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Author Topic: Reasonable settlement?  (Read 3917 times)

LazyRider

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Reasonable settlement?
« on: April 01, 2006, 11:14:38 AM »
My insurance company have told me that my Varadero is a write off and have sent me a cheque for ?2,500.00 in settlement.   They have said that I may bank the cheque even if I wish to discuss the settlement further with them..
I think it is a fair price for a 1999, 55,000 mile, Varadero that is mechanically OK and reliable but cosmetically looking a little worn.

The excess has already been deducted and this will be claimed back by the solicitor acting for me under the legal protection part of my policy.   They will also be pursuing damages for my foot and shoulder.  These things cant be settled until I have been signed off from the hospital and after an independent medical inspection - this could be six months down the road..

As my solicitor pointed out my claim is not dependent upon the other party being charged with any offense, but the fact that there is another witness and the police have charged the driver with negligence will not do my claim any harm and may speed up compensation. ;)

I can now just about raise my shoulder enough to hold a steering wheel, but I need another 2/3 inches of movement before I could safely drive.   I think I will be OK for getting a hire care in Sicily for the VIM.   Return flight plus car hire for a week ?290.00 - it could be a cheap VIM!  ;D

Silver Fox

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Re: Reasonable settlement?
« Reply #1 on: April 01, 2006, 02:18:59 PM »
At least its not dragging on to much and you do have some settlement.

Take the bastard to the cleaners though, in this case turning the other cheek need not apply :rtfm:
HOC 28735

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owen

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Re: Reasonable settlement?
« Reply #2 on: April 01, 2006, 05:12:19 PM »
Pleased that a settlement is offered to you so quickly down the line,as a matter of course the insurance company will offer you a settlement on the low side,Turn their valuation down as to low. You can argue that can i find a varadero in a franchised shop that year for that money and of course the answer is no you cant.Its no trouble to print off this weeks Auto-Trader (two vara sites on here) and MCN adverts it will help you some weeks down the road,this is good ammunition if you like to and have the time to do so ??.
I think if i remember rightly your with CAROL-NASH and you may think they will look after your interests properly(They will not)so this bit of home work is vital.pp i have only renewed my ins with them because of my protected NCB is not transferable.
     Over your personal claim don't forget your m-cycle gear its not normally covered with your policy,(This alone cost me nearly a ?1000.00) and finally don't rush to get a settlement over your personal injury's things may happen futher down the line,(I am still being treated some 19 months after my accident).
     Any extras that are on the bike are not normally costed so you can recover any thing off the bike or reach a settlement then start talking about these extras.
     I hope my little rant is of some help to you. pm me if you need to.
All the very Best  Owen
hoc membership 28742 but still no badge

Redeye

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Re: Reasonable settlement?
« Reply #3 on: April 01, 2006, 05:59:13 PM »
Barry, Owen made a good point about accessories etc.

If you were claiming on your own insurance for the loss of the bike they will give you the lowest figure and not take into account accessories. But as you are claiming against another insurance company for an accident that was their clients fault you can really stick it into them.

There's the replacement value of the bike, any accessories fitted and the mods you've made (custom seat etc), clothing, pain and suffering. Claim for everything at full retail value plus fitting costs. With all the bits on your bike I would expect you to get around ?3,500 at least.

Hope the body mends soon.

Ralph W

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Re: Reasonable settlement?
« Reply #4 on: April 01, 2006, 06:15:59 PM »
Lazyrider, you did have a full set of panniers and top box didn't you, and don't forget the replacement screen, Scottoiler, after market cans. All go to increase the value of the bike. As has been said, check MCN and Autotrader for replacement values and get copies for future reference.
Good luck.
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Supadan

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Re: Reasonable settlement?
« Reply #5 on: April 03, 2006, 12:32:34 PM »
LR,

My wife's c*r was recently written off and we turned down the initial settlement as too low.  We stated that we could not find a replacement from a retailer offering the same package as we had recieved on buying the original car of the same age and condition and mileage for the money they were offering.

When we rang up to contest it could not have been easier.  We said what we wanted and he rounded it up for convenience.  The guy on the phone had clearly had the conversation hundreds of times before and was'nt about to argue.  He almost told us there and then that the claims dept were unlikely to argue, especially as they would claim the amount from the other driver's insurance.  Cheque is allegedly on its way.  :beer:

Get well soon,

D
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Carl: Vengeance isn't too bad either.

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