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[VIC] Insurance agreed value for a Write-off - but I just bought $500 tyres!

Discussion in 'Politics, Laws, Government & Insurance' started by freo43, Sep 30, 2010.

  1. Wondering if anyone has had experience with this one.
    I had a low speed bingle, no personal injury, but the bike was damaged on both left and right sides. Found out yesterday that the assessor is calling it a Total Loss.

    I have an agreed-value SWANN policy which is for a fair price, however a week before the accident I spent $500 for new tyres and about $300 for new brake. Therefore - the bike is now worth $800 more than the agreed value at the time the policy was taken out.

    1 - Will they just say I should have updated the policy with a new agreed value?
    2 - Can I negotiate over these items. (they're undamaged).
    3 - Can I take the new tyres and brakes off and replace with old ones before they ship it off to the Fowles damaged vehicle auction? It's at a repairer's at the moment

    Thanks for your help and knowledge
  2. How much petrol was in it?
  3. i would of striped it back to basics before they inspected it (ie never get it sent to a bike shop), as for the rest dunno what you can do now.....if it's friendly bike shop they might allow you switch a couple of parts (but i wouldn't hold your breathe)

  4. Therefore - the bike is now worth $800 more than the agreed value at the time the policy was taken out.

    No it's not - seems like it should be, but no, especially if you did no capital improvement to the bike.

    Can you buy the "wreck"? Do you want to?
  5. You forget that as soon as you move the bike with the new tyres on they're second hand and lose something like 50% of thier value, same with the brake pads.
  6. Tyres and brakes are not there to increase the value of the bike, they are an expendable commodity designed to wear out in the normal running of the bike.
    It's just bad timing you bingled when you just forked out for them.
    If you really want take off the brand new tyres and replace them with an older set then you have new tyres for your next bike.
  7. The bike is theirs now. I'll be surprised if they let you pull the brakes and tyres off it. Really surprised.

    As the others have said you wouldn't have been able to update the agreed value anyway - they're consumables that don't effect the market value of your bike.
  8. Put the old tyres on and let the Insurance company deny your claim because the bike's unroadworthy!:D

    I wish every repair I made added the same dollar value to the bike...:-s
  9. Your only option is to request to pay the salvage of the bike and see what they say.
  10. If you wrote the bike off with worn tyres that were only just legal, would it be reasonable for them to not give you the full agreed value because the bike is worth less due to worn tyres? :p
  11. Nope. They would have to pay out full value.

    To the OP the advice given here is 100% correct.
  12. Thanks all for the mostly informative opinions :) I'll put it down to bad timing... the same could be said for the accident caused by a car passenger opening their door at a green light to get out of the car!
  13. Its my understanding that the bikes still yours until you sign it over to the insurance company.
    Ring the assessor or your insurance agent and see what they say..
    Or ring another company and in the process of getting a "quote" for insurance, ask them what you can do..
  14. What would that achieve?
  15. I believe that it is yours until you get paid for it.
  16. If its yours and there are extra's that you dont believe will decrease the insurance value you should be able to remove them..

    The call to the insurance co was to find out what their interpretation is. If you start replacing near new parts for old, Will they decide that they're not paying the claim?
  17. Tyres and brakes are not covered under an insurance policy anyway. If you brake hard and leave flat spots etc, you cant claim on tyres. In regards to your question, look at your policy, see what is covered., anything they dont cover as in aftermarket pieces, you can take off, however if you do, you have to replace them with standard fittings.
    No doubt your agreed value would prob be more than what your bike is worth anyway.
    Find out what salavage they put on it, and you are entitled to keep the bike less salvage if you want. However if they agree to pay out the agreed value, you have no say on the bike. thats the policy, thats the conditions.
    Its a bit of bad luck, but check out what your bike is worth realistically, compare what there paying you, and i rekon you will be better off.
    Also, check to see if personal items are covered, you are entitled to claim leathers and helmets up to a maximium. You do not have to send items in if they pay you out under personal items, as its a policy beneift . READ YOUR POLICY WHAT YOU ARE COVERED FOR. They wont tell you .
    Get all the money you can, and go out and buy a better bike...
    I know, I worked paying out motorcycle claims for over 10 years.
  18. Re: [VIC] Stupid Q & thread

    Woohoo.. gold valve caps means my biatch is now worth $10 more :LOL:
  19. Mate, low blow you don't have to go there, plenty of body shots available here.
  20. Take em to a mechanics and ask them to change them over to the worn out ones they'll have lying around. Might get you a few hundred dollars..