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What to do when it's a write off. Help needed...

Discussion in 'General Motorcycling Discussion' at netrider.net.au started by Digitalwingx, Mar 4, 2009.

  1. Had a crash with my bike few days ago, no third-party involved, just myself at a turning corner..., and was told it's a total lose today.

    I'm insured with QBE with a comprehensive policy, the situation is... I only purchased the policy like 2 weeks ago over the phone with Melbourne QBE, so at the time of the accident, I HADN'T posted the Insurance Proposal Form to QBE yet, and HADN'T paid for the insurance premium, the only thing I had was the cover note and the policy number.

    I posted the Insurance Proposal Form and made the payment when I received the form, which is one day after the accident.

    Beside feeling like shit now, I am worried if QBE will honor the insurance, especially considerring it's a total lose.

    Basically things happened in the following ordrer:
    1. Bought the bike, made the transfer with Vicroads
    2. Bought the insurance over the phone
    3. Had the accident
    4. Received the letter from QBE (Cover note, Empty Proposal Form, etc)
    5. Called a repair company to tow away my bike
    6. Called insurance company, reported my situation, told I need to post my Proposal Form and pay for the premium before they can process my claim. At the same time they will arrange an accessor to the repair shop to check out the damaged bike
    7. Filled and posted the Proposal Form, paid the premium
    8. Was told the bike is a write-off, need to contact QBE
    9. Called QBE with the information, told need to post my Vicroads transfer receipt and rego paper
    10. Reg-posted my Vicroads transfer receipt to QBE, couldn't post the rego paper because it is in the bike which is taken away from the repair shop by QBE assesor

    Just double checked the Cover Note: it says the cover starts on 24 Feb 2009, and expire on 10 March 2009.



    So my questions is that if there is any thing I can do now to make sure I get the insurance cover? Did I handle the insurance & repair wrong? Any suggestions about what else I can do? Anyone had similar experience and what did it turn out?
     
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  2. my understanding is the cover note covers you for a set period of time (as set out the insurance company, so along as you are within that window, start bike window shopping :)
     
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  3. may not be right here but sounds like QBE are coming to the party.
    you applied and were granted cover.
    when the paperwork arrived you did as asked. if the paperwork was there 2 days earlier there would be no issue.
    is common practice for insurers in NSW not to offer a cover note but instead start a policy and then send the paperwork. you can ride / drive home and then when the paperwork arrives decide if you wish to pay. if you dont you aren't covered. if you do the cover starts from when you called.
    as you were granted cover i wouls say you should be ok. if you werent you wuold have thought they would have said by now.
    dont let it get you down. its a machine made of plastic and steel and so on. it can be replaced and more importantly will be.
     
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  4. Just double checked the Cover Note: it says the cover starts on 24 Feb 2009, and expire on 10 March 2009.
     
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  5. You should be right, but I do remember QBE playing hard ball when I had to claim and that wasn't on a cover note.
     
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  6. Another question I have is the insured "Market Value" of the bike. On the insurance document it says it's the "replacement cost" of the bike, and they may as well use "The Red Book" data.

    If it's The Red Book I'm screwed because Redbook undervalues the price for bikes, and seems especially true for GPX250R
     
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  7. This is why some policies offer the option of "agreed value" instead (too late now but something to consider in the future).

    Market value is set by Red Book, doesn't matter how much you paid for it (otherwise you could sell a POS bike to a mate for $50,000 and arrange for a little "accident").
     
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  8. Damn those moving trailers.

    Pretty much, you will never get what you paid for the bike back, unless you got it few 3 slabs of beer and a bj. Agreed value is great but forces the policy up and they will cap the value at some point.
    Thats why car insurance companies have new vechicle replacement as a sales pitch because your car isn't worth anything anything near what you paid for it according to your insurer.
     
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  9. Why dont ya ring them again and ask how is it all progressing?

    Heres something to make you laugh while on hold:

    [​IMG]
     
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  10. Hehe my colleague just sent me some of those crash clips on youtube. It's funny you feel "ouch that's gonna hurt" and laugh out loud at the same time, and especially funny when the guy that's laughing is me, who is in splints...
     
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  11. Plus you also have to pay out your premium. :-(

    You just lost 1 yr's premium
     
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  12. Yea I need to buy a new bike and pay more premium for the next insurance and stuff but you live and learn...
     
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  13. Here's a thought...

    Insurance companies will write bikes off for not much damage - that is, a repairable write-off, not a statutory write-off. I've been looking at quite a few of them at auctions lately.

    If your bike is a repairable write-off, it might be worth considering how much it would cost you to repair it (plus inspection costs to get it back on the road), and compare that with the cost of the year's insurance plus the difference between what you paid for the bike and what you'll get from the insurance company. It may be worth saying no thanks to the insurance, cancelling the cover note, and fixing the bike yourself.

    It might not be, too!

    And if it is a statutory write-off, forget it. They can't be repaired and re-registered.
     
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  14. I hope you do get market value and they dont try to rip you off.

    How much was your premium? Damn insurance companies. They NEVER lose
     
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  15. I dunno, QBE lost with that customer! :LOL:
     
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  16. Except for natural disasters when the lose millions.
     
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  17. not very smart advice, thats why our insurance costs are so high cause people rort the system
     
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  18. The premium is not a very pricy one, and based on what a mechanic told me the bike wasn't in a very bad shape. I guess it's just because the bike itself is not very expensive but the repair and labour are relatively expensive so it makes sense to write it off.

    I will defintely do some math once QBE give me a final answer.
     
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  19. I think you need to re-read what JD wrote, He wasn't advocating insuring a POS for a large about then having a 'accident' he was stating why insurers go by market price / agreed price, not purchase price.
     
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  20. ah well, thats the way i read it lol, understand what he means now, no harm was done in the making of this post :grin:
     
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