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Selling a bike with an open insurance claim

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ADSrox0r
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PostPosted: 20:02 - 11 Nov 2017    Post subject: Selling a bike with an open insurance claim Reply with quote

Short version; hit by third party in Jan 2016, not my fault. Claim still 'ongoing' (third party insurance dragging their heels) and I haven't really chased it for a year to be honest. Claimed on thord party insurance, not mine.

I'm off to look at a ZZR1400 this week and will probably sell the VFR on.

So, what happens when you sell a vehicle on with an unresolved claim in progress?
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Itchy
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PostPosted: 20:08 - 11 Nov 2017    Post subject: Reply with quote

I sold my CBR6 about 3 months after it got borked.

The opposing party insurers sent a cheque in the post about a week after somebody from London came to collect it.

The insurance claim was resolved about 9 months after that.

Nothing really happened until I put insurance onto my other CBR6 and they loaded it massively. Shopped around found insurance with the no fault unresolved claim doubled my insurance cost.

The claim was 100% settled a few months ago. My guess is the insurance will be inflated for another 4 years. Confused
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ADSrox0r
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PostPosted: 20:12 - 11 Nov 2017    Post subject: Reply with quote

The claim has only bumped my insurance by about 30 quid to be fair so I'm not that fussed about the ongoing effects. The quote I just got for the Zed was only £188 with the claim declared so that's fine.

Just wondered what happens if the third party insurance want to inspect the vehicle and I say, nah sorry mate sold that on ages ago.
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Itchy
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PostPosted: 20:14 - 11 Nov 2017    Post subject: Reply with quote

ADSrox0r wrote:


Just wondered what happens if the third party insurance want to inspect the vehicle and I say, nah sorry mate sold that on ages ago.



I don't know then. As above somebody came to take the bike away after I recovered it myself.
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Pete.
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PostPosted: 21:40 - 11 Nov 2017    Post subject: Reply with quote

The third party WILL want to inspect the bike because they'll want their engineer to apply a pre-accident value. If it's sold don't expect a payout to be easy or the amount offered to be fair.
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Shaft
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PostPosted: 22:15 - 11 Nov 2017    Post subject: Reply with quote

Pete. wrote:
The third party WILL want to inspect the bike because they'll want their engineer to apply a pre-accident value. If it's sold don't expect a payout to be easy or the amount offered to be fair.


Engineers have been used to making assessments based on images for years now, I think I've had one physical inspection in the last 18 months.

I would take lots of high quality digital images, from every angle, showing good and bad bits, then move on with your life.

I assume that the pending claim will be disclosed to any potential buyer, so you're likely to get kicked in the nuts on value anyway - if you end up getting a bit less of a payout because there wasn't a bike to look at, it probably won't make much difference.
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Pete.
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PostPosted: 00:19 - 12 Nov 2017    Post subject: Reply with quote

Fair enough but my last claim my own side took my hi-res photos and did a 'desktop valuation but the other side didn't accept it and sent an engineer all the way from Wales. It was him that declared it a Cat B and gave it the value which I was settled with. This was last year.
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ADSrox0r
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PostPosted: 00:40 - 12 Nov 2017    Post subject: Reply with quote

It was purely aesthetic damage, scratched fairings and luggage and to be honest it wasn't even all that bad but I lobbed a claim in based on new panels.

If it turns into an arse ache I'll probably just drop it and get on with life, just a faff it lingers on your 'record'.
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dydey90
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PostPosted: 07:11 - 12 Nov 2017    Post subject: Reply with quote

You'd have to be very honest about selling it. It'd be a shit thing to do to somebody if you sold it on and then it was registered cat D afterwards.
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ADSrox0r
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PostPosted: 09:21 - 12 Nov 2017    Post subject: Reply with quote

Yeah you're right it would be a shitty thing to do, the damage won't affect the resale value massively so I reckon I'll just drop it and move on.
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arry
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PostPosted: 10:27 - 12 Nov 2017    Post subject: Reply with quote

ADSrox0r wrote:
Yeah you're right it would be a shitty thing to do, the damage won't affect the resale value massively so I reckon I'll just drop it and move on.


Insurers will only settle to the extent of their liability. If you were going to repair then that's cost of new panels or repair of existing ones - subject to it not exceeding write off value.

Since you're going to sell their liability is the loss of market value. That's how much bike would be worth without damage to how much it's worth with damage.

If that's not a hell of a lot, then....
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ADSrox0r
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PostPosted: 10:32 - 12 Nov 2017    Post subject: Reply with quote

I could negotiate and accept a figure that doesn't mean it gets a cat D slapped on it you mean?

I wouldn't have thought it would get cat D on it, I put in for something around a grand (I put in for a new helmet aswell) and the bike is an '08 with 32k on it which privately would fetch in the region of £3500 tops. I don't have any idea how insurance companies come to their figure of 'financially not viable' to declare it cat D though.

I must confess I've had no dealings with insurance prior to this other than 'here's my money am I insured now boss?' so even as an old fart I'm quite naive on such matters.
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secretagentmo...
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PostPosted: 15:51 - 12 Nov 2017    Post subject: Reply with quote

I believe it is half of value....
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andyscooter
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PostPosted: 16:30 - 12 Nov 2017    Post subject: Reply with quote

Can't understand the not chasing them up bit

I would have been pon the phone weekly and now daily to get my moneys
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Ste
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PostPosted: 16:59 - 12 Nov 2017    Post subject: Re: Selling a bike with an open insurance claim Reply with quote

ADSrox0r wrote:
I haven't really chased it for a year to be honest.

Are you dealing directly with the other drivers insurance company or are there any solicitors / claims management companies involved?
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ADSrox0r
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PostPosted: 19:01 - 12 Nov 2017    Post subject: Re: Selling a bike with an open insurance claim Reply with quote

Ste wrote:

Are you dealing directly with the other drivers insurance company or are there any solicitors / claims management companies involved?


The latter.
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Old Thread Alert!

The last post was made 6 years, 138 days ago. Instead of replying here, would creating a new thread be more useful?
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