Insurance question

[Ranga]

So, I recently got clipped whilst riding the BMW. Luckily kept it upright, no harm done to me, and the other party is at fault as admitted by their insurer.

The bike however is a lot worse than it looks. Whilst still totally rideable, the repair guys reckon the other parties insurer may call it a write-off. If that's the case, who decides what price they offer, and what recourse do I have if I'm unsatisfied with said offer?

[Chucaro]

Are you bike insured for an agreed value or market value?
If it is insured by an agreed value then your insurance company will pay you that sum and they would deal with the other party.
If it is insured by a market value then start counting your loses and there is no much good to take things further because lawyers will get the money :(
One way to minimize any lost is arrive to an agreement with them to paid them an agree sum and keep the bike instead of them send it to the wreckers.
I have done it before.

[Ranga]

Agreed value, thankfully ;)

[newhue]

Gee that's amazing Ranga. Is the frame bent

[Ranga]

The sub-frame is bent (and also has a small hole pierced in it - not sure if I showed you). Apparently the fuel tank (under the seat) also copped a ding), and there's some cosmetic repairs. All up, apparently about $4,500 damage. The agreed value is $7,500, so I don't know what maths they use to determine a write-off.

[Tombie]

You can push for repair...

I've had a vehicle damaged that wasn't my fault..

I pushed the argument that my vehicle was the way I wanted it, and that the party which crunched it was there to return it to the condition I had it before.

Turns out that is my legal right - if I can prove value and condition!

[incisor]

hang on

other party is at fault and their insurance says they will only pay so much?

problem belong other party i would have thought...

why should you be out of pocket because of their actions ?

if their insurance only pays so much then surely the party at fault should pay the rest to get it back where it was..

surely...

[S3ute]

Hello from Brisbane.

Forget the bush lawyers and talk to your insurer.

If you have an agreed value policy and it is for $7500, and if the estimated damage is $4500 there should be no issue. If they elect to write it off it is worth $7500. Common sense suggests that the insurance company holding the liability would not elect to payout an extra $3000 beyond the repair.

The problem is whether or not they accept that $4500 is the potential repair cost or you also accept that sum.

Insurance companies are in the business of making rather than losing money - so they will always go with the cheaper option. If the other insurer won't stump up the agreed value, you have every right to demand it off your own insurer or insist the bike be brought back to pre-accident condition.

At the end of the day, you have a policy/contract saying your bike is worth $7500 in the event of theft or a write off. Otherwise it should be repaired up to that value. It is the responsibility of your own insurer to meet that obligation and recover its losses from the other company.

Cheers,

[scq481]

I had 14K repairs done to a 17K Commondore for a not at fault claim, so it will depend on the insurance assessor also

[VladTepes]

You deal with your insurer - presumably you've notified them and lodgeda claim?

They'll organise repairs / payout (with agreed value you have with them) and your insurer will then worry about recovering their costs from the other insurer / other party.

That's why you have insurance.

[Tombie]

All good advice...

Where it gets awkward....

Let's say I own a Gold plated Sigma... :)
It was given to me by my dearly departed father.

To me it's priceless...

It's in immaculate condition, has $8k of car audio in the boot and I love it...

And then some clown, texting whilst driving runs up the back of it destroying the boot, all the audio gear and the 22k gold plate.

And let's assume the other driver is fully insured...

It is my entitlement to have my property returned to its original condition prior to the incident...
Not to be told my $500 book value car is a write off... And paid $500

[Chucaro]

I agree 100% with S3ute.

[Ranga]

You deal with your insurer - presumably you've notified them and lodgeda claim?
Not yet, didn't think I would need to unless their insurer doesn't come to the party.

[V8Ian]

You can push for repair...

I've had a vehicle damaged that wasn't my fault..

I pushed the argument that my vehicle was the way I wanted it, and that the party which crunched it was there to return it to the condition I had it before.

Turns out that is my legal right - if I can prove value and condition!Quite correct, but the cost of securing your right can out-weigh the revised payout. Insurance companies and lawyers are not known for their philanthropic ways, nor a sense of fair play.

[Tombie]

Not yet, didn't think I would need to unless their insurer doesn't come to the party.

Correct...

I collided with a woman who suddenly waved out her window and changed lanes without a care in the world...

Tore here VW Golf open down the passenger side.

My bullbar had a scratch!

I reported the incident, with photos to the police only.

Never lodged a claim and was then contacted by her insurance claiming I owed 8k for the damage I inflicted to her vehicle.

I was asked if I was insured, yes, I was asked if I intended to claim, no.

When the woman again stated they would be seeking the value of the repair from me I responded "Good luck with that."

Woman was flabbergasted!

"I have a police report stating I wasn't in the wrong"
Woman became agitated...
When I went on to point out the fact I had photos of the accident scene (first thing I did as I exited my vehicle was take 360° photos) she was far from amused...

I was then told I would have to spend my time filling in an accident form for her...

"Sure, happy to... I charge $90.00 to complete a document of that type."

I must say, I have never been sworn at by an employee of AAMI in that way since!


Stick to your guns, advise your insurance co of the possibility of a claim - and that you want your vehicle repaired to the std before the accident regardless...
It is your entitlement.

[Chucaro]

Not yet, didn't think I would need to unless their insurer doesn't come to the party.

I have done and I would do it in a different way.
I lodge the claim with all the details and let my insurance company to protect me and get the money from the other party.
I pay then to do the job and it is up to them to chase the money meanwhile I get my vehicle repaired or the full money insured if it is a lost.

[VladTepes]

That's the way to go about it - let the people you pay each month do the work in chasing it up ! And ask / tell them to recover the excess from the at-fault party's insurer. Usually no problems doing this.

[UncleHo]

If this is an older BMW,R90/R100 or earlier,it would be for the Full Insured Value and you KEEP the Wreck :) in that way you can keep and repair your cycle and purchase a daily ride while doing the repair ;)

[VladTepes]

Its not a proper older one Kev its one of those newer singles that poofs ride... :lol2:

[Geedublya]

Its not a proper older one Kev its one of those newer singles that poofs ride... :lol2:


That's a bit unkind.... I would say they are ridden by inner city metrosexuals.

[VladTepes]

fair enough.

[Ranga]

At least it's not Jap crap :p

[UncleHo]

There's nothing wrong with owning a late model single :D just because I'm a R-series fan doesn't mean I don't like the later stuff,just was a little unsure about the "K" series, always looked like 1/2 an outboard motor,yeah! I know some of the parts were interchangeable with some car models,R75 to R90 was similar, shared pistons, rods & bearings from memory.

cheers

[Chucaro]

There's nothing wrong with owning a late model single :D just because I'm a R-series fan doesn't mean I don't like the later stuff,just was a little unsure about the "K" series, always looked like 1/2 an outboard motor,yeah! I know some of the parts were interchangeable with some car models,R75 to R90 was similar, shared pistons, rods & bearings from memory.

cheers

I guess that you are prepared to accept a donation of an old beemer R 250 :D
Talking about R series I would love to have an R69s with the zeppelin sidecar :cool:
Perhaps Ranga have to shop for one of those rigs :D

[Basil135]

When SWMBO was rear-ended (that sounds wrong, but anyway) she lodged a police report, and advised our insurance co. Stationary in a line, waiting for the lights to change. Other driver was texting... :censored:

Turns out, the woman that hit her had no insurance. Was driving a Navara, with a bull bar, and not a scratch on it.

The XR6 (ours) had $8k worth of damage. :o

Car was fixed well, and quickly, and our insurance sorted out everything.

The most annoying thing is that we were the ones inconvenienced, even thou she was not at fault. Add to that, the on-going treatment for back & neck pain..... :(

You pay your insurance. Use it. It is their job to sort out the mess.