Classic Bike valuation

[Yorkshirekid]

Long story short - It's January 2011. I'm going through a roundabout and then 'poof' - I'm on my back. The culprit has admitted liability, had her car fixed, resprayed and happy as Larry. My leg is stuffed and my bike too. Today I learnt that it may cost $6000 to fix the bike and the apparent valuation is well below this.

I've had my Z650 C2 [1978] since I was 20 and I want it back in 100% good order [as it was] but am informed the insurance company will probably not cover the costs as its not worth their while.

Advice from anyone on what steps I should take next would be gratefully received.

[AllanB]

BUGGER!


Is it insured at a agree value or market?

If agreed that is the top they will pay. If market value then you should have got a valuation to set a effective agreed price.

In reality they will most likely write it off and pay you out in full.

You can then buy it back - they may be happy to agree on a buy back price - and you can fix it yourself with the change.

I personally always like the Z650 - darn fine bikes.

[jasonu]

Long story short - It's January 2011. I'm going through a roundabout and then 'poof' - I'm on my back. The culprit has admitted liability, had her car fixed, resprayed and happy as Larry. My leg is stuffed and my bike too. Today I learnt that it may cost $6000 to fix the bike and the apparent valuation is well below this.

I've had my Z650 C2 [1978] since I was 20 and I want it back in 100% good order [as it was] but am informed the insurance company will probably not cover the costs as its not worth their while.

Advice from anyone on what steps I should take next would be gratefully received.

I assume it is the at fault drivers insurance you are dealing with. Do you have a real valuation based on an inspection showing the actual value of a 'classic' with your own insurance? If yes, can you use that to show the at fault insurance co. to prove the real value.
If all else fails is it possible you can sue the at fault driver for any proveable shortfall in insurance payout?

[Voltaire]

Do you have insurance on the bike or claiming against the car driver?

[Yorkshirekid]

Yes - not my fault. Thing is, to keep the insurance down the valuation (same with my car), was way off what I assumed the bike was 'actually worth'. The bike shop tells me it may cost three times the cost to fix as it is 'valued'. They valued it based on a similar bike they found on TradeMe - this is the way it's done I was told. Seems an odd way to go about valuing a bike. Oh look, I have a $2million Monet painting here - let's see what it's worth on TradeMe - oh, 50bucks, bugger. My bike parts are very costly as they are genuine Kawasaki parts and some come from overseas.

I'm wondering if I could secure a valuation from a classic bike 'person/company/shop/agent/' then this may help?

Also wondering if I am able to contest an insurance company? Are they not liable to get my bike back to 100% or do they have the right to say, "Well, sorry pal, we only think it's worth x amount and that's what you're getting".

Interesting point about suing - is this actually possible?

[Woodman]

Apparently what you do is go and see a lawyer to recover costs from the driver. Get the lawyer to inform the drivers insurance company what is happening. They should react because it is their job to sort this stuff out in the first place.

At the end of the day you should be back in the same situation you were in before the driver ran into you, riding your z650 in the same condition it was in no matter what the cost.

BTW I am no insurance or law expert.

[Mully]

Long story short - It's January 2011. I'm going through a roundabout and then 'poof' - I'm on my back.

Poor choice of words there, mate....

Yes - not my fault. Thing is, to keep the insurance down the valuation (same with my car), was way off what I assumed the bike was 'actually worth'.

Eek - that's not too good.

I'm wondering if I could secure a valuation from a classic bike 'person/company/shop/agent/' then this may help?

I *think* you can do this (I'm not an insurance agent either) - go to shops and ask for a written valuation prior to the crash. Then use that to contest the value.

Was it insured as a classic, or just on a general policy?

[marty]

i would have thought that if the other insurance co is paying for it, then it is repair to prior-to-crash standard? or, don't even make a claim and take the at-fault party to court for costs.

[Paul in NZ]

I'm afraid your are in for a bit of a battle mate.

Getting a valuation is going to be very tricky as the Z650 is prob not an iconic bike here (compared to the UK) and an insurance company wont care if its genuine stuff or aftermarket. There is a classic japanese club (sorry, I dont have any contacts) but maybe they can help?

Maybe the best you can do is make it as dificult as you can for the insurance company and offer to buy the wreck and fix it yourself?

Either way you might need to talk to a lawyer...

[Crasherfromwayback]

I think you're fucked mate. For starters, you only insured it for 2k if I'm right? So even if it's actually worth 4k...you're out of luck depending on the wording of the policy. But insurance companies cover their arses pretty well as you can imagine.

A Z650C2 from memory is the Custom? Very rare here in NZ, and hence pretty hard to price/value at the best of times. Good luck anyway mate.

Pete

[Yorkshirekid]

Thank you all.

Looks like I'll need to talk to a lawyer and the insurance company.

Appreciate all replies.

Safe riding...........