Insurance Help Pleasee ????? Bike Stolen
 

hi all, i had a mint 2005 xtx insured fully comp, for �4000 and it renews in march this yr, prob is i had it stolen on sat night all garaged and locked up, and an independent company (loss adjusters) rang me and said my bike is worth �2800 average price minus the excess of �550......they have offered me �2250 to which im not happy about.......is this about right or should it be more like �4000 for the bike minus �550 equals �3450 ??????? first time ever ive had to claim..........many thanks ray

Price is more than generous from an insurance point of view. Mint or not. Sorry to hear about the theft.

There was no chance a 2005 bike is worth �4000

hi tony, when i bought it 2 yrs ago for �3600 thought insure it for �4000 ????? just seems like im losing out on a �1000 somewhere and not just de-valuation.......when some shops are still selling same kind now for �3850 ????? i feel ripped off somehow.......im paying extra to insure for �4000 and only getting �2250 in return......just does not add up at all ?????? ray

SteveD has been through this particular task recently, maybe he can offer some advice ?

Personally, I'd be looking around locally to find a bike of similar setup/condition and asking the last person to service it for a statement on it's condition. Then you have your valuation.

I'd take the line that I insured to replace the bike, and so that would be my minimum acceptance. I'd also give them a time frame to come to a solution before I went off to the solicitors, and I'd tell them in writting what I would do. Pretty much I'd take a hard, none deviating line with them and leave them in no doubt that I was serious.

Remember though, above all, be nice to them, but firm!

I'm sorry to hear that...I hope you get another bike soon.

I have never understood why people over insure stuff. It's a fight to get what you think it's worth. Try your best to get what you think it's worth but be ready for a fight. Its my opinion it's a lot of hassle for very little return.

That's why I am third party only. If mine got stolen I would not claim. I am only insured on the very minimum to be legal.

When I insure stuff I insure it for exactly what I paid. Usually insurance pay out the market value hence your offer less excess.

prob is when you insure anything and it does get stolen you will only get book value so if you insure for what you paid for it you wont get that back :angry8:

�2800 for a 2005 XTX is a good price, surprised their initial offer was that high if anything.

lol theres not a chance in hell your bike was worth that my 60 plate ten books at �4200 and i brought it for �5400 only a few month ago.... the price youre insurance have given you is very generous...Take it.

i paid �3200 for an 08 plate "R" only done 120miles about 6 months ago....and the owner only paid (then) 3995 for it new.........

Hi Bogeyman, Steve here and as you will probably know My '08 Tenere was stolen last year. As you well know now you are not dealing with your insurance company but some faceless other, that quite frankly will do their best to give you as little as possible. The first offer is usually quite derisory but have a little patience and gather as much information to argue your case.
As GULGO said if you can get a statement from your service guys as to the condition of your bike then do that. If you have pictures to prove the condition then accumulate some, if you can get pics from recently advertised bikes of similar age and condition showing price etc get copies. Basically any information to show and argue the valuation that you will accept.
Obviously you will loose your excess and (as I found out to my dismay) any extras that you did not declare to your Insurance company.
I certainly inderstand your frustration and I'm rooting for you, the person at the end of the phone or letter is just doing his / her job, what you have to do is to appeal to their sense of fairness and explain why you should get the settlement that you can prove is fair and just.
You should be able to gather more information that I could as when my bike was stolen the model was not in the Parkers' guide so no comparison was available. There are now obviously quite a few bikes like yours out there and most from what I have seen are treasured by their owners, especially the X model as these generally are not 'trailed' (Johno and Bear excepted!).

I hope that this info can be of some assistance to you. Keep us posted.

PS IF they send you a cheque take it, you must then send a letter in reply to the effect that you have accepted the sent money but DO NOT accept it as full and final settlement.

I got an initial cheque for �3500 and after argueing my case I got a further �400, which if you include a �100 excess wasn't too bad considering that I had put 27000 hard miles on her and if the truth be known she was looking a little shabby. Just miffed me that I had put some �1000 worth of bits on her which I did not get considered.

I'm sure you will get a better offer with a bit of perseverence.

PPS Cash in your tax!

The only way you'll ever get what you want for your bike without having to argue with insurance companies is GAP insurance.Not that its of any use now.

Sorry to hear about your loss, hope you get sorted with a new ride soon.

In Oz we can insure for market value or agreed value between both parties, this makes things clear when you make a claim.