Crash, insurance payout etc

[NTFH]

Hi, I was involved in a crash recently where the 3rd party admitted full liability. I was on a brand new bike having only had it for 3 days before it got written off. I've contacted the place where it's getting repaired and they have said its a write off and that third parties insurance company will be in touch soon. I was wondering if any of you have had a similar experience with the bike being on finance and the first payment not even taken yet will the insurance pay the outstanding balance? Also, when I go to get my next bike and need a deposit would they pay that? It's unfair that I would be out of pocket for something that wasn't my fault. Cheers.

[Pete.]

Tricky one. My gut feeling is that you'll get market value for a used bike in perfect condition. Did you get gap insurance with your finance?
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a.k.a 'Geri'

132.9mph off and walked away. Gear is good, gear is good, gear is very very good

[SlimRick]

Did you take out gap insurance? I think you'll be out of pocket otherwise.

[Ste]

Isn't gap insurance for when you're claiming from your own insurance?

If you're claiming against somebody else's insurance then isn't that meant to put you in the same situation as you would be had the crash not happened?

You say the third party admitted liability, have the insurance company admitted liability?

[MCN]

Depends on insurers but I have had retail value for a bike I 'dropped'.
It's a headache to realise you can lose-lose in insurance claims.
Another claim I made was fully settled i.e. it was a non fault un challenged claim where the third party's insurance paid for damages.
My insurance broker Hastings decided to load my next policy.
I had a full day of fighting the bastirts over than one to get the loading removed.
It can affect all policies and I have several vehicle to insure.

[Pie-Roe]

I don't know for sure, but I'd be arguing for the full price of a brand new bike, or to settle the finance.
You can't be better off, but you should be in the same position.
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[iooi]

Had the bike not been on finance, then I would have expected them to simply supply a new bike.
But given its on finance. They will have to pay that off in full.
Which puts you back where you were.
You may then have to argue the point on the deposit.

But given you must/should have been FC, even though they admitted liability. It might have been better to let your ins deal with this.
End of the day. You will still have to declare a claim.
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Just because my bike was A DIVVY, does not mean i am......

[G]

For insuring your own vehicle, I know some policies do specify that for a period (maybe 6 months) they'll cover the full cost of a new vehicle.
Suspect you've got a good case for that.

Also, request a quote for buying the salvage back - likely to end up quids in selling that.

[CaNsA]

<story time>

Had a Speedfight 2 100cc scooter many moons ago.
Bought it brand new.
Got stolen after 4weeks because Liverpool.
Insurance offered 2/3 of the price I paid for the scooter because "it is no longer brand new and market value states xxxx pounds."
Can't remember where I found the info from but.... The "asset" is (or was) considered brand new until it is 3months old and any insurance payout should cover the full price paid for the asset minus any excess in the event of a total loss.
I went back to my insurers and they paid out the full paid price minus my excess.

</story time>

[MCN]

[NTFH]

Cheers for the responses. The bike was worth £5899 and the damage came to £4400 how do they work out the salvage price?. I informed my insurer already who put it down as a no claim and her insurers have said they are fully liable. I will be pretty gutted and feel quite hard done by if they don't settle the outstanding finance! If I did get the salvage I'm not sure what I would make out of it as the forks are damaged and apparently there is a crack to the frame and something to do with the steering column. I'm not very mechanical in fact not at all and wouldn't know about repairing it to sell it on.

[Dave70]

I was in a similar situation a couple of years back, the difference being that my bike wasn't written off but, was within a couple of hundred pounds of beinother

What I was advised hy my insurance broker, for speed of getting things sorted, was to claim on my insurance and get them to recoup the costs from the other party. Within 2-3 days they told the shop/garage to go ahead with the work.

Damages for injury and gear took a while longer, around 3 or 4 months iirc, as this could only come from the other parties insurance.

So if you are in a hurry to get back on the road, it may be useful to go down this route and get another bike sorted and pay things off completely when the other parties insurance coughs up.
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There ain't no devil, there's just god when he's drunk.

2012: R125 killed by white van. 2016 R125 killed by 30,000 miles of redline. Current: 2016 Kawasaki ER6f.

[Wonko The Sane]

[NTFH]

Hi, just a quick update, the insurance company are offering me £4799 and telling me I need to salvage and sell the bike for £1100 to make up the total of £5,899 which is the retail price. The total price including finance is nearer £6500 which leaves me £600 + £100 deposit out of pocket.

I will be £700 out of pocket for something that wasn't my fault. I thought that they had to level it so you are not worse off than when the accident happened? I'm really frustrated. Is there any legalities which I can mention or are they in control here?

Thanks for your help so far

[CaNsA]

Whats the excess on your policy?

[NTFH]

Excess is £250 on my policy but it is her insurance company that are paying out not mine.

[CaNsA]

Refuse the offer.
Tell them you want the full value of the brand new bike.

You shouldn't be out of pocket because she fucked up.

[iooi]

[Alpha-9]

They should pay out the full value of the bike plus any costs

I put my bike value for the YBR higher than I paid for it on the quote and got that rather than how much it was actually worth

Save any public transport receipts too as you can get that back
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Fzr-600 1999

[Dave70]

[Pie-Roe]

I have a claim for around £180 for my time, over the last two and a half years for various phone calls, gathering information etc.

Basically anything can be claimed for if it can be justified and proved.
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Previous: GSF600, FZR600 x2, ZXR750, XT600 Tenere, CB125, CZ125, ETZ 250, ER5, CCM R30, DRZ400, RF600x4, RF900x2, GS500, VTR1000F, 640 SMC, CB250 NIGHTHAWK, GT550x3, GPX750 TE610, CB500, X11x2, SV650, ZING 125, TL1000R,CB250 Superdream, CBR1100XX

[Alpha-9]

[Pie-Roe]

[CaNsA]

Don't forget to claim for "Loss of leisure time"

Equates to something like the hourly rate you get paid at work.

[Alpha-9]