Help with my dad’s bike

[emeraldfields]

Hello. My dad was recently in a motorcycle accident. I live in southern Utah if that matters. The accident was ruled to not be his fault, but the bike is not being valued very high by the insurance company, so it will likely be taken. The bike means an awful lot to the both of us, and we have a lot of history with it. The bike was taken to a dealer nearby to have a wreck evaluation. Despite the dealer valuing the bike at well over $15,000, the insurance company only wants to give a little over 7,000 for the bike. Including paying off the bike, this would only give my dad a little over 4,000. My dad hired an attorney to help with the issue, but with the percentage required to be given to the attorney if he wins, it would give my dad about the same amount if he didn’t have the attorney on it anyway. We love that bike, and 4,000 wouldn’t be anywhere near what my dad would need to at least find a suitable replacement, not to mention all the modifications that my dad had put into the bike. My dad has been in constant physical pain since the incident, and this whole ordeal has been very stressful for him. Please help me learn if there’s anything we could do or I could do? Thank you

 

[yhjmkiop]

@emeraldfields Few things.

(1) I’m going to be very blunt here, and don’t take it personally. There’s just a lot to say already, and I don’t want to waste my time trying to say it in a nicer way.

(2) The sentimental value of the bike means nothing to anybody but you. Insurance doesn’t pay anything for sentimental value, because nobody would if they were buying the bike.

(3) You are owed actual cash value of that bike. That is not going to be enough to replace it, because that’s not what you are owed.

The amount to replace it would be called replacement value. This is usually much higher than ACV, because the price of an exact replica of your vehicle being sold includes things you aren’t entitled too, like dealer markup, and extra costs associated with cleaning and/or an inspection.

Also of note here, if a car is still for sale, it means it hasn’t sold yet. And while I can list my 2019 RAV4 for sale for $100k, that doesn’t mean it is worth $100k. That’s something else to keep in mind for the difference of ACV and for sale listings.

(4) The cash value offered by the insurance company is set, and they probably won’t budge much if at all.

That value they offered comes from a report that is generated by a 3rd party, a copy of which you should’ve received. They have no control over it.

You should be checking if the details of your bike are correct, and inform them if they are not. Incorrect information is really the only way that valuation will change.

This includes listing any aftermarket modifications.

(5) Don’t be upset if the offer doesn’t go up much due to your aftermarket add ons. Most standard policies have a set limit of around $1000 specifically relating to aftermarket add ons. You would’ve had to purchase extra coverage specifically for this to get more than that.

I suspect this is another reason why the gap between the insurance valuation and the dealer’s valuation is so large (other than the replacement vs ACV stuff). They are probably assigning nearly full value to the add ons, while insurance isn’t.

(5) Your dad should be getting the medical help he needs, and should be getting it paid for by the at fault party’s insurance. You already have an attorney, and this is where he would actually be of use.

 

[emeraldfields]

@yhjmkiop I know, I was just really hoping there was something I could do to help him, you know? I just feel bad about the whole situation. He’s had it kinda hard these last few years, and he absolutely loves his bike, but it sound like this whole situation is just going to leave him screwed. I’ve already gone over most of the things you’ve said and understand those things, but it’s just frustrating that there’s nothing I can do to help him

 

[truthnotfiction]

@emeraldfields This seems eerily similar to another post the day in a different sub...

Like that post, you can prove the bike is worth more by using comps

Or you file claim with your own insurance company but you'll get the results unless you have agreed value policy

Like the other commenter said: you're not owed a new or replacement bike