I wanted to know if anyone has experienced how insurance refund personal property damage in motorcycle accidents.
My insurance company is refunding my losses for an accident back in Oct of 08. The amount of the refund is 352.02.
I wanted to know if that is appropriate refund for the following items that got damage:
Five year old Dinesen midlevel quality leather jacket.
Five year old dainese midlevel quality gloves.
2 YEAR OLD HJC AC10 HELMET.
3 YEAR OLD KEVLAR PANTS.
ALL ITEMS WERE KEP BY THE INSURANCE COMPANY.
Please advice ,
George

 

It depends on ho your policy is written, there are replacement value language(cost to go by the stuff new) and value of loss ( the actual value of what got destroyed).

From the amount you are getting that sounds like value of loss, and the payment seems about right.

AC-10 on the bay are under $75 w/shipping
Dainese jacket and gloves $200
pants $35 to $50

Those figures are from a quick search, so you can find cheaper. If you think it is low, find comparables on the bay and take them to the insurer with the final sale price+price to ship and negociate a little more.

All in all, I think it is fair give the age of the gear, the helmet was probably was near it's experation date, so consider the cash you get as a great discount on the gear you were about to need anyhow

 

Lesson learned,

I will keep all of my bills for furture references.

Thanks for your input,

George

 

Ya, it's pretty crappy the way they work it, but thats how they make money. Use language that sounds the same but means two different things.

Your best bet to get more is find online retail stores that are selling the same stuff and so the value of it.

Good luck

 

Unfortunately, you are usually only entitled to replacement value, meaning that they are onlygoing to pay you what it costs to replace your damaged items i.e. the price for a five year old dinesen midlevel jacket etc. Moveover, the price will be calculated using market value. In other words, the insurance company will search around and look at what people are charging for your jacket and calculate an average from that. You usually can obtain more money from an insurance company if you can locate someone selling the item for more than what they paid you for it.