Low insurance offer...advice needed please.

[CortezTheKill...]

Hi all,

Just heard from my insurers about my SV, which has been written off.

They've offered me £3,200 for it which I think is really low for a 4-month-old bike with 1,000 miles on the clock. They are taking into account the 250 excess so they value the bike at 3,450.

I still owe 3,600 on the bike, though. Is this an acceptable offer or should I push for more? Would I realistically get more?

Feeling very fed up at the moment as I am losing the hire bike now the cheque's been posted and I'm left with 400 quid debt remaining which I have to pay out of my own money. Even if (or when) I get my excess back I'll still be 150 quid out of pocket.
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SV650 - TRASHED
ZX636R C6F - SOLD
Current number of wheels: 0 (not including a bicycle).

[Pte1643]

[.....]

Phone them back and say it's not enough. They always try it on because people just accept it. I got hundreds added to the first offer of mine. Remember insurance companies are utter scum so you've got to be prepared to fight.

edit : If you've accepted the offer and they sent the cheque they've you've just been shafted. Harsh but true.

[Teaman]

you could possibly play for more if it wasnt your fault.
dont phone them though, write a letter explaining why, that way they not only have a chance to review the whole thing but also if you send it recorded they will be obliged to reply as they have to have recieved it.

having never had to deal with anything like that I guess thats all I can say on the matter
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There is no point in ranting about someone stupid because there is nothing u can do about it. There is no cure for stupid.
Someone stupid does not realise they r stupid.stupidity is indistinguishable from malice U just have to accept that some people are thick as p1gsh1t and work around them.

[CortezTheKill...]

Thanks for the advice...I kind of didn't expect any more but I will try them anyway.

The odd thing is I didn't accept the offer - the cheque is still in the post and I only found out they'd sent it when I rang them to see if there was any progress. When the Carole Nash woman came back on the phone after checking she said 'Please don't shout at me but...' so they know they're taking the p*ss. I assumed they'd pay the money straight to Black Horse Finance as they still own the bike, so I'm a bit surprised tbh.

Edit: I've paid all my installments on the insurance and only used 4 months of it, can I get a refund? That might cover the 150 quid shortfall.
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SV650 - TRASHED
ZX636R C6F - SOLD
Current number of wheels: 0 (not including a bicycle).

[.....]

Send the cheque back recorded delivery - or if you're certain that the 3rd party insurers will pick up the bill eventually send it Special Delivery and get a receipt so you can claim it back.

Chuck in a letter saying you do not accept the offer and state what you will accept. Obviously aim higher than you expect so to let them beat you down a bit.

[st3v3]

1) go on T'net, and find a fair few adverts from private and trade sellers, all showing the value at the highest market value you can find for the same bike, then send all the adverts in to them, in some form,
2)Sit and wait.
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Roger wrote: Women don't get damp for clingy puppies. Get some better happy pills, hit the gym & buy a medallion the size of a dinner plate. Job done

[Black Knight]

Spot on Joe - until the cheques been cashed you haven't settled.

AFAIK they have to clear any outstanding finance before they settle any remaining with you.
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Where does a turn end? 'Where you can do anything with the gas you want to, where you are brave again, where your attention is free from the turn, where you are sure you can do it better next time; that's the end' - Keith Code.

[NickD]

Unless you're desperate, always knock back the first offer. They always try it on at first.
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I was only doing what it said on my licence officer....
Tear along the dotted line!

[CortezTheKill...]

Guys you are amazing. I really appreciate the help. Thanks
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SV650 - TRASHED
ZX636R C6F - SOLD
Current number of wheels: 0 (not including a bicycle).

[phil2alp]

Concerning your insurance premuim, read the policy document very carefully.

It may vary policy to polcy but I don't think you will be able to get any of your insurance premium back. I had a bike stolen a few years ago. The insurance company paid out. I was surprised when I rang the insurance company about transferring the remainder of the policy onto another bike they said that as they had paid out full market value for the bike the policy was cancelled.

It's a good idea to not accept the first offer and send in adverts from Motorcycle News, adverts from Bike Trader for comparable bikes to your own. This has worked for other people but when I did it my insurance stuck rigidly to their original offer and would not budge even after six months of arguing with them.

[Black Knight]

I thought you were claiming off your own policy but just seen your sig

If its the case that the accident was somebody else's fault you will be claiming off the third partys policy.

Have you got a solicitor working for you. They should do all the negotiating on your behalf.
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Where does a turn end? 'Where you can do anything with the gas you want to, where you are brave again, where your attention is free from the turn, where you are sure you can do it better next time; that's the end' - Keith Code.

[.....]

Claim from your own policy so you get some money to replace your bike sooner than later. If you wait for a third party then you can easily wait a year or more. Claim from your own then let your insurers recover the money from the 3rd party.

[Chriss]

Hi, I used to work for motor claims, they always send an 'intrim' payment. Only way to get it boosted up is by proving your bike is worth more. Find the more over priced SVs on the internet, proving that the market value is X.

HTH.
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[st3v3]

Joe wrote:

[CortezTheKill...]

TBH I'm really as well.

I have a solicitor appointed by Carole Nash who are handling the claim, but my actual insurers (Equity Red Star) assessed the bike and deemed it a write-off then sent a cheque for a ridiculous amount without me having accepted the offer.

Apparently they make a payment off my policy and then claim it back from the 3rd party once fault has been proven, but until that happens it is deemed a 50-50 fault, so the money comes initially off my policy.

Now I just have to get them to raise their offer.

I'm kind of glad that my head wasn't 2 inches nearer the wheels as I would have had a squashed head, but this is a real pain in the backside and I want my bloody money!

Thanks for all your help...hopefully a new bike will be purchased soon.
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SV650 - TRASHED
ZX636R C6F - SOLD
Current number of wheels: 0 (not including a bicycle).

[.....]

[faith183uk]

Can i just say, if you are not happy with the settlement figure you have the right to request 'LIKE for LIKE'

Therefore ask the insurance company to repace your bike with another one of same year, colour and mileage.

They soon up their offer.

[MattEMulsion]

I'd say your bike is worth £3500 to £3800 as that is what similar examples are currently selling for so you need to push the insurance company for that kind of amount.

As for paying you and not the finance people, that is because the insurance policy is yours. How you wish to settle the finance is up to you but that is between you and the finance people, not the insurance and the finance people.
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Yamaha YZF-R6