emdotdee Posted August 19, 2009 Share Posted August 19, 2009 Hey everyone, As some may have read my bike got stolen a couple of weeks ago. It was a 2005 Yamaha XT125x - red - in perfect condition, full service history, recently had new chain, spark plugs oil, etc, less than 6000 miles on the clock. Anyway, the insurance have got back to me offering a net total of £750 for it (£1150 minus £400 excess) and I think that's a bit shoddy as I think that if I was part exing it I would have got more for it. When I insured it last year the value put on the bike was £1995 (which was probably a bit high) so I kinda thought they would go closer to that? Any advice on what I should do next? Can i decline that offer and they'll reconsider? Should I collect some information together before calling them? (I can't decline the offer on the letter they sent me) or should I just accept and get over it? Any advice would be appreciated, thanks. Link to comment Share on other sites More sharing options...
Moderator Goff Posted August 19, 2009 Moderator Share Posted August 19, 2009 Get a couple of independant valuations. Go to some bike shops and ask if they would be willing to put in writing what your bike would be worth inthe condition it was in. Get a couple. Also go onto auto trader etc, and see what the cost is to buy one like yours - print those off. You DO NOT have to accept their first offer, but i'd try the above then send copies to the insurance company. Link to comment Share on other sites More sharing options...
Moderator Airhead Posted August 19, 2009 Moderator Share Posted August 19, 2009 Yes dont accept the first offer, trawl the trade ads and try to find similar age same type bikes for sale, try parkers valuation guide, i think they have an online version. That offer did seem a bit low for such a young bike in good condition. Link to comment Share on other sites More sharing options...
Ttaskmaster Posted August 19, 2009 Share Posted August 19, 2009 They base it on model, age, mileage and condition. They use the same guide books as the Dealers and they always offer you less. DO NOT take their first offer. My other half used to work in this field. I'll ask her advice. Link to comment Share on other sites More sharing options...
Ttaskmaster Posted August 19, 2009 Share Posted August 19, 2009 "Ok.... He needs to go on Autotrader and find similar bikes with similar mileage selling for more in his area (I would put that to about 60-100 miles from his home postcode). Print off these (taking copies for himself). Also if he can compile all the service history including any recent bits he has done, although this doesn't actually add value, it shows that the bike was well looked after and so should be more likely to demand a higher cost if sold. Another useful thing to do is - if he knows someone in the bike industry who could lay their hands on a Glass's Guide (which is used by insurance companies when coming up with the valuation), find out the top retail price, private sale price and trade-in value of his bike, noting any mileage difference and use this against the insurance company to up the offer. The best thing to do is call the insurance company, explain that he was expecting a higher figure (good to have one in his mind - although be realistic!) and state that he has been on the net and seen his bike being sold for more locally, plus he is aware that the Glass's Guide figure is higher (this is probably the case), have this information to hand and the capability to fax/post to them if requested. If he is calm and friendly and is clear that he only wants a few hundred more, then they may just up the offer to get rid of him and close the file. He must be aware that the "insured for" value means nothing when it comes to a total loss/theft payout. If he doesn't get any joy then I would write to the manager of the department (get their name from the person he talks to) explaining why the bike was worth more (so include the Autotrader print outs). Give it about a week or so and then call up if he has not heard anything. It is always worth trying to get a fair price for something that you have insured. Unless of course you are desperate for the cash!" Link to comment Share on other sites More sharing options...
emdotdee Posted August 21, 2009 Author Share Posted August 21, 2009 "Ok.... He needs to go on .......... Hey, thanks for the reply. I've just checked auto trader and can only find an 06 bike that's the same as mine (but with over double the miles) going for £1150 so I think I'm gonna get a bit stuck if I ask for more money because of the £400 excess (excess is the biggest load of bullshit ever) I also went on the glass's guide and it says something about not being allowed to use it for insurance purposes. Gah, just feel totally screwed over. I paid £400 for the insurance and just feel like i'm getting nothing back. edit: Just to add, the insurance company today have already sent me a "cheque by way of interim payment." Does it mean that i'm stuck having to accept that? Link to comment Share on other sites More sharing options...
Moderator Cynic Posted August 21, 2009 Moderator Share Posted August 21, 2009 Hey, thanks for the reply. I've just checked auto trader and can only find an 06 bike that's the same as mine (but with over double the miles) going for £1150 so I think I'm gonna get a bit stuck if I ask for more money because of the £400 excess (excess is the biggest load of bullshit ever) I also went on the glass's guide and it says something about not being allowed to use it for insurance purposes. Gah, just feel totally screwed over. I paid £400 for the insurance and just feel like i'm getting nothing back. edit: Just to add, the insurance company today have already sent me a "cheque by way of interim payment." Does it mean that i'm stuck having to accept that? I would think its a bit of a trick, read the small print i wouldn't mind betting you cash that and then you have effectively accepted the decision. Link to comment Share on other sites More sharing options...
up.yours Posted August 21, 2009 Share Posted August 21, 2009 dont cash it if you want to refuse the offer,the insurance tend to check prices of local bike shops for prices b4 they make you an offer ,so if you ask them they should be able to provide you with shops n garages that they have seen, same bikes n prices they have qoated you,thats what i did.i also have an aggreed value ,but mines classic insurance. Link to comment Share on other sites More sharing options...
mike1949 Posted August 21, 2009 Share Posted August 21, 2009 One thing to bear in mind, and this is speaking from experience. "WHAT EVER THEY PAY YOU, THEY WILL GET THEIR MONEY BACK! Be it through higher premiums or lower no claims discount. Link to comment Share on other sites More sharing options...
drums Posted August 22, 2009 Share Posted August 22, 2009 Up yours is right DONT CASH IT once you do your toast, its like them telling you where to get it fixed Remember Insurance cos/agents are 100% worse than you local thieves they are not there for your interes only for your $ or#. Glenn in sw ont. and as per the following quote Be it through higher premiums or lower no claims discount. Link to comment Share on other sites More sharing options...
emdotdee Posted August 24, 2009 Author Share Posted August 24, 2009 Hey again, I phoned the insurance company today to tell them that i'm not happy with the offer(It's took me ages cos I feel so nervous on the phone haha) They basically said what you guys said, if I fax them some proof of prices of other bikes for sale then they will get that back to their engineer and possibly increase the offer. Because I couldn't find any bikes in the auto trader i'm thinking i might be best going to some local bike shops. let them know my story and see if they'll give me some good offers. Also, without me even asking the woman on the phone, she said that the interim cheque they sent out could be cashed and it wouldn't effect the claim if they decided to increase the offer. What dya think? Link to comment Share on other sites More sharing options...
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