Feel like I'm getting lowballed by insurance

2004 VFR, 76k on the clock, totalled. Add-ons include Helibars, upgraded suspension front and rear, and a givi luggage rack.

Insurance is offering $3231, less my $500 deductible = $2731. They're claiming that the standard retail is $4000, minus $1600 for the mileage, +$800 for the aftermarket goodies = the $3200 they're offering.

Basically, they're claiming that my bike, in stock form with 77k miles, would be worth $2400. I don't think I've *ever* seen a 6th gen sell for that low. I feel that their offer should be at least $500 higher. Am I being unrealistic? Does anybody have any real-world numbers for selling prices on higher-mileage VFRs?

For reference, NADA values are $3550 low retail / $4670 high retail, and KBB are $3360 trade-in / $4885 retail. KBB says the expected average mileage on a 2004 is 29340.

Thanks for any help.

The 500 is out...... The high milage is what's hurting.... sounds pretty close to retail sale price (except for HM).

Ask them to buy you one for your deductible...I think they are pounding it to you more than the mileage deserves. Their insurance rates to you were not accounting for the mileage were they?

I just called a few Honda dealers and asked them, hypothetically, what they would have offered me for trade-in on a stock '04 with 76k. Answers ranged from $2800 to $3300. I'm going to try to use that as justification to get the insurance to bump their offer a few hundred $...

Have you tried to buy it from the insurance co with a salvage title. It may be better to part the bike (depending on the damage).

[image: View Post]sckego, on 06 October 2010 - 03:46 PM, said:

I just called a few Honda dealers and asked them, hypothetically, what they would have offered me for trade-in on a stock '04 with 76k. Answers ranged from $2800 to $3300. I'm going to try to use that as justification to get the insurance to bump their offer a few hundred $...


Who is your insurance with? Do they cover accessories and upgrades separately? Did they cover all your gear? When I had my wreck they covered my helmet, jacket, pants, gloves, trunk, custom pegs, sliders, mirrors, etc...anything that wasn't stock was covered separately. Gear was under it's own classification from accessories and upgrades. I got nearly as much for my gear as I did for the damage to the bike.

You're not going to be able to convince them that the high mileage doesn't lower the value of this bike. They're going to think that anything that has over 50k is a high mileage bike that no one is really going to want. That said, they seem to be lowballing you at the starting value of your bike. If they are going to take into account the mileage separate, than the starting value should be a couple hundred higher.

So either try and get them to at least offer a minimum of $3k for the bike, or convince them that the bike is even more worthless, get them to lower the offer, and then buy it back from them.

PS: The last idea probably isn't going to work in your favor.

Are you OK? I've seen you before out at Cresson.

Well, spoke to a couple more dealerships, including the one that the insurance company called to try and estimate my bikes value! He told me what he told them, that they'd give me $2500 for it on trade-in, and put it out on the lot for a retail price of $35-3800. I told him they offered me $2400 as the retail value of the bike and he agreed that I was getting screwed. I now have a nice list of trade-in offers from various dealerships that I think support my case pretty well.

[image: View Post]Tightwad, on 06 October 2010 - 03:52 PM, said:

Who is your insurance with? Do they cover accessories and upgrades separately? Did they cover all your gear? When I had my wreck they covered my helmet, jacket, pants, gloves, trunk, custom pegs, sliders, mirrors, etc...anything that wasn't stock was covered separately. Gear was under it's own classification from accessories and upgrades. I got nearly as much for my gear as I did for the damage to the bike.


They cover accessories separately, but I guess they factor some depreciation into those as well. They offered $700 for the accessories, which I suppose is fair. I didn't have the sargent or topbox on at the time, so I still have those that I can sell, as well as all the other spare parts I've collected. As far as gear, everything I was riding in was fine, just a few scuff marks that barely show up through the layers of dirt and bugs, so I didn't bother claiming anything except the helmet (which took a pretty good knock). If I'd known they were gonna be stingy on the bike I might have claimed more... :pissed:

[image: View Post]EmeraldVFR, on 06 October 2010 - 05:24 PM, said:

Are you OK? I've seen you before out at Cresson.


Steve, I'm fine, thanks for asking. Managed to tweak my left shoulder a bit, but nothing serious.

I have been in your situation; and I'm mad as hell again just thinking about POS insurance adjusters. Bargain for all the bucks you can get, agree to that figure, THEN tell them you want the wrecked bike. Part it out and hopefully you will break even. Car pulled out in front of me on my 1995 BMW R100GS/PD, Progressive offered me $3000.00 for a $7000 m/c. I told them to just replace my m/c. In most states; mine being one, the low-lifes don't have to. But, I'm not bitter; much. Good luck and don't give in to the bastages.

[image: View Post]sckego, on 06 October 2010 - 03:01 PM, said:

2004 VFR, 76k on the clock, totalled. Add-ons include Helibars, upgraded suspension front and rear, and a givi luggage rack.

Insurance is offering $3231, less my $500 deductible = $2731. They're claiming that the standard retail is $4000, minus $1600 for the mileage, +$800 for the aftermarket goodies = the $3200 they're offering.

Basically, they're claiming that my bike, in stock form with 77k miles, would be worth $2400. I don't think I've *ever* seen a 6th gen sell for that low. I feel that their offer should be at least $500 higher. Am I being unrealistic? Does anybody have any real-world numbers for selling prices on higher-mileage VFRs?

For reference, NADA values are $3550 low retail / $4670 high retail, and KBB are $3360 trade-in / $4885 retail. KBB says the expected average mileage on a 2004 is 29340.

Thanks for any help.


I think you are getting screwed :beatdeadhorse: When I totaled my '94 in April with 70k I ended up with a little over 2k plus I kept the bike, if memory serves me right they valued mine at a little under 3k less 500 deductable and about 300 to buy back. Fight for replacement :fing02: Now only 9 more miles & she turns 75,000 :cheerleader:


Good Luck

Gary

First, I apparently misunderstood their offer. They're offering $2700 *before* the deductible, meaning $2200 actual. They said they want $1700 to keep the bike, meaning I'd get a check for $500. I asked if that seemed strange, that the difference between the value of a wrecked, salvage bike and the retail value of a good condition bike was only a thousand dollars, and she basically said "well yeah, motorcycles are worth a lot as parts, not so much as a whole bike." Arggggghhhh.

I got one dealer agree to give me their estimate of the retail value of the bike in writing, which is what she needs to redo their estimate. Hopefully that will work, otherwise I'm out of ideas. How does one fight an insurance company's estimate?

[image: View Post]sckego, on 07 October 2010 - 10:50 AM, said:

First, I apparently misunderstood their offer. They're offering $2700 *before* the deductible, meaning $2200 actual. They said they want $1700 to keep the bike, meaning I'd get a check for $500. I asked if that seemed strange, that the difference between the value of a wrecked, salvage bike and the retail value of a good condition bike was only a thousand dollars, and she basically said "well yeah, motorcycles are worth a lot as parts, not so much as a whole bike." Arggggghhhh.

I got one dealer agree to give me their estimate of the retail value of the bike in writing, which is what she needs to redo their estimate. Hopefully that will work, otherwise I'm out of ideas. How does one fight an insurance company's estimate?

Lawyer..... But what does that cost?

You can fight the value by insisting they prove it with local bikes that are for sale and can be had at the retail price they claim yours is worth. Don't cash any checks from them, and don't let them close the claim...usually they get people because they need the money to get another vehicle etc.

You can go back and claim the damaged gear still, I would treat that as as separate part of the transaction.

What happened to your shoulder? Mine still bothers me after separating it a year ago.

What I did:

Found a "like" condition, same year bike for sale on Ebay being sold in Allen (I'm in Garland). Took the sale price of that bike as my start point. Therse are called "Comps", comparables.Many insurance companies use a service for estimates of value, and some of these idiots only know HD's, or Triumphs.

Added my add-ons (exhaust, seat, windshield) any thing I had added and had receipts for, plus helmet. Thats what I started with.

Deduct deductible.

Thats what I accepted for the wrecked bike, my bike, sent to my house, for me to affect all repairs, no salvage title.

They have to "make you whole", i.e. same year, make, model and condition as before the wreck. So look at sales, not KBB or such. Print them off and show them what you're talking about.

THIS IS JUST THE BIKE, MEDICAL IS SEPARATE. But that can used as a lever to budge them your way. Have you got it examined? Diagnosed, long term correction? Remember, do not sign anything until you're happy, especially medical.

Do your homework and tell them the exact dollar figure you'll accept and prove it in math.

Good luck. Fight hard. Play the game well.

Larry
VFRrider

Been there, done that, T-shirt was too expensive...
I ended up taking the bike back + $ and parting it out. After selling everything down to the last nut & bolt, that $9300 plus the injury $5000 (shoulder and knee minor) almost equalled the $16000 I'd spent on the bike & upgrades.
On the plus side, many here got good stuff for what I truly hope was a fair price.
Settled separately for the helmet - receipt price minus 20%.

For example, I got $500 for the engine & tranny which went to a dune-buggy thing in progress.

I have mine insured for what it cost to replace the bike along with my car. Not it's book value. It was not much extra in $. Some insurance companies will do this. Similar to a vintage car where it may be worth 2k on the books but it really cost 10k to replace it in the same condition. Tell them you want to insure for a fixed dollar amount.

[image: View Post]sckego, on 07 October 2010 - 10:50 AM, said:

First, I apparently misunderstood their offer. They're offering $2700 *before* the deductible, meaning $2200 actual. They said they want $1700 to keep the bike, meaning I'd get a check for $500. I asked if that seemed strange, that the difference between the value of a wrecked, salvage bike and the retail value of a good condition bike was only a thousand dollars, and she basically said "well yeah, motorcycles are worth a lot as parts, not so much as a whole bike." Arggggghhhh.

I got one dealer agree to give me their estimate of the retail value of the bike in writing, which is what she needs to redo their estimate. Hopefully that will work, otherwise I'm out of ideas. How does one fight an insurance company's estimate?


Here's what your working with.
04 VFR avg. retail $4525. Avg. mileage per year on 800cc bike= 5500 making your bikes avg. mileage to be around 38500 miles. You have twice that and their killing you on that item. Only way to really fight that is with prices of other 04's with that much mileage selling for more which won't be easy to do IMO. :huh:
They are also screwing you on the Salvage price! there claiming Salvage value is 63% of retail and that is Insanely HIGH! ($2700 X 63%= $1701) Most Ins co would be in the 20-45% range on salvage value ($540-1200).
I think the claims guy has the Salvage number flipped, it should be 37% which is still on the high side, but much more realistic at $1000. The Bike probably won't bring anywhere near that at auction IMO.

Good luck with it..

BR