Insurance Claim - Total Loss release form

[Bradlze]

Hey guys I have a total loss release form to sign from the insurance company of the driver that caused my accident.

Has anybody been stung at all from signing this document and something was missing?
anything I should look out for?

I did not have full comp insurance so this is purely through the drivers insurance company
The bike is deemed beyond repair by the insurance (fairing damage) it remains my property as I had no contract with their insurance. (somebody correct me if this sounds wrong)

So can they make the bike unregistered even though they have no ownership against the bike?

Also they are paying out damages for accessories.

The assessor mentioned that they may want some of the damaged gear back so they can sell it although there is no mention of this in the document, would this mean I keep all my damaged accessories? As i would prefer to.

[Mazimbwe]

I thought if they pay out on the bike they own it?!

On my HTC Aria using Tapatalk

[Bradlze]

From what was explained to me by the assessor because I did not have a contract of insurance with there insurance company they pay me out the difference of market value and salvage value.
I think if I had full comp that they would pay out market value and take the bike and just bill the other insurance company the total price

[Commander Keen]

No. they are paying you the full market value, minus the value of the wreck which you have elected to keep.

If you elect to not retain ownership of the wreck you will be paid full market value.

If you decide you don't want to keep/rebuild the WO bike then you will need to contact the insurance company and inform them of this. They will then collect the bike and issue the reimbursement at the full market value of the bike.

[Bradlze]

I was told that it was not an option for them to take the bike
This is QBE

[Commander Keen]

It is an option, they are trying to bully you out of your full payment.

Give them a call, if they don't play ball tell them you aren't signing shit.

[Nero Diablo]

Might be worth getting some advice, however WA law requires any vehicle that has been written off economically or statuary to be deregistered and entered on the written off vehicle register. You will then need two separate inspections to have it registered again.

[tonka128]

The assessor mentioned that they may want some of the damaged gear back so they can sell it although there is no mention of this in the document,

I would be wanting what is/ isnt going to be yours to be laid out in ink on that document.

[Thirsty]

Yeah sounds a little suss.

Dads car got hit by a drunk driver 10 years ago. Dad was not insure at the time. The drunk guys insurance gave dad 8000 for the car and pickles chipped in another 2000 from sale of wreck.

It was all listed on the total loss release form. Before they come and took car away.

[Bradlze]

Might be worth getting some advice, however WA law requires any vehicle that has been written off economically or statuary to be deregistered and entered on the written off vehicle register. You will then need two separate inspections to have it registered again.

who determines if a bike is written off? the document I have received only mentions that it is beyond repair.

I would prefer to keep it and repair it as I have spare fairing to do so.

I was hoping that I could send it back this week but you sound right might have to wait until my lawyer is back in the office and ask them next year

[Arwon]

They will have valued the salvage price. If you are not happy with the figures given, argue the point. You are not at fault here but you do have to be reasonable. I did this with a car and got an extra $2500 which was only fair because it was a good car. I kept the car, got the payout then sold the wreck.
If they are not taking the vehicle, they are not taking the rego, therfore it should still be registered.

[GreenMeanie]

Have just been through this.
I took the wreck. I was offered $500.00 for my ZX10R. Frame, engine sound. Fairings, tank and front end are not. But for me it is rebuild-able. Just cause I am a Kawasaki nut.

A slow rebuild, but a rebuild.

The engine alone was worth way more than $500.00 to me, so I thought it was a bargain.

At the end of the day it is up to yourself to weight up the pros and cons.

Ask me in 12 months whether my decision was right and I may have a different answer.

[Ayanami]

I believe that the other guy's insurance company only has to pay the difference between market value and salvage value. If you believe either value is off, then you can try to negotiate with them, but I don't believe that you can force them to take the wreck and pay you out full market value.

If you're unsure about the release form, take it to a lawyer or Citizen's Advice Bureau. Or see if the insurer will give you a Plain English version.