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Motorcycle accidents are quite scary compared to automobile crashes, as the driver has to deal with direct impact. Motorcycles are also considered dangerous compared to cars as they lack cushions, cover, and airbags, and in the majority of cases, motorcycle accidents are fatal. However, if you are lucky enough to escape with minor injuries, you will have to deal with a hefty amount of damage associated with the vehicle. Unfortunately, if you deal with any such circumstance, it is important to educate yourself on insurance policies. A total loss appraiser for motorcycle can help you if your vehicle is totaled by the insurance company.
There is no doubt that a vehicle insurance policy will cover all the cost of damage associated with the vehicle. Yet, you deserve some fees and taxes, but your insurance company might refuse to pay. In such cases, a total loss appraiser for motorcycle can help you settle the argument and get the original ACV or Actual Cash Value of the Vehicle.
There is no doubt that dealing with insurance companies is not child’s play, and your problem might get doubled if you are dealing with insurance companies post-accident. A total loss appraiser for a motorcycle can help you receive all the compensation you and your motorcycle deserve.
In other words, a vehicle is totaled by the auto insurance company when the total cost of repairs is higher than the actual cash value or ACV of the vehicle. Your insurance company cannot pay more for repairs than the actual worth of the vehicle. In simple words, the cost of repairs or insurance claim value is higher than the total insurance value itself.
The insurance adjuster or the total loss appraiser will check the damage records and determine the vehicle’s worth, helping motorcycle owners get the right claim. The majority of automobile appraisal companies in the United States use TLT or Total Loss Threshold, which means the total damage of the vehicle must exceed a minimum percentage of ACV or vehicle’s market value to become total. At the same time, some states use a simple TLF or Total Loss Formula where the total cost of repairs and vehicle’s salvage value is greater than the vehicle’s actual cash value.
Unfortunately, after an accident, if you ever feel that it is the right time to end the fruitful relationship with your motorcycle, you have decided to wreck the vehicle. You must take help from a professional appraisal to inspect the damage. Higher cost of repairs or lack of availability of certain old parts that are not available in the market can lead to salvage of your vehicle as the insurer will total your vehicle.
However, you have to file for insurance companies that have a certain time limit. In most insurance companies in California, United States of America, you have to file an insurance claim within 30 days, or you may miss the claim. Once you have faced a dreaded accident, you have to immediately contact the insurer and inform them every bit of detail about the accident. If possible, you can also keep track of all the documents associated with the accident. You can also include the timing of the accident, images, and the location of the accident. Your insurance company might also take help from a claim adjuster who will inspect the damage and determine whether your vehicle needs to be totaled and, if yes, how much compensation the insurance company will have to pay you.
If your vehicle is totaled, the insurer will only provide the motorcycle’s ACV or Actual Cash Value based on the market worth or value of the vehicle of the same model that has not undergone an accident. For example, if you have spent 3000 USD on purchasing and customizing the vehicle and its ACV or market worth or value has depreciated to 1500 USD, the insurance company will pay you compensation close to 1500 USD.
Not all motorcycle insurance policies are the same; hence you will have to check what insurance policy is associated with the vehicle. Your motorcycle insurance company might also apply certain limitations and fees linked to your policy.
There is no doubt that the insurance company would try to reduce every possible penny from the insurance claim they have to pay. As mentioned above, the insurance company will only pay the fair market value associated with the vehicle. It doesn’t matter how much you have spent on modifications or customization of the vehicle.
The actual cash value or the vehicle’s fair market value is the amount that the motorcycle would sell in the open market. The ACV of the motorcycle must not be confused with what price you are going to sell the vehicle in the market if it had not undergone accidental repairs. For example, you might have spent a few thousand dollars on the personalization of the vehicle; hence you can also demand more if your vehicle is not totaled. The amount which you have spent has no relation to determining the actual worth of the vehicle.
Most of the insurance companies in California follow the NADA guide to find the value or worth of your motorcycle.
There is no doubt that claiming insurance for a financed motorcycle is a difficult task. If your totaled motorcycle is financed, you might have to hear terms like GAP or gap insurance. Gap stands for Guaranteed Asset Protection, where the insurance company will repay the actual cash value of the motorcycle to the finance company. On the other hand, if you don’t have a gap or guaranteed asset protection insurance claim, you will have to pay the remaining loan to the finance company. At the same time, the insurance company will only provide the cost of repairs associated with the motorcycle.
Also, a guaranteed asset protection insurance policy is not a part of the insurance policy. You will have to purchase it separately from the insurance company by paying additional fees.
If the chances of your motorcycle being totaled are high, then you will have to waste time or make delays while applying for an insurance claim. The first and foremost work you have to complete is fetching help from an appraisal to determine the damage and the worth of the vehicle. Moreover, you should also not file an insurance claim if the cost of repairing the bike is less than the deductible. The total loss appraisal is a great boon to traditional or old motorcycles that have significantly diminished value or don’t have the right worth in the market.
On the other hand, if you have bought a new motorcycle or invested in a classic motorcycle, you can negotiate better compensation with the insurance company. If your vehicle still owes value, then it is necessary to apply for an insurance claim to get the best compensation that you deserve. Moreover, the changes in driving records and the age of the vehicle can also determine the cost of the vehicle.
Luckily, if you are not responsible for the accident, then the driver’s insurance company that is responsible for the accident will cover all your expenses. The driver’s insurance company will also pay the charges of renting a car or motorcycle during the period of time until your motorcycle is totaled. They will also provide any other compensation until you get the insurance claim for the total loss insurance. The insurance company must also pay compensation for “Loss of use” per day without the motorcycle until you receive the claim. The term period and compensation for rentals also differ from one insurance company to another and depend on loss inflicted on the motorcycle.
Yes, it is important to fight for your rights; therefore, you can also file a lawsuit against the insurance company if they don’t pay the fair amount of compensation for the total loss insurance. Every year, many motorcycle owners in California file a lawsuit against some of the major auto insurance companies in the state. Most motorcycle owners also take help from a professional motorcycle appraiser in the state who helps them negotiate the best price against the total loss appraisal company. In most lawsuits, vehicle owners demand sales tax and fees from the insurance company as their vehicle is totaled.
Above all, you must drive with absolute responsibility and ensure that you don’t damage your investment and yourself. It is also important to prioritize safety in mind.
If you are looking for a certified automobile appraiser in California, you can contact Benchmark Auto Appraisers LLC, the leading automobile appraiser in the state. Book a free consultation right now at 1-877-888-6113.
Certified Public Auto Appraiser Diminish Value Experts B.C.A.A. & I.A.C.P.
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