Insurance offers you too little after an accident? problem solved.

zeniceguy

zeniceguy

Well-known member
I have been going through a sad ordeal with my insurance after a a deer hit on my way home one night in June. My bike took a fair amount of cosmetic damage. levers, scratches, windshield and a few little thing. It turns out the little things add up to a lot, close to $7500 in damage on a 96 gsxr 750 with 32,000km. My insurance company came to me with a ridiculous offer of $2000, I said no way could it be replaced for that. They had me send in research (kijiji links and stuff) to show the value of a like bike with same mileage. I found many 96-99 gsxr 750's (in blue/whit), so did the insurance company. The bikes I sent in had the same mileage as mine, but the fairings where allways damaged in some way. The bikes where selling at $3800-$4200 for a fairly clean bike (but not mint) so I sent in the links to show them. The response I got from the insurance company was nuts agin. They showed me no links to verified condition or mention colour.
1996 gsxr 750 60,000km for $2400
1996 gsxr 750 59,000km for $2600
and a bunch more bikes with almost dbl the mileage and no links to see condition. So they then offered me $2700
I still did not think my (that was in amazing/beautiful condition was worth anywhere near the offer they sent me. Many time I told them that $3800 was a reasonable offer on my bike but was ignored.

After I dissigreed with the second offer I was told I could go get an apraisel done at MY own cost and they would review it. So I called and talked to Nithburgcycle

I told him wahts going on and send him a couple pics

https://fbcdn-sphotos-a-a.akamaihd.net/hphotos-ak-ash3/555481_10151079848297779_770766578_n.jpg

I sent forwarded him the emails I had with the insurance company with all the bike links in it.
before he even took my money he looked it over, did his own research and told me he would value my bike at $3900-$4000 1 day later. I sent him the $95 this morning and received my 9 page PDF report to send to the insurance company.

If you do your research and feel your offer is way below market value on you bike and the insurance company will not budge this may be your resort.

I just sent it in to my insurance company, Im sure it will take a few days to get the response.
when I asked the insurance company if the apraisel normaly makes a differnce in the settlement I was told "I dont know, no one has ever sent one in".

will update, Hope it helps someone else.


I will also say that while dealing with this my broker has been useless! said I wasnt coverd for my gear but I am (has been dealt with now). I just switched from state farm because they where a fair bit more expensive then the new company ( http://www.statefarm.ca/agent/CA/ON/Hamilton/James-Clarkson-WQFWZ4FP000 ) but service was always amazing.
My old state farm agent has helped me more after leaving them then my own broker has.

Thanks goes out to
James clarkson state farm in hamilton and
Garry collins gary@collins.on.ca from nithburgcycle
 
Last edited:
Or make several of your own kijii ads and then send em a link to it! :lmao:
 
doesnt matter, they go back and counter search.
I had real comparable adds, wone with 1,000 more km and the same year going for $4200 and the add even said not perfect, has some scratches on fairings. the fairings for the bike cost $3000+ from the dealer.
they came back with basicaly spray painted 60k+ bikes.
 
I don't mean to be rude but a 1996 bike has depreciated quite a lot. Those people on kijiji are dreaming if they think they can get those prices.

I bought a 2005 gsxr 600 with some light fairing damage for 2900 last year. Most good condition 2005s can be had for 4000-4500. Why don't you take the 2700 and then put a bit of money towards something 10 years newer?
 
Because the insurance gave me my $4000 today.
which is why I made this post.
People just roll over for the insurance companys.

The fact is in my case at least, you cant find a mint 750 shrad in blue and whit. The closest was 4200 and had scratches on, mine was mint. because of that I knew the value of my bike, and other in lessor shape.

Im not saying be un realistic, if you realy feel your bike is worth more then stand up for yourself.

also you say slight fairing damage, take a lot at the cost of slight fairing damage. new dealer fairings cost 3g+ or a paint job. Again this came down to the fact that my bike was mint and the insurance company has to put you back to the position you where in before the accident.
 
Last edited:
Glad you came out on top, but how would the insurance company know that your bike was mint after the fact that you hit a deer?
 
Congrats on getting sentimental value out of the insurance company, There is no way that bike is worth close to $4k. As others have mentioned you can get mint bikes same mileage, 10 years newer for the same price.
And for the guy asking $4,200 with damage, there is a reason his ad is still up and probably in the "stupidly overpriced" thread.
 
Last edited:
Congrats on getting what you felt was fair. :>

D
 
I remember years ago I had bought a new Honda CRF250X, the year they were introduced. It got ripped off (48 miles on it) and the insurance tried to reduce the value by almost 50 percent. I asked how they got the number for value, and I got the same BS about what comparable bikes go for. Since that model had literally not even reached most dealers yet, I asked for any of these so-called comparable bikes for sale. I also asked what dollar value my premium was based on, and pointed out that my coverage stated either cash or a comparable replacement, and that I would like the replacement bike sent to me. That brought the payout up another 1500 bucks, lol. Still sucked; I lost out on the tax and the deductible, but that's life. It was the most expensive 48 miles I've ever ridden
 
jeffjones said:
Congrats on getting sentimental value out of the insurance company, There is no way that bike is worth close to $4k. As others have mentioned you can get mint bikes same mileage, 10 years newer for the same price.
And for the guy asking $4,200 with damage, there is a reason his ad is still up and probably in the "stupidly overpriced" thread.
Click to expand...
Go find a mint srad in blue and white, u can't. A completely different model newer or not has no baring on the value of another. Fact is if damaged bikes are going for 3000+ ligit then mine is worth more
 
zeniceguy said:
Go find a mint srad in blue and white, u can't. A completely different model newer or not has no baring on the value of another. Fact is if damaged bikes are going for 3000+ ligit then mine is worth more
Click to expand...

First one I saw: http://kitchener.kijiji.ca/c-cars-vehicles-motorcycles-sport-bikes-Gsxr750-W0QQAdIdZ504304372
Yes it has higher the mileage but does that mean yours is worth twice as much? Maybe a couple hundred more.

Also have you seen these "sold" at those prices or just advertised? I would assume they aren't flying off the shelf in the $4,000 range.

And by mint you mean not raced and never wheelied right or just cosmetic mint? I remember you mentioning you could get through all your gears in a wheelie, starving the engine of oil fo rthat long isn't the best for the engine.

Not trying to start an arguement, just saying you got extremly lucky with your insurance company.
 
WarpTiger said:
what a bunch of cry babies. i guess in your minds insurance is suppose to rape you.
Click to expand...

LOL, They aren't supposed to rape you, thye are supposed to pay your what is fair, not sentimental value.
 
jeffjones said:
LOL, They aren't supposed to rape you, they are supposed to pay you what is fair, not sentimental value.
Click to expand...


so you are suppose to take a loss rather than be made whole again. this is a horrible perspective on insurance.
pay you what is fair is a loose word and can be used to the the insurance companies advantage.

what's fair to them may not be fair to you.
 
WarpTiger said:
so you are suppose to take a loss rather than be made whole again. this is a horrible perspective on insurance.
pay you what is fair is a loose word and can be used to the the insurance companies advantage.

what's fair to them may not be fair to you.
Click to expand...

Who said take a loss? He wanted more then a thousand above any other one is listed at?
I bet he got paid out more then he paid for it originally lol.
 
Insurance is supposed to pay out replacement cost. If his was mint, then they would have to pay the lower value they showed PLUS the cost to bring up to mint.
Think of it like a collectible. You have a mint condition (say Gordie Howe rookie) and it is insured for fire at about $15,000, graded, appraised, etc., and you have it in a bank vault somewhere. Bank burns down, card is toast. Insurer says they found a rookie card on ebay for $2000. It's not graded or anything, one corner is peeled sortof, might be a crease too. But hey, it's a Gordie Howe rookie right? They only have to $2000 or they have to pay the appraised value. I think that makes it pretty obvious.
In this case a mint 96 SRAD is a lot harder to replace than an operable (assuming some DB hasn't got ahold of it) 06 gixxxxaaa!! (TM).
In the case of vintage vehicles that are in top notch condition (and vintage happens a lot earlier in life to motorcycles than cars), you might be advised to get your $95 appraisal every year, before crashing it. At that age there's a big difference between "mint" and "runs".
 
jeffjones said:
First one I saw: http://kitchener.kijiji.ca/c-cars-vehicles-motorcycles-sport-bikes-Gsxr750-W0QQAdIdZ504304372
Yes it has higher the mileage but does that mean yours is worth twice as much? Maybe a couple hundred more.

Also have you seen these "sold" at those prices or just advertised? I would assume they aren't flying off the shelf in the $4,000 range.

And by mint you mean not raced and never wheelied right or just cosmetic mint? I remember you mentioning you could get through all your gears in a wheelie, starving the engine of oil fo rthat long isn't the best for the engine.

Not trying to start an arguement, just saying you got extremly lucky with your insurance company.
Click to expand...

your post covers my point.
that bike has dbl the mileage, 60,000km is a lot on most bikes.
(2, doing wheelies doesnt starve the engine of oil. you have an oil pickup at the bottem of the oil pan for a reasone, that is sent through the engine to lube it.
but besides having 60,000km on it, the fairings are melted all the way through on the bottem and you can see the exhaust. so just to buy the fairings and replace them your self will bring that bike to over $5000.

you insurance is saposed to bring you back to the same state as before the accident.
 
Last edited:
Without out fighting, this thread has been made to HELP people who feel they are truly being done an injustice by there insurance company.

If you drive a beautiful bike and it goes down then you should be able to get back on one when its over. Not a beat one with dbl the mileage.
 
Ignore them....you bet your *** those same dudes are the ones asking eye-rolling prices for THEIR ****....usually the way it works, the more they spit on other peoples property the more they value theirs.

I had to do the same thing with my 1984 BMW 635csi that was stolen. It was in immaculate condition inside and out and they were offering me peanuts because two rust buckets were the only comparable cars being sold at the time (winter). When i showed them US prices (which are generally lower than in CAN) they told me it doesnt count.

For a month we went back and fourth and i still didnt get full value, def more than what they were originally offering but not close to what it would have cost to replace it.
 
I'm going through the same thing with SF and their "Mitchell Report"
They only looked at 2 comparables and cherry-picked a bike from New Brunswick to lower the average value by nearly $2000.
 
You must log in or register to reply here.
Back
Top Bottom