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Thread: Insurance claim question

  1. #136
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    Quote Originally Posted by Oscar View Post
    There aren't that many insurers offering agreed value and I'm picking that he wouldn't be able to get agreed value due to the nature of the modifications.
    What are your thoughts Oscar?
    Then I could get a Kb Tshirt, move to Timaru and become a full time crossdressing faggot

  2. #137
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    Quote Originally Posted by renegade master View Post
    yeah but thats talking about getting the money to buy a new bike, I dont want a new bike, i want my bike, I don't want the money, i just want it repaired. I don't want to do the work myself either.
    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.

  3. #138
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    Quote Originally Posted by tigertim20 View Post
    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

  4. #139
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    Quote Originally Posted by renegade master View Post
    its one of a kind, no other bike like it.
    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".
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  5. #140
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    Quote Originally Posted by MarkH View Post
    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".
    Well I did most of the work myself, if I had to pay someone per hour to do it. Good lord that would be expensive.
    Then I could get a Kb Tshirt, move to Timaru and become a full time crossdressing faggot

  6. #141
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    Quote Originally Posted by LBD View Post
    I would love to see some authoritive posts from insurers on this subject, (I know you are watching) ....because taking this another step...
    I did try, but RM doesnt seem to understand.


    Quote Originally Posted by Jantar View Post
    Trev, RM is NOT insured. He has no insurance company. Therefore he has the right to chase the other driver directly.
    Once again, wrong. Insurance is there to cover your liability.

    What it boils down to (again) is that if he had adequately insured his bike, he'd be in a much position.

  7. #142
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    Quote Originally Posted by renegade master View Post
    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.
    That's why people insure their belongings. So you don't have to fuck around much, and it gets sorted.
    Quote Originally Posted by Jane Omorogbe from UK MSN on the KTM990SM
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  8. #143
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    Quote Originally Posted by baffa View Post
    What it boils down to (again) is that if he had adequately insured his bike, he'd be in a much position.
    But would he?....managing the situation would be easier, definately.... but if he has a market value policy with his own insurer then the value of his claim against Mr head and his insurer may be limited?

  9. #144
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    Quote Originally Posted by baffa View Post
    ..Once again, wrong. Insurance is there to cover your liability.....
    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

  10. #145
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    Quote Originally Posted by Gremlin View Post
    That's why people insure their belongings. So you don't have to fuck around much, and it gets sorted.
    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

  11. #146
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    Quote Originally Posted by baffa View Post
    What it boils down to (again) is that if he had adequately insured his bike, he'd be in a much position.
    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.

  12. #147
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    Quote Originally Posted by Jantar View Post
    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.
    Sorry, missed that... this is correct RM?

  13. #148
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    Quote Originally Posted by Jantar View Post
    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.
    and by registering it as a "renegade master 250" rather than a honda cbr 250, they wont be able to get a market value
    Then I could get a Kb Tshirt, move to Timaru and become a full time crossdressing faggot

  14. #149
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    And RM is doing a good impersonation of a whinging pom.

  15. #150
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    I'm sorry guys, I clearly realise there were so many Insurance experts reading kiwibiker.

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