Bike crash insurance questions

Leo Lichtman wrote:

The bike is a total loss, from an insurance standpoint. If they accept
that, then the salvage value does not enter into their settlement with you.
The amount they can recover for this damaged bike is between them and the
rest of the world. However, if you are interested in buying the bike from
them for the salvage value, they will usually give you a chance to take it
before they offer it to anyone else, and they will simply deduct the salvage
value from the settlement, and let you keep the bike.

If it were a car, they would have a lot of experience at valuation. Since
it is a bike, my guess is that you could make them some sort of an offer,
say 10% of its cost, and get the matter resolved.

NONONONONONONONO! If it's valueless, which it certainly is, he should
pay NOTHING to keep it. It's easier for them to just give it to him for
nothing, and they should know that. There's no way they're going to try
to sell it, even if the people involved are making minimum wage their
time exceeds the value of the dead bike.

As I said earlier, I like the phrase "What do you want me to do with the
corpse?" Make it easy for them to do the right thing!

--
Cheers,
Bev
----------------------------------------------------------
"When I was in college, the only job I could get was
****ting on people's lawns. Sure, the owners complained,
but it was honest work and it kept me off welfare..."
-- M. Tabnik in mcfl (paraphrased)

SuperSlinky wrote:

Paul Turner said...

I'm not criticizing your desire to settle, which is what I'd want to do
also, but I think your first sentence is wrong. If you sue the driver, her
insurance company will be obliged to defend the lawsuit and pay any
judgment you win (up to policy limits, which in Illinois will be plenty
for this case). That's the reason the insurer is offering to settle now.
Its duty is to defend the driver and pay damages on her behalf, and it
will settle if that appears less expensive and less risky than waiting for
you to sue. If you didn't have a reasonable chance at winning significant
damages in a civil lawsuit, the insurer wouldn't be offering you money.
You don't have to worry about collecting the judgment if you win.

Good point. You are more savvy than I am on this subject. I'm learning,
but I would have preferred to remain blissfully ignorant.

Wouldn't we all! The insurance company made me an offer, but I thought
it should have been more. I hauled them into small claims court and got
a couple of $hundred more than they offered. Not much money, but it
wasn't much trouble and I got to haul the stupid cow who hit me into
court and cause HER some trouble.

And don't forget pain and suffering. In my case, that was a nice
surprise!

--
Cheers,
Bev
----------------------------------------------------------
"When I was in college, the only job I could get was
****ting on people's lawns. Sure, the owners complained,
but it was honest work and it kept me off welfare..."
-- M. Tabnik in mcfl (paraphrased)

SuperSlinky wrote:

Ernst Noch said...

Just remember that the insurance company doesn't want to push something
like principles in any way, what they are doing is balancing the cost of
handling your case against the money they might save when paying you.
Think of bargaining at a bazaar.
And always keep in mind that you have a right to get out of this with as
little material damage as possible, which also involves time you might
have to invest looking for a new bike and handling the old one.

The adjuster said they wouldn't pay for any miscellaneous expenses, loss
of use of the bike, gas money, or my time wasted. A lawyer gave me a
freebie consultation over the phone and he said I was entitled to such
expenses. I guess I will have to seek more legal advice.

I didn't get that when I sued in small claims court, but it's probably
up to the judge. BTW, if you have to go to court ask for a REAL judge,
not whatever your state calls the judge-substitute who is probably just
another lawyer with time on his hands. "Magistrates" here don't want to
think and will hang a decision on whatever somebody in authority has
already decided.

The concept of "making whole" is honored only in the breach :-( When
somebody smashes up your car, the very least the insurance company
should do is shop for an exact replacement (including color and
accessories and mileage and condition and...) and deliver it to your
home.

Yeah, like that will happen!

--
Cheers,
Bev
----------------------------------------------------------
"When I was in college, the only job I could get was
****ting on people's lawns. Sure, the owners complained,
but it was honest work and it kept me off welfare..."
-- M. Tabnik in mcfl (paraphrased)

SuperSlinky wrote:

Threeducks said...

Salvage value is about $50. Sure you could part it out and sell bits
and pieces on Ebay, but after you figure in time spent at $XX/hour,
you'll be right back at $50 net.

You probably aren't far from wrong, but I will offer them a couple
hundred assuming they don't torque me off so much that I end up doing
all my negotiating through a lawyer.

NONONONONONONO! You owe them nothing! Would you buy the bike in its
present condition for $200? Of course not! You might give $20 just in
case SOME part of it might be reusable (maybe one of the cables?), but
even that's a stretch.

--
Cheers,
Bev
----------------------------------------------------------
"When I was in college, the only job I could get was
****ting on people's lawns. Sure, the owners complained,
but it was honest work and it kept me off welfare..."
-- M. Tabnik in mcfl (paraphrased)

The Real Bev said...

I didn't get that when I sued in small claims court, but it's probably
up to the judge. BTW, if you have to go to court ask for a REAL judge,
not whatever your state calls the judge-substitute who is probably just
another lawyer with time on his hands. "Magistrates" here don't want to
think and will hang a decision on whatever somebody in authority has
already decided.

I believe loss of use and time spent may be part of a general damages
settlement, but I'm not a lawyer. Judges make their decisions based on
past judgements. It is called common law. It is much safer legally than
breaking with precedent.

The concept of "making whole" is honored only in the breach :-( When
somebody smashes up your car, the very least the insurance company
should do is shop for an exact replacement (including color and
accessories and mileage and condition and...) and deliver it to your
home.

Yeah, like that will happen!

That is all very true. But I was happy with money. That way I can choose
my own replacement. I started out with a $750 budget for a road bike.
Now I have a $3000 one.

The Real Bev said...

NONONONONONONO! You owe them nothing! Would you buy the bike in its
present condition for $200? Of course not! You might give $20 just in
case SOME part of it might be reusable (maybe one of the cables?), but
even that's a stretch.

Sure, I'd buy it for $200. I already know somebody who wants to buy it
from me for twice what I paid for salvage.

SuperSlinky wrote:

The Real Bev said...

NONONONONONONO! You owe them nothing! Would you buy the bike in its
present condition for $200? Of course not! You might give $20 just in
case SOME part of it might be reusable (maybe one of the cables?), but
even that's a stretch.

Sure, I'd buy it for $200. I already know somebody who wants to buy it
from me for twice what I paid for salvage.

sigh Have you ever thought of getting a T-shirt with a big red
"VICTIM" and a bullseye on the back?

Maybe I'm being too harsh, but the idea of spending $200 on a parts bike
just seems WRONG. Comes from doing all my bike shopping at yard sales,
I guess. We turned down a near-virgin Schwinn Paramount with its 197x
sales slip for $250...

--
Cheers, Bev
-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
"I love to go down to the schoolyard and watch all the
little children jump up and down and run around yelling and
screaming...They don't know I'm only using blanks." --Emo