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Thread: Wrecked and thinking now what? Read me

  1. #1
    Join Date
    Apr 2010
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    west virginia
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    Default Wrecked and thinking now what? Read me

    Ok so I thought I'd throw this up. I wouldn't wish anyone to wreck their bike for any reason but if it happens I thought this could be some useful information. This came from another forum where an unlucky individual was hit (not at fault) while out riding.

    PI lawyers typically take 1/3 of any settlement. I would recommend that you do not file suit unless absolutely necessary - remember, CA law (and most states) say you have 2 years from the date of the accident to pursue the injury claim. This does not mean "Don't seek legal advice" just don't agree to let someone represent you unless you feel it's necessary.

    There are 3 components for financial recovery:

    1. Bike - if you have full coverage, run the claim through YOUR company - you'll get a better settlement, and they will recover what they pay you from the other guy's insurance. If you do not have receipts for mods to your bike, take them off, since any settlement will be for comparable bikes with similar mileage in your area, and you will not be comp'd for mods you can't document the "value" of typically.

    2. Gear - every piece of gear that was damaged in **any** way is requried to be reimbursed. Typically it's prorated from the date of purchase except the helmet, which must be reimbursed at 100% of purchase price.

    3. Personal injury, medical costs, loss of earnings, and any other costs/losses not covered in 1 and 2.

    The drawback to going to a PI attorney is that they typically send you to a Dr. of their choosing. On the face of it that sounds OK, excpet when the settlement comes, they not only take their 1/3 off the top, they then take the costs of "their" Dr. What's left over is yours. Good for them, not so good for you spending on the settlement amount. Also, if you went to the dr already on your own insurance, you may get a call later on down the line form their subrogation department, demanding that they be reimbursed for the cost of your care from the settlement (and it's 100% legal), further reducing what you were left with. If you feel that the ins co is jacking you around it's better to go to the state insurance regualtory board - insurance cos are more scared of them than they are of lawyers.
    Last edited by Vtech; 02-04-2011 at 12:45 PM.
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  2. #2
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    Apr 2010
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    west virginia
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    Default Re: Wrecked and thinking now what? Read me

    Sticky maybe?
    ""

  3. #3
    Join Date
    Oct 2007
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    Princeton
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    Default Re: Wrecked and thinking now what? Read me

    good info
    not sure on bikes, but something else that you can get is a diminished value claim, so that if the insurance fixes the bike/car, since it will have a history, you can get an adjustment to compensate you for the lower resale value.

  4. #4
    Join Date
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    Clarksburg
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    Default Re: Wrecked and thinking now what? Read me

    Pictures are worth a 1000 words and in some cases 1000s of dollars. Its very good to have all the documents/receipts but pictures work just as well sometimes. It helped me when I had stereo stuff stolen. Insurance didn't even argue because I had sooo many pictures. Also helps to show how GOOD of condition your bike/car was and the mess it is now.


    SHCC RADical Pres

  5. #5
    Join Date
    Oct 2007
    Location
    Princeton
    Posts
    2,191

    Default Re: Wrecked and thinking now what? Read me

    ^^^ also a good point

    but what the insurance dont tell you, unless you pay for extra "modification" insurance, most companys will only pay $1,000 for upgrades, reguardless of how much you've actually spent, even with proof of the cost. my wife was an agent for Nationwide, and i never knew this until we started dating. so be sure to check into that if youve done much.

  6. #6
    Join Date
    Jul 2008
    Location
    WV
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    13,951

    Default

    Good info but it's your opinion. I don't think it's wise to sticky something such as this. Nobody wants the above shown in court.

    Also when you do sue you sue the I individual you cannot mention anything about any insurance company in court.
    2001 Corvette - Heads, Cam, Intake, Full exhaust, Hotchkiss Swaybars, z06 brake ducts, SS brake pistons & Lines Etc. Lowered & Murdered out.
    2000 Trans AM WS6 - Forged Motor APS Twin Turbo Kit. Full Suspension & C5 brakes.... in pieces currently
    1998 Trans AM STS Turbo
    1997 Jeep Cherokee - when you just gotta go places other things won't take you.
    1995 Mercury Grand Marquis - ugly but comfortable

  7. #7
    Join Date
    Jul 2007
    Location
    Charleston
    Posts
    1,343

    Default Re: Wrecked and thinking now what? Read me

    Our insurance company sent us a form to fill out and it asked about supermarket add ons. We marked what it had and they adjusted the price. His helmet and gloves were stolen too... those were claimed with it and he got more than he paid for the bike new back.

    2013 Subaru BRZ

  8. #8
    Join Date
    Aug 2007
    Location
    Charleston, WV
    Posts
    427

    Default Re: Wrecked and thinking now what? Read me

    When I got hit in March I just took the settlement they offered. Why? The lady surgeon driving the Tahoe did run a stop sign after all...

    I had no insurance or registration on my bike. Tags were off an older bike of mine. STUPID I know, but I heard rumors they (her insurance) could refuse liability since, you know, the bike should've not been on the road to begin with. Anyone know if there's any truth to that?
    ~jon
    2002 WRX
    2002 CBR600 - rip 3/27/10

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