Rider down
Elite HDF Member
Joined: Feb 2011
Posts: 3,598
Likes: 1,231
From: Southeast Texas
Guess that green bike turned out to be good luck later on huh! Glad you're ok & enjoy the new ride.You might want get a new paperboy/man too!
Road Warrior
Joined: Feb 2015
Posts: 1,645
Likes: 11
From: Northern VA
Disclaimer: I'm not a lawyer and I don't know exactly what the law is in CA. That said ...
If the bike isn't totaled ... when you settle with the other guy's insurance company, DO NOT forget the impact of "diminished value". They won't mention it and will argue they aren't liable for it, but they're wrong.
Diminished Value is the loss in value of the bike - simply because of the fact that it has now been in an accident - even if it has been repaired. Think about it this way ... there are 2 used bikes that are identical in every way EXCEPT one has been in an accident and repaired and the other has not. If they are the exact same price, which bike would you choose? Many people would not even consider buying the bike that had been in the accident. Others would reasonably expect to negotiate a much lower price for the damaged/repaired bike.
That difference in market value price of the repaired bike (even after repairs) is an economic loss to you. The other guy is obligated to make you whole on your economic loss. Even if you are not selling the bike now, you still have suffered a loss in the value of your asset. Because motorcycles are generally considered pleasure vehicles, the diminished market value of a damaged/repaired bike can be substantial ... arguably 20%-30% of the KBB.
When I got hit, I argued for it and got about 20% of the KBB for diminished value on my Fat Bob (in addition to the cost of repairs).
Current KBB on a "excellent condition" 2015 FLHTK is $22,470. Arguing for "diminished value" could mean as much as $4,500-$6,700 to you IN ADDITION to the full cost of repairs, clothing, bodily injury, etc.
A few things to consider:
http://zalma.com/blog/diminished-value-in-california/
http://diminishedvalueexpert.com/cal...-value-claims/
Hey, $5,000 is $5,000. You're taking a loss in value, so better in your pocket than in theirs. Good Luck.
If the bike isn't totaled ... when you settle with the other guy's insurance company, DO NOT forget the impact of "diminished value". They won't mention it and will argue they aren't liable for it, but they're wrong.
Diminished Value is the loss in value of the bike - simply because of the fact that it has now been in an accident - even if it has been repaired. Think about it this way ... there are 2 used bikes that are identical in every way EXCEPT one has been in an accident and repaired and the other has not. If they are the exact same price, which bike would you choose? Many people would not even consider buying the bike that had been in the accident. Others would reasonably expect to negotiate a much lower price for the damaged/repaired bike.
That difference in market value price of the repaired bike (even after repairs) is an economic loss to you. The other guy is obligated to make you whole on your economic loss. Even if you are not selling the bike now, you still have suffered a loss in the value of your asset. Because motorcycles are generally considered pleasure vehicles, the diminished market value of a damaged/repaired bike can be substantial ... arguably 20%-30% of the KBB.
When I got hit, I argued for it and got about 20% of the KBB for diminished value on my Fat Bob (in addition to the cost of repairs).
Current KBB on a "excellent condition" 2015 FLHTK is $22,470. Arguing for "diminished value" could mean as much as $4,500-$6,700 to you IN ADDITION to the full cost of repairs, clothing, bodily injury, etc.
A few things to consider:
- The insurance company may say they aren't liable for diminished value ... this is certainly true for 1st party claims (meaning YOUR insurance company doesn't have to compensate you) as it's usually in the policy. However, you don't have a policy contract with HIS insurance company. This is a 3rd party claim ... You are entitled under the law to recover economic damages from the guy who hit you (the guy they insure).
- It's up to you to demonstrate what the diminished value is ... look at KBB, what bikes are selling for, get a dealer to make you an offer for yours, etc. These are negotiating bullets for your gun.
- The amount you will receive is a negotiation between you and the insurance carrier.
- Do your research on CA law. The company I fought with said they didn't have to pay because it wasn't a valid claim in MD ... so, I sent them a copy of a MD Appellate Court case I found on the internet where the Court's decision said it was a valid claim. They conceded and paid me.
http://zalma.com/blog/diminished-value-in-california/
http://diminishedvalueexpert.com/cal...-value-claims/
Hey, $5,000 is $5,000. You're taking a loss in value, so better in your pocket than in theirs. Good Luck.
Thank you.
Seasoned HDF Member
Joined: Sep 2005
Posts: 5,072
Likes: 104
From: Prescott, AZ
got to ask,,, did other insurance buy your replacement 100%?? they should have..
For those in the future - before you settle look at TORT laws... very interesting.. we learned about these when my wife was in accident... TORT help us a lot
For those in the future - before you settle look at TORT laws... very interesting.. we learned about these when my wife was in accident... TORT help us a lot
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Road Warrior
Joined: Oct 2014
Posts: 1,764
Likes: 266
From: Roma Alberta
Thursday morning on my way to work the newspaper deliver man makes a left turn in front on me with about 3 car lengths between me and him traveling at 35mpg . As I approach his rear bumper I break and go left into the left turn lane to avoid him. He doesn't exhilarate and as I'm on the side of him he pulls into the left lane and hits me.
