Insurance Claims

[dhunt]

After taking on a cage head on 3 weeks back. I'm trying to get some money out of her insurance company but I'm having problems getting much money of them.

My bike was a

NZ New
1987, Honda NV400 SP
56 thousand k's
One owner before me.
Never been dropped

and they want to give me $1500 for it. What does everyone think. Any ideas on how I can get a bit more for it?

Thanks
David

[Lou Girardin]

It sounds like it's a write off. Get some valuations of it's pre-accident retail value from some dealers. Then have another go at the insurance co.
What would it cost to repair?

[Vodaf0wn]

Sorry for stealing your thread mate,
Just after some insurance help myself :/
was in an accident a little while ago, like you may have read in one of my own threads
But any how, wasnt my fault.... but apparently the insurance company will be taking the other person involved in the accident to court to get any money if anything outta of him...
Now i have an excess of like 1200, bike PROLLEY written off... If this is the case.... and i use the insurance to purchase another ride.
What normally happens?

I pay $1200, and they pay out in full 6000?
or
i pay $1200, and they pay out 4800?
OR
I dont pay and they hand over 4800? SO LOST>

Kerran

[750Y]

dhunt: i agree, get a 'pre-accident' valuation from 2 bike shops & send it to them, also your bike will have a book value as most vehicles do and they will probably pay You the lesser of the 2 amounts. It's a good sign that they are offering $$ at this stage, sounds like they are expecting liability & so now they are just trying their best to 'negotiate' you out of as much as possoble. stand your ground, threaten them etc. etc. till they cough up what's rightfully yours.

vodafone: if it's your insurance company who's paying You, You should receive a payout of bike value minus the excess. you should look into pursuing the excess amount from the at fault driver, through the small claims court if possible. I don't know if You can do that but it's worth checking out.

[lewises]

If your insured for six grand and your bike is written off and the other party is at fault, you will get paid out six thousand dollars or the market value, and your insurance company will go the other party for your excess.
Been there done that.

[Vodaf0wn]

Yeh he was charged, however NOT charged.

Therefore, my insurance company will prolley have to take the guy through court, saying that, DO i pay excess? and get it back or what? insurance company doesnt seem to want to talk to me at this stage :/ hah'

[wari]

If your insured for six grand and your bike is written off and the other party is at fault, you will get paid out six thousand dollars or the market value, and your insurance company will go the other party for your excess.
Been there done that.

Often they wont pay you the excess until they get the money off the other party ...

Its happened to me before ...

and if they dont bother chasing, as in my case ... then stiff cheese

[6Chris6]

Yeh he was charged, however NOT charged.

Therefore, my insurance company will prolley have to take the guy through court, saying that, DO i pay excess? and get it back or what? insurance company doesnt seem to want to talk to me at this stage :/ hah'

Depnds what you're doing about it.
When i got hit in the cage, i took it to a panel beater mate, he quoted the job, informed ins comp, got the ok and fixed it. I had to pay him my excess ($300) and then got a cheque back for that from ins comp about a month later.

[Oscar]

If your insured for six grand and your bike is written off and the other party is at fault, you will get paid out six thousand dollars or the market value, and your insurance company will go the other party for your excess.
Been there done that.

It is common practice these days for the underwriter to waive the excess where an "at fault third party is identified". Most of the larger insurers do this.

[lewises]

It is common practice these days for the underwriter to waive the excess where an "at fault third party is identified". Most of the larger insurers do this.

yeah, I agree with this, it doesnt matter whether the other party can afford to pay. The excess only applies when YOU as the insured are liable or "at fault". If not then the payout should be in full.

Good luck.

[Coldkiwi]

here's another insurance question.
How soon after the event do you have to put in a claim??? (I'm with State annd its relating to home contents)

[matthewt]

here's another insurance question.
How soon after the event do you have to put in a claim??? (I'm with State annd its relating to home contents)

I'm not sure what the limit is but I put one in nearly 3 months after the event. It was with State on house contents as well.

[Coldkiwi]

really? sweet

[Oscar]

here's another insurance question.
How soon after the event do you have to put in a claim??? (I'm with State annd its relating to home contents)

The Insurance Law Reform Act 1977 means that "late notification" on it own can no longer be used to decline a claim. The underwriter has to prove that their interests have been prejuidiced by the late notification (for example the late notification may mean that recovery from an at-fault third party is made impossible).