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Insurance claim(11 posts)

Insurance claimTrux
Aug 28, 2001 10:12 AM
Recently I crashed (trashed?) my beloved Libertas. Actually I was hit by a car on my way to work. It was a classic 1977 Belgium road bike with a Reynolds 531 white/chrome frame and a unique "black anodized" DuraAce group.

The front fork and wheel were crushed. The bike shop says it's totaled because a replacement fork is not available and there might be frame damage.

Does anyone have experience with an insurance claim like this? Can I demand a new bike of comparable value in today's market? or do I have to let the insurance company (the driver's) attempt to repair the bike?
Are you going to ask this question every day?Cliff Oates
Aug 28, 2001 10:21 AM
I gave you a link to Sunday's replies yesterday. If you're looking for new answers, then you probably ought to ask this question in another forum.
I was the one who hit you oopsme 1
Aug 28, 2001 10:31 AM
bad luck
Should Trollman step in?Trollman
Aug 28, 2001 11:33 AM
...step in what?Trollbooth Operator
Aug 28, 2001 11:54 AM
Operator thinks Troll has already stepped in something.
Your answerAlpedhuez55
Aug 28, 2001 12:00 PM
This is from Sheldon Brown's web site. The article is titles Wild Guesses of Value for Selected Vintage Lightweights.

http://www.sheldonbrown.com/vrbn-o-z.html

Libertas

There were a lot of these with 531 maintubes. Parts were often a bizarre mix of names rarely heard in the U.S. Such bikes are probably worth $200 or so. Bikes with better components and full 531 frames would have values approaching $500. [Belgium]

As for dealing with the insurance, Have a local shop give you some sort of appraisal. I am sure if you offer to spend your money in the shop on a new bike, they will be happy to error on the high side for you. I know someone who got $3000 for a Rhygin Hard Tail after an accident. It is amazing how much a bike can be worth if you add up the cost of the components.

Please note if you post your question one more time, we will send Trollman over to eat your brain.
Whoah! Way Bad Answer....Greg Taylor
Aug 28, 2001 1:16 PM
"As for dealing with the insurance, Have a local shop give you some sort of appraisal. I am sure if you offer to spend your money in the shop on a new bike, they will be happy to error on the high side for you."

This is insurance fraud. People go to jail for it. Really. It is neither smart, nor cute. The fact that is it bro' bikers supposedly helping each other out doesn't excuse it. It drives up insurance rates. MY insurance rates.

As for the person making the claim, you had an accident, you didn't hit Powerball. If your used bike is worth only $500 or so, that is what you get. You were riding an old Libertas, not a new Colnago. Read your insurance contract, but unless they agreed to a replacement, chances are that you get the value of the bike that you lost. If its only $500, so be it.
On the other handColnagoFE
Aug 28, 2001 1:32 PM
I got hit on a 6 month old Merlin XL and the f*cking ins compnay still depreciated it.
Well...Greg Taylor
Aug 28, 2001 3:44 PM
...if I got hit in a six-month old car, I still wouldn't get what I paid either. Six months old ain't new. Agreed, however, that determining what the appropriate depreciation would be on a six-month old Merlin is something that could be the subject of a full and frank discussion with an insurance company. That still is a far cry, however, from bribing a bike shop to inflate a value.
Just dont get screwedAlpedhuez55
Aug 28, 2001 7:25 PM
I am not saying for him to get a $3000 appraisal on the libertas. I am just saying he can get closer to the $500 than the $200. Maybe with the Dura ace components make it look worth closer to $750.

My friends Rygan was probably worth close to the $3000 if you take the retail cost of frame and components. If he were to sell it maybe he could have got about $1000. He went at them for the retail, played hardball and got it. If they try to lowball, threaten to go to court and they will give you a reasonable settlement.

When you are in an accident, Insurance Companies start our at a wholsale price. I had a friend's car that was totaled once and she offered wholesale $2500 for it. With work and negotiation, we were able to get $4300 for it. We had to prove that the value of the car, a 92 Honda, was much higher, about double, of what they offered. We showed classified and dealer listings of the same car. Last accident I was in, the appraiser went at every little scratch and ding and paint chip to try to reduce the value by $500 so it could be totaled.

The same will hold true with a bike. He needs to be prepared with the documentation on the retail value of the bike. They will try to say the bike is worthless. You need to be prepared to negotiate from a position of strength.

Let's face it, insurance companies are out to screw you. You need to take the offensive with them otherwise they will give him a check for $50.
Hardball negotation is fine...Greg Taylor
Aug 29, 2001 4:55 AM
...and being prepared to prove what the bike's value is wonderful advice. The thing that caught my eye was the suggestion that he go into the store and offer to spend money there in exchange for a high appraisal. That's not negotiation, that is a bribe and a fraud.

Don't mean to sound like a prick, but I'd hate to see anyone get into MORE trouble by trying to put one over on the insurance company.