Insurance. How long does it take to settle a claim?

[Damantis]

Crashed my bike about 10 days ago and it's been in the shop getting priced up for repairs for over a week. I have full comprehensive insurance with Protecta vis Kiwibike insurance brokers. Has anyone been in an identical position? How long, on average does it take to settle a claim? I'm off to the States on my honeymoon in two weeks and if the bike does end up written off, I am considering shoppinf for a new ( second hand ) one over there and shipping it back. With the exchange rate, shipping costs and GST factored in, I'd still be paying 20-40% less than here.

[The Baron]

Sorry to hear about your off. I think two weeks might be a bit tight for an answer and a pay out but best of luck.
Congrats on the wedding.

[ckai]

Sorry to hear about your off. I think two weeks might be a bit tight for an answer and a pay out but best of luck.
Congrats on the wedding.

Agree. I think mine took about 3 weeks to get priced up. Generally they have to wait for distrubutors to get back to them if they don't have prices and we all know how they can be :whistle: Then the insurance company has to determine what to do with the price.

I was dealing with Kiwibike and they're bloody quick to get things moving. I had my answer before a mate had his answer and his was in the shop about 1 month before mine (different insurer). He was also hounding the company.

It also depends on if you have aftermarket parts on the bike and if the insurer is covering them as well. For me, that took the longest to get prices back.

Damantis, have you asked the shop how far along they are to pricing up? It's a massive job depending on the damage.

[jellywrestler]

Crashed my bike about 10 days ago and it's been in the shop getting priced up for repairs for over a week. I have full comprehensive insurance with Protecta vis Kiwibike insurance brokers. Has anyone been in an identical position? How long, on average does it take to settle a claim? I'm off to the States on my honeymoon in two weeks and if the bike does end up written off, I am considering shoppinf for a new ( second hand ) one over there and shipping it back. With the exchange rate, shipping costs and GST factored in, I'd still be paying 20-40% less than here. but you'd end up with a left hand drive motorbike!

[DR650gary]

but you'd end up with a left hand drive motorbike!

Easier to get off though, closer to the Kerb :innocent:

I work as a broker. Get all your ducks in a row and it will take days. The loss adjuster is the man to make your friend and see if you can chase up the things he is waiting for. The claims department can do nothing without him.

Good luck.

[Damantis]

I guess it's just a waiting game now. Will chase up the bike shop tomorrow, they just needed prices for a windscreen and the painting last week so hopefully they can get the ball rolling soon.

[DrunkenMistake]

My bike was stolen and written off 2 and a half weeks ago,
Iv been offered a settlement and what not,
but its taken them almost 5 days to sort their shit out and deposit it.

[Gremlin]

Shop has to price up the parts, ie, total cost to repair the bike, that has to go to the insurance company.

Insurance normally sends out someone to inspect the bike, check the shops work (but it's not like they're going to do better than the mechs are they). This often takes some time, depending on work load, and how many people are screwing up their bikes. Took about 2 weeks from memory, maybe a bit more.

Once insurance approves the paperwork and makes the decision (sometimes involving you) whether the bike should be repaired, or it's best to write it off, the shop would get the go ahead to do repairs, if that's the decision. In my case, this then required parts from Germany, which were ordered, then another 2 weeks for the parts to all arrive.

Then the bike gets re-scheduled into the workshop, repairs done, etc.

Drop the ordering of parts and repair if you've written it off. Add in waiting for the money to appear in account.

[St_Gabriel]

With all the complaints about State insurance, accident on the Thurs, Assessed on Friday, Written off Monday, Cash in bank on the Wednesday. So less than a week from "whoa (woe :crybaby:) to go" in my case

[The Pastor]

but you'd end up with a left hand drive motorbike!

there are issues with Left hand motorbikes......

[tigertim20]

Crashed my bike about 10 days ago and it's been in the shop getting priced up for repairs for over a week. I have full comprehensive insurance with Protecta vis Kiwibike insurance brokers. Has anyone been in an identical position? How long, on average does it take to settle a claim? I'm off to the States on my honeymoon in two weeks and if the bike does end up written off, I am considering shoppinf for a new ( second hand ) one over there and shipping it back. With the exchange rate, shipping costs and GST factored in, I'd still be paying 20-40% less than here.

It can take a while for the repairs to be okayed.
First the repairer has to assess it, and decide what needs fixed.
Then they ned to wait for suppliers to get back to them with prices so they can write out their quote.
then they write their quote and send it to the insurance co.
Then the insurance company says 'this seems expensive, give us some cheaper options'
then the repairer has to find some other options, wait again for suppliers to reply with prices, before rewriting the quote and sending it to the insurance company
By now the guy doing the paperwork at the insurance company has gone for two days to playgolf with his mates. When he comes back to work he will sort out other stuff, before replying to the repairer to say that they can in fact commence repairs, some paperwork is sent between the two, and signed.

NOW, the repairer can order the parts, which can take up to 6-8 weeks depending on the bike, and where the parts have to come from.

Yes, its a cunt, and frankly, youd be getting done alot quicker if it was totally written off.

[DrunkenMistake]

It can take a while for the repairs to be okayed.
First the repairer has to assess it, and decide what needs fixed.
Then they ned to wait for suppliers to get back to them with prices so they can write out their quote.
then they write their quote and send it to the insurance co.
Then the insurance company says 'this seems expensive, give us some cheaper options'
then the repairer has to find some other options, wait again for suppliers to reply with prices, before rewriting the quote and sending it to the insurance company
By now the guy doing the paperwork at the insurance company has gone for two days to playgolf with his mates. When he comes back to work he will sort out other stuff, before replying to the repairer to say that they can in fact commence repairs, some paperwork is sent between the two, and signed.

NOW, the repairer can order the parts, which can take up to 6-8 weeks depending on the bike, and where the parts have to come from.

Yes, its a cunt, and frankly, youd be getting done alot quicker if it was totally written off.

That or the silly bitch behind the desk is too busy painting her nails to give a fuck about what it is that she is doing, and tells you an assessor has gone and see it on Thursday then you find out the following Monday they have decided not to send one (even though they told me they sent one) and have instead decided to send photos as it was a clear write off,
Then have the silly mole tell you she has deposited the settlement money into your account late Friday afternoon, only to find come the following Tuesday it still hasn't shown, and after ringing been told it was put in and it IS there,
Forcing you to ring their head office to get to the bottom of it which gets you almost nowhere, then ringing the main insurer of the bike (im with a broker) and asking them about it, then they tell you they have no idea what you are talking about, they have paid the broker and the broker should be depositing the funds by now, been put on hold for 40 mins, then getting a lovely woman telling me, she has stirred the pot and they have deposited the money now, and it will show the day after, and would you know it, It showed today.


Good luck.

[Damantis]

That or the silly bitch behind the desk is too busy painting her nails to give a fuck about what it is that she is doing, and tells you an assessor has gone and see it on Thursday then you find out the following Monday they have decided not to send one (even though they told me they sent one) and have instead decided to send photos as it was a clear write off,
Then have the silly mole tell you she has deposited the settlement money into your account late Friday afternoon, only to find come the following Tuesday it still hasn't shown, and after ringing been told it was put in and it IS there,
Forcing you to ring their head office to get to the bottom of it which gets you almost nowhere, then ringing the main insurer of the bike (im with a broker) and asking them about it, then they tell you they have no idea what you are talking about, they have paid the broker and the broker should be depositing the funds by now, been put on hold for 40 mins, then getting a lovely woman telling me, she has stirred the pot and they have deposited the money now, and it will show the day after, and would you know it, It showed today.


Good luck.

Estimate was emailed to me ( and presumably to the assessor ) today is totalled at $4395.95 not including a left hand side panel and a rear mudguard which they haven't got a price for. The bike's worth $5500 at most so I'd say it's pretty much goneburger.

Now the waiting game continues ...

[DrunkenMistake]

Estimate was emailed to me ( and presumably to the assessor ) today is totalled at $4395.95 not including a left hand side panel and a rear mudguard which they haven't got a price for. The bike's worth $5500 at most so I'd say it's pretty much goneburger.

Now the waiting game continues ...

Will be a write off,
buy it back!

[Damantis]

Will be a write off,
buy it back!

Depends whether it's worth doing?

I mean, say they pay me 5k, less my excess of 5 hundy.
Then I buy the wreck for what? $1500?
Then I have to find someone who can fix it back to original / satisfactory condition for $3000 or less. Sure, I could probably save a small amount doing a little of it myself, but parts are fricken expensive and I'm not that mechanically inclined so I doubt it would be that feasable.

[DrunkenMistake]

Whats actually wrong with it?
Could track it,
Street fighter it etc


Wait,
What is the bike? haha

[DR650gary]

Depends whether it's worth doing?

I mean, say they pay me 5k, less my excess of 5 hundy.
Then I buy the wreck for what? $1500?
Then I have to find someone who can fix it back to original / satisfactory condition for $3000 or less. Sure, I could probably save a small amount doing a little of it myself, but parts are fricken expensive and I'm not that mechanically inclined so I doubt it would be that feasable.

From my experience, take the money and go buy another bike. It is also possible that your policy may be "market value" so the full sum insured may not be the settlement figure. I am not aware of the Protecta terms.

Look on Trademe at the types of bikes you would like and could get for your money and go get one. You are straight back on the road and not pissing about building a bike back up again.

Cheers

[baffa]

They wont sell the wreck for cheaper to you over anyone else, they want to recover as much money as possible for your claim.

Unless the repairs will be very labour intensive, it's not very cost effective to buy the wreck and repair yourself.


Just a word to you lot about market value vs sum insured etc;

Sum insured means what your vehicle is insured for. Many insurance companiess can and will devalue the bike in a write off, if they find the market value for your vehicle is less than the sum insured. If you want to insure your bike for a specific value, you should be asking for Agreed value. This means you and your insurer have specifically agreed on a value the bike is to be insured for.

Re market value, it is not a bad way to insure a vehicle, it is more how the individual insurance companies act in a claim that can give good or bad results.

A good company will determine your bike's market value by taking into account things like age and mileage, and getting valuations from dealers to confirm this. (After all you might have a rare or desirable model, and things like your location and condition of the bike can be a factor). Some insurers will just consult their books and pay you out accordingly. Not good for vehicles worth more than the average.

[bsasuper]

Good God man are you crazy! dont do it! the money not spent on the wedding and honeymoon will get you a brand spanking bike, you have been warned.

[Damantis]

Whats actually wrong with it?
Could track it,
Street fighter it etc


Wait,
What is the bike? haha

Recent chain and sprockets and near new pilot roads 3's, pack rack, tinted bubble screen... I think $5500 is reasonable. The broker pushed for an estimated settlement today and they said 5k but wont confirm till tomorrow when they've had 3 opinions on it. I've said to push for $5500 as that's basically the replacement value. I would't be able to buy the same bike for less than that, surely.

[Damantis]

They paid 5k, including for a helmet and it was in the bank quick smart so I suppose that's okay.
Had a great wedding, an awesome honeymoon driving right across the USA. Bought a new bike yesterday for 5k. A '97 Fireblade :niceone:
I'd better keep this one shiny side up!