Insurance claim question

[MarkH]

So if someone dose $7,000 worth of damage, they only pay out $2,000.

I have actually spent like 14k on the bike :S So basically I just have to hope no one crashes into me, as I'd end up losing my bike.

Is the bike truly worth only $2,000? If the insurance company paid you $2,000 could you buy another bike substantially the same as the one you had? If you could then it is fair for the insurance company to take your bike away and give you a cheque for $2,000 and say "sorry about our client breaking your bike, go buy yourself another".

But if I buy a 2nd hand SV650 for $5,000 and then put Ohlins shocks and Brembo brakes on it then surely I could argue that to get another SV650 of similar age and similar mileage with Ohlins shocks & Brembo brakes would cost me more than $5,000 and therefore I want enough money to replace EXACTLY what I had - make, model, age, mileage & accessories. If I could buy a 2nd hand bike that someone else had put the same shocks & brakes on for $6K then why should or would an insurance company give me more than that?

Can I argue sentimental value?

Well, you could - but insurance companies don't put a dollar value on sentimental value so they'll listen to your argument and then disagree with giving you any more money because of it.

Basically the insurance company is saying:
"our client broke your bike which would cost $2,000 for you to replace, sorry about that - here's $2,000 so that you can buy yourself another one".
They see that as fair, can you show in a court otherwise?

[short-circuit]

But if I buy a 2nd hand SV650 for $5,000 and then put Ohlins shocks and Brembo brakes on it then surely I could argue that to get another SV650 of similar age and similar mileage with Ohlins shocks & Brembo brakes would cost me more than $5,000 and therefore I want enough money to replace EXACTLY what I had - make, model, age, mileage & accessories. If I could buy a 2nd hand bike that someone else had put the same shocks & brakes on for $6K then why should or would an insurance company give me more than that?

Totally agree, but if those parts were mashed (as replaceing them would likely incur the biggest expense) I'd want the dollar value for those parts so I could replace them.

[The Pastor]

Is the bike truly worth only $2,000? If the insurance company paid you $2,000 could you buy another bike substantially the same as the one you had? If you could then it is fair for the insurance company to take your bike away and give you a cheque for $2,000 and say "sorry about our client breaking your bike, go buy yourself another".

But if I buy a 2nd hand SV650 for $5,000 and then put Ohlins shocks and Brembo brakes on it then surely I could argue that to get another SV650 of similar age and similar mileage with Ohlins shocks & Brembo brakes would cost me more than $5,000 and therefore I want enough money to replace EXACTLY what I had - make, model, age, mileage & accessories. If I could buy a 2nd hand bike that someone else had put the same shocks & brakes on for $6K then why should or would an insurance company give me more than that?



Well, you could - but insurance companies don't put a dollar value on sentimental value so they'll listen to your argument and then disagree with giving you any more money because of it.

Basically the insurance company is saying:
"our client broke your bike which would cost $2,000 for you to replace, sorry about that - here's $2,000 so that you can buy yourself another one".
They see that as fair, can you show in a court otherwise?

but that puts me at a loss, a real loss. That is unfair, and that would be the basis of my argument.

[DMNTD:Me]

but that puts me at a loss, a real loss. That is unfair, and that would be the basis of my argument.

Sure it is (unfair)...unless you can negotiate an 'agreed value' on your bike (annually)with your insurance company, then you're buggered.

[MarkH]

but that puts me at a loss, a real loss. That is unfair, and that would be the basis of my argument.

IF you could buy another bike the same with the money that the insurance company paid you then how are you at a loss? If you can't get one the same then you would need to argue THAT point with the insurance company.
If you are talking purely about sentimental value then that is unfortunate, but insurance companies just aren't going to compensate you for loss of sentimental value.

[Jantar]

When I insured my bike I had to list all extras and modifications along with an estimate of the value of those extras and modications. I guess there is a reason that the insurance company wanted to know that information, but I can't quite imagine what that reason would be.

[Oscar]

When I insured my bike I had to list all extras and modifications along with an estimate of the value of those extras and modications. I guess there is a reason that the insurance company wanted to know that information, but I can't quite imagine what that reason would be.

Because it's germaine to the risk.

[Oscar]

Sure it is (unfair)...unless you can negotiate an 'agreed value' on your bike (annually)with your insurance company, then you're buggered.

Please try and keep up - his bike is not insured.
He's claiming from an insured (and presumably at fault) third party.

[DMNTD:Me]

Please try and keep up - his bike is not insured.
He's claiming from an insured (and presumably at fault) third party.

Oh I can keep up, no problems there man. I simply just moved on that's all.
All I'm stating is that the only way to get around these situations is to have agreed value on your own bike otherwise pains will be felt.
Is that ok with you?

[Oscar]

Oh I can keep up, no problems there man. I simply just moved on that's all.
All I'm stating is that the only way to get around these situations is to have agreed value on your own bike otherwise pains will be felt.
Is that ok with you?

There aren't that many insurers offering agreed value and I'm picking that he wouldn't be able to get agreed value due to the nature of the modifications.

[DMNTD:Me]

There aren't that many insurers offering agreed value and I'm picking that he wouldn't be able to get agreed value due to the nature of the modifications.

Correct there aren't that many that do offer it, but it is available.
Now then...coming to an agreement with the insurer as to what 'you' believe 'your' bike is worth with its' modifications is a whole new ball park...but it has been done, often.

[tigertim20]

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

Yup you could lose it all, but as for the no fault of your own - well, you COULD have insured it, that would have given you protection. If you fully insure, you can insure it for agreed value, OR, you could get the modifications insured seperately as well.

The lesson is that if you have a bike that you have put that much time and effort into, INSURE IT!

My mates bike was stolen yesterday, found in the otago harbour, had been underwater all night.
He had spent probably twice its value again on insurance through mods etc. He was fully insured, has agreed value, and he will come out of this Okay.
Neither your incident, nor his was your own fault, but he was insured, and had made explicitly sure that all of his mods were listed etc.

A shitty lesson to learn, but such is life

[Parlane]

Yup you could lose it all, but as for the no fault of your own - well, you COULD have insured it, that would have given you protection. If you fully insure, you can insure it for agreed value, OR, you could get the modifications insured seperately as well.

The lesson is that if you have a bike that you have put that much time and effort into, INSURE IT!

My mates bike was stolen yesterday, found in the otago harbour, had been underwater all night.
He had spent probably twice its value again on insurance through mods etc. He was fully insured, has agreed value, and he will come out of this Okay.
Neither your incident, nor his was your own fault, but he was insured, and had made explicitly sure that all of his mods were listed etc.

A shitty lesson to learn, but such is life

They obviously weren't going fast enough to skim the water. I blame rastuscat for his animated display picture on here for encouraging such attempts.

On topic note: I swear more than half the comments on here are from people who either didn't read or did not comprehend the original post.
The way I see it, if someone hits you. They have to pay to fix your stuff. It even includes your gear etc. So why can you not list your special non-market exhaust seperately?
I mean basically when they hit you this is what they are destroying:
CBR250 Main guts (stock - market value)
Smokeys Fun Times Exhaust 3.0 (aftermarket - aftermarket value)
Tyga Fairings (aftermarket - aftermarket value)

Etc. I would argue that yes the main part of the bike can have a market value. But the added parts are not stock, and the market value is for a stock bike. So they can be itemised seperately.

You prob won't get your 7k unless all the parts are 7k. It should be cheaper to get it all done at once? Unless your 7k doesn't include costs of fitment etc.

[The Pastor]

Yup you could lose it all, but as for the no fault of your own - well, you COULD have insured it, that would have given you protection. If you fully insure, you can insure it for agreed value, OR, you could get the modifications insured seperately as well.

The lesson is that if you have a bike that you have put that much time and effort into, INSURE IT!

My mates bike was stolen yesterday, found in the otago harbour, had been underwater all night.
He had spent probably twice its value again on insurance through mods etc. He was fully insured, has agreed value, and he will come out of this Okay.
Neither your incident, nor his was your own fault, but he was insured, and had made explicitly sure that all of his mods were listed etc.

A shitty lesson to learn, but such is life

yeah but thats talking about getting the money to buy a new bike, I dont want a new bike, i want my bike, I don't want the money, i just want it repaired. I don't want to do the work myself either.

[The Pastor]

IF you could buy another bike the same with the money that the insurance company paid you then how are you at a loss? If you can't get one the same then you would need to argue THAT point with the insurance company.
If you are talking purely about sentimental value then that is unfortunate, but insurance companies just aren't going to compensate you for loss of sentimental value.

its one of a kind, no other bike like it.