Alpinestarhero Down

Is that £450 for the buy back or £450 is what it was worth at time of incident?

Any working bike is always worth circa £1000

no, he just said that he would give a cash settlement of £450 on the basis that I can carry out the repairs myself - however, I told him that its based on the components I can see are damaged, I havn't evaluated the full damage yet and that I would have to get back to him.

if I do decide on a cash settlement, what sort of figure should I be looking for?

I feel like i've stuffed myself in a big hole by informing him that I could get the repairs done myself

Originally Posted by Alpinestarhero

no, he just said that he would give a cash settlement of £450 on the basis that I can carry out the repairs myself - however, I told him that its based on the components I can see are damaged, I havn't evaluated the full damage yet and that I would have to get back to him.

if I do decide on a cash settlement, what sort of figure should I be looking for?

I feel like i've stuffed myself in a big hole by informing him that I could get the repairs done myself

You should be looking for the amount that it will cost you to do the repairs. As you say, there may be damage that you haven't seen yet. The amount should also be less than the (pre-crash) value of the bike.

[SoulKiss]

Originally Posted by Alpinestarhero

no, he just said that he would give a cash settlement of £450 on the basis that I can carry out the repairs myself - however, I told him that its based on the components I can see are damaged, I havn't evaluated the full damage yet and that I would have to get back to him.

if I do decide on a cash settlement, what sort of figure should I be looking for?

I feel like i've stuffed myself in a big hole by informing him that I could get the repairs done myself

You havent agreed to anything - you can back out of the repair it yourself thing at any time

Originally Posted by wyrdness

You should be looking for the amount that it will cost you to do the repairs. As you say, there may be damage that you haven't seen yet. The amount should also be less than the (pre-crash) value of the bike.

should that be the parkers price guide value? A good example is about £1300, used from a dealer is about £1500. Should the repair estimate be for replacing with brand new parts? or dosn't that matter?

Originally Posted by SoulKiss

You havent agreed to anything - you can back out of the repair it yourself thing at any time

This is true, and I didn't commit to anything and i did say to the engineer I will have to fully look at the bike and see what damage there is. If he needs to do another report if i find more damage, then so be it. My damage assesment though will be done by a fully qualified motor vehicle technician, so its not as if i'm trying to fob them off with my unprofessional opinion. My solicitors want a repair estimate anyway, which i said can be provided easily

BTW guys, I really apreicate all the advice and help your giving me

The writeoff threshold is typically 75% of the replacement value of the bike.

That would mean that the professional repairs (and associated costs) would have to cost between £1000 and £1300 before they write it off.

Bearing in mind that they will not pay your labour cost for fixing it yourself, only parts he probably offered 50% of the writeoff price. i.e. £450-£500.

You could push this cash settlement up towards £1000 but the closer it gets the more likely they are to write it off.

Counter offer £800 and see what they say. To help support your argument research how much it would cost you to get an (almost) identical replacement (from 3 sources). Bring this up in the discussion.

The insurers then have the option of paying out for a replacement £1500 or giving you £800 to fix yours. As its his job to save the IP money he is more likely to go with the more cost effective option.

Originally Posted by RatchetJob

The writeoff threshold is typically 75% of the replacement value of the bike.

That would mean that the professional repairs (and associated costs) would have to cost between £1000 and £1300 before they write it off.

Bearing in mind that they will not pay your labour cost for fixing it yourself, only parts he probably offered 50% of the writeoff price. i.e. £450-£500.

You could push this cash settlement up towards £1000 but the closer it gets the more likely they are to write it off.

Counter offer £800 and see what they say. To help support your argument research how much it would cost you to get an (almost) identical replacement (from 3 sources). Bring this up in the discussion.

The insurers then have the option of paying out for a replacement £1500 or giving you £800 to fix yours. As its his job to save the IP money he is more likely to go with the more cost effective option.

I understand. Thats probably why he was quick to give me a quote for a cash settlement, since i mentioned i could repair it myself. £800 was a figure I did have going around in my head - so at least my thinking isnt totally incorrect

Jesus Christ! I've been marking exams and noticed this thread only
now.

Sorry to hear of your off, Matt. Glad that you are OK.

I must say that I know Finchley Road only too well and I sometimes
see cars doing unexpected manoeuvres. Pity that you were affected by
one of these. On the bright side, you should always understand that
it could have been worse: last year a UCL lecturer from anthropology
died (near UCL) when his bike hit a lorry making a U-turn.

It will be sad not seeing your yellow SV from my office window. Hope
you settle the insurance issue to your satisfaction and get a
replacement bike soon. You are welcome to drop by on Tuesday and I
will make you a nice espresso to help heal your psychological
wounds.

Originally Posted by Professor

Jesus Christ! I've been marking exams and noticed this thread only
now.

Sorry to hear of your off, Matt. Glad that you are OK.

I must say that I know Finchley Road only too well and I sometimes
see cars doing unexpected manoeuvres. Pity that you were affected by
one of these. On the bright side, you should always understand that
it could have been worse: last year a UCL lecturer from anthropology
died (near UCL) when his bike hit a lorry making a U-turn.

It will be sad not seeing your yellow SV from my office window. Hope
you settle the insurance issue to your satisfaction and get a
replacement bike soon. You are welcome to drop by on Tuesday and I
will make you a nice espresso to help heal your psychological
wounds.

Another UCL person!

Not marking physics papers as well per chance?