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Car collisions & Insurance company replacing bike(10 posts)

Car collisions & Insurance company replacing bikeWoofer
Jun 8, 2001 11:45 PM
Was just wondering how many have had collisions with cars and how the insurance company handled the repair/replacement of the bikes?

My ex was hit by a car and we got a LBS to declare it was worth
$1800. (Was really worth about $400). - Bought a new WSD Trek for her. Also the insurance company said they would take the bike but they never did and we kept it.
re: Car collisions & Insurance company replacing bikeSteve Bailey
Jun 9, 2001 7:47 AM
I had a collision with another bicyclist (I use that term very loosely), totalled my frame and fork, and got my homeowners policy to cover a new bike. I had the LBS do an equivelant value estimate to a stock bike, and got a new frame, minus the $250 deductable. My settlement came to $1100. State Farm may well have re-written the policy since...

re: Car collisions & Insurance company replacing bikeCliff Oates
Jun 9, 2001 10:39 AM
A year ago my bike was hit and damaged (while it was hanging on a hitch rack, thank goodness) by a truck. The other driver was unquestionably at fault. I worked directly with the claims guy at the other insurance company because my insurance company was not providing satisfactory service. I provided the other insurance company with copies of my receipts for what I was claiming from them, and convinced their claims guy of two things. First, that it was not safe for me to ride the old bike because the frame, wheels, and other components had been bent in the crash. The second was convincing them to pay the full price of the receipts I provided to them for the original price of the bike along with all the upgrades I made to it, including any shipping charges and sales tax. They ended up agreeing with me on both points and cut a draft for me while I was at the claims office. They took possession of the bike, a 1 year old Bianchi Veloce, and stuck it in the closet.

My insurance company forgot that it's not agents who sell insurance, it's the claims people, so I ended up switching my auto insurance over to the other insurace company and I took out a renters policy from them too. My new bike, a Waterford 2200, is now covered at replacement cost under my renters policy.
And the New Company,s name is_____________!Stickers
Jun 9, 2001 11:03 AM
State FarmCliff Oates
Jun 9, 2001 11:28 AM
I switched from Farmer's to State Farm. I had been with Farmer's since 1983 and this was my first claim. My auto premium came down a huge chunk with the switch too, despite my reducing the deductible amount for comprehensive covereage and adding rental car coverage.
This is called Insurace Fraud.alansutton
Jun 9, 2001 11:59 AM
Scaming insurance campanies raise rates for everyone. Shame on you. SHAME! SHAME! SHAME!
I agree,Wailer
Jun 10, 2001 12:17 AM
but insurance companies have been scamming us for so long they deserve a little payback. How come it's all right when they do it? Rise up my brothers! Power to the proletariat!

We now return to your regularly scheduled programming.....
This is called Insurace Fraud.mike mcmahon
Jun 11, 2001 11:22 AM
Let me start by saying that I'm no big fan of insurance companies. However, it does amaze me sometimes what people will admit to on boards like this. This post is somewhat reminiscent of the recent "I'm going to buy two frames" post by the guy who was buying a used frame and the same new frame so that he could return the used frame for manufacturer's warranty in the event the used frame broke. Even with chat-board "handles" that don't provide any personal information, companies can and have tracked down posters they believe have committed civil or criminal wrongs against them. Obviously, this is unlikely to occur here, but it does still surprise me that people will come onto boards and admit that they have done things that can at least be construed as criminal. Just my .02.
re: Car collisions & Insurance company replacing bikeDrD
Jun 9, 2001 12:42 PM
Wow - you got off easy - I got hit by a truck, and had to get 3 estimates from different lbs's, then they sent out an adjuster to take pictures and everything before they would replace the bike - they were going to take the bike, but offered to let me buy it back at a salvage price (which ended up being alot less than the components I was able to move over to the new frame, so it was a good deal).

I am surprised the LBS would "make up" a replacement value - they can get in trouble for fraud as well - maybe they were estimating replacement cost, not current value? (i.e., a $1500 bike bought 5-6 yrs ago is today worth less than half that as a used bike, but the replacement value - generally the cost of today's equivalent - is probably >$1500)
re: Car collisions & Insurance company replacing bikewoofer
Jun 11, 2001 11:06 AM
I think that's what they did - it was several years old so they valued it at todays prices - hence the 1800. btw we took all the pictures ourselves of the frame, wheels, jersey, etc. (also videotaped them) we did go to 3 diff. lbs's for esstimates. The one just came in high. the insurance company siad they would take the bike but never did.