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2013 Gladius
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Discussion Starter · #1 ·
Welp. My 2006 SV650 decided to take a ride without me. (topic for another thread: I had a tracker on it and watched it as it as the thieves joy-rode all around town. Cops wouldn't do anything. shocked, I tell you!)

Anyway, the claims person from Progressive got back to me with the value of the claim:

they consider the following evaluations:

NADA value: $1640
Price digest value: $2278
$1552 in accessories which I provided proof of (Yoshi pipe, lock, cover, etc)
total= $3823

Things is, I live in NYC. A quick look on craigslist within a 150 mile radius hasn't turned up anything close to a replacement for that amount (for a G2 SV).

Anybody have any luck negotiating with their insurance in a similar sitch?
 

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They hold almost all the cards. If the adjuster has dug in their heels, and their supervisor backs them, about the only avenue you have left is to sue them for breach of contract.

First thing you'll need to do is to get all the data and facts ready to convince a normal person that the amount they're offering is inadequate. Get your book values, then your add ons, then test the market. Seems like you've done that. Download all the info, build it as evidence. Pretend you're going to talk to your next door neighbor about it.

Talk to the Claims Supervisor, and if they won't budge, your final card is to sue your insurance company. Every state is different, but you may be able to do this in small claims court. You'd file your paperwork, get a hearing date, then provide all your evidence to the insurance company, then show up on the hearing date. It may not be worth the attorney's time to go and sit there all morning, so they may simply settle with you then. Or they may show up. The judge will ask for the evidence, they'll give their story, you'll give your story, and the judge will decide who's right.

The worst that can happen for you is that the judge picks the other side, so you're out filing fees and a morning in Court.
 

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Insurance companies are definitely "for profit" entities. They almost never pay out what something is worth. Quite a few years back I totaled a bike that was just a few months over a year old, insurance payout was almost $1500 less than what I owed on it, don't even think about what I originally gave for the bike and had already paid on it. Gap insurance saved that day to the point of at least paying it off. I spent over a month last summer getting the insurance company to up $600 to replace the parts damaged when the guy rear ended me.
They have corporate shysters on retainer all the time, suing them is daunting at best. And with small $$ amount, by the time you pay your lawyer, count missed work/pay, and the general hassle, you get a few extra bucks at best. That's if you win..
Dealing with insurance companies is never pleasant. They're always smiling and friendly when taking your premium payments, but it's a Jekyll/Hyde thing when it comes time to pay anything out..
 

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Just went through this with my daughter. First offer from insurance was way low….eventually got them to come up about $3000. Here were my steps:
  • found similar cars at local car dealers, all asking more than insurance offered
  • wrote detail summary of recent repairs and all factory upgrades
  • asked for how they came up with offer

Once I had all of above asked to speak with supervisor, our agent (technically the other persons insurance) kept saying she would bring it to her manager. Kept my cool and ultimately came within $100 or so of what we were hoping to get. At the very end we were still far apart - I asked for an updated report on how they got their final number and discovered multiple errors (no cd player, cloth instead of leather…few other things) and they just kept adding $$ for everything I brought up.

I also learned through all this that Geico sucks. Like really, really sucks. They were my agent and they would not return any of our calls. Wound up calling the other persons insurance and resolving it directly with them. Crazy.
 

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Welp. My 2006 SV650 decided to take a ride without me. (topic for another thread: I had a tracker on it and watched it as it as the thieves joy-rode all around town. Cops wouldn't do anything. shocked, I tell you!)

Anyway, the claims person from Progressive got back to me with the value of the claim:

they consider the following evaluations:

NADA value: $1640
Price digest value: $2278
$1552 in accessories which I provided proof of (Yoshi pipe, lock, cover, etc)
total= $3823

Things is, I live in NYC. A quick look on craigslist within a 150 mile radius hasn't turned up anything close to a replacement for that amount (for a G2 SV).

Anybody have any luck negotiating with their insurance in a similar sitch?
That's the ammunition you need, the price of a bike like yours on the market in your area. If they're low balling you then show them what it's worth on the used market and they should meet that price.
 

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They have corporate shysters on retainer all the time, suing them is daunting at best. And with small $$ amount, by the time you pay your lawyer, count missed work/pay, and the general hassle, you get a few extra bucks at best. That's if you win..
Spot on. You'll never recoup your attorneys fees if you're suing for the difference between the offered amount and the amount you think it's worth (and likely worth). I was an insurance adjuster for a few years, and trust me when I say they know exactly the specific delta between these two figures.

Depending on State rules, if you can get into small claims court, this is where the advantage flips to you. There's no attorney cost, just the time it takes for you to gather the info, then a day of lost work to sit in Court. Let me tell you that the insurance company shysters make a lot of money, and to spend 6 hours sitting in a courtroom will cost them much more than the value you're after. They'll be much more willing to talk about settling once you've filed in small claims.

And in the event it does go, Small Claims Court is usually presided by a local attorney, instead of a judge, and they are very lenient when it comes to David vs Goliath, and the chances of it going your way are really high, if you can make a logical argument with solid evidence.
 

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Discussion Starter · #9 ·
They hold almost all the cards. If the adjuster has dug in their heels, and their supervisor backs them, about the only avenue you have left is to sue them for breach of contract.

First thing you'll need to do is to get all the data and facts ready to convince a normal person that the amount they're offering is inadequate. Get your book values, then your add ons, then test the market. Seems like you've done that. Download all the info, build it as evidence. Pretend you're going to talk to your next door neighbor about it.
I sent an email last night where I basically just laid out my best description of the current market, giving examples of other bikes out there, and how the valuations given to them by Price Digest and NADA seemed arbitrary (and wrong). I sent screen shots from cycletrader, and referenced some other sellers too. I basically invited them to have a look on their own to see that their valuations were way off. Tried to be as neutral as possible about it. "Talking to my next door neighbor" you might say.

But in the end, yes, they hold all the cards. I'll be circling back to this thread once I get a final payout amount. Hopefully will have had some success. This has made me wonder who the hell is running the show over at Price Digest and NADA. I mean, I was not lying with my claims: they are really arbitrarily low, and not representative of any numbers I saw out in the real world. Like they were like, "oh, an old SV? probably not worth a lot, let's just throw this here dart at our trusty old dartboard-o'-prices and grab some lunch." :LOL:
 

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But in the end, yes, they hold all the cards.
As Maximo pointed out, a small claims case can stack the deck in your favor. Does your jurisdiction have a small claims court system? If so I would explore that route before settling with the insurance company.
 

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Welp. My 2006 SV650 decided to take a ride without me. (topic for another thread: I had a tracker on it and watched it as it as the thieves joy-rode all around town. Cops wouldn't do anything. shocked, I tell you!)

Anyway, the claims person from Progressive got back to me with the value of the claim:

they consider the following evaluations:

NADA value: $1640
Price digest value: $2278
$1552 in accessories which I provided proof of (Yoshi pipe, lock, cover, etc)
total= $3823

Things is, I live in NYC. A quick look on craigslist within a 150 mile radius hasn't turned up anything close to a replacement for that amount (for a G2 SV).

Anybody have any luck negotiating with their insurance in a similar sitch?
I’d request a full digital copy of your policy, and check for “Actual Cash Value” be “Replacement Cost” language by doing an F9 search. If you have replacement cost coverage, which is most likely, then they owe you the “Current Market Value” or the cost to replace it. If this doesn’t get you anywhere, I’d start by filing a complaint with your states DOI (Department of Insurance), and note the replacement cost discrepancy. You could consult with an attorney, but most of them don’t want to get involved with suit against a carrier without big money upfront. I wouldn’t mention litigation yet. Try to be nice, and show them the difference, file the complaint and go from there!
I’m a licensed property claims adjuster in every state that requires a license. Have never done auto claims, but they’re very similar.
 
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