Insurance - bike totaled. Book value vs market value

[SwiftTone]

I was in an accident last week and yesterday insurance totaled my Monster. S2R1000.

The adjuster called and first offered $3k and without me agreeing proceeded to tell me how to sign the title over. I questioned why it was so low and after some questioning I found out that the third party appraiser listed the bike as a Monster 620 (Wtf). After that was cleared up we looked up the NADA value and it was $4k. Again, she started talking about signing the title over.

I brought up the fact that the bike is insured for Actual Cash Value, and on their own website they define ACV as "pre accident market value", and that book value does not reflect market value for my bike. The adjuster now aggravated asked me how much I wanted. I told her through my research on Craigslist ads, and recent SOLD bikes on ebay of the same model, similar year, the average is $5600 for CL and over $6000 on eBay. Also noted that market value is only on transactions that are completed, by definition.

She paused and said she's going to need to get approval for this. I told her I can email her the facts from my research.

I realize I'm dealing with insurance and might not get the full $6k market value, but I sure am not accepting $4k book value. I'm using their own definitions on their own policy that the insurance company and I agreed to when I got the policy.

This happened on Friday late afternoon so I don't expect they've worked on this. Just need some advice on anything additional I can do to tip the odds in my favor. Can they legally come around and still only offer book value even though their policy says its insured for ACV/Market Value?

[scubasteveRR]

DON"T BACK DOWN!! had 2 cars totaled in front of my old house

~ they wanted to give me $3.5k for my totaled 03 Honda Civic a few years back, fought them for a month and got $6,000 using recently sold adds.

~ They wanted to give me $9k for my 08 Honda Civic SI that got totaled a year and a half later i ended up get $12.5

If you keep saying no then they eventually will bring it to some sort of hearing with a thrid party to take a look at all the info. BOTH times they threated this and said OK lets do it and both time the manager called me back 10 mins later with the appropriate settlement.

I asked why they put me through so much trouble both times...

THERE ANSWER WAS, ITS OUR JOB!!! fucking pieces of shit trying to swindle everyone... I've learned to NEVER back down from how much you know and can prove it's worth.

Good Luck!

[RandyO]

DON"T BACK DOWN!! had 2 cars totaled in front of my old house

~ they wanted to give me $3.5k for my totaled 03 Honda Civic a few years back, fought them for a month and got $6,000 using recently sold adds.

~ They wanted to give me $9k for my 08 Honda Civic SI that got totaled a year and a half later i ended up get $12.5

If you keep saying no then they eventually will bring it to some sort of hearing with a thrid party to take a look at all the info. BOTH times they threated this and said OK lets do it and both time the manager called me back 10 mins later with the appropriate settlement.

I asked why they put me through so much trouble both times...

THERE ANSWER WAS, ITS OUR JOB!!! fucking pieces of shit trying to swindle everyone... I've learned to NEVER back down from how much you know and can prove it's worth.

Good Luck!

+1

my ex wife totaled a brand new truck that was in my name that was less then 2 months old (purchased in September, next years model, not a left over), of course, there was no "book value" yet, the insurance company wanted to subtract 25¢/mile on it, because we had gone on a trip with it, it had high mileage for a 2 month old truck (nearly 5,000 miles) and they tried giving me half of what the book value of 1 year old truck, same model same options with 12,000 miles

I insisted that they just replace the truck, ended up getting $200 less than what I paid for it, I was dealing with "the other guy's" insurance because my ex was not at fault

at the same time, they had no problem giving my ex a $5000 check for lost time at work (2 days) and "pain & suffering"

that was the last brand new vehicle (other than motorcycle) that I have ever purchased, 1983

[SwiftTone]

My bike is an 06. They made it from 06-08.The only reasons I see them declining the market value I provided are the bikes are 06-08, the mileages were between 3-15k, and they were not local. Literally only 3 bikes showed up when I pulled the search. There's just not many around. Even on CL only 4 or 5 showed within 1000 miles.

Thoughts?

[gumby]

Who is your insurance company and/or agent?

[SwiftTone]

Who is your insurance company and/or agent?

the company is A*b*l*a based in Quincy. Agent is Stan*** in Waltham.

Gonna call them tomorrow to follow up. Loading up my ammo.

[Not Sure]

Your agent has a weird last name.

[carsick]

Gonna call them tomorrow to follow up. Loading up my ammo.

Your metaphor is poorly timed.

[TIMMYDUCK]

Here is more " Research " for you.



DUCATI S2R1000 on SearchTempest

[SwiftTone]

Here is more " Research " for you.



DUCATI S2R1000 on SearchTempest

Thanks. I had those already. Most of the ones that show up on search end up being expired or deleted.

[ducatirdr]

I had my bike totaled last year and went through the same thing. They offered $3K and I told them it was a rare bike (50th Anniversary R6 spotless and only 7K mileage) and its replacement value was 6K. I then sent the adjuster two classified ads stating the bike was selling for $6500 and $6000 bucks with MORE miles. They gave me the $6200 once I proved the replacement value.

[SwiftTone]

I had my bike totaled last year and went through the same thing. They offered $3K and I told them it was a rare bike (50th Anniversary R6 spotless and only 7K mileage) and its replacement value was 6K. I then sent the adjuster two classified ads stating the bike was selling for $6500 and $6000 bucks with MORE miles. They gave me the $6200 once I proved the replacement value.

How long did the process take? Were they Craigslist ads?

[nt650hawk]

same thing here. Find the proof of same bike for sale and there really is not room for them to back out of meeting that cost.

[NHBusa]

I totaled my bike a while back and the insurance company offered me a very low price. After much back and forth communications, I was able to double the first offered payout and get some unexpected money for my destroyed riding gear. On the bile, I provided documentation of what other bikes in the general area are being sold for, I also provided a detailed list of the many upgrades to the bike with original receipts and details of current costs along with pictures of the bike and service records. I explained to them that the bike had many upgrades done, but I was only submitting the major ones, not wasting their time with the minor cosmetic ones. The insurance company felt that the documentation I submitted was reasonable and agreed to pay that amount. Depending on the insurance company, some will pay for riding "safety" gear. Mine gave me fair market/replacement value on my jacket, helmet, gloves, boots, pants, helmet communication system, and tank bag. In the end I was very satisfied with the payout. In my experience, the insurance company was reasonable with my well documented/well presented and reasonable requests. I also believe that some insurance companies will not bend, no matter how you interact with them or what documentation you provide. Good luck in your negotiations.

[stoinkythepig]

See if you can then hit them with a "loss of use" claim for the cost of a rental bike during the time between the accident and the settlement.

[nhbubba]

On the bi[k]e, I provided documentation of what other bikes in the general area are being sold for..

Out of curiosity, what sort of documentation did you use for this? I imagine they balk at cycletrader and craigslist ad asking prices.

[ducatirdr]

How long did the process take? Were they Craigslist ads?

Yes Craigslist and I think Cycle trader was the other site. It took about a week to get a check from the first offer to the settlement. Liberty was the carrier I was under. They were cool about it. I think KBB is their first offer. Then its up to you to counter. Part of the game with insurance companies. They always try to save a buck first. Much like health ins dismissing payment on a hospital bill because they are waiting for a survey they mailed you asking if it was someone elses fault. They hope you miss that and pay the bill when it comes from the hospital.

Having worked for Financial and Insurance companies I vow to never work there again. They treat their employees worse than their customers.

[gumby]

Then its up to you to counter. Part of the game with insurance companies. They always try to save a buck first.

Exactly. Many don't realize you can (and should) negotiate a fair offer.
Interesting that you dealt with Liberty. I have found them to be reasonable with handling claims and very little hassle/bs.

[ducatirdr]

Liberty was reasonable once they saw the info I presented them. It was less than a week later I had the check.

[Stromper]

There are so many losers some with addiction that they count on these losers taking the cash.
With cars many are never fixed so the victim doesn't realize the repairs actually would have been twice what he accepted

[SwiftTone]

Yes Craigslist and I think Cycle trader was the other site. It took about a week to get a check from the first offer to the settlement. Liberty was the carrier I was under. They were cool about it. I think KBB is their first offer. Then its up to you to counter. Part of the game with insurance companies. They always try to save a buck first. Much like health ins dismissing payment on a hospital bill because they are waiting for a survey they mailed you asking if it was someone elses fault. They hope you miss that and pay the bill when it comes from the hospital.

Having worked for Financial and Insurance companies I vow to never work there again. They treat their employees worse than their customers.

When I first talked to them, I asked them how they determine the value and the adjuster said NADA and KBB. She called me when she had the numbers and proceeded to offer me $3000 but it wasn't even for the right model.

We then looked up NADA and KBB together and NADA came in at $4k and KBB at $5.2k. She then changed her story told me they don't use KBB because it only provides Clean Retail value, and can only offer me Average Retail value.

I submitted my numbers and eBay sold ads and CL ads Friday, didnt get any confirnation, called Monday at 10am but she left early for the day. Just waiting to hear back.

No longer in a big hurry because I already made a deal on a new bike. I'm not gonna chase them anymore.

They are also not covering my gear, not even my helmet. They said it wasn't in the policy. I told them is a legal requirement in MA but they didn't budge. So since Market Value IS in the policy I'm gonna really stick to em.

[Fitz]

I recently was clobbered while sitting at a stop sign with two feet on the ground. A driver was taking a left from my right and cut the corner. This sent the bike behind me and to my left and me over his hood. He did all the right things including blocking traffic, calling it in and admitting fault to the officer when they arrived on scene. Anywho.. company truck. Insured by Acadia Insurance. They were great.

They totaled the bike (07 Kawi zx6r w/ ~21k miles); no surprise there. $6,030 offer; Offer accepted.
Compensated for replacement gloves (Alpinestar GP Pro's); $240 new. $13 offer due to an "error on reading glove model was rejected. Provided data from a few sites on replacement purchase. Settled on $180.
Compensated for cell (32gb iPhone 5s). $120 offer was rejected. Provided data from both Verizon and Apple. $500 offer accepted.

Bought the bike back for $900.

Not all insurance companies are crappy to work with.... but keep in mind their job is to get you to take less.

Fitz

[gumby]

Anywho.. company truck. Insured by Acadia Insurance. They were great.

Awesome. We have our commercial coverage with Acadia and had a recent loss that was around $15k (another party at fault).
Got the amount we requested without any problems and our deductibles were reimbursed once they settled with the other insurance co.

Sorry to hijack your thread David!

[SwiftTone]

Just got off the phone with adjuster. Based off of their "market survey", they are offering me $4600. I countered that based off of Cycletrader, the average list price is $6200, and eBay SALES averaged $6000. Adjuster then said that they already came up from the
original $3000 offer. I reminded them that that offer was not valid because it was based off the wrong model of the bike (monster 620). He didn't have anything to say about that.

I then brought up that they would not cover my gear because it was not in the policy. I want market value because IT IS in the policy. And that I am playing by their rules but they're not playing by their own rules.

After a bit of back and forth, he asked me how much I bought the bike for. I told him that is irrelevant because it's not insured for the purchase price, and that the bike has actually appreciated (true btw) I asked him why he wanted to know. He said he was just curious. I told him it's not relevant data. He ended up telling me that he'll just find out by pulling the RMV1 from my insurance agent.

The phone call pretty much ended there. I did pay less than their $4600 offer but is this relevant data? The coverage is for market value, not anything else. I'm glad we're at least moving in the right direction but do I have anything to worry about?

[TheIglu]

What company is this?