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Timothy Lentz
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« on: October 09, 2009, 03:05:39 PM » |
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I need help. I totalled my 1999 interstate the other day. It was deemed my fault. I reported it to my insurance carrier and they have now "negotiated" the worth of the bike at $4.200.00 with an additional $700. for the accessories. The bike was in great condition with approx. $3,500 worth of accessories on it. The only "flaw" was that it had 138,000 miles.
Does this assesment seem remotely accurate or am I getting the shaft? It sure feels like it.
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BamaDrifter64
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« Reply #1 on: October 09, 2009, 03:09:44 PM » |
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All I can tell you is that I bought my '99 I/S early this summer with an older custom paint job, ton of accessories with 95K miles on it and I paid $7K for it and thought I was getting a good deal. ???
Dave
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F6CTrider
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« Reply #2 on: October 09, 2009, 03:17:10 PM » |
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Well I am no insurance specialist.... But it sounds like a hose job, worth a dispute. It should be fairly simple to document retail value from the sold section of E-bay. Maybe the VRCC forums can help you document that "high" mileage is not really a significant factor for the bike. I'm at 63,000 miles and running strong.
It also may be that they are using "standards" to determine value. You can use this error in a dispute.
If it is possible to get possesion of the bike, you may be able to "recycle" the accesories. Let them keep the $700, you take the bike. (assuming you are going to keep on riding a dragon)
Best of luck!
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Timothy Lentz
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« Reply #3 on: October 09, 2009, 03:23:32 PM » |
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Thanks, I already have bought the next one. I'm just trying to get them to play fair. I may need an appraiser soon. Anyone know of a good one in the Southern California area?
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MP
Member
Posts: 5532
1997 Std Valkyrie and 2001 red/blk I/S w/sidecar
North Dakota
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« Reply #4 on: October 09, 2009, 03:36:22 PM » |
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they are at least $3000 low.
MP
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 "Ridin' with Cycho" |
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DFragn
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« Reply #5 on: October 09, 2009, 03:45:32 PM » |
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Thanks, I already have bought the next one. I'm just trying to get them to play fair. I may need an appraiser soon. Anyone know of a good one in the Southern California area?
You do not have to accept their 1st offer. Try to find a couple of local dealers that have a few for sale between them to help establish value. That along with Kelly or equivalent book values and accessory values based on your policy accessory coverages will provide viable numbers to the adjusters. It's there job to buy you off as inexpensively as possible. If you need to reject a 2nd offer it's time to go above your adjuster to a claims manager. |
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T-Bird
Member
Posts: 2487
A friend is one who takes me for what I am.
Cleveland, Tennessee
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« Reply #7 on: October 09, 2009, 05:24:03 PM » |
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I had a 2 yr old enclosed wells cargo trailer that was stolen ,I had paid $6500. for it. The insurance company sent me a check for $500.00. I sent it back & told them if they could buy a used one like mne for $500.00 get it. I called them every week, for 8 weeks about it, but kept getting the run-around. I found one close by for $4500. and sent them the info. two days later I got a check for $4500.  |
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RoadKill
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« Reply #8 on: October 09, 2009, 09:31:30 PM » |
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was that their first offer? They can put the FIRST one in their ARSE ! And I would tell them in those exact words! It is a game of negotiation..and let them know that your state has an insurance commissioner and follow up by giving the address and any correspondence you have had with the commissioner.
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Timothy Lentz
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« Reply #9 on: October 09, 2009, 11:11:44 PM » |
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I have been "negotiating" since July 7th. I am currently talking to a Claims manager who asked me to research and send him any bikes i could find. They were comparing my Interstate with the Tourer(There are only a few in California for sale so I went national.) I found 13 averaging $9,400. I told them that even if they knocked of the $3,000 they were trying to take off for milage that we should be above $6,000 for the value of the bike. They are refusing to give any more for the accesories stating that they pay what the acc would raise the value of the bike not what they are worth. It all sounds fishy to me and I'm ready to start a negative campain against them. I would probably settle for 6K and the bike back but they want it to go to the appraiser process.\  Does anyone know of a good appraiser that knows the Interstate. |
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R J
Member
Posts: 13380
DS-0009 ...... # 173
Des Moines, IA
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« Reply #10 on: October 10, 2009, 01:05:01 AM » |
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Who is the Insurance Company?
Get some correspondence off to the Insurance Commissioner ofyour state & be sure & copy this Adjuster/Claims Manager.
That will rock his a$$ off of dead center real quick.
They are playing a game with you. We have a bunch of $$$ for this claim, the less we can give the policy holder the more in our pocket..........
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44 Harley ServiCar   |
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Grumpy
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« Reply #11 on: October 10, 2009, 05:00:45 AM » |
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Sounds like they are trying to take you to the cleaners. My interstate with 60,000 miles was vandalized, flipped over in a parking lot.
I have Geico insurance, the next day after the incident they handed me a check for $3200. to replace the fairing, trunk shell, right saddle bag
and accessories that were damaged plus labor. I had priced all the parts from Direct Line, and they were with in $30 of my estimate. That is the way it
should work. Dig back on Ebay for prices of similar bikes and selling prices, they need to at least match the replacement cost.
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 Life is like a hot bath. It feels good while you’re in it, but the longer you stay in, the more wrinkled you get. |
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Jim_Orr
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« Reply #12 on: October 10, 2009, 05:17:21 AM » |
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Tim, Who is the insurance company?
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Timothy Lentz
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« Reply #13 on: October 10, 2009, 09:11:31 AM » |
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The Company is Pacific Specialty Insurance Company and the people I'm dealing with are from Mc Graw Hill Insurance services. I would NOT recommend them at all. I have paid into this company for the past 9 years without any claims against them and this is how I'm treated when I have a claim! |
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Ms Old Skool
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« Reply #14 on: October 10, 2009, 09:36:36 AM » |
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When Steve had his accident the insurance carrier would only give me NADA value, it was a 99 Interstate and we pd 10,500 for it. It only had 27,000 miles on it and tons of accessories but they wouldn't budge even thou I had pictures and proof what the same bike was selling for on.
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Live life to the fullest because it can all change in 20 minutes
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BigMac (SoCal)
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« Reply #15 on: October 10, 2009, 09:45:05 AM » |
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McGraw is the worst out there. I have a friend who owns a motorcycle shop and works on Goldwings, he will not even take a bike in for repairs if they have McGraw. I saw a nice Interstate on Craiglists in So. Cal for $8,500 with low miles. You just have to keep your eyes open.
I have Progressive and they treated my very well when I had a fellow do a uturn in front of me. They cut me a check for $2,800 for the damage and I fixed it myself for $300.00. I also got another $1000.00 for a sore knee.
Dave
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Mongo
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« Reply #16 on: October 10, 2009, 11:05:31 AM » |
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You have not settled so you still have the title and all rights to the bike. Get the bike home and pull off all the accessories. The stuff you can't take off like grips ect.. Get prices on replacement costs. Start a paper trail. Keep notes on every call you make to them and what is said. Past maintenance records could show that the bike was still in very good shape. If it comes down to a third party (court) deciding how much it's worth, the one with the better records and paper work normally wins. The insurance companies have the edge because they are the "accident cost Pros"  and you’re just the emotional owner, plus they can delay and most people could use the money right away. Knowledge is power, and the squeeky wheel gets the oil.  |
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Puffs Daddy
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« Reply #17 on: October 10, 2009, 12:31:52 PM » |
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I have been "negotiating" since July 7th. I am currently talking to a Claims manager who asked me to research and send him any bikes i could find. They were comparing my Interstate with the Tourer(There are only a few in California for sale so I went national.) I found 13 averaging $9,400. I told them that even if they knocked of the $3,000 they were trying to take off for milage that we should be above $6,000 for the value of the bike. They are refusing to give any more for the accesories stating that they pay what the acc would raise the value of the bike not what they are worth. It all sounds fishy to me and I'm ready to start a negative campain against them. I would probably settle for 6K and the bike back but they want it to go to the appraiser process.\ Does anyone know of a good appraiser that knows the Interstate. I agree that they've lowballed you on the price of the bike. However, They're on pretty solid ground when it comes to accessories/customization. In my experience the value of most accessories, other than a windshield and luggage is about $.25 on the dollar. For luggage and a windshield, probably $.50 on the dollar at most. |
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