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Need Ins. help

BigGlide08 is correct about the % typically used to total the veh. although technically it's more complicated. A total is basically the cost to repair is greater than the ACV of the bike less it's salvage value; hence the 25% BigGlide mentions. Because so many of the motorcycle parts are replaced rather than repaired, and cost is figured at MSRP on the parts plus labor rates, bikes can total out pretty easy.

If you do a lot of your own work on replacing parts, and can find a good source for used parts, you may be able to repair for less than what the ins co pays you. Keeping the bike for the salvage value is an option, but be careful with this; depending on your state's laws the title may have to be branded as a salvage or rebuilt vehicle. This definitely lowers future resale value considerably. Some state laws actually forbid an insurance company from letting customers retain the salvage. If you do retain it, the salvage value will be deducted from what they would pay you for them to take possession of the bike.

On determining ACV, most companies will use NADA to determine typical resale value. Like all have said, if you don't like their initial offer, you can negotiate with them. Just be realistic on your demands, and make sure they have all the options/upgrades listed before they evaluate the value.

As for getting money for rental values, if it's under your own policy you may be out of luck because most companies do not sell rental coverage on motorcycles. If the other person's insurance is paying for the damage, you can ask for loss of use/rental expenses.
 
glider said:
Here's another twist on insurance claims...

Diminished Value Insurance Claims - Harley Davidson Community
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Diminished value is definitely something that occurs, and depending on the age and condition of the bike or car before the loss could be significant. It is also likely that, depending on how your insurance policy reads, is not something you can recover under your own collision coverage. You'll likely have a better chance of recovering it under the at-fault person's liability coverage.

One other thing; potential diminished value may be taken into consideration when the insurance company decides whether the bike is a total loss or not. That would cause the bike to total out at a lower repair cost.

Your best bet is to discuss the claim with the claim representative. If they won't give you a good explaination, speak with their supervisor. You may also contact your state insurance commission for information on what is covered in your state, or speak with an attorney for legal advise.
 
Just Went Through With This With Our Friends After She Hit A Deer / Deer Ht Her. Frame Ended Up Not Bing Bent But Forks Were Totally Busted Up Along With Several Other Busted Up Parts. It Was An 06 Heritage Softail Classic. Bought It On Christma Day Had Less Than 6,o00 Miles On It. Booked For 15,600. Parts Alone Without The Labor $11,000 +. Needless To Say They Totaled It. Apparently In Il It Is Not An Option For The Owner By Back From Insurance Company After It Is Totalled. Helmet,glassed, Boots All Gloves Had To Be Replaced. These Were Not Allowed For On Insurance Policy. But With What They Got From Insurance And What Was Left To Pay On Bike They Ended Up Having Enough To Cover The Replacement Costs. When We Found Her The 07 Heritage With 1900 Miles On It For 15,000 He Guy Also Had A Half,3/4, And Full Face Modular And They Came With The Bike For Same Price. She Definitely Came Out Ahead In The Long Run And She Likes The Way This One Handles Better Than The 06.
 
joyflyin said:
I have read some posts that said to get copies of current mags (Cycle Trader, for one in this area) and see what bikes equivalent to yours are actually selling for. Although the KBB or NADA may list it at $9,000, in reality, the bike may actually be selling for more. Good luck. I'm sure others with more experience will chime in.
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This is for the most part correct Joyflying..However policies differ from state to state and 1rst,2nd,3rd party claims can effect your standing ground.For example all Mass polcies clearly state replacement value in the event of a total loss, with no mention of Kelly or NADA{they are mearly guides}.The most powerfull tool when negotiating worth for your scoot is to have it at a facility with the threat of storage.Compileing storage is one thing they do not wish to pay,and yes they are responsible for the storage.
 
whatyardwork said:
This is for the most part correct Joyflying..However policies differ from state to state and 1rst,2nd,3rd party claims can effect your standing ground.For example all Mass polcies clearly state replacement value in the event of a total loss, with no mention of Kelly or NADA{they are mearly guides}.The most powerfull tool when negotiating worth for your scoot is to have it at a facility with the threat of storage.Compileing storage is one thing they do not wish to pay,and yes they are responsible for the storage.
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Be careful with the storage. If the insurance company tells you they need to move it to cut off storage, and you refuse, they can notify you of a cut-off date, and you may be responsible for the cost of storage after that date.
 
I could use some insurance help too. It sounds like there are a few insurance knowledgable people in this thread. My son's VTX1300 was stolen over 2 months ago. The insurance company is "investigating" the claim. They have put my son and me through a lot. Very stressful!

The claim got flagged and that moved it to a special investigation unit. The investigator doesn't think my son is being honest. She insisted on exact times and my son wasn't sure but tried to please her and even though he wasn't sure about some of the stuff, he gave her information he wasn't sure of. They've asked for his phone records and interviewed him twice. He has to go see their attorney this week to give a final interview under oath. Then they will decide if they are going to pay the claim.

We've tried to explain things but she doesn't want to except our explanations and only thinks her way of thinking.

It's a mess! The poor kid gets his bike stolen and then has to go through all this stress. I hope the meeting with their attorney goes well and this mess will be over.
 
Only advise I can give is to cooperate. Ins policies have a cooperation provision in them; If you don't cooperate, they don't have to give you coverage. If you feel you need legal advise, you might want to speak with an attorney of your own. Apparently, there is something that looks unusual about when/where/how your son's bike disappeared.
 
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