Insurance write off - some help?

[24xtreme]

Hey guys,

Mean forum you got going here. I am in need of some information.

So i had an 08 RS125 that was declared a write off by my insurance company. In turn they replaced the bike after i paid my premium. The bike has since appeared on TradeMe being sold as used but in repairable condition. There is no mention of the bike being written off. It still has my plates and my modifications on there.

I was worried as i thought i had to sign forms saying the bike is no longer mine however i have received nothing in the mail or heard anything from my insurance company. I bought the carjam report which states that this other company has now registered the bike using my plate. Do i not own that plate still as i haven't signed any forms?

The seller has stated nothing on the auction so would be buyers are actually unaware of the internal damage that once cannot see from the offset. I thought the seller had to declare it was an ex insurance write off?

If anyone can shed some light on this it would be most appreciated.

Btw: the auction has 2hrs to go and is on $2,700

Thanks
Rhys.

[EJK]

Is this it?

http://www.trademe.co.nz/Trade-Me-Motors/Motorbikes/Motorbikes/Sports/auction-320877160.htm

[24xtreme]

Yeh thats the bike.

[Latte]

check the trademe sellers name, seems to be a common theme with him and being economical with the truth.

[Jonno.]

I'm pretty sure by signing over the money you release ownership of the bike.

[Genie]

OH him again....I've seen this going on now for quite some time.

[Kickaha]

I thought the seller had to declare it was an ex insurance write off?

Ask the question on his auction and see if you get an answer

[Jonno.]

I don't see why he would have to if it wasn't de-registered. Would probably show up if you brought the car jam report?

[24xtreme]

I did ask him a question, earlier. look on the auction. He blocked me as well after i asked the question.

[Renegade]

if it wasn't de registered then technically it wasn't a "write off" just not economical for insurance company to repair

[Genie]

It was stated on questions that this bike was an insurance write-off to which sellers denies that by saying it would be re-reg'ed?????

too slow, Renegade got their first.

[White trash]

I did ask him a question, earlier. look on the auction. He blocked me as well after i asked the question.

Well he's about to block my missus too :D It's not your problem dude, don't stress.

[DMNTD]

I think you will find that the bike was "financially written off" which happens very quickly if you crash/own anything European due the the cost of the replacements parts plus the time it can take for the parts to be sourced via 'legitimate' means.
I have seen late model Aprilias financially written off with SFA wrong with them.

[davereid]

The law of unintended consequences applies here. When you make an insurance claim, for the duration of the claim, the vehicle is deemed to be the property of he insurer. In this case the insurer has paid you out, and you have no further legal interest in the vehicle.

I was surprised to see it advertised for sale after being written off - normally insurance companies are very careful to de register written off vehicles..

However, NZTA has a big problem due to this.

Consider..

Joe has a $3000 vehicle, which he crashes after a few beers, or he doesn't check the water and it overheats, or it is just full of rust. The vehicle is now of scrap value only, maybe $400.

Fred has the same make and model, in good condition, but gets behind in his rego, and needs to Re-Vin.

Fred needs to find $600 in back rego, and pay $600 for a VIN recheck. Assuming he passes first time, he is already down $1200, and he wont pass first time. In reality he will be down $1500-$2000.

But he can buy Joes car. For $400. Now he has a new number plate and VIN tag, for only $400.

He will still get $400 for the wreck, sans VIN Plate, so it actually cost him nothing.

And he can cherry pick the best tyres, keep a spare alternator etc etc.

NZTA never see it. They write off the chase for fees on a "dead" vehicle. Have no way of tracing the rebirth, and both buyer and seller, are quids in.

NZTA compile an end of year report, assuring the government that the vehicle register is accurate and complete.

Job done.

[24xtreme]

I think you will find that the bike was "financially written off" which happens very quickly if you crash/own anything European due the the cost of the replacements parts plus the time it can take for the parts to be sourced via 'legitimate' means.
I have seen late model Aprilias financially written off with SFA wrong with them.

So my insurance paperwork states: Total Loss.

What does total loss mean in regards to insurance?

[danchop]

i was at turners auctions when this bike came up,it was sold with current live plates(some are some arent),think it went in the low $3000

[mikemike104]

if it wasn't de registered then technically it wasn't a "write off" just not economical for insurance company to repair

Agreed............................................ ........................................

[ducatilover]

I do remember there being a few odd problems regarding this seller. :innocent:

[24xtreme]

Ok i get the idea now. Cheers for the help all.

[DMNTD]

What does total loss mean in regards to insurance?

It's a Trade term for you lost it and needed to claim insurance :corn:

Nah, I wouldn't stress dude. Just carry on with it all and be grateful you're ok :yes:

[24xtreme]

Cheers im all good. It was a wakeup call though.

I am loving the sellers information. Most of it is incorrect

[danchop]

i dont know but does this guy ever make any money on these bikes,he pays the earth at the auctions for them,like i said the rs125 here went for low $3000 plus turners buyers premium,plus shipping it to auckland,mucking around etc....
the kwacka hes got listed he paid around $7000 plus buyers premium too

[tjk_1206]

i dont know but does this guy ever make any money on these bikes,he pays the earth at the auctions for them,like i said the rs125 here went for low $3000 plus turners buyers premium,plus shipping it to auckland,mucking around etc....
the kwacka hes got listed he paid around $7000 plus buyers premium too

he paid 6K + fee for the zx6r, the bikes a 2007 i hope the people bidding on it realise its not a 2009. I dont no why he does it, i think overall he would probably just break even, he lost $1500 on the zx636 last week, you definitly want to view anything he sells, that 636 had a broken frame mount which he didnt mention and photo`d on a downward angle so you couldnt see it clearly, only when someone hit him up he mentioned it. he must have the biggest blacklist on all of trademe!

[Hans]

The man's about as crooked as it gets. I've seen/ridden a few of the bikes he's bought and there's no mistaking it. He outright lies and deceives. I wonder how much effort would be needed to take this cretin out of circulation...

[24xtreme]

haha yeh

well that rs125 is actually an 08 bike, not 2010.

[tjk_1206]

he made close to 2K on the zx6r and prilla, lost 300ish on comet (with last weeks 1500 loss back to even :facepalm: ). i think it really comes down to a whole lot more idiots on trademe than at turners for no reserve auctions. I sold a zx6r same model 6 months ago for $500 more undamaged with rego. think people just get carried away when a bidding war begins!!

[hellokitty]

he made close to 2K on the zx6r and prilla, lost 300ish on comet (with last weeks 1500 loss back to even :facepalm: ). i think it really comes down to a whole lot more idiots on trademe than at turners for no reserve auctions. I sold a zx6r same model 6 months ago for $500 more undamaged with rego. think people just get carried away when a bidding war begins!!

what comet was that?
My boss has a comet and he did a carjam report on it prior to listing it for sale last month, only to find out that Turners de-registered it last march and claimed it was a write-off. Funny thing is that he has been riding it for the last year and it is definitely not a write-off.....

[danchop]

he made close to 2K on the zx6r and prilla, lost 300ish on comet (with last weeks 1500 loss back to even :facepalm: ). i think it really comes down to a whole lot more idiots on trademe than at turners for no reserve auctions. I sold a zx6r same model 6 months ago for $500 more undamaged with rego. think people just get carried away when a bidding war begins!!
dont think he would have made that much,the buyers premiums were $305 each bike,he had to get that prilla up from wellington,trademe costs around $80 each bike,gst,his overheads,time...stuff all really,i was with a guy bidding on the kwacka cant remember for sure but i thought it was over the $6000 mark

[CHOPPA]

I dont know what your all worried about. It was financially better for the insurance company to replace the bike instead of fix it. The bike is worth more for them to sell and recover the money lost when you crashed it registered and its better to the buyer.

This trader did nothing wrong except help every one out in the long run creating a market for the bikes you crash so insurance companys loose the least amount of money so you can actually get insurance, people like me can score bargain road bikes with piss all wrong with them or great race bikes

I really dont see the any problem here?

[jasonzc]

I dont know what your all worried about. It was financially better for the insurance company to replace the bike instead of fix it. The bike is worth more for them to sell and recover the money lost when you crashed it registered and its better to the buyer.

This trader did nothing wrong except help every one out in the long run creating a market for the bikes you crash so insurance companys loose the least amount of money so you can actually get insurance, people like me can score bargain road bikes with piss all wrong with them or great race bikes

I really dont see the any problem here?

I dont think the problems lie with the insurance concept...

More about how the cars on demand guys seems to be a total fraud on re-tard me.

[crazybigal]

So my insurance paperwork states: Total Loss.

What does total loss mean in regards to insurance?

it means it not economic to fix it! so they write it off.

[crazybigal]

Hey guys,

Mean forum you got going here. I am in need of some information.

So i had an 08 RS125 that was declared a write off by my insurance company. In turn they replaced the bike after i paid my premium. The bike has since appeared on TradeMe being sold as used but in repairable condition. There is no mention of the bike being written off. It still has my plates and my modifications on there.

I was worried as i thought i had to sign forms saying the bike is no longer mine however i have received nothing in the mail or heard anything from my insurance company. I bought the carjam report which states that this other company has now registered the bike using my plate. Do i not own that plate still as i haven't signed any forms?

The seller has stated nothing on the auction so would be buyers are actually unaware of the internal damage that once cannot see from the offset. I thought the seller had to declare it was an ex insurance write off?

If anyone can shed some light on this it would be most appreciated.

Btw: the auction has 2hrs to go and is on $2,700

Thanks
Rhys.

The seller does not need to declare anything. its a write of because it is too expensive for the insurance company to fix. write off does not mean its not roadworthy. as far as transfer of title, there is a form you would need to fill out and sign, this puts the ownership in the hands of the insurance company, its a legal contract of sorts.
I wrote my bike off and they sold it with the plates still on it. its not normally practice but there was no structural damage to the bike.
if a bike is de reged by an insurance company they have to state why. if they put damaged on the de reg form then when a new owner try's to re vin and reg they must have a report done by a qualified engineer who will inspect the frame and forks (or he will send it to a bike shop to do) this all cost $$$ so if an insurance company can sell a bike that could be repaired economically by someone using second hand parts they will get more $$$ for it than a damaged de reged bike.

[nonplussed]

You're right, the seller is not obliged to disclose anything. Even if they know the engine is munted or the forks are bent it's buyer beware as far as i'm aware. They are obliged to answer questions honestly though, and not advertise something as straight when it isn't.
Trademe relies on people being honest in their descriptions for all the punters that live far away that can't get to view the item.
Does anyone know any history on that BMW he's got on at the moment? apparently the motor is toast? A friend of my brothers did the inspection and said it rattles. What did he pay for it at turners?

[MarkH]

Is this it?

http://www.trademe.co.nz/Trade-Me-Motors/Motorbikes/Motorbikes/Sports/auction-320877160.htm

People selling vehicles that an insurance company has financially written off is all fine by me. But reading the questions on this auction I have to wonder WTF is up with: "Viewing is on the last day of auction by prior arrangement only, between 9am - 5pm as the bike is in storage"

WTF!
The dipshit puts up a damaged bike for auction and then expects all bidders to be bidding without any option to inspect the bike. The bike was available to be photographed for the auction - why not keep it available for inspections?

Overall it looks like the buyer got a good deal though. It would have cost the insurance company heaps to pay for all new fairings, but if the buyer was happy to accept a bit of plastic welding or whatever and pay less than half the new price for the bike then he is doing quite well on the deal.