Triumphrat

MaxH · 10-23-2007

My 2003 T-100 was "tricked out" with $10k of extras: N.H. gas tank, alloy wheels, aluminum panniers, QPD belt drive, icons, Staintune exhaust, custom seat, etc.

I was hit from behind by a kid in a truck talking on his cell phone. The frame was bent. The Triumph dealers estimate to repair the bike is over $11k so it's considered a "total." The kid has a $10K cap on his GEIKO insurance.

They are offering me $9300.00 ($700.00 goes to the dealer for his expenses) but I have to surrender the title.

I'll take the money but I want to keep the bike. Seems to me that if the real value (cost + add ons - depreciation) is well over the $10k cap the I should be able to keep the bike & get the max available insurance dollars to repair it.

Is there any legal reason why I can't ask for this deal? The GEIKO guy is not helpfull. He wants the title.

oldndumb · 10-23-2007

I might be wrong, but I believe that is the deal you agreed to when you signed for, and bought the insurance. That is not to say that you can not make a counter offer, but it needs to be in writing.....not a phone conversation with a 1-800 type person. Remember, first offers are usually rock bottom
Any adjustors/agents out there willing to share their expertise?

Dirk_Gently · 10-23-2007

You can also see how much the buy back would be if you want to keep the the bike for parts. It's normally pretty nominal I think.

MaxH · 10-23-2007

I'm insured by Progressive. They want GEIKO to pay. He is at fault & in Louisiana is responsible for all physical damage & personal injury.

My claim against his company is that he was under insured, again not my fault. With the bike & the money offered, I'm still short the pre-collision value of the bike. Why should I have to reduce my compensation to buy back the bike?

Dirk_Gently · 10-23-2007

You shouldn't have to, but worst case. You could take the guy who hit you to court and sue him for the money, but if he was underinsured to begin with, he probably dosen't have the money you will get in the judgement anyway. Sucks, I know.

LoVel · 10-23-2007

If he is under insured shouldn't your insurance pick up the difference? Let me guess you didn't buy extra insurance to cover the modifications.

Remember you are dealing with insurance companies. Ever read the Grisham book The Rainmaker.

They want to make a profit. Your happiness is not at the top of their list.

Tbirdnz · 10-23-2007

LoVel's correct ! (I'm only saying this because his mother may be watching

), but you insured your bike with your insurance company not his. Your insurance company should pay out to the full amount of what you insured your bike for, if you did !, and they should claim back the full whack from his company to his maximum.

I think there's a point to be taken here, if you trick out your bike with a lot of expensive extra's then get it noted on your insurance otherwise they will just pay market value for your bike.

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Ride on !

Diego · 10-23-2007

> Your insurance company should pay out to the full amount of what you insured your bike for, if you did !, and they should claim back the full whack from his company to his maximum.

I think Max is saying that the insurer of the person at-fault is solely responsible under Louisiana law, but that the other guy didn't have adequate property damage liability coverage. No subrogation of claims between insurance companies there, in other words. If that's the case, Max, your only alternative may be to go to court to try to recover full value from the other party.

If your own insurance company were paying the claim under your own collision coverage, they would declare it totalled, and want the bike and title for salvage anyway! And they would be perfectly within their right not to pay you a cent otherwise.

Whether the OTHER guy's insurance can legally do that for damage to YOUR property will depend on your state's liability laws. In my experience, GEICO tries to get out of paying full value, and sometimes has to be reminded of state law. Don't take any insurance company's word for it or sign anything yet. If you really, really want to keep the same bike, you need to check with a lawyer licensed in Louisiana (AFAIK, none of us here are

) to get a definitive answer on how it's supposed to work there, and after that, maybe discuss whether you have grounds to take the guy to court.

Tbirdnz · 10-23-2007

You're right Diego, I shouldn't really be commenting, this is what it would be under NZ law which generally follows British laws, but some individual insurance policies outline that. (It will be in the small print, which no-body reads anyhow, and they know it !)

I was forgetting sometimes the big differences between each US state in various legislation and local laws. Fortunately or unfortunately we aren't that big to have separate states, so it's national law.

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Ride on !

B02S4 · 10-23-2007

Diego gave you good advice.