Just got an offer from SF for my stole bike, need some advice.

[Persian-Rice]

Ok, so my bike was stolen 3 weeks ago.... fast forward the slowest 20's days of my life....and today the State Farm claims lady offered me a settlement.

I was expecting a lowball offer which is what I got, so what do I do next? After the $500 deductible, she quoted me $7450 for the bike, 2 stands + cover, GST/PST and cost for plates. Telling me there is one 07 zx6r on the trader going for real cheap.

The deal is this, after making a list of every 07 zx6r with 6k-10k available on kijiji and the trader from the past 2 weeks, the prices basically go like 8300-8800-8600-8400, then there is one green one that has been on kijiji forever that is selling for 6950, which is the one she's talking about. I called him to see if it's a repair bike or anything, but he hasn't returned my call.

What do you guys suggest is the best way to go about making a much more reasonable counter offer? She's expecting my call tomorrow.

I'm also in good with my SF broker if that helps, known him since I was a little kid.

[kamikaze]

having dealt with a stolen stereo out of a car with an adjuster who didn't value it as much as I did, I'd politely decline the offer and tell them what you want for the stolen property. just because they find one bike like yours at below market value doesn't mean they can shaft you.

key thing is to be polite, pick a number and be firm about it. I didn't get much for my stereo mainly because I neglected to have a special rider put on it, but I got the full allotted amount for that claim because I told the guy I wouldn't settle for less. it took him a month to get it thru his head, but eventually he got the hint that he could close my case if he just paid me what I wanted.

[cola_fiend2003]

The deal is this, after making a list of every 07 zx6r with 6k-10k available on kijiji and the trader from the past 2 weeks, the prices basically go like 8300-8800-8600-8400, then there is one green one that has been on kijiji forever that is selling for 6950, which is the one she's talking about. I called him to see if it's a repair bike or anything, but he hasn't returned my call.

Email her exactly that. Add links to the other bikes as well.

[GTASynthetics]

The thing is that what you think your bike is worth, and what it is worth are two different things.

The same thing everyone complains about when you see a kijiji ad and someone is asking 1000-2000$ more than their bike is worth. I wish I could knock off $1000 - $2000 off the price of a new bike and say that's what mine is worth for the next 5 years, but that is just wishful thinking.

See if they will give you what you want, but don't get your hopes up

[kat]

Basically you are geting 8000 but minus the dedt.= 7500. Sounds pretty fair for those bikes keeping in mind its an 07....you can always push for more just do your research and show her more ads.

the only thing is though, there are alot of cheap ones out there. Essentially though with the money you are getting paid out you can buy a new 09 ZX6 in the states give or take a couple hundred pm RichardTPC he bought one recently down south

[Persian-Rice]

Thanks guys, ill respond to tell her all the prices I found, and luckily for me, except for that one green one, there are no other cheap ones...I'm guessing because it's April. I was expecting more like, (8300-500)1.13+300. Does that sound fair?

I don't think it really matters what I think what my bike is worth, that's what people are are asking right now, and it's what it will cost me to replace exactly what was stolen minus the deductable.

Oh, and the 09 Kaw is in my crosshairs.

[Savage308]

I got nickle and dimed by SF on my month and a half old Anniversary 05 GSX-R 600 after it was written off from a retired cop turning in front of me (there were no other anniversary bikes to compare it's value to). Again on my 06 600 I got screwed on the value after it was stolen, but it was 2 years old and there were some pretty cheap '06 600's on auto trader when my claim was being settled.

So I propose this:
I know everyone gets ****** about high asking prices on Kijiji or Auto Trader, but if we all jacked the asking prices on our bikes when selling them, we can in turn help fellow riders. That way when the insurance company is bending you over (without lube) on the value of your bike, you'll get a better return if every bike is priced a couple thousand higher than it's worth. Then when people low ball you (within reason), you'll get closer to what you wanted for the bike anyways.

[RickT]

Check with a couple dealers and get them to quote you the cost of a replacement.

1) They should know the real value of a used bike
2) They will be nice to you in hopes you'll use your insurance $ to buy from them
3) It is a credible source of information, much better than kijiji or autotrader.

I was in the car industry for years and this is one of the methods insurance companies use to value vehicles, no reason they can't do it for bikes.

If you don't want to call, check some dealer websites and see if you can find something similar to compare.

[eastcoast_gsx]

Adjusters use Kijiji for determining claim payouts.... ARE YOU F'IN KIDDING ME???

I think they should put a few of their team of highly trained actuaries on this and come up with real numbers.. not some goddamn Kijiji AD.

I hope I never have to be on the other end of that phone call... won't be very pretty...

That's the saddest thing I have read all day... and I read ALLOT!

[GTASynthetics]

Thanks guys, ill respond to tell her all the prices I found, and luckily for me, except for that one green one, there are no other cheap ones...I'm guessing because it's April. I was expecting more like, (8300-500)1.13+300. Does that sound fair?

I don't think it really matters what I think what my bike is worth, that's what people are are asking right now, and it's what it will cost me to replace exactly what was stolen minus the deductable.

Oh, and the 09 Kaw is in my crosshairs.

Unfortunately the insurance company would rather pay you as little as possible.

[MassNutrition]

...the insurance company is bending you over (without lube) on the value of your bike...

Stick with your guns. What someone ELSE'S bike is worth is doesn't necessarily mean that's what YOUR bike is worth... kms, # of owners, abuse, PROPER maintainence, wear and tear, dropped, etc, etc, etc all play a factor in the value of what someone THINKS their bike is worth (those ads you speak of). I'm sure if you babied the hell out of your bike, you would think it was worth more. Tell her this... and make sure she UNDERSTANDS this. Don't settle.

I'm not saying that you go off your rocker and ask for THOUSANDS more and end up in left field... just be honest.

[VifferFun]

Usually people have good luck with State Farm . . . weird.

They can't propose a settlement off of a single ad, but should rather take an average over multiple ads. If you can prove that the proposed settlement is too low, then present your research to them and they should adjust the settlement amount.

[eastcoast_gsx]

Usually people have good luck with State Farm . . . weird.

They can't propose a settlement off of a single ad, but should rather take an average over multiple ads. If you can prove that the proposed settlement is too low, then present your research to them and they should adjust the settlement amount.

Why don't they employ number crunchers (liek yourself) on that end of the deal??

I know the answer... just wondering if you do.

[Scudzo_2]

I'm also in good with my SF broker if that helps, known him since I was a little kid.

Yet they still lowballed the offer?

Show them details of other identical bikes that are selling for more then they've offered!

[VifferFun]

Why don't they employ number crunchers (liek yourself) on that end of the deal??

I know the answer... just wondering if you do.

How do you propose that we value a bike? The market value depends on many characteristics that change with time and even varies even within a specific make/model of bike. For example, increased mileage affects a Goldwing's resale value much less than an R6. The rate of depreciation of a Cadillac Deville is MUCH faster than a Volkswagen TDi.

We could develop an algorithm to try and estimate the market value of a bike, but what is the point when you can just look up the market value of a bike? Looking up the value is also more accurate. The market value of a bike is how much you could buy one of similar age, condition, mileage, options, etc. today.

[Persian-Rice]

Hey guys have my list, and everything set and ready to go. My broker told me to call him if I'm having problems at the beginning of all of this, but i'll wait and see what happens with the claims lady first.

So far she's been very freindly and suggested I do my homework before I call her back today so I'm feeling a little optimistic about things, I have a phone appt in 45 mins so we'll see how things turn out. Thanks again.

[VifferFun]

Hey guys have my list, and everything set and ready to go. My broker told me to call him if I'm having problems at the beginning of all of this, but i'll wait and see what happens with the claims lady first.

So far she's been very freindly and suggested I do my homework before I call her back today so I'm feeling a little optimistic about things, I have a phone appt in 45 mins so we'll see how things turn out. Thanks again.

Just be reasonable, present your findings, and I'm sure you will be happy in the end. Good luck

[ddusseld]

You are doing the right thing. I went through this with StateFarm in the past. It was for a current year bike and there were no used ones for sale. They really had no idea what to give me. I contacted my dealer and got a quote from them and StateFarm accepted this as reasonable.

If you are unsuccessful don't hesitate to get your StateFarm agent involved. My agent really went to bat for me years ago when I had what I remember as the 4th car stereo stolen from my car and all I wanted was cash instead of a replacement stereo which would just be stolen again (underground parking both at home and work). With my agents help we were able to convince StateFarm to give me cash.

Hey guys have my list, and everything set and ready to go. My broker told me to call him if I'm having problems at the beginning of all of this, but i'll wait and see what happens with the claims lady first.

So far she's been very freindly and suggested I do my homework before I call her back today so I'm feeling a little optimistic about things, I have a phone appt in 45 mins so we'll see how things turn out. Thanks again.

[eastcoast_gsx]

What a cluster ******.

YOU have to go and determine and fight for your replacement value even though they are the ones that employ the experts.

Sickening.

[VifferFun]

What a cluster ******.

YOU have to go and determine and fight for your replacement value even though they are the ones that employ the experts.

Sickening.

I agree that this isn't right, but it is an exception to the norm. Most people with State Farm claims have been more than pleased with the initial offer.