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Old 01-26-2008, 01:05 AM   #1
Ulric
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Mc settlement question..

Im still waiting for a payout quote in regards to my bike...

One thing I've been wondering about...and it comes out to a 'can they legally' do x?

In explaining the process, as I understand it... this carrier, states they get the ACV of a vehicle, then contact local salvage companies. The owner of the TL (total loss) vehicle picks the bid from those bids. They say then then deduct the salvage value from the ACV (+ taxes etc) and make the settlement offer/payment based on that.

I've told the insurance company should pay the full ACV (plus taxes etc), then handle the salvage stuff etc with whoever they choose for the salvage company.

I've tried searching the net, but I'm not having a lot of luck finding an actual statement or 'law' in regards to this.
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Old 01-26-2008, 12:49 PM   #2
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insurance is suppose to pay "ACV", which is dirt cheap or false, then they sell it at the salvage auction for whatever they can get for it. If you are planning to keep the bike then I don't know how it works as for each company is different.
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Old 01-26-2008, 02:08 PM   #3
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I had to fight them on my GSXR 1000 after my wreck. They did not want to give me sht for the bike. I busted out the invoice for the bike and showed them what I paid less than one year before the bike was wrecked, and pointed out the fact it was there drivers fault and why should I lose money because of his non driving skills. They came back with a much better offer...
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Old 01-26-2008, 03:45 PM   #4
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I've got it that, big question is who is legally responsible for dealing with the salvage co... and i've searched but no luck on finding anything really resembling a legal statement in regards to it.
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Old 01-26-2008, 04:07 PM   #5
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Quote:
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I've got it that, big question is who is legally responsible for dealing with the salvage co... and i've searched but no luck on finding anything really resembling a legal statement in regards to it.
They are. Why should you or anyone else has to deal with a third party? You might want to talk to the supervisor or upper management to resolve this.
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Old 01-26-2008, 04:13 PM   #6
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I had to fight them on my GSXR 1000 after my wreck. They did not want to give me sht for the bike. I busted out the invoice for the bike and showed them what I paid less than one year before the bike was wrecked, and pointed out the fact it was there drivers fault and why should I lose money because of his non driving skills. They came back with a much better offer...

She offer $5500 for my 05 Gsxr1000 that has pcIII, full system exhaust, and other aftermarket. The adjuster/she said that insurance is only paying pennies on the dollar for aftermarket parts. THIS IS STATE FARM. Tell me where the am I going to buy another bike like that for that price plus the add ons, with only 13K miles? She say that's a lot of miles because she rides a Harley. All insurance sucks.
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Old 01-26-2008, 07:45 PM   #7
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It's the responsibility of insurance company to deal with the salvage company.
It's also their repsonsibility to pay you NADA blue book for your vehicle, plus taxes, registration fees etc.
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Old 01-28-2008, 10:30 AM   #8
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Thanks PAtrick...

and just as an FYI folx... I spoke with an Ins Specialist today, with the Texas Dept onf Insurance.

According to them, it is (as has been stated) the Ins Co's obligation/responsibility to handle the salvage. Only, IF the owner of the TL vehicle wishes to keep it may the salvage be deducted from the ACV and the owner left to decide what to do with it after settlement.
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Old 01-28-2008, 10:34 AM   #9
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I think insurance company's are bullshit
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Old 01-28-2008, 11:23 AM   #10
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Quote:
Originally Posted by Ulric View Post
Thanks PAtrick...

and just as an FYI folx... I spoke with an Ins Specialist today, with the Texas Dept onf Insurance.

According to them, it is (as has been stated) the Ins Co's obligation/responsibility to handle the salvage. Only, IF the owner of the TL vehicle wishes to keep it may the salvage be deducted from the ACV and the owner left to decide what to do with it after settlement.
Yep i've explained that on here before, ur talking about a "buy back". Only if ur keeping the bike, do they settle with a lessor amount than ACV.

If u r not keeping the bike, then ACV it is, u shouldn't be hassled about salvage business unless again u intend on keeping the bike.

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Old 01-28-2008, 11:29 AM   #11
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Quote:
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Yep i've explained that on here before, ur talking about a "buy back". Only if ur keeping the bike, do they settle with a lessor amount than ACV.

If u r not keeping the bike, then ACV it is, u shouldn't be hassled about salvage business unless again u intend on keeping the bike.

Yep, and that was the thing. Guy was trying to tell me they 'arent in the business of handling salvage'.
Giving them til after lunch to call back with the ACV & payout. I try to deal with them right now, nerves will be shot and I won't be able to east. :-)


thanks for the info & help folx.
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Old 01-29-2008, 05:34 PM   #12
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happened to talk to the TL claim agent at SF...'their' straight ACv for the bike was 4090.00

Told him the NADA is 4285, and the cheapest local same year/similar mileage was 4200. Grr.
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Old 01-29-2008, 05:57 PM   #13
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Tell them to act like it was there sh*t .....with what they know !!!! would they be happy with that offer ???
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