Insurance Troubles!!!

ANY YOU GUYS HAVE TO DEAL WITH INSURANCE OVER A TOTALED BIKE AND HOW MUTCH THEY WANT TO RIP YOU OFF! IF SO HOW DID YOU HANDLE IT AND DID YOU COME OUT TO THE GOOD OR GET SCREWED LIKE LIBERTY MUTUIAL IS TRYING TO DO ME! OFFERING ME $9260.00 FOR OVER A $15000.00 SHOW QUALITY BIKE!!! THANKS FOR ANY HELP LANDY(RIDE WORTH THE RISK!)

 

i feel your pain dude, but your insurance company could care less that you've upgraded your bike with aftermkt exhaust, paint, and whatever else you've done to it. those are all personal touches and don't really affect the value of the bike. i think you would run into the same thing with any insurance company. the simple fact is that our bikes, like 99% of the bikes out there, are going to depreciate in value as time marches on. i wish you the best of luck though!

 

The only way you would be able to recuperate the aftermarket parts is if you reported to the insurance company that you purchased them and they charge you more money for insuring them. It sucks but dealing with the :TRUEEVIL:insurance company:TRUEEVIL: always does...

 

Totaled

Don't let them have their way with you. You establish the value and make them bargain with you, you paid premiums, make them honor the deal. IF they can show you in writing that aftermarket is not covered, great, but fight, or go get the parts off the bike before they disappear.

1. Establish a LOCAL fair market value, from a dealer, from local sales, from local Ebay ads, etc., etc, for the SAME MAKE, MODEL, and YEAR.

2. Gather receipts from your checkbook, credit cards, sale ads, everywhere for ALL the aftermarket goodies. Don't forget the gear and helmet, if damaged.

3. Prepare a compilation of all values and send it to them by Certified letter.

4. Demand satisfaction. Show pics, get estimates from a big dealer, do not accept their "expert".

5. If necessary, climb the managment ladder until they are sick of you.

Larry

 

The only way they will cover aftermarket parts is if you declare them and take out "Declared Value" insurance. That's what I did on my restored '66 Mustang show car. I just hope I never have to use it.

 

Rip Off?

At the time you purchased the insurance did you pay for a policy to insure a $15,000 show quality bike or a factory 2007 Interceptor?
If the former....you should and would get paid for your loss!
If the later....who's zoomin who?

 

I agree with eddie and some of the statements above. The insurance company will only cover the value of the bike as listed in the blue book. They take into consideration condition and mileage. They do not take into consideration custom paint jobs, aftermarket add-ons, and what not, unless you have declared them in the policy, which usually requires a seperate policy that would cover those items.

By all means, get local values of that exact year and model bike that are for sale in your area. The ins co may be willing to ammend their estimate and give you more. I did that with a numbered specialty vehicle. They wanted to give me something like $1300 for the WRONG vehicle (a package car, not the numbered car) I pulled values from cars across the country (due only 1000 being made). The ins co gave me something betwee $2500 and $3000 for the car. You just have to have all your ducks in a row.

 

I tryed to get riders for all the extra work and parts and they told me some crap that at that time none were availible except $500.00 over and above the value and now all they say is that is included in the over all value that only translated into a $272.00 increse! You do the math! (Ride Worth the Risk!)

 

Dude, I feel your pain.....you lost your machine and now it's gone. That does suck, but you gotta come to an understanding that you can't put toothpaste back in the tube. Take what you can get and use your leftover pain to motivate yourself to build your next one even better. Life is a four letter word.........

Insurance is basically a "get what ya pay for" gig....if you didn't agree with the terms of your policy you should have looked into something that would have provided full replacement coverage. I'm sure the cost of such coverage was a limiting factor......you never get somethin' for nothin' in todays world.

Sorry about your bike..........

 

You do not seem to know how insurance works. Let me educate you.
BTW, I am a State Licensed Insurance Adjuster in 10 states and have handled claims for Liberty Mutual, CHUB, USAA, Farmers, Loyds of London ect.

If you buy insurance on a 2004 VFR 750, you are buying coverage to return it to stock condition or pay you current market value for a stock bike.

If you build up a custom, you must notify the insurance company so they can rate the policy accordingly and charge you for that coverage. Pull out you policies and read them since you are entering into a contract.

Next, you gear is not a covered item and neither is a GPS, camera ect. Your homeowners coverage might cover them though.

On my 2008 Dodge Cummins 2500 for instance, my policy will cover $1000 in upgrades without re-rating for items such as bumpers, wheels, stereo ect. You bike policy might also have such a policy.

But, you can remove any of those uncovered itemsand put the stock stuff back if it is a total or buy the salvage.

 

In KY, the helmet is a covered item, at least by State Farm. When I totaled an 07 R6S last year, I tried to get all my gear replaced and was told only the helmet was covered by my policy.

 

Thanks again guys but as it turns out I won in the end! I requested a new total loss team handle my claim who would have fresh eyes on things along with threats of a law suit and contacted my state insurance division a watch dog who act as a middle man in disputes and won big time! On just the bike I got more than I payed for it a year and a half ago!!! So if this can help anyone else GREAT. After all it is us aganst them and this is one for our team. All I can say is don't give up. This took me almost a month! Later Landy (Ride Worth the Risk!)

 

Actually, now we all get to pay for your negligence. You paid for basic coverage and got paid extra. Now all of our rates get to take the hit.


Rate you coverage for what you own and pay at those rates.

 

I think you know what you can do with your don't break or bend the rules!!! My dad was with state farm for 32 years and told me what they were trying to pull a confusion and frustration ploy they keep repeating the same amount over and over to confuse to the point of frustration that you just give up and accept being screwed. All I wanted was what was fair and to hide what they were trying to do they payed me off not to take it any further. As for your insurence payements I pay just as you do and neather will be affected by the little few thousand dollars they payed me off to keep quiet.(Ride Worth the Risk!)

 

Don't worry they'll just screw the next few customers to make up for it. Probably because I'm not in the insurance industry, but I have a hard time working up any sympathy for an industry that seems so ready to take your money and then try their best to low ball you when you need them. I'm basing this on my personal experience and not the OP. Yes, I know exactly what my coverages are and I've read all the fine print and last time I had a problem It took over 3 weeks and a conversation with the state regulator to get it resolved.

Action

 

You are lucky that I was not your adjuster. I would have shut you down and paid you exactly to the penny what you had insured. That was all you were entitled to receive. You and the company entered into a specific contract and You changed the terms .

You were not being screwed, you were screwing the company.

Hopefully they will return the favor by dropping you and putting a nice notation on your CLUE so you get to pay higer rates in the future.

How exactly did you total the bike?

As for a few thousand here and a million there. I get the joy of sending those who commit fraud to state and federal prison.

 

You know I am not some young punk here I am over 40 and have had many dealings with insureance problems and have had to fight every time for a fair settlement. So until you pull your head out of your ass and see what the world realy is like the rest of us do I might deside to have something more to say to you cjheap.

 

Your over 40 and still too irresponsible to fess up to your screw ups? That is sad.

You are the one who signed the contract for coverage on a stock bike then threw a fit when your add ons were not going to be covered by the policy you specified. If you did not like the terms, you should have gone to another carrier.
And a fair settlement was the coverage you actually paid for, not what you scammed State Farm out of.

So Landy, how did you wreck your bike? Stunting with your ITR group? You post it up on Youtube yet?

And I know how the real world works and I promise you will find out that Karma is a bitch.

 

You know you are a real jerk and I hope you are shunned on this site. I have been riding for 20 years now and don't risk my life doing so! Just so you know I hit gravel Slamed into a guard rail making a choice not to hit the SUV I was looking at head on. I Shattered my shin and now have a rod from knee to ankle holding my leg together. Oh this you will like it may be a YEAR before I can walk again & even then I will most likely will have a limp. So thanks for all your consern!