Insurance trying to con me

MatsyLR

MatsyLR

MatsyLR

Soldato
Joined
10 Jan 2012
Posts
3,777
Location
UK
Was involved in a accident last week.
Claimed on the other guys insurance as it was his fault
Bike was taken away for assessment.
They just got in touch with me today.
They have basically said the bike is a Cat B write off and they will give me money for the bike.
I paid £2500 for the bike brand new, its only 1 month old.
They gave me a value of £1900 + £197.50 extra for the bike.
I told them I paid £2500 for the bike and that £1900 is not acceptable as I can't buy a brand new bike for that.
They said I can.
I asked them to forget the money and send me a brand new bike instead if they say I can buy one for that.
They said they can't do that and wouldn't give a reason.
I then asked them to tell me a dealer who will sell me the same brand new bike for £1900, the girl on the phone shut up and said they can't budge from £1900 as that's what the bike has been valued at according there pricing guide (guessing it doesn't include VAT or something). She then went onto say that the bike looses value over time (1 month? really?? I think not).
I have already called them back and rejected the £1900 tell them that its not acceptable, they have passed the details to Albany assistance (The company who are dealing with this) who will get in contact with about my "options"

Where do I stand with this?
 
I know this is about a motorbike, but theres plenty of this style thread (and advice) in Motors.

Paraphrasing from memory
"As the third party, they have a duty to return you to the position you were in at the time before the accident, or financially compensate you accordingly. Therefore they need to provide you with a 1 month old bike, or sufficient finance to replace like for like."

Don't forget to claim for helmet and any clothing/kit knackered in the accident.

Insurance company is defaulting to "give a silly offer and hope they accept" as first tactic.
 
Problem with that is it depreciated in value as soon as it was taken on the road. So the market value of your bike, with 1 owner already, even at such low age and milage may be around £1900, which sucks.

Hopefully if you hold out they will up their offer a bit, but I doubt you'd get the full value you paid for it only a month ago. This is where gap insurance comes in when you buy new vehicles I think.

And as above, claim for any other kit too of their insurance, new lid and what not.
 
Market value will be lower. It would help if you could find similar examples of your bike on the market to aid your case.
 
As above, i think the depreciation value is playing a factor here, remember the bike now isn't worth £2500 because it's a month old. I'd see if you can have a look around online for similar spec/age/milage - granted it's likely to be very rare because of the age, but that would certainly give you some ammo to go back to the insurance company with.

Also you mention your payout is £1900 + £197.50, which is just shy of £2100, if they don't budge see if you can get a claim in for your helmet/gear to get the payout closer to £2500.
 
As others have said the moment you rode it off the forecourt it was no longer worth £2.5k that's the hit you take when you buy brand new and that's the angle the insurance company will be taking.
 
Quote
"They gave me a value of £1900 + £197.50 extra for the bike."

You could try a slightly different approach. Ill make the following assumptions.

£1900 being the "book" value of the bike due to depreciation
£197.50 being the "Scrap Value" being offered for the bike.

As other have said. Put in a claim for new Helment & Leather etc.
Refuse the "Scrap" amount for the vechile and tell them you want to keep the scrap.

with it being such a new bike you could probabliy strip parts and do fast sales and make x5 times scrap value on it. Therefor making more back than you orgionally paid
 
They're likely using Glass's Guide, which is merely a record of what dealers have 'said' they previously sold these bikes for in similar condition. It's a highly dubious method, since dealers will drag out this same book to quote you the trade-in value of your bike, thus offering you peanuts and making a massive profit when they later flog it on. Most of us believe it's a blatant price fix.

The counter is, as mentioned, to provide as many examples as you can of the same bike in same condition selling for the more sensible prices. These must be fixed price sales, not online auction/winning 'Bay bid sales and must show that the bike actually sold.
You can further challenge it if you find dealers' ads with the same-condition bike at the favourable prices to substantiate it.
 
Provide them with prices of bikes of similar condition to yours and see what they pay you out. Typical approach of these daylight thieves to try it on first as many will just accept the first offer they are given. Good Luck
 
MatsyLR said:
I paid £2500 for the bike brand new, its only 1 month old.
They gave me a value of £1900 + £197.50 extra for the bike.
I told them I paid £2500 for the bike and that £1900 is not acceptable as I can't buy a brand new bike for that.
They said I can.
Click to expand...

When you bought the bike you paid the 20% VAT because it was brand new. Take off that and you get about the £2100 they're offering you. You did get Gap Insurance, didn't you?
 
Quartz said:
When you bought the bike you paid the 20% VAT because it was brand new. Take off that and you get about the £2100 they're offering you. You did get Gap Insurance, didn't you?
Click to expand...

i wouldnt have thought you would get Gap insurance on a bike that is 2500 brand new..
 
No don't have GAP insurance, whatever that is.
Called them back and they said £1900 is the book price which is all they are obliged to pay out.
Asked them how do I buy the same like or new bike for that.
They couldn't answer and just said, they are only obliged to pay out the price of the bike to buy the same bike like for like or new. Which £1900 can't do.
Passed details onto higher ups who will be in contact (apparently)
 
Last edited:
MatsyLR said:
No don't have GAP insurance, whatever that is.
Called them back and they said £1900 is the book price which is all they are obliged to pay out.
Asked them how do I buy the same like or new bike for that.
They couldn't answer and just said, they are only obliged to pay out the price of the bike to buy the same bike like for like or new. Which £1900 can't do.
Passed details onto higher ups who will be in contact (apparently)
Click to expand...

Thats why you need gap insurance to cover the cost of getting a new bike. The insurance company will only give you what the bike is worth
 
I personally wouldn't have thought about gap insurance for a £2500 bike to be honest. I didn't even get it on my S1000RR lol.

Only looking at getting it for the first time when(if) I get a new car in a few months.
 
You must log in or register to reply here.
Back
Top Bottom