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CrazyMotorcycleGuy, Scot
Most users ever online was 4,519, September 2, 2015 at 03:26 AM.
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Diminished Value questions
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I'm a Rookie, How do I Wheelie?
 
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Diminished Value questions - July 30, 2015, 04:56 PM

My apologies if this isn't the right thread, I came from reddit and was told to also post here for advice.

My motorcycle (2011 Ducati 848 Evo) was involved in an accident.

the guy backed up into my motorcycle while it was parked at my parking spot and the bike fell.
He admitted full liability and their insurance (All State) is dealing with the repair process.

I have sent my motorcycle to Ducpond Motorsports and they are repairing the motorcycle.

I called All State yesterday about the diminished value of my motorcycle, and they told me they would have one of their Diminished Value representative go and handle the situation.

The diminished value representative called me today and told me that they don't do diminished values on motorcycles and that they only do it on newer low mileage vehicles. My motorcycle is a 2011 Ducati 848 Evo with 3000 miles, which I consider fairly new and highly priced motorcycle.

He told me I had to take the motorcycle to an independent appraiser, and have to take a look at the bike at my expense and prove that the diminished value exists for my motorcycle.

What is the best course of action I need to take to get money for my motorcycle?
Their appraiser determined my motorcycle's damages to be "around $2500" and sent a check on my way, but as I took a look at their estimate, they skipped out on at least the bottom left fairing.

I was planning on going down to my college early August and the bike won't be repaired until at least a week after when I was supposed to go down so I'm already behind schedule.
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July 30, 2015, 05:32 PM

Diminished value can be a hard sell. Especially on a motorcycle where all damaged parts are usually replaced with brand new OEM parts with factory color (in case of plastics). Probably not worth pursuing. If the total cost for repair by a dealer is $2500 dollars then the damage could not have been all that extensive.

I'm sure the folks a Ducpond will treat you right. Just make sure they are aware that if they find something that needs fixing that's not on the damage appraisal that someone needs to get the additional costs authorized by the other drivers insurance company.

The other drivers insurance company should cover costs for an economy rental car (or at least a large chunk of the costs) while your bike is out of action.


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I'm a Rookie, How do I Wheelie?
 
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July 30, 2015, 05:44 PM

their insurance company appraiser quoted $2500 but Ducpond is looking at more than that, the bike stalled when letting go of the clutch, don't know if it's a problem with the clutch or what, so they will look at that as well. I don't know exactly how much the repair will cost, but was told to pursue diminished value but was told by the insurance company (all state) that I would have to prove that it exists and how much it is out of my pocket, which is money I don't have
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July 30, 2015, 05:53 PM

DV in the context of the dollar amount you probably have envisioned is generally an output that gets factored as a derivative of (A) age and (B) rarity.

Your bike may not have many miles, but it's +4 years old and yet under 25. In turn it's not young enough to hit a large multiple on the age scale, not old enough to be labeled a classic.

Rarity isn't really a factor either. 848s are a mass produced machine. Yes, not as commonplace as the Big 4, but not a rare machine either.

From insurance's standpoint that leaves the bike, despite the Ducati label and premium paid, in that area of not quite you or old or rare or expensive enough to apply a large DV value on it for such superficial damage, if any DV at all.

While I'm not an appraiser, if someone asked me to payout a DV premium on tip-over damaged in a 4 year old 848, at most I would off is $250<$300 payout at present value.

I wouldn't go to crazy about this. Get your bike fixed and ride on. Keep your documentation that the damage was indeed the result of a tip over and that it was checked out so when you do sell it, you can verify the disclosure of previous damage.

In the meantime make sure you DO NOT accept the check being sent and inform them they neglected to include the Lower fairing damage in their estimate.



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July 30, 2015, 06:41 PM

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Originally Posted by Heist View Post
In the meantime make sure you DO NOT accept the check being sent and inform them they neglected to include the Lower fairing damage in their estimate.
Excellent advice. If you deposit the check it can be argued that you found the amount acceptable as being payment in full. Some checks even have some small text on them stating such.

Whenever I'm paying to have repairs made versus doing it myself I always have the insurance company and adjuster work directly with the shop doing the repairs and don't get involved in the exchange of money at all. If there is a question about what needs to be paid or additional damage found let the shop negotiate it.


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July 31, 2015, 01:48 PM

Quote:
Originally Posted by windblown View Post
Excellent advice. If you deposit the check it can be argued that you found the amount acceptable as being payment in full. Some checks even have some small text on them stating such.

Whenever I'm paying to have repairs made versus doing it myself I always have the insurance company and adjuster work directly with the shop doing the repairs and don't get involved in the exchange of money at all. If there is a question about what needs to be paid or additional damage found let the shop negotiate it.
I have not received the check.
Would I just not have to deposit the check? My greatest fear is that Ducpond may quote $3000+ for the damages and All State saying they already mailed out the check.

They have not paid for the towing or anything else that may be a problem, but they decided to send out a check for $2500 anyways, which I did not request.

I was pretty clear that I wanted the bike to be sent out to Ducpond and reviewed and inspected and repaired by them and them only.
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July 31, 2015, 03:29 PM

eBay has a few higher mileage 2012 848s going for sub-10k. KBB has the 2011 retail at 9500 in excellent condition. Its going to get pretty close to being totaled out by the insurance company depending on the final bill by Duc Pond


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July 31, 2015, 03:36 PM

call the company and demand a stop payment on the check and that you will not accept payment until a 3rd party has provided an estimate, I would not even deal with the drivers insurance, I would deal with my own, the other company is only interested in paying as little as possible to end this. Call the insurance company now and tell them that you are not accepting the check sent.


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July 31, 2015, 04:33 PM

Quote:
Originally Posted by zx6rfool View Post
call the company and demand a stop payment on the check and that you will not accept payment until a 3rd party has provided an estimate, I would not even deal with the drivers insurance, I would deal with my own, the other company is only interested in paying as little as possible to end this. Call the insurance company now and tell them that you are not accepting the check sent.
Exactly. Hope you already let your own insurance know about the incident. Let the other party's insurance know that you're not accepting the check since it's not comprehensive to all the damages on the bike. Make sure to send this to them in writing (email) as well for future proof. It doesn't matter if they sent the check or not. It has no bearing on anything. They're trying to get you to deposit it so that they can wipe their hands and walk away.


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August 2, 2015, 06:38 AM

Allstate blows. Good luck and do not back down.


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August 2, 2015, 01:34 PM

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Allstate blows. Good luck and do not back down.
Sorry to thread jack a bite, but care to elaborate? Was thinking of switching to them.


Also, Ive had a friend do this with a car. Damage was quite extensive and close to being totaled. He went through alot to get his DV check cut, and I believe it wasnt much. I think his main argument was that because of the accident he will not be able to sell the car for a premium as a potential buyer would see the accident history on the car and not buy. Not sure how well you can pursue that on motos. Atleast no one really pulls up carfaxes on bikes...
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