NADA vs actual value

[Pastor John]

July 1 a guy ran a red light and plowed me on my bike while making a left turn.

I got a broken leg and a totalled 2000 Interstate out of the transaction.

His insurance offered what they claimed was NADA at about $6800.

I've declined on the grounds that I can't replace my Interstate for that. Everything I've seen on Craigslist, EBay, cycle trader and elsewhere puts a replacement at $8k or better.

Any experience out there to get this thing done at a price that outs a bike back under me?

[OKIERYDER]

       My ins. agent told me that they go by market value. He said he knew the bikes are worth more than NADA. Farmers INS. Mine is insured for 8,000 plus 3,500 for accessories .

[JetDriver]

Don't forget to point out any bling you may have had on it also.  A broken leg is bad.  I'm glad it wasn't any worse.

[john]

                                               Nada may refer to:
                 nothing                                                                   

[tank_post142]

http://www.nadaguides.com/Motorcycles/2000/Honda/GL1500CFY-VALK-INT-BLK-1520cc/Standard-Equipment

http://www.kbb.com/motorcycle/retail/2000/honda/gl1500cf-valkyrie-interstate/231443/

[cookiedough]

nada is just a guide in general terms.  I find it odd that a 2000 honda valkyrie I/S in black is only worth avg. retail 6500 bucks vs. an identical 2001 Valkyrie I/S in black is worth 7800 avg. retail.  1300 bucks difference for being 1 year newer is not right in my book.

I looked up my nadaguide for my 2003 and 2000 utility 4wd ATV's and both are around 1600 bucks avg. retail but no way would I sell either one for under 2400 bucks. 

Explain to the insurance company that nada guide is just a general figure and truly doesn't reflect market conditions.  I wouldn't settle on being totaled on my pretty much stock black 2001 I/S for anything under 7500 bucks and neither should you unless it has say over 60K on it and then it still should be worth 6800-7000 bucks totalled price. 

[Rams]

Although it was not a motorcycle, one of my other passions, a 1988 Fiero was hit from the rear and totaled a couple of years ago.  This particular vehicle had thousands of dollars worth of additions/conversions and upgrades.  In that the other driver was totally at fault, his insurance had to go it alone but, my  insurance also had an interest.  Yes, my vehicle was insured but not nearly enough to pay the difference in what was offered and my real investment.

Although I knew there was no way I was going to get back what I had invested, I was determined to try and get what I could.  The insurance company did offer exactly what NADA said was the value.  I presented receipts for everything extra I had done, held out and eventually was able to get the insurance to almost double their offer.  Patience is required, the insurance company doesn't care about your inconvenience or loss, they just want to clear their books.

First, I would not allow them to tow my Fiero to a lot or storage facility, although the insurance would have paid storage fees, someone else would have had control of my property and that's not a good thing.   I demanded the car be towed to my home.  Second, I secured the car in my shop so no one could get to it without my agreement and me being present.  This made it slightly more difficult for the insurance adjuster but, allowed me to control when and I could be there.  This also made it possible for me to point out all the extras I had on the vehicle and I made sure that all of my extras were noted on the paperwork. 

I was able to ensure the vehicle/title was not totaled and retained full ownership of the car, no salvage title even though, I knew the car was toast.  My determination did pay off to some extent, I was able to keep the car and salvage lots of components which I would not have been able to do had I allowed the car to be taken to some other site.  I later parted the car out and several other Fieros are now benefiting from my loss.  All those receipts came in handy in proving the additional value of the car.  No, I didn't get all I wanted and I did eventually crush what was left but, there wasn't much left by then.  What I did learn is just like anything else, the guy saddled with getting the folder off his desk and getting me paid has a job to do, not only does he have to take care of his employer (the insurance company) but, he also has to somewhat satisfy the payee (me) and he needs to eventually get it settled to get that folder into the closed file and off his desk.  I was simply not going to accept less than a certain value and made it clear that I was willing to have a lawyer argue my side and use the insurance commision as necessary.  The squeaky wheel gets the grease analogy is applicable here.  Having a good friend who is an insurance agent didn't hurt, he advised me on steps to take but, he also advised me that if I was unrealistic, I'd never get paid.  My final advise is document, document, document.  Have and provide receipts for everything you have done.   Use a fax machine to send those receipts to all parties concerned and then followup with a call to ensure they actually got to the intended recipents.  Use the phone, call daily to that individual who is making the decision on paying you.  Find out who his/her boss is and don't be afraid to call that person.  Always be tactful but determined.  Make sure they know that you are the victiim and expect to be treated that way, not the person at fault. 

Your experience may be different from mine but, in the end, I got more than NADA value and still got to keep my car and the extras I had installed.   I still lost dollars on the deal but, as we all know, you never get back all you put into a vehicle.  At least that's my story and I'm stick'n to it.

[9Ball]

Don't forget to have them pay to replace your damaged helmet, riding gear (jacket, gloves, boots) and your watch (if damaged by the accident of course).  A lot of people omit reimbursement for these items which can add up to a significant amount.

I've always heard that the insurance company is required to either compensate monetarily or to replace with a bike of the same or better condition which may well exceed their first offer of settlement.  If you have collision insurance, then your insurance company should be a resource for you.

[chip]

I went thru the same type of thing when my I.S. was totalled . Had to provide Gieco with advertised prices of Interstates, and told them to find me a replacement for the money they were offering , which they were not able to do. They ended up giveing me 3000.00 more.

[signart]

What Chip said. Tell them you want it replaced. Find an ad with similar miles, condition and equipment, tell them you want it (plus shipping or travel expenses) or cash value. They have the obligation to satisfy you on replacement bike. Get your insurance involved.

[Willow]

My experience was similar to Chip's.  Progressive offered me what they defended as the NADA value.  We presented them with listings of similar bikes in the area with their asking prices.  Progressive's offer was increased to a more acceptable level.

Again, don't forget to list all the equipment and/or clothing that will need to be replaced as a result of the accident. 

[sugerbear]

when my 99 I/S was totaled, i told the ins company to call a few honda dealers. ask them what one would sell for, INCLUDING options (cb, fog lights etc)
2 hours later came back with what i was asking for.

a few years before that i had a 92 chevy truck totaled sitting in front of my house.
told the ins to replace it with a like truck. they gve me what i asked for.

[Oyeaa]

Similar result here.  Do not settle for first offer. Progressive made me three offers the last two are in this picture.  99 I/S.

[Brian]

What about pain and suffering monies? If the accident is not your fault the insurance company should work to make you whole. Tell them you need transportation replacement while your bike is out of commission. Also you are having troubles with your kneck and back and may need more doctoring and rehab. Some injuries taking up to 4 weeks to really show themselves. When my wife's car was side swiped and not her fault we could have had rental car if needed. The rear tire had two slices in the side wall, they even added money in the settlement to have two tires bought too.

[Grumpy]

Some times just have to lay the law to them. My son had an accident 3 weeks ago, a teenager in a jeep cj pulled out 20 ft in front of him. Their insurance just wanted to fix the truck, I went with him and haggled with the insurance co. Bottom line, repaired the truck, furnished a rental pickup for the week and half the truck was in the body shop. Like we told them truck was necessary for his job, he does setups for concerts, now he is working the republican national convention. As he told the insurance, furnish me with a truck, or pay me for lost wages, he makes $36 per hr, cheaper to give him a truck.
They always try to get off cheap, just have to dicker with them.