Insurance Question

bathtub · Two Stroke Sniffer Joined: 10 Nov 2009 Karma :

OK, I was rear ended last week 8 hours after collecting my Fazer from the dealer. Bike was T reg in mint condition with 20k miles. I paid £1999 (according to autotrader about bang on for a dealer bike in this condition) and have been informed it's a write off (just awaiting assessors signoff).

My question is, give that 3rd party insurers have accepted full liability in writing, I am expecting the full value refunded (ie £1999, not to be offered someone elses opinion of fair market value - mainly because I only had the bike 8 hours before it was totalled and have dealer receipt to verify).

Is this a realistic expectation? Also, after write off approved - what's the general waiting time for reimbursement - anyone have any experience?

bathtub

the grim reaper · World Chat Champion Joined: 29 Jun 2005 Karma :

The insurance company will almost certainly try to come in lower than that but you have a very strong case, given the length of ownership. Even if you have a solicitor working on the case, you might be better off chasing this yourself, get a copy of the receipt sent to the insurance company, once they send you their settlement offer.

Cheers

Grim
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bathtub · Two Stroke Sniffer Joined: 10 Nov 2009 Karma :

Thanks for the advice Grim. I have fully comp so insurers have appointed legal rep etc and my own insurers will be paying and then clawing back from 3rd party. I am not expecting too much hassle as 3rd party was driving company car and their insurers were on the phone literally the next day accepting full liability (followed by letters confirming the same). I just don't want to end up worse off due to something which was 100% not my fault.

bathtub

iooi · Super Spammer Joined: 14 Jan 2007 Karma :

I would also get some of them adds on autotrader printed off to back up your case.

UBG gives

YAMAHA FZS600 Fazer 99 £2200 £1850 £1300

I would guess at the length of time you have owned, and its price you paid, will mean nothing to the ins co. They will simply look at the book prices and work from there.
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Just because my bike was A DIVVY, does not mean i am......

pa_broon74 · World Chat Champion Joined: 28 Mar 2006 Karma :

My KTM got stolen after 13 days of ownership and they bumped £50 off the pay out.

It all got a bit fraught what with there being finance on the bike (not mine) and other bits and bobs.

Putting all that bother to one side, it probably would've happened quite quickly as once I got notification about the finance company releasing interest, the money was transfered to me the same day.

At 8 hours, I'd be insisting on atleast the full purchase value.

Thumbs Up

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Didn't catch anything.

JAMSXR · World Chat Champion Joined: 18 Jan 2007 Karma :

6 years ago when someone crashed into my Aprilia SR125 and admitted full liability the insurance company valued the bike at £300 more then I had bought and insured it for!!!? Apparently it was the current market value...
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