Bike written off

[Bibio]

if the bike is a write off then the bike now belongs to the insurance company. if he decides not to claim and keeps the bike then he has to fix himself. if he claims and gets bike back he has £1200 to fix it buuuuut he will loose his no claims and when he goes to get new insurance they will bump his premium up as he has had a claim.

a fully faired 'copper' k3 in good nick i would be wanting £2500 min.

haggle with them they always offer a crap quote the first time.

[mikerj]

Originally Posted by Bibio

if the bike is a write off then the bike now belongs to the insurance company.

It belongs to him until he has £2000 in his bank account from the insurance company.

I've already tried getting a bit more for it, i agree with 2500 as well but they have point blank refused to go any higher.

The bike was only gone for a few short hours and found less than .5 of a mile away.

The cosmetic damage is only a big more than the damage i myself did a few weeks before hand when i dropped it...

The wiring where they tried to hot wire it has been fixed by the place it was sent to so when i gets back here i should just be able to ride off on it

The bikes got a lot of sentimental value to me so i always said id want to keep it

tell them you know as well as they do the salvage rate is 1/3 of value so you'll accept 2000 as the figure but want to buy it back for a 1/3 of that eg £675
or if they think that the the salvage price is £800 you want it valued at £2400 again the 1/3 value
you'll find they will probably take the first option

so thats £1325 in your pocket and the bike

Lol trust u to know what the salvage rate is, sir crash-a-lot

Originally Posted by Owenski

Lol trust u to know what the salvage rate is, sir crash-a-lot

i am the org crash testing team its my duty to know these things,

did you work for Volvo?

A few years ago i had a zzr written of and got in an argument with the insurance company about the value.
After confirming from a few bike dealers that the offer was low i rang them back and they still refused to up the offer.
In the end i rang up the insurance ombudsmun to complain. They gave me a telephone number for the chief executive's office.I rang and talked to someone on that number and explained the situation and they said they would ring me back.
I got a call back the same day saying that they had reviewed the case and the offer was indeed low.They gave me an improved offer which allthough a little bit less than i wanted was a far bit more than before.
It just goes to prove that you need to make yourself a pain in the ar*e before they will give in,But they do in the end.
Good Luck

[Juju]

Hi -

I work for an insurer in the claims dept, so hopefully can give some helpful pointers.

Firstly, establish the basis of their valuation. I got in april this year, £2125 for a curvy on a y place. It was lowish miles at 23k, and had extras like seat cowl, tinted screen, mini indicators and a s/h. Actually, I was delighted at the valation, and snapped their hands off. - But it must have been based on glasses guide,adjusted for those items.

I seem to recall your bike had pre existing damage and high miles, so £2k doesn't, at this time of the year, seem a poor deal. However, the £800 for salvage seems a very high figure. Ask for the engineers salvage value on the report, they are always low. A cat C/D vehicle might get a value of 12.5% to 25% of pav depending on age and insurer. £800 is excessive for a total loss'ed vehicle. My salvage was valued at £213 by the acc mgmt co, but then sold on, and some hopeful was trying to get rid of it for over £1200 on ebay a few weeks later!

Its a shame some insurers are still putting out low offers, as with modern onl line assessments linked to software with connections to valuation databases, its ripping off the customer, in my view. Certainly engineers, like all of us, can get htings wrong, but certainly all the engineers reports I see, are calculated on the basis of Glasses on line, with +/- for condition, extras, mileage ect.

[timwilky]

Originally Posted by Juju

Hi -

I work for an insurer in the claims dept, so hopefully can give some helpful pointers.

Firstly, establish the basis of their valuation. I got in april this year, £2125 for a curvy on a y place. It was lowish miles at 23k, and had extras like seat cowl, tinted screen, mini indicators and a s/h. Actually, I was delighted at the valation, and snapped their hands off. - But it must have been based on glasses guide,adjusted for those items.

I seem to recall your bike had pre existing damage and high miles, so £2k doesn't, at this time of the year, seem a poor deal. However, the £800 for salvage seems a very high figure. Ask for the engineers salvage value on the report, they are always low. A cat C/D vehicle might get a value of 12.5% to 25% of pav depending on age and insurer. £800 is excessive for a total loss'ed vehicle. My salvage was valued at £213 by the acc mgmt co, but then sold on, and some hopeful was trying to get rid of it for over £1200 on ebay a few weeks later!

Its a shame some insurers are still putting out low offers, as with modern onl line assessments linked to software with connections to valuation databases, its ripping off the customer, in my view. Certainly engineers, like all of us, can get htings wrong, but certainly all the engineers reports I see, are calculated on the basis of Glasses on line, with +/- for condition, extras, mileage ect.

My family business included automotive claims assessors and I spent most of my early life looking at or repairing crashed cars/bikes/trucks. I am glad we saw the writing on the wall for professional automotive engineers within the insurance industries and sold that business. However, from memory of a long time ago, we used to value salvage at about 10% of its PAV. However, these days salvage buyers can make huge profits on breaking or selling on the salvage and as such the value of that salvage has gone though the roof. We have had a number of salvage buyers as family friends. One now has a huge business selling on line.

This does have a big impact on whether to write off or not. As the value of the salvage is taken into the equation.