Cash Settlement Amount for a "Write-Off"

[jeffjones]

I guess I got lucky with state farm as I bought a F4i last year for $4200 and someone backed into it and there was $4,300 damage.
They offered me $4,900 to write it off or $3700 and keep it with a clean title.
It was all cosmetic and I repaired it for just over $2,000 and pocketed the rest and now my bike i worth full value again.
Sorry of thats salt in the wounds but you have to look at it as would you Pay $7,500 for a Busa with 62,000km? I know you believe you have maintained it perfectly but they dont take each case one by one they take the average condition and resale value of a bike with that many km's.
You can't expect them to write your bike off and give you enough money to get one with like 20,000km on it.
They pay you what it worth resale not what its worth to you.

[caboose483]

You seem set on doing what you wanted to do from the start.

I could rebuild your bike to its previous condition for significantly less than you claim it will cost.

You seem to have made your choice.

[BusaBob]

You seem set on doing what you wanted to do from the start.

I could rebuild your bike to its previous condition for significantly less than you claim it will cost.

You seem to have made your choice.

Oh yes. That's what I've always want to do. I just wanted to know what my options were, specifically if there was any way of persuading my insurer to write me a larger settlement cheque.

Can't buy another Busa for the amount they're giving me, so I'm going to have to fix her up. It just sucks that I have to pay out of pocket for someone else's mistake.

[Freestyle72]

Oh yes. That's what I've always want to do. I just wanted to know what my options were, specifically if there was any way of persuading my insurer to write me a larger settlement cheque.

Can't buy another Busa for the amount they're giving me, so I'm going to have to fix her up. It just sucks that I have to pay out of pocket for someone else's mistake.

Buy that $5000 busa I showed you.

[BusaBob]

not keen on the colour, but i'll keep it in mind. thanks.

[STARSHIP]

There is also a 2007 listed on here for $7000. http://www.gtamotorcycle.com/vbforum...59#post1627959

[RickT]

Bob, make sure you think about all options. I often saw people to wanted to keep and fix up their vehicle but taking the money and buying a new one (or used as the case may be) was often the better call. Regardless, sucks that this happened. Ride safe and stay away from old ladies backing up : )

[jeffjones]

Bob, make sure you think about all options. I often saw people to wanted to keep and fix up their vehicle but taking the money and buying a new one (or used as the case may be) was often the better call. Regardless, sucks that this happened. Ride safe and stay away from old ladies backing up : )

Take the payout and keep the bike, then sell it as is and buy a newer better bike with less km's

[Torren]

Sorry this is no help to you in your current situation, perhaps it may help you and others in the future. If you have a bike like yours that is in great condition but high miliage, or is a rare model you need to have it appraised annually and submit that to your insurance company before your renewal if you want to get the value out of your bike in case of a loss. The insurance company will adjust your rate to reflect the current value (read: raise) but you will get a much better pay out if their is a loss.

Im sorry I can't offer any help in your current situation other then to give you my sympathies in dealing with insurance. I hope you manage to work something at least half way decent out.

[BusaBob]

thanks, Torren.

that is something i will definitely keep in mind for the future.

[WoBblyCaT]

If you have a bike like yours that is in great condition but high mileage, or is a rare model you need to have it appraised annually and submit that to your insurance company before your renewal if you want to get the value out of your bike in case of a loss. The insurance company will adjust your rate to reflect the current value (read: raise) but you will get a much better pay out if their is a loss.

Where would you go to get it appraised?

[Torren]

Where would you go to get it appraised?

There's lots of automotive appraisers around. My father got his done by a local guy that his neighbour suggested. It was ~$200 and the guy came to him, spent about 2 hours with the car and took 20-30 pictures. A week later he dropped off 2 binders with a 10 page write up of every little detail and condition noted. Every section had detailed pictures included. The last pages were the actual value.

1 binder for your records, and the other one was for the insurance company.

I will call him up and get the guys name. The neighbour has used him for years. He has a model A Ford, and he's the original owner of a pristine '67 Triumph TR4-A that he has to get done before the insurance company will renew. I guess their values are not on autosource


Davies Custom Corvette in Etobicoke does them for sure. The Guild in Bradford as well. Im sure just about any hot rod shop or custom bike place would be able to steer you right since most anything they do need to be appraised.

Edit: Found that number
Antique & Classic Auto Appraisal Service 179 Berry Rd, Etobicoke, ON M8Y 1W7 (416) 252-3983 ‎

[OpenGambit]

Did this get resolved??

[BusaBob]

PRIMMUM hasn't returned my any of my calls in a week.

I've left at least one message every day asking them to call me back to discuss this issue ASAP.

This issue has gone on for over a month now, with no resolution in sight and very poor communication from PRIMMUM.

[Brian P]

Call the insurance ombudsman to light a fire under them.

[murf]

PRIMMUM hasn't returned my any of my calls in a week.

I've left at least one message every day asking them to call me back to discuss this issue ASAP.

This issue has gone on for over a month now, with no resolution in sight and very poor communication from PRIMMUM.

looks like they gave you their best offer and aren't willing to talk further. You could always send them a demand letter, not sure if that will help.

[VifferFun]

This. When I got into my accident I wanted full price for my bike, as I only bought it last year, but I ended up losing $2000 on it due to " high km's ". These adjusters don't know **** about bikes and maintenance, as I have seen bikes go further then cars in terms of KM's. I was told to find a bike of the same model with the same km's for my price, but she was obviously retarded, since the amount of mods I had on my bike pretty much separated it from any other bike of the same model. Fighting them was a losing battle so I just accepted the money, pretty brutal.

The insurance company would be stupid to give you full price on a one-year-old bike unless you bought a depreciation endorsement. It doesn't matter how well someone cares for their bike, a used bike is worth less than one that is brand new. Also, most insurers don't cover mods (unless you specifically have them covered). Did you ask to remove you mods from the damaged bike and re-install the factory parts?

[VifferFun]

Sorry this is no help to you in your current situation, perhaps it may help you and others in the future. If you have a bike like yours that is in great condition but high miliage, or is a rare model you need to have it appraised annually and submit that to your insurance company before your renewal if you want to get the value out of your bike in case of a loss. The insurance company will adjust your rate to reflect the current value (read: raise) but you will get a much better pay out if their is a loss.

Im sorry I can't offer any help in your current situation other then to give you my sympathies in dealing with insurance. I hope you manage to work something at least half way decent out.

Are you sure about this? It depends on whether the insurance company differentiates vehicles by CLEAR Vehicle Rate Groups or by resale value. Most companies use the former for autos, and there is a mix between the two for motorcycles.

[jeffjones]

Did you ask to remove you mods from the damaged bike and re-install the factory parts?

If they are writing the bike off that is illegal to do.

[VifferFun]

Call the insurance ombudsman to light a fire under them.

I agree. Even if they disagree with BusaBob's counteroffer, they should still return phone calls. Just be sure that you are being realistic in your expectations though. Don't expect Priummum to settle at the market value of a similar bike with only 35,000kms if yur bike has 62,000kms. Obviously they would need to adjust for depreciation.

And when you accept a settlement, the right to sue the other party is transferred from you to Primmum. I can't remember the name of the law/rule off hand.