just expecting too much, bit galling having paid £4700 for it 2 months ago ho hum, my own fault that bit, before the feeding frenzy started and they knocked them down to £3995 at most places.


Thanks for the advice

you could always refuse the first offer anyway and see if they do offer you more?

True, my Wife is saying the same, might give it a try, is there anything to lose in doing that? (sorry for all the questions, never had to claim anything before)
will try to make sure future insurance covers getting a new one at least in the intial months of having it, grr.

[SoulKiss]

Originally Posted by Brettus

True, my Wife is saying the same, might give it a try, is there anything to lose in doing that? (sorry for all the questions, never had to claim anything before)
will try to make sure future insurance covers getting a new one at least in the intial months of having it, grr.

Basically they will not pay out the VAT section of what you paid.

When I got mine, I also took out the GAP insurance - which if I was in your position would pay the difference between the offer and what was paid.

Hope you get it all back, but I think you may already have had the best offer.

Only chance I can see would be if you were claiming against someone elses insurance.

Ah, the comment about VAT makes sense, and yes in that case the offer isn't so bad, unfortunately that still leaves me with a chunk of cash left to fill but will definitely investigate GAP insurance, knew i'd heard an acronym somewhere but couldn't remember what.

thanks to everyone for the advice and help.
Much appreciated.

[SoulKiss]

Originally Posted by Brettus

Ah, the comment about VAT makes sense, and yes in that case the offer isn't so bad, unfortunately that still leaves me with a chunk of cash left to fill but will definitely investigate GAP insurance, knew i'd heard an acronym somewhere but couldn't remember what.

thanks to everyone for the advice and help.
Much appreciated.

You would have been offered GAP insurance at the time of sale.

Dont think you can add it on afterwards

Originally Posted by SoulKiss

Basically they will not pay out the VAT section of what you paid.

When I got mine, I also took out the GAP insurance - which if I was in your position would pay the difference between the offer and what was paid.

Hope you get it all back, but I think you may already have had the best offer.

Only chance I can see would be if you were claiming against someone elses insurance.

Not quite true, if the bike is new and VAT was added (of course) then that must be payable as well, its worth fighting on, since the bike was brand new. This happen when I bought a fresh import that got written off and got everyting back including the VAT. You won't get the VAT on second hand bike of course.