Insurance write off
 

As you prob know from my previous thread I done a bit of a road acrobatics this week and ended up breaking myself. Good news is the bike isn't that bad at all.
Nearly all the damage is cosmetic but it's still gonna be an insurance write off ( as I understand it, if the repairs come in at over 70% the value of the bike it a write off? ).
So I take the bike will then become the property of the insurance company of the woman who hit me as they will be paying to write it off?
I want to keep the bike and fix it up so do I then have to buy it back? Do they have to sell it to me?

I have no experiance in this field at all so all advice welcome.

Also is there somewhere I can get an up to date valuation of my bike?

K2 650s 36k and if it makes any difference it was in very very good condition as I had recently been stripped down and rebuilt.

Thanks

Re: Insurance write off
 

every bike ive bought back (a few) have cost me 30% of the payout price, so engineer will come out and value it for example for 1500 then he will give a scrap value eg 500 you inform him and the insurance company involved you wish to retain the bike, they generally like this as it saves them hastle with collections paperwork etc, you then get a cheque thru the post for 1000 and you then depending on the write off catagory then decide what to do
cat a must be scrap
cat b can use parts but frame must be scraped
cat c and be put back on the road ,new mot required
cat d can be put back on road , do mot it as well just to be safe (£33 quid well spent)

tbh thats even probably the sort of valuation you get for the bike give or take

Re: Insurance write off
 

^^^^^

listen to a man in the know. He has vast experience in writing bikes off...

http://i1132.photobucket.com/albums/m571/sv4me/run.gif

Re: Insurance write off
 

Don't think it needs to be MOTd. I know cars have to be VIC tested, but pretty sure not even an MOT is required for a bike to get it back on the road after being Cat C written off. I got this info from here, so it may not be entirely correct, does anyone know for certain:

http://www.rsmotorcycles.co.uk/FAQ.html

Re: Insurance write off
 

lozzo tbh i dont know if its a full requirement but i think youd agree especially with a write off to air on the side of caution as it may pick up something youve missed, lets be honest some of the cat c's ive seen have been pretty bad with damage missed on the engineers report

The retention figure is based on the value of the vehicle. If a vehicle is worth under £500 most insurers charge nothing for you to retain it. If it's a £45000 car the figure is nearer 40%.

Make sure you ask to retain it as there are a few engineers with friends at garages and they have been known not to offer retention and then the garage buys it from the insurer, fixes the car an sells it for a tidy profit which is shared with the engineer.

Re: Insurance write off
 

Thanks for the info. Need all the knowledge I can gather on every aspect of insurance/claims/police reports etc etc etc so I'm doing my homework. Don't want anything going wrong with paperwork or have some solicitor try and screw me over.