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settled insurance claim--finally(2 posts)

settled insurance claim--finallyjakerider
Aug 26, 2003 6:52 AM
Just a quick note to all who replied to my post about the accident I had a few weeks ago.

From what I have learned in the past few weeks about trying to settle an insurance claim. My suggestions. (in no particular order) Keep all receipts, have a good relationship with LBS, write all discussions down with date and time, be honest, be firm.

I had my LBS write up an estimate for a complete new bike, FULL MSRP. Start from there. Insurance co. made counter offer which was ridiculous (they tried to depreciate), I did not accept, I asked them where they came up with a reliable depreciation scale. The adjuster said there was no scale, working from experience.
It wound up being a series of back and forth offers, which lasted about two weeks. The significant milestone was when I submitted a letter from the manufact. stating warranty has been voided. The adjuster then offered with-in 75% of full MSRP on bike. Giant full carbon, D/a, ksyium etc.
No problem with the med bills, they were paid first, helmet replacement was no problem.
They adjuster paid LBS a nice fee for breaking the bike down and inspecting it. They insurance co. DID take possesion of the damaged bike.
Thanks to all on this board for the great advice.
what kind of insurance.Frith
Aug 26, 2003 7:16 AM
I really have very little experience with insurance companys and I don't remember the original post. Was it the insurance company of the car who hit you or do you have some kind of insurance that covers you in the event of a crash?