Insurance claim question

**tigertim20** · 3rd September 2011, 19:45

Originally Posted by renegade master

noooo, its not about the insurance company being a charity. Its about me being out of pocket due to someone else.

Lets put it this way, you have a bike worth 4k, you spend 10k on modifications. Dickhead crashes into you. Not your fault. Who pays.

just because you spend 10k on a 4k bike, doesnt mean the bike is worth 14k. It means youre a retard if you went to all that effort and didnt insure it.

Youll get paid market value.
you MIGHT also get the option to buy the wreck back as well.

Deal with it.

**The Pastor** · 3rd September 2011, 20:12

Originally Posted by tigertim20

just because you spend 10k on a 4k bike, doesnt mean the bike is worth 14k. It means youre a retard if you went to all that effort and didnt insure it.

Youll get paid market value.
you MIGHT also get the option to buy the wreck back as well.

Deal with it.

when the rubber duck did i lose ownership of MY bike?

**tigertim20** · 3rd September 2011, 21:03

Originally Posted by renegade master

when the rubber duck did i lose ownership of MY bike?

insurance is a business. they make an offer, you haggle a bit, and you eventually end up wiping your chin and walking away.
write off payouts are basically them purchasing your bike based on its value pre collision, they then own it, and can opt to offer to sell you the wreck if they want.

No court in the country is going to award you 7k for something worth 2k.

So you can either take the offer and walk away, OR say no, keep your bike and end up with nothing.

**imdying** · 3rd September 2011, 21:46

Originally Posted by renegade master

To be fair, he makes a good point, one that you will absolutely need to accept and run with if you plan to get anywhere. Get some pre accident valuations done by reputable bike shows, troll TradeMe for similar vehicles, whatever.

Without being able to demonstrate to the adjudicator at the Disputes Tribunal (for that's where you're going to end up) that it's worth what you claim you're basically fucked.

I know where you're coming from... my SV owes me a lot more than I will ever get for it if I'm put in your situation. I've mitigated that risk slightly by getting it valued and insurance agreed to that value, but I'd still be out of pocket if I place a claim and accept that value. My only other recourse in your situation would be exactly the same as you, valuations in hand and off to the Disputes Tribunal.

Shit situation, but that's the deal with modified vehicles. Ghey, but HTH.

**The Pastor** · 3rd September 2011, 22:04

Originally Posted by imdying

To be fair, he makes a good point, one that you will absolutely need to accept and run with if you plan to get anywhere. Get some pre accident valuations done by reputable bike shows, troll TradeMe for similar vehicles, whatever.

Without being able to demonstrate to the adjudicator at the Disputes Tribunal (for that's where you're going to end up) that it's worth what you claim you're basically fucked.

I know where you're coming from... my SV owes me a lot more than I will ever get for it if I'm put in your situation. I've mitigated that risk slightly by getting it valued and insurance agreed to that value, but I'd still be out of pocket if I place a claim and accept that value. My only other recourse in your situation would be exactly the same as you, valuations in hand and off to the Disputes Tribunal.

Shit situation, but that's the deal with modified vehicles. Ghey, but HTH.

I'm not claiming Anything?

**The Pastor** · 3rd September 2011, 22:14

But ok I'll bite. The value of the repair will be well known as his insurance company will of received 2 or 3 quotes to get this done when they "write off" my bike. That value is the amount of damage done to my bike.

**The Pastor** · 4th September 2011, 18:40

Originally Posted by tigertim20

insurance is a business. they make an offer, you haggle a bit, and you eventually end up wiping your chin and walking away.
write off payouts are basically them purchasing your bike based on its value pre collision, they then own it, and can opt to offer to sell you the wreck if they want.

No court in the country is going to award you 7k for something worth 2k.

So you can either take the offer and walk away, OR say no, keep your bike and end up with nothing.

Im not wanting 7k, I'm wanting the bike repaired to pre-accident condition, and the bill sent to who ever has to pay it.

And by god, if any one crashed into me, then tired to buy my bike, i'd tell them to shooooove it. Damage my bike, then take it off me? You've got to be kidding.

**FJRider** · 4th September 2011, 18:47

Originally Posted by renegade master

when the rubber duck did i lose ownership of MY bike?

When you hand the bike to the insurance coy ... and say fix it. (make the claim)

**scumdog** · 4th September 2011, 18:54

Originally Posted by renegade master

but its my bike, and I want it repaired.

They will write it off - why should they cough up $5,000 more than the bike is worth/insured for when they can write it off and hand you $2,000.

This IS real life, not a freakin kindergarden.....

**short-circuit** · 4th September 2011, 19:07

Unbelieveable. Did either of the two previous posters read the thread?

1. RM isn't talking about making a claim - he is the uninsured (but not at fault) party.

2. The insurance co representing the other party has no power to 'write off' RM's bike - the insurance company simply has to pay for the damage done by their client surely.

The other party however is obliged (if they are found to be at fault) to compensate the $2000 bike with the $5000 worth of mods (as they are responsible for that damage).....Yes....?

**sinned** · 4th September 2011, 19:16

Originally Posted by scumdog

They will write it off - why should they cough up $5,000 more than the bike is worth/insured for when they can write it off and hand you $2,000.

This IS real life, not a freakin kindergarden.....

This is KB Kindergarten. It provides me with so much entertainment.

Originally Posted by short-circuit

Unbelieveable. Did either of the two previous posters read the thread?

1. RM isn't talking about making a claim - he is the uninsured (but not at fault) party.

2. The insurance co representing the other party has no power to 'write off' RM's bike - the insurance company simply has to pay for the damage done by their client surely.

The other party however is obliged (if they are found to be at fault) to compensate the $2000 bike with the $5000 worth of mods (as they are responsible for that damage.....Yes....?

Actually not Yes but NO. Just because someone sunk a whole lot of cash into a black hole - bike, boat, bach, other loss making investments! doesn't make it worth the total spent. A legal test that will be applied is the "Reasonable Person" test; ie what would a reasonable person determine was appropriate. Market value is pretty much the test that a reasonable person would consider fair.

**short-circuit** · 4th September 2011, 19:20

Originally Posted by sinned

Actually not Yes but NO. Just because someone sunk a whole lot of cash into a black hole - bike, boat, bach, other loss making investments! doesn't make it worth the total spent. A legal test that will be applied is the "Reasonable Person" test; ie what would a reasonable person determine was appropriate. Market value is pretty much the test that a reasonable person would consider fair.

He doesn't have a market value contract with an insurance company (though the at fault party might).

He wants the bike rebuilt to spec - not a pay out. ie: Strip the broken bits, straighten said bike out or replace with OEM parts, and replace the aftermarket goodies Harris pipe, Ohlins shock, rizoma rear sets etc etc etc

FFS it's not that hard is it?

**short-circuit** · 4th September 2011, 19:28

Originally Posted by sinned

This is KB Kindergarten. It provides me with so much entertainment.

You'd enjoy it more if you had primary school level comprehension skills (then you might understand some of the topics at hand)

**LBD** · 4th September 2011, 19:39

Originally Posted by scumdog

They will write it off - why should they cough up $5,000 more than the bike is worth/insured for when they can write it off and hand you $2,000.

Mr Heads insurer cannot write off what they have no legal claim to... Mr Head is obliged to cover costs incurred as he is the at fault party...If Mr Head wants to claim via his insurance company that is for him to consider...no?

I would love to see some authoritive posts from insurers on this subject, (I know you are watching) ....because taking this another step...

What would happen if both parties were insured, but the bikes owner knowss if he hands the matter to his own insurer to claim, they can then (contractually between them and the bike owner) be able to force a "market value" settlement on the bike owner, who is victim of anothers fault. In which case, he may choose not notify his insurer, but opts instead to persue compensation for the bikes "improved" value which may be above the market value...although there would be some effort involved to substantiate the improved value.

Can of worms this one, IMO