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Do insurance companies actually FIX bikes anymore??

Discussion in 'General Motorcycling Discussion' started by hornet, Aug 13, 2008.

  1. I'm getting worried about all the minor accidents I hear of and know about where no matter how slight the damage, bikes are just written off. A mate had a minor crash on a brand-new 1200 Bandit; written off. My brother crashed on ice last week, broke the two right fairings on his 1996 model VFR-750; written off. Don't insurance companies FIX peoples' pride and joys any more :?

  2. ........
  3. One persons pride and joy is anothers too expensive to repair headache.

    It's a business. Why lose money to fix something :?

    Second hand bikes are cheap, but parts and labour expensive.

    I too suffered losing a bike with minor damage, after five months searching - was thankful for the hassle free process and move on.

    If you can't find a replacement used bike at the moment, you're being awfully picky :wink:
  4. This industry trend is a beauty
    Faired bikes are tremendously fruity
    So one spot of gravel
    And down comes the gavel;
    Us streetfighter fans reap the booty.
  5. @loz,
    when did u turn into a poet !?!?!?

    so, since i have a comprehensive cover, if I crash with my bike, even if its just the right fairing smashed or something... it ll be written off ? nd i ll be payed my full agreed amount? :|
    even if fixing the fairing will cost $1000, and the agreed bike value is $6000???
    thats strange !!
  6. Hurts when your ride is the fruits of months of personalizing.
    Nothing will ever replace that.

    That’s why I don’t insure & buy 2nd hand.
    Cheaper in the long run, as insurance is just a ‘bet’ every year : you don’t stack, they win. You stack, you win!
  7. Depends on what the "salvage value is"

    Agreed value = $6,000 - excess (say $400) = $5,600 is their worst case in paying you out.

    If they can get $4,700 for your bike at auction, it has only cost them $900 to pay you out, so are in front by $100 rather than paying the repairs.

    Also when you have written off your vehicle is important, as you get no premium back. So writing off in first month, you also lose 11 months of premiums, as opposed to 11th month when it is only one month - you do get rego and CTP pro-rata though.
  8. LMAO - nice one
  9. I didnt quite understand that part.
    Well, I payed $2700 for my bike, second hand, the insurance company said they agreed on a value of $6000 for my bike when they did my insurance last week.
    I have an excess of $500.
    So if I have a crash, and the repairing cost is $1000, would they still try to auction my bike ? :|
    Do i get $6000 minus $500 at any time I crash this bike and make a claim for more than $500 ??

    I checked on vicroads website just now, and they say, written off is when fixing the bike will cost more than the value of the bike. so fixing the bike for $1000 is not more than $2700 which I paid for it, or $6000 which is it's market value now, in this case, how would the insurance agency write my bike off :|

    This is soo different than what I knew insurance was...
    All this time, the insurance i had for my bikes in India was, if I crash my bike, they will fix it to the amount of the current value of the bike. (every year the bike will be valued calculating depreciation). So, I had to send the bike for repairs, and call up my insurance. They would come and get the quote from the repairer, value the damage sustained on the bike by one of their own inspectors, and if the inspectors say, the quote the repairer gave is correct, they will pay all my bills :|
  10. Read my post again around "salvage value" and "auction"
  11. I think a lot of it has to do with the cost of parts these days. When I low-sided my Bandit the parts alone were $4500/
  12. Swan still repair where possible, depends on the extent of the damage of course and to a certain degree which assessor you are lumped with.
  13. Thanks for the responses.

    I'm genuinely worried about this. My bike is now 10 years old, it has 120,000kms on it and it's insured only for market value. I figure if I scratch the mirror and claim (you know what I mean) they'll write it off and I'll never be able to afford to buy another bike with the payout :(.
  14. also the spray painters will quote higher for insurance.

    If my fairings get scratched it'd probably cost over 1000 in materials and labour just to spray it and that doesn't account for replacement parts.
  15. Dear Paul, where there's will there's a way -
    I could find you a bargain today.
    A slightly crashed sporty
    Can come up quite naughty
    And after all, plastics are gay.
  16. I low-sided a Ducati 748, I paid for the repair, no insurence. It totalled $854:50.
    Alot yes, but how much is premiums nowadays anyway?

    Fairing was scratched, it was bogged & sprayed, looked mint - as well as the right side ducktail (one piece).
    Busted front brake, right footpeg, rear brake levers, busted right rearview mirror, front indicator...


    So what I'm saying is damaging a m'cycle is not the end of the world. Insurence & 'new for old' has created an unaffordable situation & mindset in many people.
    I look at it this way. If you get into m'bikes, you have to be comfortable in having to pick it up off the road at one stage.

    ...and after this little personal rant of mine I discover it's not related to your topic anyway.... :oops:
  17. Assuming paying 12 months in advance option and that you pay the vehicle premium, rego and Compulsory Third Party (CTP) all on the same day.

    Am lucky enough to not have had to make a claim on CTP, but using your analogy, there would be no refund of any unused CTP if there was a claim, and there is.
  18. most of the insurance talks are kinda going above my head....
    all i think i understand is....
    i paid $2700 to the seller for my bike
    i paid $80 for the transfer of ownership
    i paid $750 as one time payment for the insurance
    total paid = 3530
    i choose on agreed price of $6000
    if i thrash my bike within the insured time, and somehow the bike is not re-usable, I will get $6000 minus $500excess = $5500.

    please correct me if am wrong :|