what is AutoSource???

[BusaBob]

My Primmum adjuster stated that the actual cash value they've determined for my motorcycle was taken off a website or system called "autosource"

She stated that it is not publicly accessible, but compiles values for comparable vehicles from across Canada.

My problem with this is that the value they've determined for my '05 Hayabusa is woefully below what I see in Autotrader or Kijiji (I know, I know...asking price is not sale price).
She openly acknowledges that the amount they're offering me is in excess of $1000 below other prices, but states that it is due to my bike's high mileage (62,000km). The fact that my motorcycle was in very, very good condition and mechanically sound were irrelevant to her.

But if I cannot purchase a comparable replacement bike in the GTA for the amount they are offering, how is this fair? I am expected to ship one in from New Brunswick or B.C.??

Can autosource values be disputed? If so, how?

Anyone have insight into this?

[Gnu]

I gave you a link in your last thread, did you check it out?

[BusaBob]

Saw it, yes. Going to give them a call on monday.

Just wondering if anyone on the board knew any details about "Autosource"

[niagara_ridder]

Auto source is used by vehicle appraisers. Takes into accoutn condition milage and other factors and attempts to compare them to other vehicles of like kind and quality. They then add tax and determine the actual cash value of the vehicle. A little harder to use with motorcycles because there is no black book value.

[BusaBob]

ah. thanks, niagara_ridder

[VifferFun]

Is the amount offered to you fair in comparison to the local market? They may be offering you $1000 less than what you see in the traders, but are you comparing with bikes that have, say, 40,000kms on the odometer?

The settlement value is open to negotiation.

[BusaBob]

Well, what is considered "fair"? How is "fair" defined?
Is it "fair" that my insurance wants to either write off my motorcycle or force me to spend well over $1000 of my own money to have it repaired to its pre-accident level when someone else hit it while it was parked?

there are no comparable hayabusas that I've come across with the number of kilometres as I have. However, my motorcycle is in excellent mechanical condition and just prior to the collision, was in extremely good condition.

How do they determine how much the value should depreciate due to kilometres on the engine alone? How do I know that calculation is "fair". An identical Hayabusa is available for $7500 at GP Bikes, albeit one with only 37,000km on it. For having double the number of kilometres, my insurer is demanding that I settle for considerably less in the cash settlement for my motorcycle.

it does not seem fair, seeing as I was 100% not at fault.

[niagara_ridder]

Your only recourse is getting your appraisal and taking it to arbitration. I pm'd you on how I would go about it.

The insurer retains the right to repair, rebuild or replace any item they insure. They usually opt for the cheapest option, but it's there right to do so.

Also keep in mind their claims people want to settle claims. Nothing worse to an adjuster than a file that just sits on their desk. Try a little haggle, but keep it fair if you hope for any settlement. Make sure they add HST onto the value they are offering.

[BusaBob]

Your only recourse is getting your appraisal and taking it to arbitration. I pm'd you on how I would go about it.

The insurer retains the right to repair, rebuild or replace any item they insure. They usually opt for the cheapest option, but it's there right to do so.

Also keep in mind their claims people want to settle claims. Nothing worse to an adjuster than a file that just sits on their desk. Try a little haggle, but keep it fair if you hope for any settlement. Make sure they add HST onto the value they are offering.

thanks again for the heads up and input. i will be going this route.