Insurance. How long does it take to settle a claim?

[DrunkenMistake]

Whats actually wrong with it?
Could track it,
Street fighter it etc


Wait,
What is the bike? haha

[DR650gary]

Depends whether it's worth doing?

I mean, say they pay me 5k, less my excess of 5 hundy.
Then I buy the wreck for what? $1500?
Then I have to find someone who can fix it back to original / satisfactory condition for $3000 or less. Sure, I could probably save a small amount doing a little of it myself, but parts are fricken expensive and I'm not that mechanically inclined so I doubt it would be that feasable.

From my experience, take the money and go buy another bike. It is also possible that your policy may be "market value" so the full sum insured may not be the settlement figure. I am not aware of the Protecta terms.

Look on Trademe at the types of bikes you would like and could get for your money and go get one. You are straight back on the road and not pissing about building a bike back up again.

Cheers

[baffa]

They wont sell the wreck for cheaper to you over anyone else, they want to recover as much money as possible for your claim.

Unless the repairs will be very labour intensive, it's not very cost effective to buy the wreck and repair yourself.


Just a word to you lot about market value vs sum insured etc;

Sum insured means what your vehicle is insured for. Many insurance companiess can and will devalue the bike in a write off, if they find the market value for your vehicle is less than the sum insured. If you want to insure your bike for a specific value, you should be asking for Agreed value. This means you and your insurer have specifically agreed on a value the bike is to be insured for.

Re market value, it is not a bad way to insure a vehicle, it is more how the individual insurance companies act in a claim that can give good or bad results.

A good company will determine your bike's market value by taking into account things like age and mileage, and getting valuations from dealers to confirm this. (After all you might have a rare or desirable model, and things like your location and condition of the bike can be a factor). Some insurers will just consult their books and pay you out accordingly. Not good for vehicles worth more than the average.

[bsasuper]

Good God man are you crazy! dont do it! the money not spent on the wedding and honeymoon will get you a brand spanking bike, you have been warned.

[Damantis]

Whats actually wrong with it?
Could track it,
Street fighter it etc


Wait,
What is the bike? haha

Recent chain and sprockets and near new pilot roads 3's, pack rack, tinted bubble screen... I think $5500 is reasonable. The broker pushed for an estimated settlement today and they said 5k but wont confirm till tomorrow when they've had 3 opinions on it. I've said to push for $5500 as that's basically the replacement value. I would't be able to buy the same bike for less than that, surely.

[Damantis]

They paid 5k, including for a helmet and it was in the bank quick smart so I suppose that's okay.
Had a great wedding, an awesome honeymoon driving right across the USA. Bought a new bike yesterday for 5k. A '97 Fireblade
I'd better keep this one shiny side up!