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#261
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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) |
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#262
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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) |
#263
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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) |
#264
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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) |
#265
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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. |
#266
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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. |
#267
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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 |
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