TLW down:(

Originally Posted by DMC

What??? Thought you said you knew what you were talking about The policy terms & conditions appear clear to me

I do ta , his terms and conds are the same as my sv's was yet i got paid out MORE than what i had valued it at on the docs so it can and does happen-hence why i said its sometimes down to the individual underwriter

Originally Posted by plowsie

I'm willing to put money down, that they have offered that because they are onto a winner?

I can't see how any insurance company paying £6k out to a new customer could be classed as 'onto a winner' but if you mean that they believe they could be asked for more, then yes it is possible, but if the policy document states as DMC says then the insurance company really are offering the maximum they can under the specific policy conditions.

As stated previously, I''d be taking the £6k and running. My only question would be does the insurance policy keep running? ie, if you go out and buy a nearly new D675 with the settlement money do you have to start new insurance again or does your policy continue with an 'adjusted price' maybe? In other words, does the settlement figure include a 'refund' for the remaining period of the insurance policy. Presumably the fully comp insurance for a relative youngster wasn't cheap so is that money now lost?

Originally Posted by carty

I can't see how any insurance company paying £6k out to a new customer could be classed as 'onto a winner' but if you mean that they believe they could be asked for more, then yes it is possible, but if the policy document states as DMC says then the insurance company really are offering the maximum they can under the specific policy conditions.

Yes -

Originally Posted by plowsie

No because it was valued as £6k, and that is slightly undervalued going by todays market values for a bike of similar age, mileage and condition (pre crash)....

What I mean is, they are onto a winner by what is stating in the wording.

Trust me those that think it is worth pursuing (although it might), these companies choose their wording very correctly and will stick by it. Have watched closely, a complaint develop with one of our clients, and paperwork small print and T&C's have to be fully reviewed for a complaint...It all boils down to what it states in the T&C's

I think its a v good offer tbh, but its tlw's choice at the end of the day.

Carty-depends on the underwriter-some will allow a sov to be done (change of vechicle) but others will say no, needs to be a whole new policy

Originally Posted by Paws

Carty-depends on the underwriter-some will allow a sov to be done (change of vechicle) but others will say no, needs to be a whole new policy

Hmm, so if you go with a company that says 'whole new policy', effectively, someone could pay £1k for insurance on a £5k bike, write it off the day after, and get their £5k back for the bike but have their insurance cancelled, thereby losing their £1k minus one day's cover. Harsh.

See if I was in TLW's shoes, that's the thing I'd be arguing, the fact that I'd only had 8 weeks cover, therefore potentially asking for a refund for the other 44 weeks. Though I'm sure they've thought of that one and that's in the T's & C's as well.

I might as well say it again, buy Ed's bike

Originally Posted by carty

Hmm, so if you go with a company that says 'whole new policy', effectively, someone could pay £1k for insurance on a £5k bike, write it off the day after, and get their £5k back for the bike but have their insurance cancelled, thereby losing their £1k minus one day's cover. Harsh.

See if I was in TLW's shoes, that's the thing I'd be arguing, the fact that I'd only had 8 weeks cover, therefore potentially asking for a refund for the other 44 weeks. Though I'm sure they've thought of that one and that's in the T's & C's as well.

I might as well say it again, buy Ed's bike

In the majority of policies you pay a yearly premium to have insurance coverage for that year.

If you write off the bike in the first day and claim on the insurance then you are using the insurance you've paid for.

If the bike is written off it no longer exists to the DVLA (i.e. the V5 is destroyed) so therefore the policy on the bike no longer exists. That is why you must bring out another policy.

(It may be a different story if you write off one bike on a policy which insures two bikes, etc.)

To use your example, if you were to pay £1k on insurance, but in monthly installments of £83 and you had an accident on day one. The IP would be within their rights to ask for the remaining £916 from you before they settled the claim as you haven't paid the full premium for the cover.

To claim the "remaining" insurance back would be the equivalent of the insurance company saying "you've only paid us one month premium, so we will only pay out one twelfth of the payout".


KGM policy states:
"In the event of a total loss, the insurance for your motorcycle will cease when you accept the offer of settlement, unless we decide to let the insurance continue on a replacement motorcycle"

Originally Posted by RatchetJob

Info

Fair enough, make sense

[the_lone_wolf]

Got my package from Garmin a few minutes ago

not only have they sent me a new unit, they've sent me everything it comes with from new, so now i've got 2x car mount, bike mount, leads, case, mounting hardware, mains charger, software etc etc

Originally Posted by the_lone_wolf

Got my package from Garmin a few minutes ago

not only have they sent me a new unit, they've sent me everything it comes with from new, so now i've got 2x car mount, bike mount, leads, case, mounting hardware, mains charger, software etc etc

Result - what's the crack with the insurance? Have you clarified whether you can ask them for more money yet?

[the_lone_wolf]

Originally Posted by carty

Result - what's the crack with the insurance? Have you clarified whether you can ask them for more money yet?

i'm waiting for their letter but tbh i think i'll take the offer

not because i think it represents the value of the bike, but because within 24hrs of advertising the salvage i've had three offers up to £600 more than they want for it, so either way i'm hopefully going to come out ok

now i just need to convince myself not to by a KTM Adventure and ride around europe...