dinku
Registered user
I spoke with my local dealer he said that due to the age of the bike it should not be a problem at all for the insurers to pay off the finance company in full.
So its wait and watch perhaps...
What does it mean???
- Thread starter dinku
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I spoke with my local dealer he said that due to the age of the bike it should not be a problem at all for the insurers to pay off the finance company in full.
So its wait and watch perhaps...
I had an issue with a bike I crashed last year, where the first offer was somewhat low.
I then sent them a scatter diagram of age of bike versus milage etc from prices in UK shops, MCN etc. and marked their price on said diagram.
Now was clearly embarrassing low!
They got the message and phone call few days later it was much improved to my satisfaction.
I then sent them a scatter diagram of age of bike versus milage etc from prices in UK shops, MCN etc. and marked their price on said diagram.
Now was clearly embarrassing low!
They got the message and phone call few days later it was much improved to my satisfaction.
Not all insurers are the same....name and shame. £10k is an insult.
dinku
Registered user
Exactly. I thought it was very insulting and disrespectful. I want to give them a chance before naming them.
dinku
Registered user
I think I will do the same on Monday.
Ask them to evidence, how they have reached their valuation. Find any discrepancy between your bike and what they selected as comparable. If your bike is a one owner from new for example.
Remind them that they are required by ICOBS to treat you fairly, tell them to pass this matter over to their compliance department for action.
Compliance is not the same as complaint department !
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Remind them that they are required by ICOBS to treat you fairly, tell them to pass this matter over to their compliance department for action.
Compliance is not the same as complaint department !
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dinku
Registered user
I asked them how they came to this valuation. They said that they ref. To the glass's book of valuation. Now clearly they are lying as the book does not have a two week old bike on their book to validate it.
And at the same time I quoted them the prices of used bike and nearest I could fine was a 9 month old bike with 2500 miles on the clock. Being sold for £14,995. To that they asked me how much am I expecting for my bike
Obviously my reply was the purchase price minus my excess
When I had a total loss after hitting a deer in 2012, the insurer based the valuation on a basic GS rather than a GSA with all the options and full luggage. Once this was pointed out they revised there valuation considerably and after 3 knock backs by me with evidence (of my bike and comparative prices from a BMW dealer) I got an acceptable amount.....took a month though. This was with Allianz who were underwriting the BMW scheme.
This opposed to Aviva where our car was written off (not our fault) and they had paid out a market rate amount within 10 days with fab communication throughout the process. They then went to recover the amount through the other insured party.
I was expecting all sorts of trouble but only received good service and good value. Bikes now insured with them.
This opposed to Aviva where our car was written off (not our fault) and they had paid out a market rate amount within 10 days with fab communication throughout the process. They then went to recover the amount through the other insured party.
I was expecting all sorts of trouble but only received good service and good value. Bikes now insured with them.
There was an article couple of month ago, in Car Mechanics, saying glass's have stopped publishing book, it is online.
So they're talking shit.
Bmw dealer should be able to search network for equivalent bike. Possibly an ex demo bike ?
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So they're talking shit.
Bmw dealer should be able to search network for equivalent bike. Possibly an ex demo bike ?
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Deleted account Aberdeen GS
Registered user
+1, it may be a slow process, but dont settle for anything but. abrand new identical spec bike .
What, you are legally entitled to, is to be back in same situation prior to loss.
If, your bike was new to you; then replacing it with a pre-owned bike, is not like for like.
Don't forget to add in the replacement cost's of your chain etc; who knows it maybe close to what your excess is
Shame if it is not available for inspection because they took it with the bike !!!
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If, your bike was new to you; then replacing it with a pre-owned bike, is not like for like.
Don't forget to add in the replacement cost's of your chain etc; who knows it maybe close to what your excess is
Shame if it is not available for inspection because they took it with the bike !!!
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Disagree, If I bought a bike new to me three years ago, I could not expect a new model as replacement. It needs to be like for like although I accept in this situation they may as well buy a new one. However I suspect a pre-reg del miles would be the closest if one could be found
But, his bike isn't that old.
If you bought your bike new, had it main dealer serviced, and the insurer tried to replace it with one the similar age/mileage but it has no service history and has had 10 owners in past three years would you not reject that replacement as not like for like ?
If you went into motorrad and saw two identical bikes in everything save for bike (a) had one owner and bike (b) two owner's; do you think they would be same price ?
Which one would you purchase if they were identical, save for number of previous owners ?
There is more to replacing a bike like for like than just condition/age/mileage.
If, in general terms, you've just bought your bike last week for £10k, is that not the market value ?
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If you bought your bike new, had it main dealer serviced, and the insurer tried to replace it with one the similar age/mileage but it has no service history and has had 10 owners in past three years would you not reject that replacement as not like for like ?
If you went into motorrad and saw two identical bikes in everything save for bike (a) had one owner and bike (b) two owner's; do you think they would be same price ?
Which one would you purchase if they were identical, save for number of previous owners ?
There is more to replacing a bike like for like than just condition/age/mileage.
If, in general terms, you've just bought your bike last week for £10k, is that not the market value ?
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dinku
Registered user
So insurance called today and said they will make part payment today to the finance company as dictated by their regulators.
And it does not mean that I have accepted their valuation. I have sent them 3 quotes of used bike with similar specs but a few months old and all of them are more than 14,990. Then they asked me again on what I am expecting I have said that I would accept the list price.
Is this normal practice to do part payment?
And it does not mean that I have accepted their valuation. I have sent them 3 quotes of used bike with similar specs but a few months old and all of them are more than 14,990. Then they asked me again on what I am expecting I have said that I would accept the list price.
Is this normal practice to do part payment?
From memory, I think they are legally required to settle any outstanding finance first.
Contact financiers, and get a settlement figure from them, mistakes do occur.
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Contact financiers, and get a settlement figure from them, mistakes do occur.
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dinku
Registered user
The insurers have the settlement figure but are refusing to play fair. 
Ask to speak to compliance department due to breach of ICOBS. Record all conversations and follow up with email detailing conversation.
Ask for breakdown, in writing of their valuation and of discrepancy between BMW dealers who you'd expect to have a better knowledge of the market than them.
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Ask for breakdown, in writing of their valuation and of discrepancy between BMW dealers who you'd expect to have a better knowledge of the market than them.
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dinku
Registered user
I have done exactly this. i.e. Sent a follow up email after the conversation so that there is a "paper trail".
I am planning on giving another week and then call them again and see what happens.
I do not want to speak to the compliance department about breach of ICOBS yet as they have not refused or given a final valuation yet.
It is the being fair bit, which is part of the code and a requirement for the to trade as an insurer.
My son is training as IFA and he says, this is one thing that scares them. The insurer's have to prove they've been fair and reasonable not the other way round.
Always be polite, no matter how much they may wind you up. Keep asking for info, it is your right after all.
With new reg in a couple of week's, there maybe some deals going ?
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My son is training as IFA and he says, this is one thing that scares them. The insurer's have to prove they've been fair and reasonable not the other way round.
Always be polite, no matter how much they may wind you up. Keep asking for info, it is your right after all.
With new reg in a couple of week's, there maybe some deals going ?
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The problem that the insurance company have got is that your bike is so new that it includes the dealers profit and otr. costs. the actual value of the machine is quite a bit less than what you have paid and they cover the value of the machine, and not the machine with added profits.
having said that insurance companies are generally a shower of s**t over Shropshire and are to be treated very firmly and politely. In my experience they do respond to any facts and figures that you can give them to bolster your claim. That part about what were you 'wanting or expecting' is utter amateur hogwash, and should be swept aside with the contempt that it deserves. they are asking you to give them a figure, and if they like it, they will agree to it. Always let them make the offer and you refuse until a point where you feel satisfied.
Problem is .... If it's got tits or tyres it's gonna cost money .... and this is one of those occasions most likely.
Good luck.
having said that insurance companies are generally a shower of s**t over Shropshire and are to be treated very firmly and politely. In my experience they do respond to any facts and figures that you can give them to bolster your claim. That part about what were you 'wanting or expecting' is utter amateur hogwash, and should be swept aside with the contempt that it deserves. they are asking you to give them a figure, and if they like it, they will agree to it. Always let them make the offer and you refuse until a point where you feel satisfied.
Problem is .... If it's got tits or tyres it's gonna cost money .... and this is one of those occasions most likely.
Good luck.
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