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VIC Bike value from insurance assessor. Help!

Discussion in 'Politics, Laws, Government & Insurance' started by Zealt, Oct 22, 2010.

  1. What options do i have if i think the valuation is lower then i think the value of the bike is?

    Its a GSXR1000 k5k6 model, i've been looking at the 05 valuations online, QBE says "that's just a guide you know" but all of them are over 2k more then QBE wants to pay or their assessor claims its worth, PLUS there are after market accessories Yoshi TRC Race pipe, anodized billet rear sets, crash knobs, and double bubble tinted screen that would increase the value after that!

    Is there any way i can get an Independent assessor to look at it, one who isn't associated with the insurer who has been a pain in the ass for a month.

    Or has anyone had any success getting a valuation increased, or know any good avenues of appeal?

    Any help would be appreciated, they are really beginning to stess me out, they already jibbed me over $100 on gear.

  2. From --> http://fos.org.au/centric/home_page/resolving_disputes/frequently_asked_questions.jsp

    Good luck mate!
  3. Hi Mate,

    Don't know if this is any help, but list all the bikes, their selling price and send it to them. I had a similar issue a couple of years ago when the misses wrote off the car and the insurer didn't want to stump up relacement value so I went through every car site and copied each add and argued that they agreed market value - which was an average of 17k when they offered me 14 after a couple of call they stumped up the extra.

    It's the assessors job to keep the claim as small as possible, you just have to prove that the $$$ figure won't get you a replacement of simliar year model.

    Good luck!!
    • Agree Agree x 1
  4. My parents went through similar BS many years back. They always claim their assessors use current market figures and are independant but even if they are, they know who is paying their wage.

    Stand your ground and jump through whatever hoops are thrown at you. Put forward as much current information you can get your hands on and if they won't come to the party then consider some independant assessors. Hopefully there will be some around that doesn't also perform a lot of work for your insurance company.

    Hate to be so cynical but I don't trust insurance companies.
  5. How much are they offering?
  6. Insurance companies offer you the wholesale value of your bike, not replacement or retail value..
    Lots of people accept the first offer..
  7. If internal disputes doesn't work, call the FOS.

    If your policy says "replacement or fair market value", ask them to replace it for you with one as per the terms in the PDS.
  8. You can hire an assessor yourself if you wish, that would help you with you argument. You will have to pay though
  9. Depending on condition, kms travelled, etc etc

    Low $7,300
    Mid $8,300
    Upper $10,900

    Upper price of $10,900 however I rarely ever see an assessor agree on using upper pricing. An independant assessor, or using your own initiative and presenting evidence as to why it should be worth more, is always an option.

    Did you have the mods/accessories listed on your policy?
  10. Well they did.

    I put together a package of adds of bikes in ok condition with similar K's and found add's of all the aftermarket accessories from multiple sources and got them from, mine was in exceptional condition, i wash and polish it regularly as well as keeping the exhaust polished, oil and filters changed more then needed, as well as other fluids.

    7K to 10K then to 12K then minus the excess of 600 brings it to 11.4k

    but that's direct info from the assessor to i hope the insurance company cant just say no but that's what he is recommending to the insurer.
  11. Are you saying that you are finding an above market valuation to be too low?

    If that is what their assessor is recommending then I don't see them knocking it back. Then again, I have never been a claims guy so this is all based on limited experience.
  12. qbe are bastards like that. agreed value ftw
  13. Are you making a claim or are you looking to get the bike insured? I found by looking around that the valuation for an agreed value policy varied by up to 30%. Excesses also varied by up to $300 .As to premiums....they can vary by up to 100%. I found it beneficial to shop around.
  14. Good advice RennsportRennsport however I suspect the OP has long since been paid out.. :)