"Total Write-off"

[Bloody Mad Woman (BMW)]

My bike is officially a "total write-off". I am advised that it is insured for $9,209 that being the market value!! Then I'm told they have to get prices in re what the market value of the bike is!! It is - oops was - a Suzuki Bandit 1200 CC 2003 with full fairing, panniers, micron pipe.

I have not been through this process before so any advice would be much appreciated.
Insurance company mentioned something about selling the bike?
Does anyone have an idea of what the market value might be and what I could approximately expect payment wise?

Cheers

[Swoop]

Bummer about the write-off.

There is a lady at work who had her car stolen.
For the current market value she provided three tardme auctions for almost identical vehicles (mileage as well) and the insurance company accepted those as evidence of "current market value".

[Pwalo]

My bike is officially a "total write-off". I am advised that it is insured for $9,209 that being the market value!! Then I'm told they have to get prices in re what the market value of the bike is!! It is - oops was - a Suzuki Bandit 1200 CC 2003 with full fairing, panniers, micron pipe.

I have not been through this process before so any advice would be much appreciated.
Insurance company mentioned something about selling the bike?
Does anyone have an idea of what the market value might be and what I could approximately expect payment wise?

Cheers

If memory serves me right that was the procedure that the company that I was insured for did. They had my bike valued by an assessor and I ended up getting more back from the company than the value that they had in their books (it was nice and shiny).

I was offered the opportunity to buy my bike back, but declined (crankshaft was bent according to my mechanic). the company then auctioned the bike off and sent me another cheque. Paid in full for my current bike so I was well pleased.

As to what the market value of your Bandit would have been depends on a few variables. I don't think that you can factor in the extras that you have added to the bike. Pipes, fairings, suspension upgrades etc probably won't add to the value of the bike, although it may make it easier to sell for parts or at auction. Perhaps you could try your local Suzuki dealer?

Best advice is to keep in touch with your insurance company, and maintain a record of who you have spoken to, dates, and subjects.

Good luck, and keep chasing your insurers along (gently of course, because you don't want to p@#s them off).

[WRT]

Get an independant valuer to have a look at the wreck, and supply them with photos if possible showing the pre crash condition - naturally these would need to be recent photos to be worthwhile. Your local suzuki dealership could be a good place to start, particularly if you purchased the bike from them, or if you have serviced it with them. Get the valuation sent through to your insurers, preferably with a copy sent to you so that you have it on hand in case of arguments and also so that you know when the insurance co received it.

[Paul in NZ]

At the risk of sounding like a cheapskate...

Seriously, if the damage is as you previously described and you had an opportunity to purchase it at the right price I'd be keen to do you a deal 'cos I could sort most of that and I wouldn't give a rats arse what it looked like but I would like a cheap tourer with panniers.....

Paul N (greedy and few scruples)

[BNZ]

When i wrote mine off I asked the insurance company to take it to a repairer who I trusted. In exchange for a box of heineken they gave the insurance company a high quote and I got a good payout :done:

[MSTRS]

..... to buy my bike back, but declined (crankshaft was bent according to my mechanic). the company then auctioned the bike off and sent me another cheque.....

They make a mistake? Normally they keep whatever they get for the wreck to offset what they paid out on the write-off.

[Motig]

Dont shoot me:dodge: but a quick look at Bikepoint and that valuation mightn't be to far off. Its a bit like when you buy a used vehicle, any extras on it are just your good fortune and shouldn't affect the price you pay. When you insure next time make sure you get an 'agreed value' with the insurer written into your policy, then if (god forbid) something happens they pay out the price you both agreed on in the policy. Good Luck.

[Pwalo]

They make a mistake? Normally they keep whatever they get for the wreck to offset what they paid out on the write-off.

Geez I must be so special. Too late for them to do anything now. It did seem weird but they were really helpful.

[MSTRS]

Go on. You can tell us who "they" were...we won't tell anyone:innocent:

[riffer]

When my FZR was written off in the gargre fire Easter 2005, I asked for the local motorcycle shop to do the valuation.

I asked my my insurance company how much I could expect for the bike as I'd had it insured for $3995 - what I paid for it. They told me that I would get nowhere near that much as their policy was to pay the market valuation, and not a penny more, less my excess, which was $350.

In fact they put it in writing for me, which turned out to be good for me and bad for them, as the valuation came in at $5000. The bike shops reason - with the supply of pre-89 sports bikes dwindling as their new racing class was using up the bikes, it had become rarer and hence more valuable.

They bitched and moaned and said they would pay the lesser amount, which was the $3995, less the $350, and I called their bluff and demanded the market valuation. As I had it in writing, they had to pay.

[onearmedbandit]

That's fucking brilliant riffer!!

[Macktheknife]

Good luck with that BMW, they can be tricky to deal with.

[Titanium]

When my FZR was written off in the gargre fire Easter 2005, I asked for the local motorcycle shop to do the valuation.

I asked my my insurance company how much I could expect for the bike as I'd had it insured for $3995 - what I paid for it. They told me that I would get nowhere near that much as their policy was to pay the market valuation, and not a penny more, less my excess, which was $350.

In fact they put it in writing for me, which turned out to be good for me and bad for them, as the valuation came in at $5000. The bike shops reason - with the supply of pre-89 sports bikes dwindling as their new racing class was using up the bikes, it had become rarer and hence more valuable.

They bitched and moaned and said they would pay the lesser amount, which was the $3995, less the $350, and I called their bluff and demanded the market valuation. As I had it in writing, they had to pay.

I am surprised they did not turn around and send you a bill for the diffference in premium between the $3995 and the $5000 you were paid out.

A bit like the guy (a lawyer) who insured his expensive cigars against fire, then claimed on his insurance policyy that they were destroyed by a series of small fires. The insurance company paid out the $16k then when he cashed the check they had him arrested for arson, setting a number of small fires, he got convicted, 2 years in jail and a $24k fine. - Nothing like it really.

I thought the clause was usually "agreed market value" i.e at the commencement of the cover (and subsequent renewals) you agree on a sum insured.

Just my 5c worth.

[unhingedlizard]

(What he said).

That made my day.

[MikeyG]

If you still have the original pipes etc you could try get all the aftermarket stuff off the bike and keep it for the enxt one or sell it separately for parts.

[chanceyy]

A bit like the guy (a lawyer) who insured his expensive cigars against fire, then claimed on his insurance policyy that they were destroyed by a series of small fires. The insurance company paid out the $16k then when he cashed the check they had him arrested for arson, setting a number of small fires, he got convicted, 2 years in jail and a $24k fine. - Nothing like it really.


nodded thought that was a bit clever when i first heard it .. teach him for being a smart arse .. the insurance co had the last laugh

[riffer]

The insurance company didn't do too bad. They put the bike up for sale at Turners and it reached $1500 at auction.

As for me, I took the $4700 I got for the bike, added $50 and scored the RF900, and insured that for $4750.

The insurance company doubled my insurance to $65 a month, but after a year relented and reduced it to the $32 a month I now pay for fully comp.

Oh - and my fire excess is now $750 - funny that...

Good luck with the new bike BMW.

[Bandit Rider]

When my FZR was written off in the gargre fire Easter 2005, I asked for the local motorcycle shop to do the valuation.

I asked my my insurance company how much I could expect for the bike as I'd had it insured for $3995 - what I paid for it. They told me that I would get nowhere near that much as their policy was to pay the market valuation, and not a penny more, less my excess, which was $350.

In fact they put it in writing for me, which turned out to be good for me and bad for them, as the valuation came in at $5000. The bike shops reason - with the supply of pre-89 sports bikes dwindling as their new racing class was using up the bikes, it had become rarer and hence more valuable.

They bitched and moaned and said they would pay the lesser amount, which was the $3995, less the $350, and I called their bluff and demanded the market valuation. As I had it in writing, they had to pay.

Perfect Riffer

[Storm]

Riffer, you're my new hero

[Storm]

Riffer, you're my new hero- for stickin it to the man :D

[oldrider]

Bad luck on the bin BMW, good luck with the rest of it. Cheers John.

[Bloody Mad Woman (BMW)]

Thanks for your replies, still waiting to hear from Insurance Company!! story of my life "still waiting" lol. I have been chasing them up!! 4th weekend in a row without wheels - they're gonna have to commit me soon!!

[Bytor]

Yep, when my ZX6R had a dealing with God, I used Trademe and Bikepoint to get prices for evidence of market value. The bike was insured for $5k, insurance valued it at $4k, I showed them evidence of market value upto $7k and got a cheque for $6k!!

So, just get as mucho high value evidence as poss.

[terbang]

Bad news about the the writeoff there BMW, how did you do it..?
My experience with insurance leaves me with the impression that they don't have some of the largest buildings in town because they are our best friends. You have to put up a good case and watch their every move.

[XP@]

Its a bit like when you buy a used vehicle, any extras on it are just your good fortune
Aye but in the case of panniers, heated grips etc. they are functional additions which you cannot do without so make sure they are taken in to consideration. Your pipe is a performance mod so you will be lucky on that one. However if you have the old pipe and can swap them over... or you have the chance to remove the old bits before the assessor sees them...

[ruphus]

Don't get me started on Insurance Comps. A guy at work, bought a Merc for $26K, had it for approx 3 months then crashed it. Ended up getting $9k back from them, because this was the "Market Value"... :crybaby:

The car had a full ICE install (Custom Leather, TV's, playstation etc) with adjustable airbag suspension. It had won awards and appeared in Performance Car. He had the wheels insured seperatly for $3700 but was only offered $450 so is taking them to the Insurance Ombudsman.

What I want to know is, he was paying premiums based on a $26k value but they turn arround and said nah, only worth $9k. Are they going to reimburse his premiums?

My advise BMW is not to agree to any settlement unless you believe that it is fair.

[Lou Girardin]

What year is your bike?

[Tints]

I'm going thought the insurance process at the moment because a stupid young driver didn’t look and took me out. This is also my first time dealing with insurance companies. So far it has taken 7 weeks and my bike is still not fixed, or written off due to them being slow and screw ups.:mad:
The best piece of advice I can give you is keep a record of everything! All of the numbers, references, quotes and conversations. If anything seems funny question it, get second opinions and if possible always get two quotes. The guys at spectrum motorcycles were my bike is waiting have been really good helping me out with advice. They see this thing all of the time and know the games that the companies play. If you have a good bike repairer go and talk to them.
As for me I am going to go and buy some new textiles tomorrow with what the insurance has paid out so far.... :2thumbsup

Hope it goes well for you and your BMW...