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VIC Do I accept Market Value?

Discussion in 'Politics, Laws, Government & Insurance' started by Fewy, Mar 18, 2015.

  1. Hi All,
    Got knocked off my bike last week.
    It's an old bike so parts and fairing are hard to come by.
    Driver has accepted liability and I have a claim #.
    Done a quick cost myself and repairs will cost approx $6k.
    I have no insurance
    Some fairings are no longer available and will probably have to be customer made.
    Market value of bike will be around $4k.
    Question is!
    Do I have to accept market value for bike as costs will exceed market value or can I push for them to repair bike?

  2. Just accept market value. You wouldn't get the $6k in court.

    See if you can get $4k and keep the bike. Pull the fairings off and ride it round if the rest is not too bent.
    • Like Like x 2
  3. Ahhh some sense at last
  4. Think about it. If you had insurance, you would only be entitled to the insured value. You wouldn't be entitled to the total repair costs. Insured value is usually offered as market price.

    I wouldn't procrastinate too long either. The guy might decide to make things difficult for you.

    Don't expect to keep the bike, but if you can, it's a bonus. You could part it out on ebay and even end up in front. But get the guy to sign some sort of document that he claims no right of ownership for the "wreck". You don't want him coming back later.
  5. I'm guessing the offer is from either driver's or OP's insurer, not the driver himself.
  6. ah yes i see the referene to the claim no now.
  7. Accept the market value they have offered, you WILL keep the bike as you are the third party. In no instance can the at fault insurer retain your vehicle, you don not have a contract with them.
    • Like Like x 1
  8. Good information I didn't know. Cheers.
  9. Have u ever been in this situation mate ? I have 5 times and I never kept the car / bike . The insurance company took it
  10. maybe you want to ride/drive a bit more carefully
  11. Good one but these were obviously accidents where the other party was at fault and I have been driving like a cut snake for 25 years
  12. I doubt if they could make you sell them your bike. They might argue there is some intrinsic value in the wreck,(and reduce the $4k) but they might not the bothered to argue too hard if you want to be a pain.
  13. Your insurance company can take the bike if they make full payout in the event of a claim, regardless of whether they can make recoveries from a third party.

    In the case of the OP, as it will be a direct payment from the TP's insurer to the OP (OP has no insurance himself) they cannot take the bike or claim ownership on it, the only differing factor in this is that if you sign a release that effectively states you will offer the total loss vehicle (damaged bike) in exchange for payment of $X - they may be able to. They won't often try this anymore though.

    IN answer to the OP's original query - you won't get anymore for the bike than fair market value. Just make sure the market value is for you and and your location, i.e not market value in Adelaide for your bike in Melbourne (you'd be surprised how often they tried that tactic - and unsuspecting people accept it too).
    • Agree Agree x 1
  14. Okay,
    Thanks for all the replies.
    The bike is a GSXR 750 H 1987.
    Assessor is coming around on Monday.
    Bikepoint has market value at $3900 to $4600.
    The only other 87 Gixxer for sale is in QLD for $7700.
    How can they claim market value is $3900+ when there is one for sale at $7700?
    Understand that one is in smick condition.
    So I think I am going to be a real pain in the butt to them.
    Also have helmet, gloves, draggin jeans and damaged property to claim.
  15. try as much on as you can
    good luck
  16. Oh man that's a collectors item.. Yeah that's more like $7k.

    I would so fight that. You can't just go buy another like a new bike.

    Sad to get such a sweet bike get totalled.
  17. No, but I own a panel shop and have dealt with this situation many times. The thing you need to realise, the OP is going through the at fault persons insurance, that is the key difference.

    Whilst we're at it, the insurer will low ball you each and every time, it's their job to save the company money. I say screw the company! Be prepared for when the assessor comes out, have that solitary example for sale printed and at the ready. Explain to him the bike is worth more, give him your reason, he'll argue it's old worthless etc.

    Don't get into the emotional side, stick to facts. Tell him to replace your bike with a near identical one it'll cost X amount and then whip out that add. You'll be able to negotiate from there, if no love ask to have it escalated to the Internal Dispute Resolution department ASAP so you can then lodge a complaint with the Ombudsman.
    • Like Like x 1
    • Informative Informative x 1
  18. Exactly, then can't make you give up the bike, but they can make it a condition of payment, or they can subtract the wreck value fromt he payment. It's up to you whether yo accept the terms.

    Which may account for why the OP has only been offered $4k.

    Or they've just taken the Redbook value, which is rarely right for bike, particulary more collectable ones like this.

    I agree with the others in doing your own research on more realistic value and then making the argument. Assessors do have some latitude, so, so long are your arguement is good, you should see some improvement.
  19. Okay,
    Update on this,
    Got $6K for the bike with a buy back of $100 with vicroads kept out of the loop.
    Pretty happy with this as should be able to get the bike up and going again for about $1k.
    All in all assessor was quite knowledgable on my bike. I initially was reluctant to accept the buy back but when he came back with $100 offer well that was readily accepted. If it had been a over $1k, I reckon I would've put up a fight and made them fix it.
    So pretty happy with the outcome but would've rather not been in the position to begin with.
    • Like Like x 2
    • Agree Agree x 1
    • Winner Winner x 1