Author Topic: Crashed on black ice  (Read 763 times)

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OnlineDavid.

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    • Model/year: R 1200 RT / 2012 (Twincam)
    Re: Crashed on black ice
    « Reply #15 on: 2017-12-29 15:04:45 »
    Year Dealer Private Part Ex Mileage
    2014 £9,900 £7,900 £6,950 5,700
    2015 £11,450 £9,150 £8,050 4,300
    2016 £13,200 £10,550 £9,250 2,900
    2017 £15,400 £12,350 £10,800 2,000

    Looking at the above Private values, between 2015 @ £9,150 & 2014 @ £7,900 that's a depreciation of £1,250, say £100 per month.

    The bike was insured in May for £12,000, that's 8 months ago, therefore, say good bye to £800, now £11,200, minus an excess mileage amount.
    « Last Edit: 2017-12-29 16:49:12 by David. »

    OnlineDavid.

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      Re: Crashed on black ice
      « Reply #16 on: 2017-12-29 15:23:03 »
      Here is a 2015 bike with 24,000 miles for £10,000, https://approvedused.bmw-motorrad.co.uk/UK/detail.cshtml?on=373629

      With an offer of £10,550 from the insurers, walk into a BMW Dealer with a wedge of cash (no part-ex) & see how the screen price falls.

      If the bike had been on a BMW finance deal or PCP, excess mileage would have cost 8.67p/mile. The damaged bike has done 24,000 miles in 2 years. When my last RT was part-ex'd, I was told it should have around 4,000 miles per year. Allowing 6,000 miles per year, the damaged bike is 12,000 miles over the odds, that's another £1,000 off it's value.
      « Last Edit: 2017-12-29 15:58:51 by David. »

      OfflineLevisp

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        Re: Crashed on black ice
        « Reply #17 on: 2017-12-29 16:03:56 »
        Here is a 2015 bike with 24,000 miles for £10,000, https://approvedused.bmw-motorrad.co.uk/UK/detail.cshtml?on=373629

        With an offer of £10,550 from the insurers, walk into a BMW Dealer with a wedge of cash (no part-ex) & see how the screen price falls.

        If the bike had been a BMW finance deal or PCP, excess mileage would have cost 8.67p/mile. The damaged bike has done 24,000 miles in 2 years. When my last RT was part-ex'd, I was told it should have around 4,000 miles per year. Allowing 6,000 miles per year, the damaged bike is 12,000 miles over the odds, that's another £1,000 off it's value.


        I kind of agree. I think £10550 is not a bad offer. We all think our bikes are worth more than they are due to comparing them with dealer bikes. The reality is very different. Options is another area which in reality my make a bike sell quicker but not always for any more. After all this pain look forward to more expensive insurance. If you have no claims protection you will keep that but as a claim has been make your risk goes up and so the base figure will go up. Expect to pay more.




        Offlineds99

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          Re: Crashed on black ice
          « Reply #18 on: 2017-12-29 16:33:35 »
          insurance companies NEVER pay out the proper full value for a writeoff claim


          same with cars. it's always 10-20% less than the vehicle is worth




          OfflineSilverFox

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            Re: Crashed on black ice
            « Reply #19 on: 2017-12-29 17:17:51 »
            Sorry to hear about your problems regarding valuation. My bike was declared a Category D write-off in July after my (best) friend rear ended me in Belgium.  There is a separate thread on that subject which details damage and cost of parts etc. As regards a comparison to your situation my bike was a 2014 LE with Audio, Dynamic package and colour coded top box with 14,900 miles; no cylinder head protectors although have them on the new bike. I thought the  insurance assessor was very fair. He asked me what I thought the bike was worth and I replied that trade price was c. £12,000 but felt that as my bike was in mint condition that it was worth more. His reply was ‘yes I can see that from the photographs ( the whole interaction between him and the dealer who supplied the repair estimate was by email and photographs) so would £12,750 be acceptable to you?’ Much as I hated seeing a still mint bike being carted off to auction I thought that it was a very fair price. As has been said elsewhere in this thread I think it should be replacement cost of buying a bike of same age and condition from a dealer as opposed to p/x value. On the downside I guess that the time of year might have some downward pressure on prices. Hope this helps you in some small way.

            Offlineds99

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              Re: Crashed on black ice
              « Reply #20 on: 2017-12-29 17:26:08 »
              this is one of the downsides of having a nice new-ish bike. in addition to it being more "nickable", one little drop/prang and the bike is written off, you lose on the payout and your insurance goes up too


              it's probably just as well i can't afford a bike worth more than £4,000...

              Offlinecirclehappenork

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                Re: Crashed on black ice
                « Reply #21 on: 2017-12-29 17:45:18 »

                @ David.
                What you see depends on where you stand. This bike is a SE and mine was LE. There's a bike from this dealer on my comparison (Number 8.).
                As to depreciation - this does never work. Anyone can give completely different values after n time. I doubt that the insurance company would bother/understand if I'd present them analytical calculation.
                PCP - yes, my bike is on this, however the excess mileage differs and I 'lose' £500 on it. Same as with depreciation I think it's not something appraiser is considering.


                We all think our bikes are worth more than they are due to comparing them with dealer bikes.
                I think that I've made a cold minded calculations to come to value I'm expecting to get.




                After all this pain look forward to more expensive insurance. If you have no claims protection you will keep that but as a claim has been make your risk goes up and so the base figure will go up. Expect to pay more.
                I agree this sucks. They should pay me more, to cover the future difference  :)


                insurance companies NEVER pay out the proper full value for a writeoff claim


                same with cars. it's always 10-20% less than the vehicle is worth


                I disagree. I bought my previous bike for £1500, after two years was written off, valued at £2000.


                @ SilverFox
                Thank you. I knew I read about someone else having a write-off, but couldn't find it (didn't search for 'knocked').




                I've posted here not for people giving me examples of other bikes for sell, but for past experiences, real life situations like from SilverFox.

                OnlineDavid.

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                  • Model/year: R 1200 RT / 2012 (Twincam)
                  Re: Crashed on black ice
                  « Reply #22 on: 2017-12-29 18:01:42 »
                  Is the offer of £10,550 net of any policy excess being deducted.

                  Offlinecirclehappenork

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                    Re: Crashed on black ice
                    « Reply #23 on: 2017-12-29 18:06:55 »
                    Is the offer of £10,550 net of any policy excess being deducted.
                    Nope, I've got excess of £400

                    OnlineDavid.

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                      Re: Crashed on black ice
                      « Reply #24 on: 2017-12-29 18:42:56 »
                      Confused.com says, https://www.confused.com/motorbike-insurance/guides/how-to-claim-on-your-motorbike-insurance

                      "What if your motorbike is written off?

                      Your insurer’s assessor will declare your bike a write-off if the cost to repair it is greater than its value. In which case they’ll offer you a cash sum, less any excess."


                      When my VFR800 was written off, I don't recall paying an excess before accepting the cash sum, seem to think is was deducted at source.
                      « Last Edit: 2017-12-29 18:49:52 by David. »

                      OnlineDavid.

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                        Re: Crashed on black ice
                        « Reply #25 on: 2017-12-30 09:38:21 »
                        Out of interest, following a total loss claim, what happens with regards to a PCP deal.

                        Does this sound right, any outstanding monthly payments remaining over the term of the contract, the optional final payment, plus any excess mileage charge, would have to be paid to the finance company who own the motorcycle.

                        Reading the BMW Motorrad Select (PCP) FAQ's, the above would seem correct.
                        « Last Edit: 2017-12-30 14:30:11 by David. »

                        Offlineds99

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                          Re: Crashed on black ice
                          « Reply #26 on: 2017-12-30 17:30:47 »

                          Quote
                          Out of interest, following a total loss claim, what happens with regards to a PCP deal.


                          Does this sound right, any outstanding monthly payments remaining over the term of the contract, the optional final payment, plus any excess mileage charge, would have to be paid to the finance company who own the motorcycle.


                          Reading the BMW Motorrad Select (PCP) FAQ's, the above would seem correct.


                          yep, correct. if you prang your new PCP bike.....you still have to pay the agreed payments/amount


                          see


                          http://www.motorcyclenews.com/insurance/insurance-advice/2016/april/what-happens-if-my-pcp-bike-gets-written-off/
                          « Last Edit: 2017-12-30 17:49:44 by ds99 »

                          Offlinecirclehappenork

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                            Re: Crashed on black ice
                            « Reply #27 on: 2018-01-12 21:48:12 »
                            I'd like to give an update of how my situation ended (well is almost done).



                            I have taken my case to their (insurer) claims department and it was reviewed the very same day. It was given to one of their managers and I was offered £11,200 supplemented with 6 examples from different BMW dealers. I was still unhappy with the valuation and I made a counter-offer of £11,600 rationalising my case by pointing out extras that were missing from the above mentioned examples and it was accepted.


                            I was also surprised, that the salvage percentage changed from 30 to 26% (I was told that's not negotiable and or it's not true or I've been lied to). On Wednesday I went to have another look at my bike at the scrap yard and I'll have it back (hoping that they won't tell me to pay any undisclosed charges).


                            In the end I'll have to pay them ~£1.5k and keep the bike.

                             

                            anything