Crashed on black ice

General discussion of the BMW R1200RT/R1250RT
User avatar
David.
Subscriber
Posts: 8300
Joined: Fri Nov 07, 2014 7:29 pm
Location: North Yorkshire
Bike Model and Year: R1200RT (Camhead) 2012
Been liked: 387 times
Great Britain

Re: Crashed on black ice

Post by David. »

Year Dealer Private Part Ex Mileage
2014 £9,900 £7,900 £6,950 5,700
2015 £11,450 £9,150 £8,050 4,300
2016 £13,200 £10,550 £9,250 2,900
2017 £15,400 £12,350 £10,800 2,000

Looking at the above Private values, between 2015 @ £9,150 & 2014 @ £7,900 that's a depreciation of £1,250, say £100 per month.

The bike was insured in May for £12,000, that's 8 months ago, therefore, say good bye to £800, now £11,200, minus an excess mileage amount.
Last edited by David. on Fri Dec 29, 2017 3:49 pm, edited 1 time in total.
User avatar
David.
Subscriber
Posts: 8300
Joined: Fri Nov 07, 2014 7:29 pm
Location: North Yorkshire
Bike Model and Year: R1200RT (Camhead) 2012
Been liked: 387 times
Great Britain

Re: Crashed on black ice

Post by David. »

Here is a 2015 bike with 24,000 miles for £10,000, https://approvedused.bmw-motorrad.co.uk ... ?on=373629

With an offer of £10,550 from the insurers, walk into a BMW Dealer with a wedge of cash (no part-ex) & see how the screen price falls.

If the bike had been on a BMW finance deal or PCP, excess mileage would have cost 8.67p/mile. The damaged bike has done 24,000 miles in 2 years. When my last RT was part-ex'd, I was told it should have around 4,000 miles per year. Allowing 6,000 miles per year, the damaged bike is 12,000 miles over the odds, that's another £1,000 off it's value.
Last edited by David. on Fri Dec 29, 2017 2:58 pm, edited 1 time in total.
User avatar
Levisp
Posts: 1114
Joined: Sun Aug 31, 2014 12:57 pm
Been liked: 1 time

Re: Crashed on black ice

Post by Levisp »

David. wrote: Here is a 2015 bike with 24,000 miles for £10,000, https://approvedused.bmw-motorrad.co.uk/UK/detail.cshtml?on=373629

With an offer of £10,550 from the insurers, walk into a BMW Dealer with a wedge of cash (no part-ex) & see how the screen price falls.

If the bike had been a BMW finance deal or PCP, excess mileage would have cost 8.67p/mile. The damaged bike has done 24,000 miles in 2 years. When my last RT was part-ex'd, I was told it should have around 4,000 miles per year. Allowing 6,000 miles per year, the damaged bike is 12,000 miles over the odds, that's another £1,000 off it's value.

I kind of agree. I think £10550 is not a bad offer. We all think our bikes are worth more than they are due to comparing them with dealer bikes. The reality is very different. Options is another area which in reality my make a bike sell quicker but not always for any more. After all this pain look forward to more expensive insurance. If you have no claims protection you will keep that but as a claim has been make your risk goes up and so the base figure will go up. Expect to pay more.



ds99
Posts: 406
Joined: Mon Jul 18, 2016 3:06 pm
Been liked: 1 time

Re: Crashed on black ice

Post by ds99 »

insurance companies NEVER pay out the proper full value for a writeoff claim


same with cars. it's always 10-20% less than the vehicle is worth



SilverFox
Posts: 6
Joined: Sat Mar 19, 2016 11:29 am
Great Britain

Re: Crashed on black ice

Post by SilverFox »

Sorry to hear about your problems regarding valuation. My bike was declared a Category D write-off in July after my (best) friend rear ended me in Belgium.  There is a separate thread on that subject which details damage and cost of parts etc. As regards a comparison to your situation my bike was a 2014 LE with Audio, Dynamic package and colour coded top box with 14,900 miles; no cylinder head protectors although have them on the new bike. I thought the  insurance assessor was very fair. He asked me what I thought the bike was worth and I replied that trade price was c. £12,000 but felt that as my bike was in mint condition that it was worth more. His reply was ‘yes I can see that from the photographs ( the whole interaction between him and the dealer who supplied the repair estimate was by email and photographs) so would £12,750 be acceptable to you?’ Much as I hated seeing a still mint bike being carted off to auction I thought that it was a very fair price. As has been said elsewhere in this thread I think it should be replacement cost of buying a bike of same age and condition from a dealer as opposed to p/x value. On the downside I guess that the time of year might have some downward pressure on prices. Hope this helps you in some small way.
ds99
Posts: 406
Joined: Mon Jul 18, 2016 3:06 pm
Been liked: 1 time

Re: Crashed on black ice

Post by ds99 »

this is one of the downsides of having a nice new-ish bike. in addition to it being more "nickable", one little drop/prang and the bike is written off, you lose on the payout and your insurance goes up too


it's probably just as well i can't afford a bike worth more than £4,000...
circlehappenork
Posts: 43
Joined: Sun Nov 08, 2015 11:10 am

Re: Crashed on black ice

Post by circlehappenork »


@ David.
What you see depends on where you stand. This bike is a SE and mine was LE. There's a bike from this dealer on my comparison (Number 8.).
As to depreciation - this does never work. Anyone can give completely different values after n time. I doubt that the insurance company would bother/understand if I'd present them analytical calculation.
PCP - yes, my bike is on this, however the excess mileage differs and I 'lose' £500 on it. Same as with depreciation I think it's not something appraiser is considering.

Levisp wrote: We all think our bikes are worth more than they are due to comparing them with dealer bikes.
I think that I've made a cold minded calculations to come to value I'm expecting to get.



Levisp wrote: After all this pain look forward to more expensive insurance. If you have no claims protection you will keep that but as a claim has been make your risk goes up and so the base figure will go up. Expect to pay more.
I agree this sucks. They should pay me more, to cover the future difference  :)

ds99 wrote: insurance companies NEVER pay out the proper full value for a writeoff claim


same with cars. it's always 10-20% less than the vehicle is worth

I disagree. I bought my previous bike for £1500, after two years was written off, valued at £2000.


@ SilverFox
Thank you. I knew I read about someone else having a write-off, but couldn't find it (didn't search for 'knocked').




I've posted here not for people giving me examples of other bikes for sell, but for past experiences, real life situations like from SilverFox.
User avatar
David.
Subscriber
Posts: 8300
Joined: Fri Nov 07, 2014 7:29 pm
Location: North Yorkshire
Bike Model and Year: R1200RT (Camhead) 2012
Been liked: 387 times
Great Britain

Re: Crashed on black ice

Post by David. »

Is the offer of £10,550 net of any policy excess being deducted.
circlehappenork
Posts: 43
Joined: Sun Nov 08, 2015 11:10 am

Re: Crashed on black ice

Post by circlehappenork »

David. wrote: Is the offer of £10,550 net of any policy excess being deducted.
Nope, I've got excess of £400
User avatar
David.
Subscriber
Posts: 8300
Joined: Fri Nov 07, 2014 7:29 pm
Location: North Yorkshire
Bike Model and Year: R1200RT (Camhead) 2012
Been liked: 387 times
Great Britain

Re: Crashed on black ice

Post by David. »

Confused.com says, https://www.confused.com/motorbike-insu ... -insurance

"What if your motorbike is written off?

Your insurer’s assessor will declare your bike a write-off if the cost to repair it is greater than its value. In which case they’ll offer you a cash sum, less any excess."


When my VFR800 was written off, I don't recall paying an excess before accepting the cash sum, seem to think is was deducted at source.
Last edited by David. on Fri Dec 29, 2017 5:49 pm, edited 1 time in total.
User avatar
David.
Subscriber
Posts: 8300
Joined: Fri Nov 07, 2014 7:29 pm
Location: North Yorkshire
Bike Model and Year: R1200RT (Camhead) 2012
Been liked: 387 times
Great Britain

Re: Crashed on black ice

Post by David. »

Out of interest, following a total loss claim, what happens with regards to a PCP deal.

Does this sound right, any outstanding monthly payments remaining over the term of the contract, the optional final payment, plus any excess mileage charge, would have to be paid to the finance company who own the motorcycle.

Reading the BMW Motorrad Select (PCP) FAQ's, the above would seem correct.
Last edited by David. on Sat Dec 30, 2017 1:30 pm, edited 1 time in total.
ds99
Posts: 406
Joined: Mon Jul 18, 2016 3:06 pm
Been liked: 1 time

Re: Crashed on black ice

Post by ds99 »

Out of interest, following a total loss claim, what happens with regards to a PCP deal.


Does this sound right, any outstanding monthly payments remaining over the term of the contract, the optional final payment, plus any excess mileage charge, would have to be paid to the finance company who own the motorcycle.


Reading the BMW Motorrad Select (PCP) FAQ's, the above would seem correct.

yep, correct. if you prang your new PCP bike.....you still have to pay the agreed payments/amount


see


http://www.motorcyclenews.com/insurance ... itten-off/
Last edited by ds99 on Sat Dec 30, 2017 4:49 pm, edited 1 time in total.
circlehappenork
Posts: 43
Joined: Sun Nov 08, 2015 11:10 am

Re: Crashed on black ice

Post by circlehappenork »

I'd like to give an update of how my situation ended (well is almost done).



I have taken my case to their (insurer) claims department and it was reviewed the very same day. It was given to one of their managers and I was offered £11,200 supplemented with 6 examples from different BMW dealers. I was still unhappy with the valuation and I made a counter-offer of £11,600 rationalising my case by pointing out extras that were missing from the above mentioned examples and it was accepted.


I was also surprised, that the salvage percentage changed from 30 to 26% (I was told that's not negotiable and or it's not true or I've been lied to). On Wednesday I went to have another look at my bike at the scrap yard and I'll have it back (hoping that they won't tell me to pay any undisclosed charges).


In the end I'll have to pay them ~£1.5k and keep the bike.
Marcosalopo
Posts: 14
Joined: Fri Nov 28, 2014 5:06 pm

Re: Crashed on black ice

Post by Marcosalopo »

When my bike was written off at 1 month old had no problem with valuation from BMW insurance.
However Top box and other additions which can be added after factory build were classed as "optional extras" I had to claim for replacement of these on home all risk insurance, along with leathers etc.


However factory fitted options were costed at original price and not replacement price causing a short fall in new bikes cost.
[size=78%]
[/size]
[size=78%] Fortunatey accident was not my fault and all losses covered by claimimg on third party.[/size]
Post Reply