Question regarding Accident and Insurance valuation of bike

[jknomad]

I need some advice on how to handle my accident with the insurance company. 

Background – My wife and I were involved in an accident while out on the bike a few weeks ago.  We were at a T intersection where a highway ends into another.  We pulled to the intersection (Stop sign) behind a cement pump truck.  I stopped a safe distance away and could see the driver of the truck in his mirrors.  A tractor trailer began to turn left from highway we were approaching onto the highway that the cement truck and I were on.   He stopped and I realized he wasn’t going to make it without hitting the cement truck…I looked at the cement truck driver in his mirrors and he did not look back and the reverse “beep” started.  The truck hit our bike and threw us off.   A couple of bruises and a bit of road rash but we were both fine.  The police came and the truck driver was cited.

Problem – I reported the accident to my insurance company (Progressive).  I got a call a couple of days later from the adjuster stating that my bike (2000 Interstate with 36k miles) was a total loss.  The problem is how they are coming up with the “Value” of the motorcycle.  They use NADA which says that the “Average Retail” for a 2000 Interstate is $4,820.

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

I feel that is too low and does not reflect the true value of the motorcycle.  I am not having much luck so far and they continue to tell me that is the value and what they can pay out on it.  If I look at Kelly Blue Book they show the Average Retail at $7,500.  And searches on craigslist and Cycle trader provide results anywhere from $10k to $5,500.

Thoughts?  Has anyone else had to deal with something like this? 

[Dave Ritsema]

Why is YOUR insurance company valuing your bike anyway? Shouldn't the at fault parties insurance be doing this?

[jknomad]

Dave, probably my ignorance (never have had a wreck before.  So I called my insurance company and started the process.  I have since engaged the at fault drivers insurance company and have hit the same issue and valuation.

[old2soon]

Point them towards our board evil bay craigs list and get online with some M/C DEALERS. Go to Honda Direct line and get some parts prices. If you have after market items get those prices also. You will be doing a bunch of their legwork BUT it should pay off in the long run. Also have them point out WHY they are totaling your M/C. I'm sure more folks here will chime in later. RIDE SAFE.

[..]

If you have possession of the bike and will replace it with the same STRIP the accessories before they take the bike away.

They WILL give you about 20% of the accessory value if that.

[Tailgate Tommy]

Here's my experience when my insurance company totaled my IS this past summer they gave me the same low ball, Blue Book value yada yada, they have lots of reasons why they can't pay more. I spent some time on phone calls with them. The adjuster just wants to get the claim completed and off their desk. I talked to my agent who happens to be a good friend and he said tell them to find you a replacement equivalent to what you lost and send them some comps of bikes for sale (Craigs List, eBay , here, etc.) with similar mileage for the adjuster to review. My agent had to call the adjusters supervisor and his contact at Foremost (a Farmers company) and his Farmers business manager to get them up to where I could get a fair settlement. The agent has a lot of pull with the company. It did take me 2 months so be patient. Don't let them intimidate you into telling you they can't go any higher, because they can! Don't let them come and get the bike and title until you are satisfied with their offer! Also, it cost me my $500 deductible and another $550 to have the replacement bike shipped to my house. You also have the option to keep the bike and sell it with a "salvage title" (check your state laws as some are different) or part it out to help defray some of the above costs.  My ins co only would give me 20% of the cost of accessories by the way due to depreciation.  If you have any questions just send me a PM.
Tom

[cookiedough]

good advice above for sure.  Don't settle for that low of an amount since we all know an I/S should be anywhere from 6-8K, depending on options, mileage, accessories, condition, etc.  I wouldn't let my I/S go for under 7K and neither should you, even if nada states only worth 5-6k or so.  Doesn't reflect true market value of what used bikes are going for what they are worth.

rest assured if I could not get a better deal with  my insurance company (or the at fault parties insurance), I would be dropping them in a heartbeat even if they did not care.

I have switched, not on my cycle, but my auto insurance company like 4 times in past 8 years due to jacking up the rates say 20% or more for NO reason in 2nd or 3rd year.  All of them don't give a who-hah so why should I to keep a loyal paying accident free insurer?  A good agent should care, but haven't found one yet who will stand up to their insurance company they work for and do the right thing in order to keep accident free customers. 

[3fan4life]

Good advice in many of the above posts.

I would do all of the above, especially sending them prices from Cycle Trader and Craigslist.

Find one that you like and tell them that if they'll purchase it that you'll accept it as a replacement for yours.

DON'T LET THEM TAKE POSSESSION OF YOUR BIKE UNTIL THEY HAVE PAID YOU A FAIR PRICE FOR IT !!

I REPEAT,  

DON'T LET THEM TAKE POSSESSION OF YOUR BIKE UNTIL THEY HAVE PAID YOU A FAIR PRICE FOR IT !!


ALSO, Don't be in a hurry to settle the claim. The adjuster needs to get the claim off of his desk within a certain amount of time. If you are willing to wait it out they will up their offer.  

My wife's Subaru was totaled in 2009 it took me 2 1/2 months of fighting with them but I finally got what I wanted for her car.

Their original offer was $3,000 below NADA.

You might want to keep negotiating with both insurance companies just to see which one caves first.

With the wife's car it was our insurance that finally gave in and came up with what I wanted.


Insurance companies are DIRTY and their goal is to pay out as cheaply as possible.

My son was recently in a wreck where the other driver turned in front of him, admitted fault and was ticketed.

He made the mistake of letting the other insurance company get their hands on the car.

They have already sent the car to a salvage yard and had it crushed and are now refusing to pay for it.

[jknomad]

Thanks for the advice guys....sucks not to have the Valk because we are in prime riding season here in Florida.

[Robert]

How bad was the damage exactly and did a shop give an estimate on repairs? To total a car or bike the price of repairs has to be 80 percent valuation of the vehicle. Now if the adjuster thinks the valuation is 4k then 3k is enough to total it. If the bike is 7k then to repair it may be an option not there before. Not to mention in totaling the bike the accessories you have put on can come off in most cases or these need to be figured into the total price of the bike. But generally insurance companies do not pay for addons and therefore don't let them take them. Getting back to repairs, know the cost of repairs and if you want to keep the bike maybe a deal can be made with the leverage of the price of the bike. Some times just the owner wanting to keep a vechical is enough to make the adjuster consider what can be done. Most adjusters and insurance companies don't want headaches and will be reasonable especially as long as you are and armed with a little knowledge.

 In getting the most I agree with what already has been posted, and they pay for replacement for a comparable vehicle. But you have to do the leg work to make sure the adjuster knows that the nada or black book values are low by finding similar comparable bikes.

[wiggydotcom]

Ok, here's the facts of my recently totaled out Interstate. My bike was a 99 with 83k miles on it. It had a LOT of bling. I also had Progressive insurance. My final settlement for the bike was 12754.83. I have photos of the checks to prove it. I also sold parts that gave me another grand. $13754 was what I got out of my bike and parts for a final figure.

I agree it should be the cement companies insurance that pays you. Like others have said, they'll want a quick settlement. They should give you dollar for dollar for what you had in parts and accessories on your bike. Hopefully, you have documentation/bills of sale, etc to prove their worth. I had a 5000 rider(clause) for accessories and I easily maxed that out. What went over that, I pulled off the bike and told the adjuster I was going to. He had no problem with that.

Since I hit a deer, I was only dealing with my own company, Progressive. Along with the 5000 for accessories, they gave me an offer of 4600 for the bike itself. I asked where that came from and they said NADA. I stated that NADA might be great for cars but they were WAY off on the valuation of the bike. I stated there was NO WAY I would accept that offer. The agent then asked what I thought my bike was worth. I told them 6500. He said he'd get back to me as they'd have to re-evaluate my bike. I told them to check Craigslist and Cycle Trader and that I couldn't even get a good Tourer for 4600 much less an Interstate.
A week went by and the adjuster called back and said they talked to dealers and also priced Interstates on the open market. He said that they had in fact appraised my bike too low and they were increasing their offer to 6749! That was 249 higher than what I appraised my own bike for!

Minus the 100 deductible for a comp claim(hitting a deer is comp, not collision), I got a check for 11649.
There are two other things worth mentioning. You should have the right to buy your bike back since it's older than an 2007. Buyback could be in the neighborhood of 1800-2400. You might be able to negotiate that price IF you want to buy your bike back. I chose not to.

Lastly, if you accept a settlement on your totaled bike, the insurance company will pay the sales tax on a new bike purchase---up to the value of your totaled bike. They will also pay for license fees on a new bike. That gave me an additional 1105.33 for a total settlement of 12754...not counting the aftermarket parts I then sold.

It also is a good idea as mentioned if they stick to their lowball to tell them to find you SEVERAL comparable bikes at their lowball price from which you can pick one. I used that tactic on my first totaled bike in 07 and it worked like a charm as they probably won't be able to find any, much less several at their lowball price.

Good luck. If you have any more questions, you can PM me.

wiggy