bike was stolen a month ago, and today I got a quote from the insurance company. I heard people saying not to bite on their first offer, how do you negotiate with them? Please share your experience thanks!
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how to negotiate with claim adjuster for stolen bike?
- Thread starter jiayi
- Start date
Re: help! how to negotiate with insurance for stolen bike?
Firstly ... Is the offer reasonable? Is it consistent with reasonable selling prices of that same model and year in similar condition?
If "yes" then just because someone says "not to bite on their first offer" doesn't mean you should follow that advice. If the offer is reasonable, and would allow you to purchase the same model and year in similar condition including the taxes, then it is likely not worth your time and effort to argue about it. Accept it and move on with life.
If "no" - the offer is unreasonably low - then do some research. Go through classified ads. Put together a list of what YOU think are comparable for-sale ads and present that to the adjuster. Don't forget that the amount they pay you also includes the taxes, and the classified ads won't. But also don't forget that in classified advertisements, the "asking" price is one thing, and the "selling" price is quite another. Don't think for a moment that the insurance company doesn't know this. Don't cherry-pick your advertisements when doing this. Reject the ads where someone is dreaming in technicolor about what they think the bike is worth. You wouldn't buy that; nor is the insurance company obligated to pay you that much.
If the offer wasn't reasonable then I would have a simple thing to say to the adjuster: "You show me where you can buy a 20XX model Z with under YYYYY km in good condition for that price."
Firstly ... Is the offer reasonable? Is it consistent with reasonable selling prices of that same model and year in similar condition?
If "yes" then just because someone says "not to bite on their first offer" doesn't mean you should follow that advice. If the offer is reasonable, and would allow you to purchase the same model and year in similar condition including the taxes, then it is likely not worth your time and effort to argue about it. Accept it and move on with life.
If "no" - the offer is unreasonably low - then do some research. Go through classified ads. Put together a list of what YOU think are comparable for-sale ads and present that to the adjuster. Don't forget that the amount they pay you also includes the taxes, and the classified ads won't. But also don't forget that in classified advertisements, the "asking" price is one thing, and the "selling" price is quite another. Don't think for a moment that the insurance company doesn't know this. Don't cherry-pick your advertisements when doing this. Reject the ads where someone is dreaming in technicolor about what they think the bike is worth. You wouldn't buy that; nor is the insurance company obligated to pay you that much.
If the offer wasn't reasonable then I would have a simple thing to say to the adjuster: "You show me where you can buy a 20XX model Z with under YYYYY km in good condition for that price."
Re: help! how to negotiate with insurance for stolen bike?
Tell th no the offer is too low, then find few sell ad from kijiji with higher asking price. Not much of negotiation, they always give lower offer first. Mind you i only dealt with them on a car written off
Tell th no the offer is too low, then find few sell ad from kijiji with higher asking price. Not much of negotiation, they always give lower offer first. Mind you i only dealt with them on a car written off
Re: help! how to negotiate with insurance for stolen bike?
Brian has you covered.
It also helps if you have a recent picture or have the bike serviced at a shop with a decent reputation that can vouch for the condition of the bike and any possible upgrades, options, receipts for said upgrades etc.
This way you can demonstrate why your bike would have a higher value than some others listed for sale.
Good luck!
Sent from my iPhone using Tapatalk
Brian has you covered.
It also helps if you have a recent picture or have the bike serviced at a shop with a decent reputation that can vouch for the condition of the bike and any possible upgrades, options, receipts for said upgrades etc.
This way you can demonstrate why your bike would have a higher value than some others listed for sale.
Good luck!
Sent from my iPhone using Tapatalk
You will need to prove why it's an unfair offer. Present them with ads for similar bikes selling for more. Most insurance companies will come up with a fair first offer because it's too much work and money to negotiate. How far off do you feel the offer is?
Also if you had a recent work done, or new stuff like tires etc submit those invoices. My car was written off and I had put new tires on a month before insurance paid out on the new tires as well. As long as they aren't things that could affect your claim, ("some" aftermarket exhaust, darkside tire etc)
Go to various dealerships and get written quotes, make sure they include all the charges and it is full price, then use those quotes to negotiate, insurance companies basically google for kijiji and other adds to get a comparable price, things that will make them give you a lower offer is excessive kilometers in your bike compared to the adds etc.
My bike was totalled in 2011 and I didn't accept the first price they gave me, we end up settling for what I wanted because I presented quotes, also if you have any gear that got damaged, get the price online and have them include it, but do the gear once you have negotiated the bike refund, once they give you their final number, then say by the way I have this gear that got damaged, be prepared to the fact that they will ask for it back is some cases.
My bike was totalled in 2011 and I didn't accept the first price they gave me, we end up settling for what I wanted because I presented quotes, also if you have any gear that got damaged, get the price online and have them include it, but do the gear once you have negotiated the bike refund, once they give you their final number, then say by the way I have this gear that got damaged, be prepared to the fact that they will ask for it back is some cases.
http://forums.redflagdeals.com/non-fault-car-write-off-know-your-rights-get-more-money-430232/
This should walk you through all of it.
This should walk you through all of it.
Green Meenie
Well-known member
As others have suggested, you need to do your homework and document everything (pictures, similar vehicle quotes etc.) so you can fight an uniformed (or sleazy) adjuster. I did it on a stolen car but, it was a lot of work and aggravation. In the end I gained a couple of thousand on the insurance payout. If you're not prepared to do the work, just accept what they offer and move on.
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