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Afraid of getting boned......

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I am waiting an insurance settlement on my stolen 05 CRF450 from State Farm. They won't settle for three weeks following the theft in case it gets recovered. When I insured it they asked for how much. I told them $7400 (Retail OTD) I really paid $6525 OTD. They want the original sales receipt plus receipts for upgrades IE my suspension etc. I have receipts totaling $875 for extras. I have a $500 deductible they'll knock right off the top. My current payoff is $1689.00.

My bike had 12 hrs. on it and was perfect. The question is how much are they going to depreciate it for 12 hrs./3months old? Any insurance adjusters out there in TT world???

I was hoping to come out as close to even on my new bike as possible but Im getting nervous................I feel like they are going to go " aah it only worth 3500 or something. Anyone been through this B4?

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No sense worrying about it, just wait to see the offer.

I totalled a 3 month old street bike in 1996. State Farm gave me Blue Book for the bike, full replacement for the Corbin seat I'd added, plus full replacement on my riding gear (helmet, gloves, $800 riding suit). By the time I bought an equivalent used bike and had my suit repaired for $100 I ended up making money. Around here State Farm has a reputation for fair payouts to their customers (but lousy payouts to the people their customers run into).

Hopefully you'll make out like I did, but don't lose site of the fact that they don't owe you a brand new bike. The bike may seem new to you but what would it sell for on the open market? How much would your upgrades really add to the value? They owe you enough to get an equivalent replacement but no more. The reason I made out OK on my crash is because I didn't run out and buy a brand new replacement - I bought a used one with about the same mileage as mine had.

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I have just been through the same situation. But it was with my precious :cry: truck. Some lady ran a stop sign and clobbered me. :cry: It was totalled. Anyway, they first offered me six grand for a newer truck that was worth about $11,500 according to kbb.com (the value of your bike should be on this site also) I had also put in about 2000 in aftermarket stuff.

I told the insurance agent that six g's was not going to cut it. And she basically said take it or leave it. So I went to a local lawers office and asked to see one of the lawyers. I did not want to sue or anything, I simply asked him to write a letter telling my insurance company how much my truck was woth and supplied the paperwork that showed how and why(recipts, and a printout from kbb.com) it was worth $13,500. He mailed the letter and charged me $150 just to write it, but it worked very well. A few weeks later I got the agents revised :cry: worth of my truck and it was 13,000. I was happy, so I signed the paperwork and got a fair compensation for my truck.

I have since had the same lawyer do some other work like this for me, without spending thousands. I now know a good lawyer that I can call for advice and he does not charge me, he also did not charge me for a letter he wrote a couple of weeks ago. This might be a chance for you to get a fair settlement and to establish a contact for any future legal problems you may have. :cry:

Just remember, if the settlement is too low dont sign it and do not even try to negotiate with the agent, they want to pay out as little as possible and might try to convince you that the price is non-negotiable. It will take a little longer for the way I described but is well worth it.

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I just looked up the value of an 04 crf450 on kbb.com(that is the newest they list) and it showed th worth at $4985 so that would be a total of $6674.

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Damn, i thought this post was about something totally unrelated... Nice attention grabing title.... :cry::cry:

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Here's my two cents. Last year my van got totaled. The insurance company provided me with an analysis of like vans in the area and what they were worth, so the fair market value was established. I provide reciepts of some upgrades, so they added some of that value also. In the end they paid what I thought was a fair settlement. Plus they had a program available if I thought the payout was low. I guess my point would be to see their analysis of how they developed what the fair market value was.

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State Farm got to deal with the Maryland Attroney Generals office over their settlement offer on my XT350. After they offered almost nothing in a "fair market value" settlement, I decided to wait to see if it got recovered. They sent threatening letters demanding that I settle or else they would cancel my claim. Fortunately I knew that they can't do that so I forwarded their letter on to the the AG's office. I did get an apology for the "misunderstanding" and my bike was recovered.

Moral of the story: my agent said the State Farm claims department is a "burnout" job with a huge turnover rate so you never know what you might get for a claims agent. He said to always run everything by your regular agent if you don't like what is going on. We had two almost simultaneous accidents plus one of the people that hit us had State Farm. The claims people got things so completely screwed up that we had to turn the whole mess over to our regular agent to straighten it out. We are shopping for a new insurance company after that fiasco.

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