Insurance Valuation

[tjmouse]

So I got a text yesterday saying my beloved GS was being written off. Expected but I’m still gutted.

She was in perfect condition, 20000 miles, 2012 triple black and totally mint, even had a BMW warranty on her still!

So now I’m waiting on whatever lowball offer they come up for valuation, any tips on how I can maximise what gets paid out for her to minimise the inevitable hit to my wallet?

 

[Guru Gora]

For a car I sent various links to adverts, trade and private of similar cars and specs and told them that the real world price was above their offer, even allowing for haggling.

They upped it to mid range of ads.

Cheeky initial valuation just to try and get you to close the case.


Good luck with it


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[er-minio]

What was the damage?


My GS was supposed to be written off twice over the years

 

[Steptoe]

Never ever accept the initial offer. Even if it wildly exceeds your greatest expectation

 

[wessie]

Find out the cost of replacing the bike with the same spec at a dealer. As a negotiating tactic, ask them to put you in the same position as you were before the incident, advising them of the retail replacement cost. They will try to fob you off with the trade in value but stay firm, rejecting low offers and suggest you will appeal to the ombudsman if they become stubborn.

 

[tjmouse]

What was the damage?


My GS was supposed to be written off twice over the years

Fronts all smashed up and forks are snapped I believe. Haven’t seen the damage report / fox estimate yet so I’ll ask for that when I speak to them.

 

[littleade]

Was anyone else involved and are you claiming of their insurance? If so I think you'll be in a stronger position to get what it'd cost you to replace it from a dealer. Good luck

 

[er-minio]

Fronts all smashed up and forks are snapped I believe.

Ok, in that case makes sense.

 

[GSite]

Look into the policy to if see if you declared or are covered for the cost of any extras. If so, Consider the value of these at new cost which would have to be purchased again for the replacement bike at dealer price to come up with an overall cost to replace the whole thing on a like for like basis. Be careful not to claim for an extra that was not declared in case they try to say you were not transparent at the outset and attempt to decline the claim.

 

[tjmouse]

Was anyone else involved and are you claiming of their insurance? If so I think you'll be in a stronger position to get what it'd cost you to replace it from a dealer. Good luck

Yes. Full liability on the other party fortunately

 

[littleade]

Yes. Full liability on the other party fortunately

No reason for you to be out of pocket then as they've admitted liability.

 

[tjmouse]

No reason for you to be out of pocket then as they've admitted liability.

That’s what I’m hoping. Although I can’t find a bike as clean as mine was for sale at the moment which might make it more challenging.

 

[Guru Gora]

Use old ads too that have sold

 

[Scotriders]

Use old ads too that have sold

But keep in mind that the price of everything is high at the moment, but it's a buyers market so I'd look at dealer prices.

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