Well I’ve always had rss deal with it all and buy back has never been a question as the engineer has a look says it’s a cat d or c and away I go rebuilding the bike.
Why do they have the right to pay you less than what it’s worth and then sell the rest on. This is a cat d the bike can be sorted so easily yet my mate is now bikeless and can’t afford to get the same bike thanks to the short change
The insurance policy will state that the payout will be on the blue book valuation, not what the actual market value is. It’s not a new-for-old policy as with home insurance. If they have paid out the fair value (as per blue book) then they own the bike and can do whatever they want with it.
Some insurance companies offer agreed value insurance. This would mean that in the event of total loss they would pay out the agreed value (usually for specialist/ heavily modified vehicles) but this insurance is very expensive.
That’s insurance companies - blood-sucking bastards
Although it’s insured for market value, they do always offer as little as they think they can get away with.
I’ve only had one claim, and in that even I got above market value for the bike and kept it for nothing.
Really does depend on the insurer - my claim was against an Irish car insurer, and they didn’t know what to do with the bike so let me keep it
Pretty much all insurance companies use blue book valuations, which represent fair market value, in theory. In practice though, market value fluctuates based on buyers and sellers, so sometimes actual market value will be more than blue book, other times in will be less (such as in your case).
It’s not really fair to say they give as little as they can get away with (otherwise why did you get more than market value) as they have to have a strict system in place for judging value. If they were found to be underpaying it would be quite a serious breach of regulations. Now I’m not saying they pay a fair amount, I’m just saying they have to be consistent in their valuations. Unfortunately blue book is usually less than what they actually sell for in the real world do so you don’t get paid enough to go and buy another bike.