Shafted by State Insurance.

[avgas]

Rule of thought - dealers pay half of what you pay as joe blow to another joe blow.
SRX was only about $5K new, if you depreciate at say 25% p/a you get zilch.
While the SRX is a fantastic little bike - i still would not buy one for more than $2.5K for a mint one.
In the dealers eyes, they can buy a SRX250 from japan and have it shipped over for less than 2K

[kave]

I thought the quote would be based on what price the dealers would put on the bike if they were selling it, not how much they were willing to pay for it? Am I mistaken?

[imdying]

It's not all about the dealers pricing... they take the entire secondhand market into account. The only reason you have to get the valuations done by them, is they're the ones that know the values.

For example, take your 2007 GSXR1000 in for a valuation.. it's not coming back at $20k (or whatever RRP is), more like $17-18,000... even though they're $18-19 on the shop floor.

The ticket price isn't the value, it's what they want for the bike, which isn't the same thing.

If you're getting around $1800-$2000 (less your excess) for a 1990 SRX250, you're getting a good deal.

[kave]

I guess the problem is that the bike is still roadworthy even if it has a fair bit of cosmetic damage. To be honest I wouldn't sell the bike in its current state for what I am being offered as insurance. Therefore, my only other options are to cancel the claim and keep the bike (leaving me wondering why the hell I got full cover in the first place), or if possible, accept the offer, buy the wreck back, and use the pittance left over to make some minor repairs, still leaving me with a bike in a much worse state than I bought it, devalued by a considerable amount, and having to pay for the majority of the repairs out of my own pocket.
I guess I have learnt that full insurance is not worth what I am paying for it, If I had just cancelled my insurance and put the payments into a savings fund I would be better off.

[MSTRS:Me]

I guess the problem is that the bike is still roadworthy even if it has a fair bit of cosmetic damage.

So write it off, buy it back (prob $100), then sell the bike as is....

[kave]

I just tried to do that. They valued the wreck at $750 which would leave me $500 to repair and re-register it, as they would not sell it back without it being deregistered. I then told them that I would just cancel the claim and keep the bike, as that would probably work out cheaper then trying to get it revinned and back on the road for $500, especially considering that being without my bike for any period of time means significant hardship (and taxi and bus fares).
They then informed me that if I cancelled the claim, they would still have to advise LTNZ that my bike is not roadworthy (which is untrue), and I would still have to get it revinned anyway. I am well and truely screwed.

[MSTRS:Me]

$750?? Tell'em they're dreamin'
They serious? Sounds like a smidgeon of bullshit there. Who assessed the damage? Bet you it was bike mechanic so what would the dick on the phone know.
I know 'a few' people who have retained their written-off bike and all it cost them was $100 off the payout settlement. Sure, the bikes were deregistered...but less than $400 got them legal again

[kave]

Have cancelled the claim, and convinced state not to inform LTNZ. I am now insured with A.M.I. Third party coverage is setting me back less than $4 a month with $100 excess (and I'm only on my learners). A.M.I have now also got my wifes car insurance and our contents insurance.

State took a month to come to the table with a settlement, which I believe is an excessive amount of time for a claim involving no other parties, and they refused to cover my helmet. They consistently provided estimated timeframes for settlement, and then came nowhere near meeting those timeframes. They underestimated the value of my bike by around $500, and overestimated the value of the wreck by the same. Often, I found that speaking to two different people would leave me with two completely different results, and after being told for a week and a half that the claim would be settled in the next day or two I was informed that the valuers had no record of ever being asked to do a valuation on my bike because the fax from the claims department had been lost (and this was the reason it was taking so long).

My advice to anyone looking at getting bike insurance is steer well clear of State, and if you are getting full insurance- come to an agreement on agreed value when you insure your vehicle, as opposed to waiting till after the crash for your vehicle to be valued (this is what I have done with my car insurance, and it's a big weight off my mind).

[imdying]

So how much did you insure it for, with State?

[Podo]

My life's experience is littered with the scenarios like Kave has gone through, I have found insurance companies to be prickly pears and difficult to deal with and State ranks right up there as the worst in my dealings with insurance companies. I think a lot of it depends on the person who handles your claim.

In my personal and business insurances I will now only deal with Brokers, which has produced an amazing turn around. Firstly my premiums have dropped dramatically, by 50% for the bike and car, and secondly any claims are managed and dealt with swiftly, in house, by the Broker, without any bullshit delays or arguments with assessors.

I also have a feeling that the insurance companies much prefer to deal through Brokers anyway, the feeling is mutual!

[Matt_TG]

Check just what you are insured for with AMI, before you need to claim mate. I recall on here reading someone who found out that cover was less than spectacular, as, being non-specific bike insurers they didn't cover you for many types of claim.

[nodrog:Me]

theres always a good way