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 Posted: Wed May 07, 2008 10:20 pm Post subject: Car-bike accident |
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I live in CA.
I was hit by a car while riding my bike. There were no serious injuries. The car turned into me and the officer said that it was his fault. Many of the parts on the bike are bent and the frame is scratched up and could be more seriusly damaged beyond what I can tell. If I understand correctly, his insurance should pay for the damages to my bike. Does anyone know how they assess damages, how to calculate the bikes value minus depreciation (trek 1500 alumin frame, carbon fork, and seat post, shimano 105), or have any advice concerning the process?
If the bike is declared total will they take the bike and sell it or do I get to keep it?
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kp35091
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| Posted: Wed May 07, 2008 10:41 pm Post subject: |
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To be honest, if it's just the damage to the bike they should send out a check as quickly as possible and not question too much. If you were not injured they should not want to make you upset about this process and should be willing to address your loss quickly.
They will probably ask you to take it into a bike shop to see what it would cost to repair. They will probably also need the model information on the bike to determine it's value (this might be difficult as it seems like it has many custom parts, which is common).
If it's not repairable its up to the carrier if they want to take possession of the bike. I know I wouldn't as I could not do anything with it. Still, even in that case it's a good policy to take the bike and even just throw it away (I know that sounds like a waste). If it's a total loss and you want to keep it, you could always ask the adjuster if it's possible that you could keep it as no cost. As mentioned above, if you have no injury they should bend over backward to keep you "happy". |
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tcope
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| Posted: Thu May 08, 2008 12:20 am Post subject: |
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Thanks to everyone for the info and help
Update:
The driver wants to settle without the insurance. He was willing to pay for complete cost of the bike. It sounds like this would get me a better deal than going through the insurance company. If I am able to get the full cost of what I paid for the bike plus upgrades should I do it? Is there anything to watch out for or reason to not do this. My injuries are minor, but I suppose it is possible to discover problems later on, so how does this "out of insurance" settlement limit my ability to claim medical costs or damage later on should I discover any? Does anyone have any advice on this, is there any paperwork I need to do?
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kp35091
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| Posted: Thu May 08, 2008 6:38 am Post subject: |
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| Quote: | | If the bike is declared total will they take the bike and sell it or do I get to keep it? |
What I've seen from my past experiences, I may tell you that once my car/bike gets totaled, I get paid for it by my insurer & the scrap becomes the property of the carrier. Now, it would be his decision whether he'd love to keep it with him or whether he'd like to sell it.
Sometimes it so happens, the insured may wish to purchase it from the carrier for remodeling at a bargained price, but his selling it would be a bit difficult since none wants to buy a car that has a "totaled" label.
Thanks,
Sultrymind
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Sultrymind
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| Posted: Thu May 08, 2008 2:17 pm Post subject: |
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| Quote: | | My injuries are minor, but I suppose it is possible to discover problems later on, so how does this "out of insurance" settlement limit my ability to claim medical costs or damage later on should I discover any? |
If you accept private settlement you void your right to recovery under your own insurance, and I'm also pretty sure the driver's policy would not pay a claim if they are aware that there was a private settlement. |
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Fishman
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| Posted: Thu May 08, 2008 5:25 pm Post subject: |
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| As long as the other party does not have you sign a release, I'd see about collecting the full amount from him/her directly. Any amount you accept would be only for your property loss (which is why I would not sign a release... especially if it's for "all claims"). This could be a win/win situation. The other party is the one willing to bend over backward in order to avoid their carrier knowing about the accident and you get paid for your loss and perhaps a little more. Just make sure they pay you _quicky_! Don't let them drag it out. |
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tcope
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| Posted: Thu May 08, 2008 6:47 pm Post subject: |
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Here we go again, trying to put one over on the ole' insurance company.
The driver who hit you may not even have auto insurance and he just wants to stay out of trouble. Did you see proof of insurance or obtain his insurance information?
If we were talking about $200 or so, I could see it, but it sounds like we are talking about a lot more than that. What happens if 6 months down the road, you develop back problems which you know resulted from that accident?
I hope there was a police report.
Maze
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InsuranceMaze
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| Posted: Thu May 08, 2008 6:52 pm Post subject: |
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| As tcope said...this could be a win/win for you. Most carriers will take posession of the bike if they claim it totalled and you would have to buy it back from them. Since he is not going to claim and will pay you, you don't have to worry about that. If he wants you to sign a release, do so only after the payment and make sure you get correct value for all property and include injuries that you have. If you are afraid of potential medical issues in the near future I would be hesitant to sign a release as you may not be able to go after him if you have problems with any injuries. If he claims the accident then for property and injuries you can go for his insurance. Make sure you read over everything no matter what...I've seen some people really get screwed over with this type of situation. |
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slappy
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| Posted: Thu May 08, 2008 7:51 pm Post subject: |
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yes there was a police report, and he does have insurance.
I figure I will get a better settlement out of doing it this way and that is what he wants. So it sounds like it is all good as long as I am not signing a release? and if i do then I am giving up the rights to more money down the road?
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kp35091
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| Posted: Thu May 08, 2008 8:07 pm Post subject: |
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| Depends on the wording of any release (most individuals won't have you sign anything). In the least the release would exclude any additional property damage claim. This wording would be appropriate as he would be paying you for your property damage and you know what that amount is right now. |
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tcope
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| Posted: Thu May 08, 2008 8:34 pm Post subject: |
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| Maze makes a good point. Did you get the other drivers insurance info? Do they have insurance at all? Be cautious of signing anything and make sure all of your injuries won't come back to bite you down the road. If they do, you will have a harder time going after the other driver than going after his insurance company. What kind of damage was done to the other car and how much total damage was done to the bike? What kind of injuries did you sustain? These are all things we would need to know to get a better idea of your situation. |
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slappy
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| Posted: Thu May 08, 2008 9:09 pm Post subject: |
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| The OP has stated that the other party does have insurance and he does have the other parties informatin as there was a PR filed. OP has never stated that he _was_ injured in anyway. |
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tcope
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| Posted: Fri May 09, 2008 12:24 pm Post subject: |
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| Quote: | | If the bike is declared total will they take the bike and sell it or do I get to keep it? |
Most carriers will allow you to retain the salvage for whatever they would've recouped at the auction or their salvage contract which is typcially a percentage...
If you live in a helmet state they also will have to replace your helmet...(yes even if not damaged)....
It's alittle tricky settling with an owner...just make sure you are paid in gauranteed funds...and only if you are CERTAIN you are not injured....Not that you can't come back later (assuming you didn't sign a release, however if I were the guy paying you I wouldn't pay you without one)....but it's gonna be a hassle...
I personally have no problem with anyone paying a claim on their own, if all parties are in agreement...
Maze I don't see this as putting one over on the Ins company...really I don't if the insured wants to absorb the cost of the loss, then why should they be rated up for it?
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Lori
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| Posted: Tue May 13, 2008 2:12 pm Post subject: |
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| Generally they would not ask you for youre bike and just send you a chek for the value of it. Isnt there some sort of a deductable on processing such claims though? |
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rafi7117
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| Posted: Wed May 14, 2008 11:05 am Post subject: |
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| Quote: | | Generally they would not ask you for youre bike and just send you a chek for the value of it. |
I disagree most carriers want to recoup something, ie salvage $ from whomever they have handle their salvage... | Quote: | | Isnt there some sort of a deductable on processing such claims though? |
There is NEVER a deductible to ''process'' a claim...there are deductibles when collision or comprehensive coverages are used, however I believe this accident was the other party's fault and therefore will be paid under that parties liablity (Property Damage) coverage and there will be no deductibles anywhere on this portion of the claim.
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