Insurance write-off values

Received a call from an insurance office in claims to report that my
97 vfr750 is a writeoff. Had a low-side last week but didn't think it
had much damage. Perhaps close to 50 percent of the bikes market
value.

A friend in the industry said that insurance companies are quick to
write-off bikes these days as they generally do well in damage
auction tenders.

Pitty cause I've had the bike since new and feels like I'm losing a
child.

He asked I surrender, second key, books and paperwork etc..and then
would a write-off assesment bed done. Basically the way
I understood it, it's *take it or leave it.* sort of money.

How do insurance companies work out a write-off value and what are my
avenues of rebutall if I don't agree with their desicion?

Worst case scenario I cancel the insurance policy and take my bike
back.


vifer

- now only left with the bevel -

 

When my bike was written off by Western QBE I rejected what they offered me,
as I couldn't replace my bike with what they was offering. I asked how they
determined the market value of the motorcycle and was it the same as cars,
they said the market value is not worked out the same way as cars, the guy I
was talking too was going by what the bike was going for in the trading
post.
Anyway after a lot of arguments I got what I was happy with.

 

Just suffering another aspect of a written of bike. Bought my TRX in
2000, second hand from a dealer. In nearly immaculate condition, but
with just a couple of telltale signs of being down the road. Had the
bike for 5 years, never been down the road in the time I have owned it.
Currently selling it, on monday a bloke came and had a look at it, and
decided to buy my pride and joy. On Tuesday he rang me and said that
REVS had it listed as a vehicul of interest. Was a repairable writeoff,
but the records started in 2003, the site obscure on details suggesting
that the frame and engine didn't match. The buyer was immediately
suspicious of my intentions for selling and my history of the bike in my
ownership. He didn't believe that I hadn't hadn't dropped the bike in
the 5 years of my ownership. And thought I had written off the bike in
the last 2 years, and was now selling it because it had a bent frame or
some other undisclosed problem.

Further investigation by the buyer with the RTA, disclosed that it had
been a writeoff before 2000, but had suffered only some front rhs panel
damage and rearend cosmetic damage.
The revs report due to the vagueness of its info may have cost me the sale.
I now need to take it down to Artarmon on Fri to have an independant
inspection. *#@)&, I hate riding in city traffic, and don't know my way
around the area. I rarely venture past Parramatta, bit of a country
yokel at heart.
It seems that insurance companies do indeed writeoff bikes with very
little damage. And REVS can keep vague records that make selling the
bike later quite a problem.

schroda

 

In aus.motorcycles on Thu, 07 Jul 2005 05:47:20 +1000

They do, because the prices of fixing cosmetics are so high.

Moral of the story is to buy cheaper bikes and fix 'em yourself....

Zebee
- whose Guzzi survived being parked on by a small car without more than
a broken screen and some scratches...

 

Going years back, my Suzi Gs1000s took on a holden (both got towed
away). Not surprisingly the Gs was a write off. Luckily I got hold of
the assessors direct number form the bike shop where the assessment
took place and got in touch with him. We were never talking massive
amounts of money here, old bike etc, but his first valuation was $2k on
the basis of "there's one in the trading post for that". I pointed out
that the one in the TP was unreg and unRWC so realistically, its value
was closer to $2.5k. He agreed and paid up that amount.
Ultimately I bought the wreck back, bought and borrowed bits and pieces
from various friends who had similar bikes, then threw all the bits at
the bike shop and got him to repair it all. With the money left over
(plenty) I had the engine stripped and rebuilt because it was getting a
bit tired and oil thirsty. The result wasn't pretty, nothing was ever
painted to match but the bike went strong for many years.
If you're not fussed about the appearance of your fairings, hold on to
it, repair them yourself. If you are fussy, given the cost of
respraying plastic, it might be a safer bet to write it off.

You can haggle with the insurance companies, use the trading post etc
to determine value becasue their first avenue for price determination
will be Glass' guide.

Stuart T

 

They usually draw the line when repairs exceed 70% of market value.

You don't have to cancel the policy, You'd be left with a crashed bike and no
insurance, and it's hard to imagine how you'd be better off in that case. You
should be able to cancel your claim at any time up till they pay you a cheque
or repair work commences if that's what you want but I'd hardly think you'd be
better off getting nothing back than getting something back. You should get
the opportunity to purchase the bike back from them if that's what you want,
and repair it yourself.

Nev..
'03 ZX12R

 

Contact the insurance quickly and try to purchase the bike for it's residual
value (their estimate of what the bike would bring at auction, which is
usually above what they really get).
Another way is to proceed as is, but calling the assessor (find out who it
is from the shop that did the quote) to check where the bike is going,
usually Fowles/ Pickles if you're with one of the bigger insurance mobs.
Things also depend on where you are. Sydney's a bit fickle, since there's a
mob around where the assessor owns a business that flogs written-off bikes
(talk about conflict of interest, boy...)....for way-inflated prices.
In Tassie the main assessor for the big insurers like Swann/QBE doesn't know
his arse from his elbow when it comes to bikes, no bloody clue
whatsoever...and a real pr*&^ on top of that (yes, first-hand
experience...twice).
Melbourne has 2 decent main assessors, one of them simply outstanding. Knows
bikes to the last bolt/nut.

Typically a well-used 97 Viffer with, say, 50.000km plus on the clock and no
structural damage should be worth around the 1500-2300 mark at Fowles,
perhaps a tad above if repairs would be mainly plastics and controls
(levers/ pegs/ mirrors etc etc). At the low end if headlight/instrument
clusters are involved.
If you need parts, I know a guy who's been fixing VFR750s for a living, he's
got some stuff left as he turned his business towards late-model 800s and
Budgies now.

cheers
pete

 

I bought my crashed Bandit 1200 back for $850.00 and got a cheque for
7,000 from the insurance , I purchased another Bandit1200 for &6,800 and
have a heap of spares for it now .To repair the crashed one all I need
is a frame, the plastics ,tank ,instruments and a pair of bars.
If I rebuild it as a naked bike I won't need the front fairing.
I just need to find a good frame.

 

To repair the crashed one all I need is a frame, the plastics ,tank ,instruments and a pair of bars.

So basically, you have an engine and wheels?

 

Cheap spares, yeeha or...fix the frame for a track-bike.

cheers
pete

 

The bloke who checked my bike told me that they take the repair cost, and
how much they can get for the wreck and if this adds up to more than the
trading in value of the bike it is a write off
I took a low speed slide Jan 2004 the insurance company said the bike was a
write off because the cost of cosmetic damage and the cost of OME exhaust
pipes, I had a lot of scratches on the sub pipe $800 and a small scratch on
the main pipe $1500. I told them not to replace the main pipe saving them
$1500 and saving me a write off.

 

What's wrong with the frame? Bent beyond belief or just another job
for Bob?

-----sharks

 

Rear frame is bent (seat support ) ,If I could get a frame that is front
damaged and the rear ok a cut and weld would work .
A straightning job on the slightly bent forks too .
Engine runs ok .

 

A bit more than that ,the rear frame is bent as the bike flipped and
landed up side down coming down on the seat first .

 

If you're in Melbourne, go talk to Bob Martin Engineering in
Ferntree Gully. Nice folks and surprisingly inexpensive, considering.
They can at least pop it on a jig and check that the frame isn't
subtly bent at the front too.

-----sharks (Disclaimer: just a satisfied customer, &c)

 

I think Kevin is in the Melbourne that is way up in the NT, near central
station

 

Yep, Katherine .

 

Yeah, Katherine Vic (near central) right Nev?