Insurance Assesments

[sAsLEX]

Hey as most of you know my bike departed my presence while at uni, and finally the Insurance people have come through with a qoute to replce/pay out.

Now my bike was in sound condition both mechanicaly and visually a 91 CBR250RR, the company who shall remain unnammed as swann insurance had put forward a value of 5250, an average of two values recieved, which is rubbish in my eyes and I thik my bike was worth a bit more than that.

What recourse do I have if I get quotes for similar bikes for more can I get more out of them?? Any ideas from people who have done this would be cool.

oh and some pics are here http://saslex.orcon.net.nz/

[aff-man]

Basically most insurance companies are dicks. What was the shop that handeled your bike. If you have been there a few times then you could probably ask them to write a note with a quote as to what they think the value of the bike is (i.e. what they would sell it as) You might get a bit closer to the 6k mark if it had low km's. Good luck

[Antallica]

I would say she would have been worth a bit more yeah, but at the end of the day you're lucky to have gotten anything at all.

Get a cheap 400 and spend the rest on more gear.

[dhunt]

when I went through all that (Not Fun!) a little while a go, the insurance company (AMI) got a quote that I wasn't happy with at all so I went and got a quote that I was happier with and they gave me the average of the two. That was their policy and I was semipleased with the outcome although wasn't quite as good as I'd wanted but ... it was nearly enough to get my current bike.

[k14]

It had only done just over 22000kms so it is definately worth more than that. Go to a few bike shops with ones that are similar and get quotes from there. Look on bikepoint, the ones on there are in the $6k to $6.5k bracket which is definately what your bike was worth.

[Oscar]

Hey as most of you know my bike departed my presence while at uni, and finally the Insurance people have come through with a qoute to replce/pay out.

Now my bike was in sound condition both mechanicaly and visually a 91 CBR250RR, the company who shall remain unnammed as swann insurance had put forward a value of 5250, an average of two values recieved, which is rubbish in my eyes and I thik my bike was worth a bit more than that.

What recourse do I have if I get quotes for similar bikes for more can I get more out of them?? Any ideas from people who have done this would be cool.

oh and some pics are here http://saslex.orcon.net.nz/

The problem is that most policy wordings are very generalised "...replace or repair", and that's taken to mean that they will replace your bike with a one in similar condition, or more usually give you the money to do this yourself. This is the principal of indemnification - to put you in a situation no better or no worse than before your claim (excluding uninsured losses like your excess). So generally there is some procedure in the event of a dispute, along these lines: you get some pre-accident(or theft) valuations of your own, and these get added to the mix. Ask the assessor.

If you still aren't happy you can go to the insurance ombusman.

[Oscar]

Basically most insurance companies are dicks.

...and that's nothing to do with the fact that they have to deal with charming people such as yourself on a daily basis?

[dhunt]

...and that's nothing to do with the fact that they have to deal with charming people such as yourself on a daily basis?

I would say more likely they want to make as much money as possible. So the less they pay out the better.

[Oscar]

I would say more likely they want to make as much money as possible. So the less they pay out the better.

Congratulations, you get tonights' Stating the bleeding obvious award.

[aff-man]

...and that's nothing to do with the fact that they have to deal with charming people such as yourself on a daily basis?

i have had to deal with insurance companies twice now and both times i just didn't claim and did the repair the hard way cause they beat around the bush sent me to the wrong assessor which wasn't even anywhere near my house and when they finally did get round to stating what they would do it would have basically scewed me big time. So i might have an interesting view of the companies but i have justification.



p.s. Some of the people that work there are lovely though i must remember to write down names and ask for that person again, cause some arn't

[dhunt]

Congratulations, you get tonights' Stating the bleeding obvious award.

That's what happens when you study too hard! Who can smell fried brain Stupid EXAMS

[Zapf]

The problem is that most policy wordings are very generalised "...replace or repair", and that's taken to mean that they will replace your bike with a one in similar condition, or more usually give you the money to do this yourself. This is the principal of indemnification - to put you in a situation no better or no worse than before your claim (excluding uninsured losses like your excess). So generally there is some procedure in the event of a dispute, along these lines: you get some pre-accident(or theft) valuations of your own, and these get added to the mix. Ask the assessor.

If you still aren't happy you can go to the insurance ombusman.

ermm yea.. just adding to the above. You should look at your insurance wording carefully. And see if its a insured value or replacement value. E.g your bike might be insured for 6k but it might cost you 8k to replace it with another one of the same condition. So, they will only pay you 6k max.

How this works another way is that if you have an replacement value policy, you can show them that you can't replace your "lost" bike with another one for the sum they have paided you with. And they have to give you enought money or buy you another bike of similar condition.

Keep posting your progress saslex, I will give u as much advice as I can.... I have had experience fighting with big companies mate.... its hard work but when they don't play fair its the only way.

ps. no one can promise any outcome.... but only try

[JohnBoy]

stick to your guns mate!
a good friend of mine crashed on the track once and ended up getting a pay out because he proved that the track (under those special conditions) was a public road and that he wasn't racing or in a timed event. but it wasn't easy, over 11 months later and a trip to the obudsmen.
what i would do is just take it or talk to a few more shops and try and get someone to say that your bike is worth more. try and goto places that normally charge heaps, they often have an inflated sense of reality anyways!

[enigma51]

Mate dont be to sad I lost 5 grand on my last right off