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insurer is low balling me??

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  • insurer is low balling me??

    hey there y-all,
    i just wanted to see what people thought about my situation;
    driving to work the other day and a lady pulled out and crossed my lane...i swerved to avoid her..doing so i binned my bike...little road rash and some bruising bit sore but ok..bike is a write off.
    The lady has taken responsibility and has made a claim..so its her company paying[sgio] my company sent out an assessor[youi] who has low balled me on a value of my bike.
    with sgio paying why are youi trying to screw me? any advice would be greatly appreciated!thanks

  • #2
    SGIO owns youi??

    Comment


    • #3
      Its only worth what the market would pay unless agreed value.
      "Some people are like clouds. When they disappear it's a beautiful day"

      Comment


      • #4
        SGIO have two types of meetings, the first is where the only topic is the best way to fk ppl over
        the second is concerned with ways to delay paying you in the unlikely event they didn't come up with anything in the first meeting

        shout at them til they give u money

        I realise how that sounds but I got a huge round around after an accident until my girlfriend got on the phone and reasoned, argued, charmed and shouted her way up to upper management until a guy literally said, 'im writing a check now and will post it to you', I suspect in order not to listen to her any more. She was on the phone for about 2 hours.

        She gets a kick out of it. Do not cross her.

        Comment


        • #5
          i will be talking to them again tomorrow...[head fuck].. is market value not what it will cost me to replace my bike??

          - - - Updated - - -

          i will be talking to them again tomorrow...[head fuck]..it only been youi that i have beenin contact with, and they are dealing wit sgio. Is market value not what it will cost me to replace my bike??

          Comment


          • #6
            Market value The amount that the market would pay for the car (or hire car) or damaged parts we consider to be obsolete. The market value of the car (or hire car) includes many factors such as age, make, model, kilometres travelled and general condition of the car (or hire car). We may use recognised industry publications to assist us in calculating the amount.
            - - - Updated - - -

            That's just one taken from GIO...

            - - - Updated - - -

            From YOUI...

            - - - Updated - - -


            • Agreed value is a specific amount that you nominate, and we agree to insure your car for that amount. If you choose agreed value, the amount will be shown on your policy schedule.
            • Market value is the reasonable amount you might be able to get for your car if you had to sell your car privately. To determine a reasonable market value for your car at the time of a claim, we will take into account the make, model, year, condition and kilometers travelled. If you choose market value, the value will be determined at the time of a claim and no specific amount will be shown on your policy schedule.

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            • #7
              Next time go for agreed value.

              Sounds like you're lucky that she's an honest person and actually stopped. All too often the driver just takes off if you haven't made contact with them.

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              • #8
                How do they evaluate market value for condition when the vehicle is a crumpled heap?

                Yes I asked an assessor this question when he told me that mine had a low market value because of its condition, like no shit right, I didn't insure it for the condition after I wrote it off, I insured it for the condition I bought it in.
                Do you remember the good old days before the internet?

                when arguments were only entered into by the physically or intellectually able.

                Comment


                • #9
                  yes she was a nice woman...saying that.. she didnt look and drove straight across the hw in front of me..i am very lucky, but my bike, that i had no interest in changing is in the bin, she is a nice woman...but should i end up shafted??..i will be going agreed value next time

                  Comment


                  • #10
                    Originally posted by tommyk667 View Post
                    yes she was a nice woman...saying that.. she didnt look and drove straight across the hw in front of me..i am very lucky, but my bike, that i had no interest in changing is in the bin, she is a nice woman...but should i end up shafted??..i will be going agreed value next time
                    If I remember correctly [MENTION=21401]Loud[/MENTION] has some experience in how to correctly negotiate with insurers in these situations, so does [MENTION=8418]potato[/MENTION] but it may not be of any interest to him since he's not quoting repairs etc...

                    Ifi remember incorrectly I'm sure they'll let me know
                    Do you remember the good old days before the internet?

                    when arguments were only entered into by the physically or intellectually able.

                    Comment


                    • #11
                      Originally posted by tommyk667 View Post
                      i will be talking to them again tomorrow...[head fuck].. is market value not what it will cost me to replace my bike??

                      - - - Updated - - -

                      i will be talking to them again tomorrow...[head fuck]..it only been youi that i have beenin contact with, and they are dealing wit sgio. Is market value not what it will cost me to replace my bike??
                      They will use Redbook or Glass's to get a valuation. These don't always match the actual "market" value i.e. what it would cost to buy an equivalent bike on the open market.

                      If you don't agree with it, then use bikesales, gumtree, etc. etc. gather as much evidence as you can that the market value of the bike is, in fact, higher, and use that as ammunition to negotiate a settlement value with them.

                      Comment


                      • #12
                        Redbook and Glass's include all sales of the model in their average for market value, including sales of the model at salvage auctions.
                        Do you remember the good old days before the internet?

                        when arguments were only entered into by the physically or intellectually able.

                        Comment


                        • #13
                          remind them, that as the not at fault party you have the right to sue for repatriation of any costs incurred as a result of the accident, not limited to complete repair ( get a quote ) and replacement vehicle hire for the period in which these repairs take place.
                          but that you are willing to accept a lesser amount provided that it would actually purchase a replacement.
                          Note: this may not be the universe where the above is relevant.

                          Comment


                          • #14
                            Originally posted by somebodyelse View Post
                            remind them, that as the not at fault party you have the right to sue for repatriation of any costs incurred as a result of the accident, not limited to complete repair ( get a quote ) and replacement vehicle hire for the period in which these repairs take place.
                            but that you are willing to accept a lesser amount provided that it would actually purchase a replacement.
                            This,

                            as far as I know it sits like the following

                            You are not claiming from your insurance company but hers,

                            Her insurance company cannot "right off" your bike and hand you a check unless you agree to it,

                            Her insurance company is now in the bit they hate where they are bent over while you shaft them for a replacement or repaired bike in the same or better condition to prior to the accident as she is solely at fault.

                            Your insurance company only need to know that you where involved in a not at fault accident and that the bike is back to 100%.

                            I was in an accident back in Melbourne, car was worth feck all (about 1500), some monkey was fiddling with the radio in a known stop start section onto the freeway, drove into the back of a stopped falcon ute (write off) and pushed the ute into the back of my car.

                            End result after the quote of $2500 I got them to send me the check for that amount, sold the car for $300 and bought something else...

                            When they started with oh we want to right the car off at market value, I strongly reminded them that I do not insure my car with them and they have no contracted value with myself

                            Comment


                            • #15
                              Firstly, I'm glad that you're okay dude.

                              Secondly, it seems that information about your dealings with the insurer are pretty light on. The term "screwed" seems to be pretty subjective right now, especially given it appears your (and others from this thread) understanding of the claims process is quite vague. Here are some facts that may help you with your understanding:

                              You have an insurance policy with your insurer (Youi).
                              You pay a premium to Youi for a level of cover that you have chosen.
                              The policy you have subscribed to with Youi is detailed in your Product Disclosure Statement (PDS), this includes a level of cover and any other benefits or entitlements for costs incurred that you may be entitled to under this policy.
                              You have lodged a claim with Youi.
                              Youi will now pay you out in accordance with your policy.

                              You'll note that SGIO isn't mentioned anywhere, because they have nothing to do with your claim or you. It's now up to Youi to recover the costs of the claim from SGIO.

                              If I was to use my powers of deduction I'd guess that the payout figure being offered to you is your insured value minus the remaining premium payments outstanding for your insurance contract - which you still have to pay. You're extremely fortunate that the driver has accepted liability in this situation so that you don't have to pay an excess.



                              Now that I've been boring and factual about insurance, I'm going to jump on the bandwagon and regail you all with an insurance story of my own:

                              Back in 1997 I bought a 1973 Ford Cortina 250XL for $800. It was a 3 speed manual, which meant FUN! from an oversized Escort with a 4.1 Falcon motor. One time it was stolen (I dropped the keys next to it...) and I had a call from the Police telling me it had been reported at the local shopping centre. Down I went with the spare key to collect it and there it was, with some young kids on bicycles riding near it. "Your car does awesome burnouts!" they said (they weren't the thieves).

                              Later that year some dude pulled out on me in his new Fairlane Ghia. I T-boned him soooo hard, around 70km/h. I exclaimed to my wife (of the time) that I was going to get out and kill him, but she calmed me down by saying he was probably already dead - I couldn't see past my folded bonnet to check out the damage. Turns out he wasn't injured, but he was shaken - those Fairlanes were built well (I'd killed another Fairlane in a previous car). Anyhow both cars were towed.

                              I only had 3rd party insurance and so his insurer contacted me and asked how much I'd paid for the car, which I told them, so they presented me with an offer of $800. I laughed at them, and they upped it to $1,600. I agreed when I asked that I get the car back as part of the deal.

                              I fixed the car for about $500, drove it for a further 6 months, then got a yellow sticker on Christmas Eve on my way to work at 6.30 in the morning because the reversing lights weren't working. So I sold it, for $800.

                              I miss that car.

                              /story with no dragons and only a little bit to do with insurance
                              Click Link for My Bikes:

                              Aprilia RS250
                              1985 GSXR750 "Slabbie"

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