Dang, Having to settle with a insurance company again

[Dragonslayer]

Last week while my freshly restored and painted 87 XVZ1300 Venture Royale was parked innocently in front of my house, minding it's own business. A neighbor lady came down the road going to fast for conditions, failing to maintain lanes, texting on her cell phone, doing her make up, fiddling with the radio or who knows what the H*ll she was doing came to wide around the corner crossing the road and nailed my bike.:doh: Did I say my poor bike was minding it own business.

 

Turns out she happens to be the Attorney for the insurance company she is insured with (Cincinnati Insurance). I don't know if that is a good thing or a bad thing. She did stop and leave her information with my roommate then went home. But, that did not seem to matter to the responding police officer that came to write the police report. Because he made every indication that he was going to cruise down to her house a block away and arrest her for leaving the scene of the accident (Especially when he found out she was an attorney) but evidently settled for citing her for failure to maintain lane.

 

She did have an adjuster get in touch with me the next day. The adjuster came by and looked at the bike. She was nice and seemed to commiserate with me while I explained, in great detail, (with tears in my eyes). That I had just finished spending the past year and hundreds, (If not Thousands ) of man hours painstaking restoring my poor baby with my own blood, sweat and tears This fine example of Classic Motorcycle technology and history. After hearing the story she insinuated, in fact even said (with tears in her eyes) just tell me what the damage is and we'll cut you a check QUICK. She even said QUICK several times, with emphasis. I'm thinking:mo money:

 

So, I spent the next day putting an estimate together which included the following:

Cost of damaged parts at Yamaha's MSRP...............around $3,600

Painting materials to match custom freshly done paint job.......480.00

Labor at prevailing shop rates......................................85.00/hr.

Total estimate around .................$5,400

 

Next thing I heard from the adjuster, via voice mail message, (in an emotionally detached voice), "An appraiser will be getting in touch with you". So, the appraiser will be coming out in the morning.

 

I'm just betting he will say Used 1987 motorcycle totaled at some ridiculously low number.

I'm thinking I would sell my first born male child into slavery for a fraction of what this bike is worth to me in blood, sweat and tears for all of the hours I've put into this labor of love.

 

Based on the foregoing, what would you think would be a reasonable position to take to settle this claim and put this whole unfortunate incident behind me and move on. Considering, I'm not willing to forfeit the bike and title as totaled since the damage is all cosmetic and I would do all the work myself.

[capn eddie]

Sorry about you bike hope you get your money back from insurance co. I had that happen 6 years ago and i will never park my bike in the street ever again. Two years ago after painting my bike the little girl next door took a bunch of rocks and put them on the seat and top of tank cover scratching the paint, her parents paid to get it repainted and were not to happy with her. the little girl won't even come close to my yard , i think she was grounded for a month. Good luck and i hope everything turns out ok.

[GolfVenture]

Sorry about you bike hope you get your money back from insurance co. I had that happen 6 years ago and i will never park my bike in the street ever again. Two years ago after painting my bike the little girl next door took a bunch of rocks and put them on the seat and top of tank cover scratching the paint' date=' her parents paid to get it repainted and were not to happy with her. the little girl won't even come close to my yard , i think she was grounded for a month. Good luck and i hope everything turns out ok.[/quote']

 

Tell the Insurance agent that all will be fine if they purchase this 87 VR on ebay for you. But hurry for there is about 2 and 1/2 day left.

 

1987 Yamaha Royal Star XVZ13DT/C

 

1987 YAMAHA VENTURE ROYALE XVZ13DT/C ONLY 6353 MILES !!!!!!!

[DragonRider]

Wow, Bob I know how you feel. Heck, I think if they made a decent settlement, say in the $4,000.00 range I would take it and run to the bank, but we know that aint gonna happen, they will offer you pennies on the dollar of what it is worth to you..........sentiment doesnt count when it comes to ins. claims..............Good luck, hope all goes well for ya............

[RandyR]

Bummer Bob. It was looking good.

[Marcarl]

There is one argument that is often not used in such cases.

The insurance will go on line to find a similar MC and then make that a starting point. Only thing is, is that MC would not be ready for the road such as yours was. So now they need to add to the price the cost of actually getting it ready for the road,,, in other words, licensed and certified. That at a minimum would be what I would expect.

[darthandy]

Most likely scenario is that the company will check what the average book value is for your bike (Never mind how above average it actually was!) and offer that as a settlement. I just checked Kelly Blue Book and the trade in value for an '87 Royale is $1,545 and the retail sale value is $2,305 (In the Boston, Ma. area - that's the only Zip code I had available). I'll keep my fingers crossed for you but I've yet to meet up with a "fair and honest" insurance company.

 

Good luck!!

 

Andy

[Dragonslayer]

Tell the Insurance agent that all will be fine if they purchase this 87 VR on ebay for you. But hurry for there is about 2 and 1/2 day left.

 

1987 Yamaha Royal Star XVZ13DT/C

 

1987 YAMAHA VENTURE ROYALE XVZ13DT/C ONLY 6353 MILES !!!!!!!

Close but not the same. This bike is nice but it doesn't have

Chrome trailer hitch

back rest

cup holder

tank cover modification

Custom paint job & Art

Engraved windsheild

Will cost to ship from IL

All the tender loving care I have put into mine

 

But it does have only 6353 miles on it

 

Maybe as plan B but, I would have to still keep my bike.

[bongobobny]

Yah! Stand your ground! Insurance companies are not in business to give money away, they are in business to make money!! Never take the first offer, and sometimes not the second offer either...

[Dragonslayer]

Well, The appraiser just left. He asked if I would settle at $5,666.42 (The total of my estimate) I said yes I would but, I will not forfeit the bike and/or title. He said he would send his report to insurance company today recommending that they do so. He thought I would hear back from Insurance company tomorrow, because they like to settle quick.

 

I said good for them.

 

In the mean time I'm back on my buddies 2007 Midnight Venture running fresh gas through it for him. And got a free day off work to handle this problem..... Think I'll go for a ride.

[darthandy]

Wow, your insurance companies seem to be run by brighter people than ours. Good for you! Enjoy the ride...it's raining here...again!

 

Andy

[etcswjoe]

Just gald you were not on the bike, hope all works out well.

[Trader]

There are two opinions on our bikes......

1. They are a twenty something year old bike so that means they must be pretty much worn out and not worth much
   
2. They are classics and antiques. When restored and cared for they are a valuable piece of motorcycle history.
   

Insurances generally take view #1.

We owners take view #2

 

What's the answer?

Pay the $75 to have an independant aprraiser provide you with proof of value along the lines of reasoning #2.

 

Sounds like the woman's insurance company took view #2....which seems unusual, but maybe they wanted it hushed up in a hurry.

 

 

 

fyi

 

From the PA DMV website:

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

 

Act—75 Pa.C.S. § § 101—9910 (relating to the Vehicle Code).

 

Antique motor vehicle—A motor vehicle, but not a reproduction thereof, manufactured more than 25 years prior to the current year, which has been maintained in or restored to a condition which is substantially in conformance with manufacturer specifications.

 

 

from what I've seen, many states recognize a vehicle as an antique att 25 years.

[bongobobny]

Sounds like the woman's insurance company took view #2....which seems unusual, but maybe they wanted it hushed up in a hurry.

 

Hmmmm, could be...

[Dragonslayer]

Sounds like the woman's insurance company took view #2....which seems unusual, but maybe they wanted it hushed up in a hurry.

 

I agree, it sounds too good to be true, as quick and agreeable as they seem to be so far. I'm guessing they want to settle quick to save the insured, their attorney some embarassment. But, I'm still crossing my fingers cause it aint settled till I have the

[Marcarl]

There are two opinions on our bikes......

1. They are a twenty something year old bike so that means they must be pretty much worn out and not worth much
   
2. They are classics and antiques. When restored and cared for they are a valuable piece of motorcycle history.
   

Insurances generally take view #1.

We owners take view #2

 

What's the answer?

Pay the $75 to have an independant aprraiser provide you with proof of value along the lines of reasoning #2.

 

Sounds like the woman's insurance company took view #2....which seems unusual, but maybe they wanted it hushed up in a hurry.

 

 

 

fyi

 

From the PA DMV website:

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

 

Act—75 Pa.C.S. § § 101—9910 (relating to the Vehicle Code).

 

Antique motor vehicle—A motor vehicle, but not a reproduction thereof, manufactured more than 25 years prior to the current year, which has been maintained in or restored to a condition which is substantially in conformance with manufacturer specifications.

 

 

from what I've seen, many states recognize a vehicle as an antique att 25 years.

I think there is also a clause that says how many miles per year you can drive an antique, and if you go over that you loose the designation. It would probably also have to have an antique designation to start with.

[XV1100SE]

.... He asked if I would settle at $5,666.42

 

That's great !

[friesman]

Most likely scenario is that the company will check what the average book value is for your bike (Never mind how above average it actually was!) and offer that as a settlement. I just checked Kelly Blue Book and the trade in value for an '87 Royale is $1,545 and the retail sale value is $2,305 (In the Boston, Ma. area - that's the only Zip code I had available). I'll keep my fingers crossed for you but I've yet to meet up with a "fair and honest" insurance company.

 

Good luck!!

 

Andy

 

I just had a chat with my insurance company and the damage on my 85 is 2200 bucks and depending on damage to the radio it could be as high as 3300 . as long as it doesnt go over 3300 they are willing to fix my bike, so i guess its valued at at least 3300 here in Sk. Still nowhere near enough, but at least its a lil bit closer to what I have in it.

 

Brian

[etcswjoe]

When I crashed my 83, my lawyer found 3 dealers who were selling 83 VR and how much they were selling for and the ladies insurance company paid that amount. It was quite a bit more than blue book.

[myminpins]

Originally Posted by AtlantaDragonslayer

.... He asked if I would settle at $5,666.42

 

That's great !

 

Let us know if you get the cheque. That's a wonderful amount!!!

[Yammer Dan]

Dam it I was looking forward to seeing that thing Bob!! I hope it works out for you. Stick her for every penny you can. You know what I think of Insurance companies and lawyers!!

[Phoneman1981]

Sorry to hear about your restored 1st Gen. I have had to deal with insurance companies on my bikes twice in 30 years. I felt like I got screwed the first time (Dairy Land Insurance). My current insurance provider is Farm Bureau. They picked up the tab on fire damage earlier this season. I was very pleased. Your settlement figure sounded like a very good one to me. Keep us posted and thanks for sharing.

[Dragonslayer]

I don't know what their definition of quick is but appraisser left last wednesday morning still no check, e-mails or return phone calls.

[Dragonslayer]

To give you an update on how this worked out. After waiting a week for the adjuster to return my calls and e-mails, I talked to the insured who is the attorney for the insurance company. She said she would call the adjusters supervisor immediately. Within hours the adjuster was leaving voice messages on my voice mail wanting to know where and when she could meet me to hand deliver a check at my earliest convenience, for my total repair estimate ($5,600) plus $500 for loss of vehicle use. By lunch time the next day i had cash in hand.

 

Since I will be doing the repair work myself and I already have the materials on hand, I took some of the money and paid cash for a Chrysler Sebring Convertable. The rest of the money i put in my pocket and called it a day.

 

When i acquired the bike over ten years ago I traded a boat for it that was worth about 2K. Since then I have fixed, repainted and put the bike back on the road five times because others have turned it over and damaged it. Five times their insurance companies have paid me off without me having to forfiet the bike and title as totalled. To date I estimate I have collected 25K plus in insurance settlements for damaged plastic body parts. Never once have i had to file a claim against my own insurance company.

 

Thanks to the technical expertise and generousity of all of the fine folks on this forum i have earned what I believe is equivable to a Doctorate in Yamaha Venture Royale MKII Care, Maintenance and Repair PHD. And because of that fact my 87 VR will be on the road for sometime to come.

 

Not to mention all the fine people and friends I have made since joining this forum. Did I mention the money I've saved and made. Twelve Dollars per year membership dues is probably one of the best investments i have ever made.

 

PS: I will need a new radiator grill. does anyone have one for sale.

[bongobobny]

Hey Bob, clear out your PM box, it's full! The best thing is to delete all your sent messages...