read my post again.
yiou can insure the bike for XX dollars.
you can insure your mods seperately.
Bike gets fucked? sweet, you will often be able to replace the broken bits, because you have agreed value.
also, just because your aftermarket fairings cost you 2k a year ago, doesnt mean they are worth 2k NOW. You do need to account for depreciation, otherwise I could bin my 01R1, and get a 2011 as replacement . . . (I wish!)
having said that, you are still mixing reality with 'i want'
i can understand the WANT to get you bike back as it was, but more often than not, that isnt the reality. Market value is not always the ideal system, because it doesnt take into account the personal value on an item, alas, it is the only system we have and you got to accept that.
Oh, when it comes to a payout based on market value - as it invariably will - youll find they say 'we think its value was XXX' and attempt to offer you a cheque for that amount. if you disagree with that value (as I did when I got munched by a car and my bike written off) you cansay 'fuck you arsehole' then you go down to a bikeshop you know, that knows your bike, and have them do an official valuation. you take that valuation back to the insurance company, and you renegotiate. If you are unable to reach a settlement, it will go to court, thoughI warn you, if you go to court, you will likely end up withless than their previous best offer,and of course youll have to factor in the cost of time off worl, legal costs, and stress etc.
the more I think about this, the more I want to keep the bike in the lounge.
the bitch of it is that I cant just go buy a new one, and if i got a pay out, I would still have to do the work all over again. That would take years. Years of me not having my bike, because of someone else.
and i doubt the payout will cover the repairs.
Then I could get a Kb Tshirt, move to Timaru and become a full time crossdressing faggot
It doesn't matter - the insurance company will still want to put a dollar value on the bike so that they can decide which is cheaper, agreeing to give you $7K to repair it or saying "sorry it's a write off, here's $x,xxx to buy another bike of similar value".
How much would it cost to buy another bike and put the same mods on it?
If you went to a bike shop and asked them what it would cost to replicate what you have then what would that amount be? If you got a written quote for making another the same then you could use that in the event of making a claim against a 3rd parties insurance company for the damage they have done to your bike. It could be well worth your while getting a quote "just in case".
Once again, wrong. Insurance doesn't and never has, covered your liability, it just limits it. (Are you forgetting excess, market value, etc)
Don't forget that this is all hypothetical. RM hasn't crashed and doesn't intend to, he's just making sure he knows where he stands if such an event should happen.
I would agree that having comprehensive insurance is far better than being uninsured, and that is why I am always insured, and I have listed the bike's extra on the policy. However in the hypothetical case that RM is asking about, ie he is uninsured and Mr Dick Head severly damages his bike, what is his best option.
I maintain that legally the dispute is between RM and Mr Head. RM has no contractual agreement or obligation to deal with Mr Head's insurance company, and he can ask Mr Head to have his bike repaired to the same state it was prior to the accident, or to replace RM's bike with a similar make/model with the same extras, modifications and paint work.
Mr Head has an agreement with his insurance to let the insurance company handle it, but RM is not, and needs not, be party to that agreement. RM can take Mr Head to the disputes tribunal to get the matter sorted, or he can accept the insurance company's offer. RM would be better off to NOT deal with Mr Head's insurance.
Time to ride
for a bike you don't mind losing if the shit hits the fan, your correct, for a bike you really want to keep, well its a bit muddy on whats the best idea.
atm im thinking, register as custom bike, 3rd party insurance, and a savings plan to cover the cost of any of my own accidents.
Then I could get a Kb Tshirt, move to Timaru and become a full time crossdressing faggot
No he would not. In fact he would be worse off. He would have spent his premium and have nothing to show for it. The insurance companies would reject his bike being worth $7000, so he would still be facing having to take the other guy to court to try to get a payment closer to what he values at, rather than what the market values it at.
And RM is doing a good impersonation of a whinging pom.![]()
I'm sorry guys, I clearly realise there were so many Insurance experts reading kiwibiker.
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