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NSW Bike to be written off - now what?

Discussion in 'Politics, Laws, Government & Insurance' started by Notorious_Noob, Aug 26, 2013.

  1. Hey guys

    Well my parked bike (CBR125R - first bike! Don't laugh!) was reversed into by a very nice lady and it fell. Long story short, after waiting 4 weeks and going through the whole insurance rubbish the cost assessor went out and had a look at it at the workshop today, apparently it will be a write-off. So what happens next?

    I don't have insurance on my bike (besides CTP), it's the lady's insurance we're going through as she was at fault. Do I get market value for my bike? Or do I get how much I initially paid for it?

    Also, what happens to my bike? I know I cannot ride and and I believe in NSW it cannot be re-registered. Do I need to take it the wreckers or does the insurance company sort that stuff out? Do I get paid out for some portion of my CTP insurance (as obviously I'm not going to be using it)?

    Depending on how much I get, will definitely be looking to get something bigger for my second bike (still on my L's though).

  2. Once the insurance company pays you for the bike, they own it. Their problem to take it away.

    As for what you get, demand whichever is highest. Don't let the insurance company tell you what they are going to give you. Their contract is between themselves and the insured. You have the right to demand whatever you want. Balance that against what is reasonable, for a quick payout.

    And I believe you can claim some of your CTP back.

    And next time get Third party Property and Damage at least.
  3. You will get market value less on road costs which the RMS and your CTP insurer will refund you prorated.

    The insurance company might want to pay you market value less salvage, meaning you keep the wreck and have to sell it yourself, it's up to you but I wouldn't except such an offer.

    Fingers crossed the 3rd parties insurance company does play hard ball with you.
  4. This.

    In addition, as the insurer does not have a contract with you for insurance, the bike does not automatically become theirs once they pay you out for it. In my experience the standard settlement outcome is less the salvage value and you own the bike, which you are then responsible for selling as salvage.

    Some insurers may do you a nice thing and sell it for you (others on this forum have said this has happened to them) but i don't see legally how that would work, as they do not own the bike and you have never signed ownership over to them.

    But play fair and you will be treated fair. Also keep in mind that when they come to you with a payout amount, just ask for the evidence of how that figure was derived so that you can review if it is fair or not. Most go by pre-accident condition, current book values, and similar bikes for sale in your area.
  5. This happened to me years ago with my car and I was paid out and also kept the car
  6. Thanks fellas. They got back to me saying they will give me pre-accident market value for the bike less salvage value. The workshop that currently has my bike said they will buy it off me for the salvage value quoted by the cost assessor. The amount quoted to me by the cost assessor seems more than reasonable so all in all looks to be a good outcome. Just need to get the paperwork done and to receive the cash from the insurance company and then I'll be off to look for a new bike.

    Just hope they don't take ages in handing over the money. Been without a bike for over a month now!

  7. Good to hear its a nice and easy outcome. The way it should be.
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