Maximizing payout on a write-off?

[Lineareagle]

Any suggestions as to how to maximize the payout I will receive due to the Insurance company writing off my bike?

[harleyjohn45]

the insurance company will maximize it, but it will definately be in their favor. they will appraise the bike at average retail, subtract the deductable, and write you a check. your bike will be auctioned off, some are sold for parts and others are sold with a rebuilders title. BMW's bring a good price for salvage, so the insurance company will retrieve a good portion of the payout from the sale of your bike. i have bought 2 salvage bikes with rebuilder titles in the past year. both were an easy fix.

[Flyer5]

the insurance company will maximize it, but it will definately be in their favor. they will appraise the bike at average retail, subtract the deductable, and write you a check. your bike will be auctioned off, some are sold for parts and others are sold with a rebuilders title. BMW's bring a good price for salvage, so the insurance company will retrieve a good portion of the payout from the sale of your bike. i have bought 2 salvage bikes with rebuilder titles in the past year. both were an easy fix.

 

 

Also make sure you let them know any recent maintenance, tires if they are new ,any accessories that were added and got ruined . All the options that the bike has. All that they will take into consideration when they appraise it . Dave

[sgendler]

That's not necessarily true. My insurance company has resisted reimbursing me for any accessories on the bike that were replacements for parts that it originally came with, despite receipts and other documentary evidence that they were installed - including telling them they were installed prior to the theft. On the other hand, the adjuster understood my point, and in both cases, jimmied other numbers in order to give me a larger payout. In the case of allstate, it appears that the adjuster has a fair amount of leeway when it comes to assigning a price, and it isn't based on blue book values at all. They find equivalent bikes for sale in your geographic region and do pricing based on that, and they were totally open to negotiation. Also, I found it really easy to get them to eat the deductible. Basically, I just asked.

 

In my case, just being really nice on the phone, providing all the helpful information I could, and then being really patient worked wonders. When my second bike got stolen, I was having an incredibly busy year, and it took me nearly 8 months to chase them down for my check. I considered the entire delay to be my fault, since I hadn't called or done anything to ease the process and I was out of the country more than I was available, but the adjuster felt like it was her fault and volunteered all kinds of extra cash out of a sense of guilt. I didn't say no.

 

--sam

[sgendler]

Of course, the excellent service I get both from my agent and my adjusters at allstate is directly proportional to the size of my premium. My driving record ain't all that great, but I've never been at fault in an accident. Just lots of speeding tix. Basically, despite two bike thefts, they still treat me very well, because I give them so much damn money. I think I could maybe get at least 10-20% discount elsewhere, but I'd get nowhere near the service. My agent rocks. She calls when things are due, does all kinds fo extra work for me, notices when I'm eligible for things that would be beneficial for me, etc. My car was covered by progressive, and I never got any communication from them at all, except when they wanted to tell me they were jacking up my premiums again. So your mileage may vary when it comes to talking your way into an extra grand or two on the bike.

 

--sam

[Slyder_Steve]

After my first ever accident I was totally prepared for a low ball offer from my insurance company when I totaled my RT at the Texas Hill Country ride in March. I had all kinds of examples from local sales and was ready to do battle with them. I was pleasantly surprized to find their offer well above what I really thought I was going to end up with--after a long draw out process. In the end, I was settled within a week of the accident--another completely satisfied USAA customer.

 

My recommendation, as mentioned in other posts, have your ducks lined up, be nice to your adjuster, and I bet you'll be happy with the offer. If you're not happy, remember it's an offer, and you can always refuse it.

 

my 2 cents

[gettysburg]

Also make sure you let them know any recent maintenance, tires if they are new ,any accessories that were added and got ruined . All the options that the bike has. All that they will take into consideration when they appraise it . Dave

 

+1 here. When my bike was totaled in Dec. I pulled out all the receipts of accessories/apparel that were damaged.

 

1. Helmet.

2. Engine crashbars.

3. BMW riding pants.

4. Spare key (which I ordered $60.00)

 

I also had the receipt for the 12,000mi service which was done two days prior to the accident.

 

They said they wouldn't pay for the spare key and I got depreciated value(50%) on the helmet, since it was three years old. I was reimbursed in full for the remaining items. I still took a hit on the value of the bike since it was an '05(which I purchased in '06) with 15,000 miles on it.

[Tony_K]

Bruce,

All your response to date have been from US riders.

I am curious if their experiences cross borders or are there country differences that would apply to alter the outcome?

I don't know?

[ninermatt]

Most motorcycle insurance policies only cover something like $200 - $500 in accessories. Unless you purchase additional accessories coverage (something we all should do, considering our tendencies to "farkelize" our bikes!)You will be SOL! Check your policies, figure your values including your gear, and call your agent. It's relatively cheap, and can be added to your policy at any time.

[Tim Yip]

There is one rule to settling with an insurance company: "Everything is negotiable."

 

All insurance companies have different policies for dealing with claims. There are no hard and fast rules (from the customer's perspective.)

 

My Canadian insurance company covered ALL accessories permanently attached to the bike (such as the Givi topcase). Anything strapped onto the bike, such as a tankbag, was not covered.

 

Also, I don't know your circumstances, but if you damaged riding gear (apparel), your motorcycle insurance MAY or may not cover replacement of those items. My motorcycle insurance company DID NOT replace my gear, BUT (on the advice on my motorcycle insurance agent), I contacted my household insurance company, and they covered the replacement of all my gear (subject to a deductible fee) and it was all replaced at FULL REPLACEMENT VALUE.

 

Good luck.

[tallman]

The time to do this is before an accident.

Determine what is and is not covered.

If covered, to what extent.

If not, how can you get coverage.

I found that by increasing my coverage limits I got better coverage of my accessories.

Good luck with your claim.