i would like to know the answer too

 

I just went through this on my Jeep last year, I don't know what state you live in and insurance laws do very, In Ohio if the insurance company pays to fix it they are responsible for all repairs even if they show up later and were not noticed at the time of the estimate, and thats all it is at this time an estimate. If they decide to total it they will low ball you. They decided to total my Jeep and it took 4 months to reach a settlement. Remember at this point they feel like most people will except their offer and move on. If you do not take their first offer they will have an independent adjuster work up a pice, if you do not except that offer you must go with binding arbitration which means you get to hire an apprasier to counter their offer. The arbitrator will pick which ever estimate he thinks is fair. Because of this once your adjustor gets his price they will negotiate with the insurance adjustor and try to come to a meeting of the minds. I got a little over $2000.00 more by going through this crap. And that was after my expense of hiring an appraser. All so if you are not careful the insurance company will try to move the vehicle out of state to make it harder. I had to threaten to report the Jeep stolen to get them to tow it back to my city.

 

Hey Brian! What's up with the bike bro??

 

Three numbers have to be known before a vehicle can be considered a total loss.

1. the cost of repairs

2. the actual cash value (actual is the key word here) You paid 13,000.00 for a vehicle. How much of that was tax and title? What was the actual cost of the vehicle? What's it worth once it's driven off the showroom floor? For arguement sake let's use the figure of $10,000.00 as a fair value to place on the bike.

3. the salvage value. What's it worth as it sets there now?

If you have a $6,000.00 extimate and the bike "was" worth $10,000.00 and ifyou can get at least $4,000.00 as it sets there now you then have an obvious total loss. The insurance company can pay you 10, sell it for 4 and be out only 6. That way they also eliminate the possibilities of their living with a nightmare. They are responsible for repairs and what happens when they're half way thru with repairing the bike and they find the frame is damaged? It's going to cost the insruance company alot more to repair than the original 6.

If the numbers were even close I would encourage my insurance company to total out the bike and let me throw in a little out of my pocket and start off with a new bike.

When you're dealing with your own insurance company you have absolutely no need to get an attorney. Every insurance company works within your state under the guidance of your states Insurance Commissioner. Your company is required to deal with you fairly and in a timely manner. If at any time you think they are trying to "screw you over" just tell them that you will contact your insurance commissioner and see what they have to say. And then do it. You already pay for their service with your taxes and the insurance commissioner will ask your insurance company to explain what they're doing and why. You can believe me when I say that all insurance companies ask "How High?" when the commissioner says jump.

Do your homework. Take your emotions out of it and find out what a bike similar (miles included) to yours is actually selling for. Keep in mind that asking price and selling price is not the same.

I worked automobile insurance claims for 25 years and retired as an insurance claims manager. P.M. me if I can answer any more questions for you.

 

hmm.

 

*cough* Bump.