| Author | Message | ||
     Norcal_blast |
I got a call from the Insurance Co of the "at fault" party that rear ended me and totalled my Blast on Hwy 101 a couple weeks ago... The bike was a 2004 purchased one year ago, 12 months warranty left, 8K miles, looked and ran great. The Insurance Co says $3.6K is fair value (that's more than I was expecting to sell the bike for) They estimated it would take $4K to repair the damage and made the following offer... $2K settlement check plus I keep the bike which they claim would have a salvage value of $1,600 and the guy is telling me this is fair because $2K plus $1.6K equals the blue book or fair market value of the bike so I'm listening to this being very civil but non-committal, thinking maybe I'm just not getting it and I'd best see it in writting before I respond ... so now I've gotten the written offer and yes, now I can see it is indeed crap based on a phony assumption. There is no way the crashed bike is worth more than a few hundred dollars, this is really just a lowball offer & they're counting on me not realizing it until it's too late (after I've cashed their check). So is it common for insurance companys to try to play people for fools? Wave a check under their nose and hope they grab at it without thinking? | ||
| Jprovo |
Norcal - Huh?? $2000 plus a crashed bike valued at $1600 (that's maybe worth $250-500) is equal to a $3600 running bike... yeah, I follow that logic...  IMHO, I'd get the money, or have them fix every scratch, nick and dent on the bike. Since it will cost them less to pay you the money, they will probably pay you.... You're right they're trying to play you. If you can't convince them to pay you what you deserve, maybe your inurance company will help out. Best of luck, James | ||
| Gearheaderiko |
$1600 for a crashed Blast.Ha Ha. Some people have a hard time selling a good Blast for that price! $900 to buy a salvaged Blast (without severe frame damage-cosmetic not structural) is more in line. They'll never get $1600 for it & yes of course insurance companies will try and play you. Negotiate. You can also get them to pay for loss of use and fair market value for your helmet and all your damaged riding gear. Get them to write an offer for the riding gear too, before you agree to the other offer. $4000 or $8000 to fix your bike doesnt really matter because if the damage is more than half the value of the bike, its totaled and they wont pay to fix it. If your bike was bone stock and they will reimburse you for all your gear & loss of use, I'd take the money if you're going to buy another used Blast.Otherwise if your bike is not structurally ruined(bent frame & forks), its cheaper to take the money, even if its only $2000. James is right , get your insurance company involved. I still have all the paperwork from my accident and I'd be willing to fax anything you'd like to see. FYI to anyone for future reference: If you get a lawyer, his cut does not come from the money you get for the bike, riding gear or loss of use. You get the full amount from those. PS It would have been helpful if you had posted this where the original posting had been, because your profile is blank and without searching the other threads, we need to rely on memory of the other posts. | ||
| Naustin |
Tell them you not in the salvage business and you want the whole $3,600 which they already admitted the bike was worth. If THEY want to sell it for salvage, they can go right ahead. | ||
| Gearheaderiko |
Naustin-this is your choice, they dont make you to keep the bike and sell it for salvage. Many people dont realize they have the choice to keep the totaled vehicle and the insurance companies are not always forthcoming with that information. If I had not kept my bike and taken the $3800 they offered me, it would have cost me about $6800 to replace my bike and I'd have been $3000 in the hole.By keeping it, I came out ahead. | ||
| Naustin |
I realize that, but if his bike was basically stock, he should take the $3,800 and buy another blast for $2,500 and be money ahead. If they were offering him $3,000 plus the wrecked bike, then that makes more sense and he might want to keep the bike. You're situation was different in that you had all those mods done on yours. BTW, if you still have a lien on the bike, the Bank might not LET you take the deal and keep the salvaged vehicle. I had a customer who did that on a car - hit a deer. He took the deal and kept the car. The insurance company made him out a check, but as lien holder, the banks name is on it too. He planned on using the money to fix the car himself. He is not an body man, either. He was in school for body work and planned on making it his first project. So he came to the bank. We were pissed that he took the deal without consulting us. We refused to sign off on the check, becuase he didn't have it at a certfied Body shop. So, we told him we wouldn't sign off on the check until the repairs were completely done and we could inspect the vehile. Otherwise, the money was going on the loan. So, now he has a check he can't cash, a car he can't drive, no money to fix it, and still has to make the car payments. We told him that we would be happy to take the check from the insurance company and then PAY the body shop directly for the repairs, but the Insurance company screwed him and no body shop will do the repairs for the amount of money he accepted from the insurance company. Basically, he was dumb. And I agree with Jprovo. Take the $3,800 - No Brainer. | ||
| Gearheaderiko |
Actually,there are a lot of variables to this scenario. I wasn't comparing my situation to his, but offering an example. The unfortunate thing about buying anotherused Blast is that he no longer has 12 months left on his warranty and has no idea what the bike he buys has been through or how it was ridden or broken in. He could find a new Blast for $3600 though. The finance issue is a very good point since the bank does really own the bike until its paid off (although his is paid for). I dont finance motorcycles because the mandatory full coverage insurance on motorcycles in the past has been too expensive and offers little in extra benefits. (that does not mean I'm rich, but I find an alternative way to pay for them). | ||
| Norcal_blast |
thanks for all the feedback, it pretty much confirms what I was thinking but it's good to know I'm not being paranoid... they really are trying to pull a fast one so my thinking is this... they (the at fault partys insurance co) should give me blue book value, I'll give them the bike. If they can't agree to that then I'll file a claim through my insurance company and I'll make sure to add in the cost of my helmet, damaged riding gear and half a days lost work time. P.S. The Blast was paid off, $3600 will about pay off my Multistrada & then I can start saving up for whatever's next. | ||
| Gearheaderiko |
I think $3600 is the blue book value? (or is that what you were thinking) Last year they listed my blue book value at about (dont exactly remember) $3000, but I got more because of the accessories I made sure the dealer (who did the estimate and sold me the bike new) added in. Good luck on your next purchase and let us know how this all turns out. |
