Market value?

[discotex]

You do realise that you do not have to deal with the other driver's insurance company at all. As an uninsured party you can simply claim against the other driver and let him deal with his insurance company. That way your claim is for the lesser of the actual cost of repairs ($13,000) or top replace your motorcycle with one of comparable age, mileage and condition.

You would probably need legal assistance, and the cost of that is likely to be more than the difference in the value that you are being offered.

$9156 a fair cost to replace with a motorcycle of compatible age, mileage and condition. OP has been offered $9000.

Hardly worth taking it global over $156... That's about 12 minutes of a decent lawyers time and they'll just tell them what I have. That's why I suggested they go to Citizens Advice first.

[ldcroberts]

$9156 a fair cost to replace with a motorcycle of compatible age, mileage and condition. OP has been offered $9000.

It's not a fair cost as I can't replace it with a comparable motorbike as everyone who has that same motorbike wants more for it

[discotex]

I expect they didn't say that because they can't legally stand behind it.

LOL yeah right. Let us know how you get on at Disputes Tribunal. Should be a laugh.

[skippa1]

It's not a fair cost as I can't replace it with a comparable motorbike as everyone who has that same motorbike wants more for it

Without dredging through to see exactly what yours was, isn't this it?
http://www.trademe.co.nz/motors/moto...-718072120.htm
ahh no ABS...

[skippa1]

It's not a fair cost as I can't replace it with a comparable motorbike as everyone who has that same motorbike wants more for it

It's not up to the insurance company to make sure there are bikes that are comparable on the market for you to buy.

[discotex]

It's not a fair cost as I can't replace it with a comparable motorbike as everyone who has that same motorbike wants more for it

Let me spell it out for you.. As you're either trolling or being wilfully stupid about this.

They (actually the other driver but the insurer is acting on their behalf) legally must reimburse the financial value of your loss, that does not mean they have to replace with the exact same bike.

Imagine they had run over the Mona Lisa. Obviously there isn't another one so by your logic they would owe you $0.

Instead they calculate the fair market value of the loss and pay cash. It's then up to you to decide to do what you want with the cash.

You can wait forever for the same km bike to turn up on Trademe, or you can top it up and get a brand new one. Or just out the money in the bank.

In the Mona Lisa example, the insurer and insured could wildly vary on the value because of lack of sales, and art values are not linear or predictable... The same could be the case for a custom chopper or classic car not a big standard learner bike.

Your bike was worth $9156 at the time of the accident. If written off that is the financial loss you suffered. That is all you are owed. It's that simple.

[ldcroberts]

It's not up to the insurance company to make sure there are bikes that are comparable on the market for you to buy.

the amount that it would obviously take for me to replace it with a comparable bike is higher than they are offering, looking at the only actual bikes that are available in the "market". They don't have to find one exactly the same, and I don't have to buy it when they give me the money, but it has to be fair based on that

[ldcroberts]

They (actually the other driver but the insurer is acting on their behalf) legally must reimburse the financial value of your loss, that does not mean they have to replace with the exact same bike.

Imagine they had run over the Mona Lisa...

If you want to talk about imaginary scenarios, heres an alternative - you drive your new bike off the yard and when you get to the footpath a guy with a gun stops you and forces you to sell it to his mate at the now depreciated value.

You then go to the cops and say you were robbed. They then say "um nope you got fair value for your bike - bugger off".

Is that about where you are coming from with this argument?

I know you'll come back with same day = less depreciation based on 1 year at 30% averaging - but that analogy is also flawed as some people drive 100,000kms in a year and other don't ride at all and you would lump them all in the same depreciation rate, so it's not applicable.

[Mike.Gayner]

ldcroberts you need to fucking grow up. This thread has gone ridiculous. Life's going to throw shit at you - in this case, you've learned the hard way why it pays to be insured. Fucking accept the $9k, its more than generous all things considered.

[skippa1]

ldcroberts you need to fucking grow up. This thread has gone ridiculous. Life's going to throw shit at you - in this case, you've learned the hard way why it pays to be insured. Fucking accept the $9k, its more than generous all things considered.

Yep.....you took the risk and lost. Stop bleating.

[discotex]

Is that about where you are coming from with this argument?

Not even slightly

I know you'll come back with same day = less depreciation based on 1 year at 30% averaging - but that analogy is also flawed as some people drive 100,000kms in a year and other don't ride at all and you would lump them all in the same depreciation rate, so it's not applicable.

Yes it is. Ask a lawyer.

[ldcroberts]

ldcroberts you need to fucking grow up. This thread has gone ridiculous. Life's going to throw shit at you - in this case, you've learned the hard way why it pays to be insured. Fucking accept the $9k, its more than generous all things considered.

It's the insurance companies that need to grow up. They can't find exactly my bike on the market and the only ones there are ever so slightly better (lower kms) and so rather than give me the price to replace it with those, they are arguing to pay me much less based on flawed hypothesis that the estimated market price based on a disequilibrium between suspicious buyers and pressed sellers is a way to accurately assess market value.

Read http://en.wikipedia.org/wiki/Market_value and learn how it's supposed to work - some very smart people have pointed out the difference between value and price in different markets and circumstances. It's time the insurance companies paid attention as there is a social cost when they shortchange people - and it's driving more people to pay for insurance they shouldn't need to cover what someone else might do to them (like yourself).

[FJRider]

How do you not have insurance on a brand new $10k bike?

He was thinking of the $400 he would save ...

[sil3nt]

It means he must have laid down $10k cash as you can not get finance without insurance.

[ldcroberts]

It means he must have laid down $10k cash as you can not get finance without insurance.

Sure, I'm not fighting as I need the extra $500 I might get, it's the principle and on behalf of others who may be more affected by this situation. The fight will no doubt cost a bit in court fees etc anyway. It's just about what is right not what is my best play for the $ at this point.