Cash Settlement Amount for a "Write-Off"

[BusaBob]

So my 2005 Hayabusa was struck while parked on the street by a woman backing up her Ford Escape and not seeing the motorcycle. She knocked it completely over onto the left side and then some. My 556lbs Hayabusa came to rest 3 ft from the spot it was parked on.

There's only cosmetic damage, but unfortunately, a lot of it.

Took it to Heritage Auto and Powersports and Daniel did up an estimate (great guy to deal with).

My insurer (Primmum) was very courteous and helpful at first, but has been impossible to get a hold of over the past two weeks.

Finally got through to an adjuster today (not my assigned one) who told me that due to the $$$ amount to repair my motorcycle, they were going to write it off.

I was bracing for this, so it was no surprise.

They offered a cash settlement of a certain amount which I disagree with and will not budge, citing my high kilometres (62,000 km), regardless of the condition my motorcycle was in (very, very good, as anyone who has seen my motorcycle can attest to).

When asked how much they would offer if I were to keep the bike, they offered 77% of the previous value.

The problem is, for the amount they are offering, I will NOT be able to purchase another 2005 Hayabusa (GP Bikes has an '05 for $7500). For 77% of the amount they are offering, I will not be able to buy all the parts to restore my bike.

Argh.

What are my options? Can I sue the woman who hit me for the balance of the cost of repair?

Thanks,
Bob.

[rafiki911]

Could you part out the good parts of your bike and add the money from that to the 77% you get from insurance to get the bike you want?

[STARSHIP]

Not a lawyer but unlikely to get a judgement on something like this, this is a no-fault accident and depending on your policy you may have been able to insure it with a higher replacement value, you may just have to bargin harder or accept that the GP bikes bike may have less KM so you have to pay for the difference.

[TwistedKestrel]

There IS a process through which you can contest the value of the bike, especially based on what you've mentioned here. It would be super helpful if I could remember how it worked... however I'm pretty sure if you accept their offer, that's it - you're not going to be able to recover the balance from anyone.

What I don't understand is I haven't seen "high mileage" even put a dent in the value of a Hayabusa, so what the heck are they basing this appraisal on? Usually you get a list of examples.

[BusaBob]

There IS a process through which you can contest the value of the bike, especially based on what you've mentioned here. It would be super helpful if I could remember how it worked... however I'm pretty sure if you accept their offer, that's it - you're not going to be able to recover the balance from anyone.

What I don't understand is I haven't seen "high mileage" even put a dent in the value of a Hayabusa, so what the heck are they basing this appraisal on? Usually you get a list of examples.

the adjuster said that if I disagreed with the appraised value, I could get my own appraisal done and they would "take it under consideration."

when asked if they had a list of appraisers or where i could find one, they said they couldn't/wouldn't help me or even direct me.

about their appraised value: the adjuster for Primmum stated that they do NOT consider ad's in Kijiji, Autotrader, etc. They use an insurance industry database called "AutoSource" which collects values across Canada. They then have a formula to determine depreciation due to mileage.

When I asked about how this is determined, she put me on hold for 15 minutes until my cellphone battery died.

[BusaBob]

....you may just have to bargin harder ....

This is what i was wondering: how to go about bargaining "harder".

I can't just put my foot down and say "that's not good enough", and expect them to budge, right?

[Jayv]

Not sure if there is a difference between cars and bike, but when my accord was declared a write off i had up to two years to dispute the settlement(this is with state farm). Are there any comparable busa's on kijiji, auto trader etc etc that you can use to say the replacement value is not enough?

Edit, missed the post about primmium not accepting kijiji/auto trader prices.

Next step Ombudsman??

[BusaBob]

although there are a number of other Hayabusa's, none have my mileage of 62,000 (gloriously earned and enjoyed) km

the adjuster's arguments seem to hinge on this factor.

[Maverick95]

the adjuster said that if I disagreed with the appraised value, I could get my own appraisal done and they would "take it under consideration."

when asked if they had a list of appraisers or where i could find one, they said they couldn't/wouldn't help me or even direct me.

about their appraised value: the adjuster for Primmum stated that they do NOT consider ad's in Kijiji, Autotrader, etc. They use an insurance industry database called "AutoSource" which collects values across Canada. They then have a formula to determine depreciation due to mileage.

When I asked about how this is determined, she put me on hold for 15 minutes until my cellphone battery died.

How do they go about determining what a motorcycle is worth if it was rebuilt? Or if the main conponents like the entire engine and such were replaced? The rest of the bike would be different in age/wear to the replaced/rebuilt parts.

[BusaBob]

How do they go about determining what a motorcycle is worth if it was rebuilt? Or if the main conponents like the entire engine and such were replaced? The rest of the bike would be different in age/wear to the replaced/rebuilt parts.

we had a discussion along those lines. it got a "little" heated. she stated she wasn't there to argue with me

[OpenGambit]

This is what i was wondering: how to go about bargaining "harder".

I can't just put my foot down and say "that's not good enough", and expect them to budge, right?

I think you can put your foot down and say "thats not good enough" and expect them to take it to the next level.

Tell them seriously to go to hell (politely) with the Autosource crap. This is a free market, supply and demand so on, unless you signed something saying you agree to using their price source but I am pretty much willing to bet you didn't. At the end of the day tho its just a way for you to figure out whats fair and what you can live with, they don't have to accept your figures they same way you don't have to accept theirs.

Also tell them to piss off on the appraisal, tell them to pay for an appraisal because its stupid to ask you to pay for something thats not your fault to begin with.

Read your contract to see what the next step is, I would guess there is an arbitration clause ( correct me if I am wrong)

[OpenGambit]

No, she isn't there to argue with you, she is there to settle for as little as possible.

[BusaBob]

No, she isn't there to argue with you, she is there to settle for as little as possible.

i know...but when we were clearly at an impasse, i said "so what now", and i can't recall her exact words, but it was along the lines of "that's all we're prepared to pay and if you don't like it, get it appraised yourself!"

so far, this claims processes has been a PITA! it went so much smoother (and friendlier) when it was stolen in 2006 and recovered a month later.

[OpenGambit]

i know...but when we were clearly at an impasse, i said "so what now", and i can't recall her exact words, but it was along the lines of "that's all we're prepared to pay and if you don't like it, get it appraised yourself!"

Well with all due respect, they should get it appriased and you'll take it under consideration as you consider your legal options

[BusaBob]

just wondering what those (realistic) options are. :/

[Maverick95]

Ridiculous. I would recommend switching insurance companies when all this is over.

[OpenGambit]

just wondering what those (realistic) options are. :/

I would mention arbitration.

If you dont' mind me asking though, how far apart are you?

[BusaBob]

I know I'm not going to get what I want, which is full repair.

But the low-ball sucked the air right out of me.

I've been surfing all night on this topic.

Looks like the process is appraisal ($300) and then arbitration (unknown $$ split between both parties).

I'd say we're about $1500 apart, just pulling that number out of the air. although I don't know how realistic that is on my part.

I just want to be close to breaking even on this ordeal. Don't want to be in the hole very deeply, as it really was not my fault

[ANDRASTA]

You can sue the party that knocked it over however, it probably would be about 18 months at best till you see any of the money.

[jeero]

Ugh. Your story makes me hope really hard that my insurance company doesn't give me this hard of a time if I ever end up in a situation like this one.

I had a winter-beater truck appraised for 60$ under the table. MTO didn't have a book value on it so I had to get it appraised myself.
Call a few appraisers, explain your situation vaguely and see if they'll work on your side.

When you say 77% of the previous value, what do you mean by "previous value"? Purchase price?