Nope, they insurance company has to do no such thing.
They do have to offer fair compensation for the loss that the aggrieved party has suffered - which could mean offering to take the broken bike and give enough money to buy another bike similar to the pre-crash bike.
IF the bike was worth $2K and IF repairing it would cost $7K THEN paying $2K for the victim to buy another bike IS fair. That is what the insurance company would be offering to do.
If your bike is worth $2K and to repair it would cost $7K then there is no way you will get them to repair your bike - they will offer to pay for a replacement instead as it is uneconomical to repair it. You may want the bike repaired, but an insurance company does not see that option as financially feasible - a court is likely to agree with them.
The only way around it is to show that your bike is not worth $2K, i.e. you can't buy the same as what you had for $2K, therefore being paid $2K by the insurance company is not satisfactory. If you can show that getting the same as what you had would cost $7K in repairs or >$7K for another bike then you have a shot of getting satisfaction.
If you can show that buying another bike and adding the same mods to it would cost $6K and then agree to accept $6K + keep your broken bike then you could use $1K of your own money to cover the difference. It may seem unfair to you that you should be out of pocket by $1K, but in this example you are refusing what the insurance company would say is a fair offer and most likely the courts would agree with them.
If a new bike worth $18K would cost $24K in parts & labour to fix then most people wouldn't see it as being unreasonable of an insurance company to offer to buy the owner of the damaged bike a new bike as a fair compensation. This is the way the insurance companies work - they try to give you back what you had for the cheapest price.
If your bike has been damaged and you could buy another one that was pretty much the same for $2K then you just aren't being reasonable if you insist that the insurance company give you $7K so you can have it repaired. They are just going to say that it isn't worth $7K and therefore 'fuck you'.
bollocks. spending money on your bike does not necessarily increase its value. this is real life. would you pay 7k for a 2k bike with a bunch of mods just because the seller really really liked his bike? No, You wouldnt, youd pay what you thought it was worth, as supported by similar models and market conditions. If payouts were based on 'oh but ive done this, and this and this to it', then can you imagine how much more insurance fraud thered be?
exactly, no matter how much you desperately WANT it to be 'worth' more, the reality is different. Hug you mum, wipe away your tears, take your cheque for 2k and get over it.
In the future such things can be avoided by A) getting insurance so that you have someone to argue for you, and B) informing your insurance company of any mods,and discussing having these mods seperately insured and having it documented.
You are looking at this from an 'I want' angle rather than a 'this is the real world' angle.
A write off is an agreement by the insurance company to purchase the vehicle, based on its value pre accident.
its value pre accident was about 2k, regardless of how many hours, dollars, or virgins tears went into it.
They will offer to buy it at the cost of what it was worth if it was sold on the open market/trademe etc. its quite simple really!! its not about what you WANT, its about what is sensible and economical.
its not at all about whether he had a contract for its value, its about how much it was ACTUALLY worth, not how much, YOU feel its worth to YOU.
put it this way.
take a bike worth 2k.
buy the following:
carozzeria wheels for another 3k
exhaust system for 1k.
total money spent may be 6k, however, when you sell that bike on the market, its value WILL NOT be the total sum of all dollars spent.
What about that do you not understand, or is ''short circuit' more literal than humorous?![]()
Then I could get a Kb Tshirt, move to Timaru and become a full time crossdressing faggot
FFS. Firstly I am not arguing the worth of the bike.
AND again, how an insurnace company pays out customers in the event of an uneconomical loss is irrelevant as RM is not insured. His property (a blinged out 250) was damaged by the other insured party.
The other party is liable. Either Mr Head or his insurance company must compensate RM. The question is: If RM wants the bike repaired to original standard and with all the aftermerket parts (and the repair and sourcing of parts is possible), will the other party (or their insurer) be liable for the cost of doing this.
yeah but in my head, I have built a bike (there is no stock parts on it left at all) and i have put years of work into in. YEARS. And what people are basically saying is that I could lose that, due to no fault of my own.
At any rate, I'd fight it every step of the way![]()
Then I could get a Kb Tshirt, move to Timaru and become a full time crossdressing faggot
Insure it for an agreed value.
The premiums might cause your pulse-rate to increase particulalry if you're young and have colected a few tickets, had a crash or two...
And they would want it kept in a locked garage when not in use etc etc.
But a 14k bath when the bike caught fire and burned to ground or got flattened by a truck when it was parked would cause me bottom lip to quiver a tad...
u
Winding up drongos, foil hat wearers and over sensitive KBers for over 14,000 posts...........![]()
" Life is not a rehearsal, it's as happy or miserable as you want to make it"
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