Well the insurance company finally called...

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Cuprum-74

Cuprum-74

Moparus Fanaticus
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This is regarding my recent motorcycle accident: http://www.forabodiesonly.com/mopar/showthread.php?t=269538

They finally got the quote from the shop, it is deemed a total loss.

I guess they low booked it at about $3,200, but told them it had customized items such as windshield, exhaust pipes, paint and electronics, so we'll have to see if they will included those in to the loss (which they should according to the agent).

I've decided that I'm done riding for quite awhile, I'm going to use the money to get the duster on the road since it is really close to being drivable. It runs it just needs brake lines hooked up, driveshaft connected, upper/lower ball joints and rear diff. pinion leak addressed.
 
Explain to me why they "low booked" it and why this is "acceptable?"

N' ya I realize it is the sleaze bags of the worlds we are talking about, lawyers and insurance companies
 
This will help.

Contact them and ask for the evaluation report. They have to provide it. Then check their homework. Most policies refer to "principally garaged area" which means your zip code. I find that a lot of times the person doing the evaluation finds vehicles not in your principally garaged area and usually have the wrong model etc.

Call them on it.

You state should have an insurance website, in Washington it is: http://apps.leg.wa.gov/WAC/default.aspx?cite=284-30

sections 391-394 apply. Your state should have similar.

Its not that they are crooked, but when you have 1 million claims and you can underpay each claim by $500 it is a huge motivator to overlook a few minor details.
 
67Dart273 said:
Explain to me why they "low booked" it and why this is "acceptable?"

N' ya I realize it is the sleaze bags of the worlds we are talking about, lawyers and insurance companies
Click to expand...

Agreed! My agent actually tried to talk to the claims department to say that he averaged the local market value at about $4,000.

But the claims department go by their stupid book. My agent is going to see if he can get a higher claim.

I doubt he'll go anywhere though.
 
Rbob is spot on.

This is the part of the program where you MUST put your foot down, tell them replace your bike with same model, accessories and all.

Go and find same model bike for sale by dealers and private parties. Tally that up and see where it falls.

The issues is they are giving you low book which is likely the same as a dealer trade in value. An insurance company did this to my mother on two cars, until I got involved. They initially offered $1500 for a 66 mustang GT fastback car back in 1987... they paid out $7500. On her Cutlass, they offered 3800, paid out $6K. Consider the first number as though nothing more than a first offer when selling your bike.

KBB has it for retail sale in excellent condition ~ $4500 to start before add ons.

http://motorcycles.oodle.com/2005-kawasaki-vulcan/for-sale/trim_1500/
 
Tantibus-74..


It is you that must take the bull by the horns. I highly recommend communication thru email, they will not like it but just tell them you cannot take calls at work and it is better to email that way you can take the time to respond correctly. Ask questions in writing and demand the answers back in writing only.

Demand the report be emailed to you, go over it and ask questions about their findings. Attach in your reply your findings based upon your market with comparable vehicle. Then produce receipts for your add ons if you can.

I would dispute using a "blue book" or averaging and ask them to supply written policy language that "value" will based upon average blue book price (however they worded it.

You need to sit down and write down all detail, dates who you talked to , things they told you etc. That way you can ask they what they meant when they said... and what were they trying to accomplish when they told you...

You get the idea of why it is important to document.

You must set it up so you have ammunition if you need to use it. "Bad Faith Claims" are not taken lightly. Things that are said over the phone cannot be proven, "I never said that"
 
They're right you have to think of it as a first lowball offer and then look up the value yourself plus the parts and all the install time at a shops rate as well. I used to work in that industry years ago. Also if they are not co-operating with you mention you will be speaking with the "D.O.I." Department Of Insurance. They are the federal regulatory agency that is in charge of keeping insurance companies in-line. That is a red flag to them and they hate to deal with them. They are like the IRS on a bad day. They show up and shut things down to investigate all files, cases, and databases, for days or weeks even. Loss of business revenue due to shutdown is a big deal to them. Threatening lawyers or suing will not do anything but mentioning the D.O.I. Stops them in their tracks and raises the flag.


D.O.I. = Department Of Insurance
 
I just went though this with my wife's car. After this email they paid everything I had asked for without any further discussion and we retained the car.

Mr. xxxxxx,


I just want to be treated fairly and put back whole like I was before your insured accidently ran in to the back of our car. I am a very fair person and am not looking for a windfall but I don't feel like your company is treating us fairly. Your numbers don't work with the real world values of what these cars in the same pre-accident condition are selling for everyday. I think your company is doing its best to stay at the $xxxx value so it can retain the 20% salvage value instead of the 15% salvage value. The car's future value will be further damaged even after it is repaired by the Carfax report which should be filed.


I can't replace our car for $xxxx. From what you said you are seeing $xxxx to $xxxx so I don't believe you can either. $xxxx to $xxxx is the same price range I am seeing for cars in similar body condition but the mechanicals would have to be gone over. They aren't staying on the market long at that price. I am also finding some as high as nearly $xxxx but that certainly isn't the real world value.


Also any offer to total the vehicle must include the fees under the following Oklahoma statute OK ST T.36 s1250.8 [ame="https://www.sos.ok.gov/documents/legislation/52nd/2010/2R/HB/3213.pdf"]https://www.sos.ok.gov/documents/legislation/52nd/2010/2R/HB/3213.pdf[/ame]


Again, I am not looking for a windfall but I do expect to be compensated fairly by your company. I would hope to be able to come to a reasonable settlement that is fair to both parties in this claim.

Educate yourself and hand them all government links that prove your claim. They hate working with an educated person.
 
One of the things I love about this site! Excellent advice given, gents. FABO ROCKS because of helpful info / posts like this. Hats off :cheers: to you guys!
 
Simply put, you are entitled to market value, not book value. Whatever a bike like yours would sell for or cost you, in your area, is what they need to pay.
 
You're the claimant here. I certainly wouldn't settle unless you're happy. You have the option to sue the guy with the rocking chair to make you whole. Of course he will be on the phone his insurance company giving them stress, who will be in turn on the phone kissing your butt.
I've seen it before plenty of times.
Good luck man!
 
1968FormulaS340 said:
Simply put, you are entitled to market value, not book value. Whatever a bike like yours would sell for or cost you, in your area, is what they need to pay.
Click to expand...
Your policy should state you get it back the same as prior to the accident or the value of the vehicle. This is determined by what the vehicle is selling for. search your area using bike trader sites, craigslist ect to determine the value, what the vehicle is selling for. Also try and buy back the salvage. usually would be as little as 10% of the value of the bike. You can then sell it or part it out... good luck
 
Yes market value. Seven years ago I had my Cub Cadet stolen . It was covered under home owners. Since my old model was discontinued I was able to step to the model that took its place which was also the next biggest tractor and all attachments and PTO's. So they should have to pay market valve or better.
 
When I totaled my '69 Vette, the insurance company tried to lo-ball me. I just told them either give me what I had in it, or find me one comparable. After looking for a short period of time, they wrote me a check.
 
zigs said:
Yes market value. Seven years ago I had my Cub Cadet stolen...
Click to expand...

Lol, so you "had it stolen"? You told someone to steal it?

I "had my mountain bike stolen" years ago. Turned it in to my insurance company (homeowners) and they asked me what was it worth. I said I didn't know, I bought it used at a pawn shop. They told me to go to a bike shop that sells that same brand / model and get the retail price of it. After they subtracted my deductible, they wrote me a check for $600.00. I only paid $150 for the bike.
 
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