TLW down:(

Personally I'd forget about buying it back, you don't know the status of it internally and it could just be a bottomless pit of money-spending.

[the_lone_wolf]

UPDATE:

Just got back from consultant, everything going well, unknown previously the bone had actually shattered, i have the knuckle, the stem of the bone itself and between the two there's five separate pieces. Wire stays in for another three weeks then another two in plaster after that and it should be out, hurrah

No news from KGM on salvage price or bike value, might call them next week before i go on holiday

Im wish jamie, Can you not just take the pay out (I take it you were fully comp) and buy a nice second hand one?

[the_lone_wolf]

Righto, back from my hols, very brown except for the part of my arm under the cast

Phoned the insurers to see if they had numbers for me...

Now, a little background:

I paid £5700 for the bike new

I gave a value of £6000 for the bike at the time as that was the price at which I could walk into a handful of dealers and walk out with another brand new one

The insurers have made a valuation of £6k, claiming that is the maximum they can offer as it's the value I put on the form

Now, the problem is that similar bikes on the trader are going for £6500 and upwards, the offer they're making would buy bikes a plate year older than mine and with 3x the mileage

Where do I go from here? I'm not happy going from an 8 week old spotless bike to a year old bike with thrice the use... I'm sure I've read that the Insurance Ombudsman base their valuations on market values and not what was on the form, and that the insurers are there to replace the bike with a similar one, not just compensate me a figure.

I didn't try and undervalue the new bike, I even placed a higher value than what I paid, only declare the cost of easily replacing it at the time of taking out the policy, so, oh mighty org, any pearls of wisdom regarding taking on the might of KGM and getting the same bike back?

Oh, and I also got a value for the scrap, if anyone's interested try me with an offer

you need to send them copies of ads showing the same age/milage bike to prove you under valued it and thats what it will cost to buy a replacement, thats what i did with my sv

[the_lone_wolf]

Originally Posted by Paws

you need to send them copies of ads showing the same age/milage bike to prove you under valued it and thats what it will cost to buy a replacement, thats what i did with my sv

this was the plan - i've got another three weeks in plaster so plenty of time to call them every 15 minutes with new adverts and higher prices

The slight complication is that it's not KGM themselves issuing the cheque, it's another company that deal with KGM's total loss policies, they're saying KGM only authorise them to issue up to the insured amount so I need to hassle KGM to get more

They're sending me a letter with a cheque this week (in the hope that i'll just cut and run obviously) - I would rather skip the too-ing and fro-ing with values and hit them with the Ins Ombudsman saying they must pay market value, then send copies of adverts with similar bikes at the same time

[fizzwheel]

I'd be inclined to write them a nice polite letter, accompanied by adverts from autotrader to backup what your saying.

Start waffling on about credit crunch and price of used 2nd hand bikes going up because nobody is buying new, that the weak pound is encouraging dealers from europe to come into the UK with a van and buy up 2nd had bikes and export them over etc etc.

IIRC you can accept the cheque for £6k without messing up your dispute over the valuation.

I had a similar situation when my car got written off and the insurance company offered me £2400 for it, I wrote them a nice letter with copies of adverts, they told me to cash the cheque I had and they then sent me an extra cheque for £600 so they paid out £3K for the car in the end which was its market value...

[the_lone_wolf]

thanks fizz, i won't need the money until i can ride and insure another bike in july so i might send it back to them to stop any hiccups, but that's good info to know

the main problem is them saying they can't offer me more than what i put on the form, even though when i took out the policy the value was fair and accurate

Everything is worth a try but the £6k you paid was an reduced price for runout 08 models IIRC. If an insurer has any metal about them they will possibly find this out. Unless you have back to invoice, new for old or possibly GAP policy I think they have been reasonably generous.

Obviously I hope you settle happy and get back up on two wheels ASAP

Might be worth a phone call to the below!

http://www.destinationtriumph.co.uk/SpecialOffers.asp

or even here if you could live with it!

http://www.5-9-9-5.com/

Happy haggling/hunting

nb650

I undervalued my sv, argued the difference with the insuers and second offer i got was market value