Written off - Insurance advice?

[spoonlamp]

Embarrassment and anger aside (I mis-judged a corner joining M3, J4, clipped an artic), I have written off my beautiful Fazer and the insurers have finally got back to me with an offer. It's £1,520 and will still have the £300 excess to come off 


Anyone have experience here? Do I have to take that? I paid £1,995 for it and it was in very good condition, about 23 thou miles...


Any help is appreciated, thanks.

[cable tie]

Hi, if your not happy you can take the payment as a interim payment it should state this on the letter you get with the payment, and than what you need to do is prove what you think your bike is worth ie photocopy's of the same bike similar miles and condition these must be taken from private sales as well, I was once in the same position over a vehicle and in the end I took them to Ombudsman and they than coughed up so be prepared to go the whole hog.

All the best

[Lawrence]

The first offer will usually be a lowball to try to get out of paying quite so much.  Get some ads from here, biketrader etc so show what a similar bike sells for and they should come back with something a bit more reasonable.

[darrsi]

I would have thought that price was about right considering the year, it's normally the book price they refer to unless you've let them know about any modifications?
The excess never helps matters though!  :\

[limax2]

Sorry to hear of your accident. From my experience with an oldish car I was adviced never to just except the first offer. I rang the insurance company and explained that I had always looked after the car and it was in very good condition (prier to being written off) and would cost more than they had offered to replace it like for like. Without any argument they increased the offer by a few hundred, which I was happy with, so that was settled on. Good luck.

[cable tie]

The days of insurance company's making 3 offers is long gone, they make one offer and that's it, it's than down to you to prove the difference.

[Lazarus]

i wrote off my first fazer and to to be fair the insurance company were pretty decent - they paid out on the value I insured the bike. (£2300 iirc) which  is/was actually OVER the book price.

[spoonlamp]

Thanks for the help guys. Bike was insured for £2k - I'll reply to them tomorrow and ask for more, point them at a couple similar on the web at that price, but I guess I'm just going to have to suck it up. Adding this shortfall to the replacement leathers and helmet and this spilling is an expensive thing to do  :'(

[markbubble]

check your policy as some companys will pay out for leathers,gloves,helmets etc you might also consider taking out an agreed value insurance in future which should a claim happen they will pay out the set figure you both agree on at time of taking the policy out(or renew policy) its a pain when you know your bike is well looked after and trouble free etc etc and then you are buying an 'unknown' bike to start again but main thing is your ok as biker versa lorry isnt a good thing! 

[Paul]

First thing I'd do is ask your insurers to provide evidence that the offer represents the market value.

Then you need comparable evidence regarding what a similar fazer has sold at in recent times.

And if there was ever a place to get that information, this forum has got to be it.

Ultimately it's all down to evidence, and if yours is better than theirs, you've got two choices if they don't accept your evidence:
1) take the money
or
2) stick the matter in front of the FOS's nose and see if you can get a judgment.

[Paul]

Here's your first piece of comparable evidence:

2001 Fazer, 68,000 miles, no front fairing (has a conventional headlamp instead), needs a new back tyre, taxed and M.O.T.'d, good condition, full service history, one owner from new.

Offered £1,200 in October 2012

[spoonlamp]

Here's your first piece of comparable evidence:

2001 Fazer, 68,000 miles, no front fairing (has a conventional headlamp instead), needs a new back tyre, taxed and M.O.T.'d, good condition, full service history, one owner from new.

Offered £1,200 in October 2012

I think this may come under "evidence for the Insurers" rather than for me 

[Dead Eye]

I think what he is trying to get at is the price considering the required work on the bike. If yours was in good condition, it would be worth a lot more

[Lazarus]

replacing the leathers/helmet can be pricey - just dont go to the shops or you'll be "rookit" by the time you walk out.

I replaced mine through a combination of ebay and Ingliston / Birmingham bike shows.

New Jacket : £85 (Triumph)
New helmet : £80 (HTC)
New Gloves : £25

[spoonlamp]

Hi guys. A quick update and maybe the last one on this thread - I asked for them to re-evaluate and after nearly 2 weeks the insurers have got back to me saying that

" The vehicle has been a previous C total loss..."


This wasn't mentioned anywhere on any paperwork I got when I bought the bike?


Even if this is the case, the thing has been passing MOTs and was still valued and insured for £2k - should I just take the £1,600 they're now offering (minus excess) and start saving again??

[xlewisbdx]

I'd take £1600. You could buy another decent fazer with that.

[darrsi]

Take it !!!

[spoonlamp]

I'd take £1600. You could buy another decent fazer with that.

Yeah, I think I'll do that.


Thanks for all the help and advice guys! Think my next Fazer will be ... silver 

[noggythenog]

Good choice,silver is a really fast colour,thats why the silver surfer is silver.

[spoonlamp]

Good choice,silver is a really fast colour,thats why the silver surfer is silver.

The red one was fast enough!  :eek