insurance have sold my bike, can they do that ??????

[M4RTIN]

My insurance company have written off my vfr12. Well i have not yet taken the offer from the insurance company for my written off vfr12. so have not been paid out, but they sold my bike today on co-parts website. the auction finished at 12 noon.
[/size]

[Exupnut]

If your Insurer has disposed of the motorbike before they have paid you then they've been to quote Monty Python "Very Naughty Boys".

The following is from the Insurance Ombudsman and will apply to you and them.

"16. salvage of the "written-off" vehicle and contents

Once the policyholder accepts payment of the full market value, the insurer becomes the owner of the salvage. If the policyholder asks to keep the salvage, the insurer is entitled to deduct what it would have been able to sell the salvage for. This is usually not very much.

But what if the policyholder complains that the insurer (or its agent) disposed of the salvage before paying the full market-value? At this stage, the vehicle still belongs to the policyholder, and we take the view that the insurer should not have disposed of it without first obtaining the policyholder’s consent to the settlement of the claim – even if the insurer said it was only acting in the public interest by keeping a badly-damaged vehicle off the roads. In such circumstances, and unless the insurer returns the salvage, we usually award the policyholder compensation for inconvenience.

If the policyholder had personal belongings in the vehicle when the insurer disposed of it without consent, we are likely to award the cost of replacing these – usually on a like-for-like (rather than a new-for-old) basis."

I can't post links but add www to the following to land on the correct page from the Ombudsman which also has other useful information about valuing your bike.

financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html

[M4RTIN]

If your Insurer has disposed of the motorbike before they have paid you then they've been to quote Monty Python "Very Naughty Boys".

The following is from the Insurance Ombudsman and will apply to you and them.

"16. salvage of the "written-off" vehicle and contents

Once the policyholder accepts payment of the full market value, the insurer becomes the owner of the salvage. If the policyholder asks to keep the salvage, the insurer is entitled to deduct what it would have been able to sell the salvage for. This is usually not very much.

But what if the policyholder complains that the insurer (or its agent) disposed of the salvage before paying the full market-value? At this stage, the vehicle still belongs to the policyholder, and we take the view that the insurer should not have disposed of it without first obtaining the policyholder’s consent to the settlement of the claim – even if the insurer said it was only acting in the public interest by keeping a badly-damaged vehicle off the roads. In such circumstances, and unless the insurer returns the salvage, we usually award the policyholder compensation for inconvenience.

If the policyholder had personal belongings in the vehicle when the insurer disposed of it without consent, we are likely to award the cost of replacing these – usually on a like-for-like (rather than a new-for-old) basis."

I can't post links but add www to the following to land on the correct page from the Ombudsman which also has other useful information about valuing your bike.

financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html

thank you for this info  :thumbup

[M4RTIN]

update...

Well the post man came this morning and there was a cheque from the insurance company for the offer they made. Now they are saying that on the 23rd when i spoke to the assessor, that i said i would accept the offer. I told them to check the telephone call as they record them all. I said that i was told not to accept the offer, but needed there offer in writing so i can send it off to the my GAP insurers. I told them that CoPart have sold my bike even tho it was still mind and that i want the option to buy it back as it only sold for £1050 in there auction yesterday. I now have to wait till monday for a call back off them to find out what is happening. I'm not very happy over this as with any of my calls to them i did not once say that i would take there offer. 

[Skippernick]

Stick it to the buggers, hope they are sh*tting themselves now.