Hit by car, insurance tries to pay depreciated value for the bike
05-20-16, 07:47 AM
#26
Señor Member
Join Date: Feb 2013
Posts: 5,066
Mentioned: 5 Post(s)
Tagged: 0 Thread(s)
Quoted: 649 Post(s)
Liked 292 Times
in
215 Posts
I have dealt with a lot of Canadian insurance companies for bike replacements and I am disappointed to hear this story - my experience has always been that they pay for replacement with a new bike of similar quality. The amounts we deal with for bicycles are generally miniscule compared to the amounts that usually deal with (how much is a new Ultegra road bike compared to a Mercedes fender and whiplash lawsuit?).
05-20-16, 07:58 AM
#27
For The Fun of It
Join Date: May 2007
Location: Louisissippi Coast
Posts: 5,845
Bikes: Lynskey GR300, Lynskey Backroad, Litespeed T6, Lynskey MT29, Burley Duet
Mentioned: 12 Post(s)
Tagged: 0 Thread(s)
Quoted: 2134 Post(s)
Liked 1,643 Times
in
825 Posts
I didn't that the OP can recover his or her attorney's fees. I suggested that if the OP has a friend who is a lawyer, the OP can ask a few questions about filing in small claims court.
The OP can file his or her own claim. There is a real cost to the insurance company if this becomes litigated. A demand letter followed by a suit will drive up the settlement value of the claim.
The OP can file his or her own claim. There is a real cost to the insurance company if this becomes litigated. A demand letter followed by a suit will drive up the settlement value of the claim.
Ah, gotcha!
If his bud is willing to send a low or no cost demand letter, that might be the best route. Otherwise, I'd go the small claims court route
05-20-16, 08:06 AM
#28
Senior Member
Join Date: Apr 2011
Location: Alpharetta, GA
Posts: 15,280
Bikes: Nashbar Road
Mentioned: 71 Post(s)
Tagged: 0 Thread(s)
Quoted: 2934 Post(s)
Liked 341 Times
in
228 Posts
Why isn't depreciated value fair for an insurance payout? I don't know if the $750 is a low-ball value for the depreciated $3000 bike, but if it is accurate then $750 will get OP a bike of about the same value as the one he lost.
I've had insurance companies low-ball me though, and it's always been a struggle to get to a fair settlement in those cases. With or without a lawyer, who will take a third of it. I think that you have to be prepared to go through with it if you have to, the whole nine yards of civil court, and that means you have to be right in the first place and have it documented. They've heard it all before and won't be bluffed, and might drag you through a protracted fight just to test your resolve.
Personally if the $750 is objectively close I'd take it, or give them a reasonable counter offer.
I've had insurance companies low-ball me though, and it's always been a struggle to get to a fair settlement in those cases. With or without a lawyer, who will take a third of it. I think that you have to be prepared to go through with it if you have to, the whole nine yards of civil court, and that means you have to be right in the first place and have it documented. They've heard it all before and won't be bluffed, and might drag you through a protracted fight just to test your resolve.
Personally if the $750 is objectively close I'd take it, or give them a reasonable counter offer.
05-20-16, 08:22 AM
#29
Senior Member
Join Date: Mar 2016
Posts: 687
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 174 Post(s)
Likes: 0
Liked 5 Times
in
5 Posts
in most cases, the ins company is much more concerned about the medical portion of a claim (which can be quite expensive) than whatever property damages resulted. your leverage is to not sign off on the medical release until you get a fair amount for your property.
if there are no injuries involved, a lawyer will likely not want to spend time on a relatively minor property damage claim.
in that case, a small-claims court is probably the next available option.
the annoying part of the whole process is that I've spent tens of hours getting estimates, medical treatments, filling out countless forms, being without my bike, and generally being stressed out for weeks while the driver who hit me has not experienced one minute of inconvenience.
Likes For FullGas:
05-20-16, 08:22 AM
#30
For The Fun of It
Join Date: May 2007
Location: Louisissippi Coast
Posts: 5,845
Bikes: Lynskey GR300, Lynskey Backroad, Litespeed T6, Lynskey MT29, Burley Duet
Mentioned: 12 Post(s)
Tagged: 0 Thread(s)
Quoted: 2134 Post(s)
Liked 1,643 Times
in
825 Posts
Why isn't depreciated value fair for an insurance payout? I don't know if the $750 is a low-ball value for the depreciated $3000 bike, but if it is accurate then $750 will get OP a bike of about the same value as the one he lost.
I've had insurance companies low-ball me though, and it's always been a struggle to get to a fair settlement in those cases. With or without a lawyer, who will take a third of it. I think that you have to be prepared to go through with it if you have to, the whole nine yards of civil court, and that means you have to be right in the first place and have it documented. They've heard it all before and won't be bluffed, and might drag you through a protracted fight just to test your resolve.
Personally if the $750 is objectively close I'd take it, or give them a reasonable counter offer.
I've had insurance companies low-ball me though, and it's always been a struggle to get to a fair settlement in those cases. With or without a lawyer, who will take a third of it. I think that you have to be prepared to go through with it if you have to, the whole nine yards of civil court, and that means you have to be right in the first place and have it documented. They've heard it all before and won't be bluffed, and might drag you through a protracted fight just to test your resolve.
Personally if the $750 is objectively close I'd take it, or give them a reasonable counter offer.
Likes For Paul Barnard:
05-20-16, 08:24 AM
#31
For The Fun of It
Join Date: May 2007
Location: Louisissippi Coast
Posts: 5,845
Bikes: Lynskey GR300, Lynskey Backroad, Litespeed T6, Lynskey MT29, Burley Duet
Mentioned: 12 Post(s)
Tagged: 0 Thread(s)
Quoted: 2134 Post(s)
Liked 1,643 Times
in
825 Posts
my atty's fee is contingency-based. he receives 33.3% of the settlement amount for medical-related issues (which includes pain/suffering). he is providing assistance in the property-damage claim, but takes nothing from the amount negotiated.
in most cases, the ins company is much more concerned about the medical portion of a claim (which can be quite expensive) than whatever property damages resulted. your leverage is to not sign off on the medical release until you get a fair amount for your property.
if there are no injuries involved, a lawyer will likely not want to spend time on a relatively minor property damage claim.
in that case, a small-claims court is probably the next available option.
the annoying part of the whole process is that I've spent tens of hours getting estimates, medical treatments, filling out countless forms, being without my bike, and generally being stressed out for weeks while the driver who hit me has not experienced one minute of inconvenience.
in most cases, the ins company is much more concerned about the medical portion of a claim (which can be quite expensive) than whatever property damages resulted. your leverage is to not sign off on the medical release until you get a fair amount for your property.
if there are no injuries involved, a lawyer will likely not want to spend time on a relatively minor property damage claim.
in that case, a small-claims court is probably the next available option.
the annoying part of the whole process is that I've spent tens of hours getting estimates, medical treatments, filling out countless forms, being without my bike, and generally being stressed out for weeks while the driver who hit me has not experienced one minute of inconvenience.
Likes For Paul Barnard:
05-20-16, 08:53 AM
#32
Senior Member
Thread Starter
Join Date: Nov 2014
Location: Toronto, Ontario, Canada
Posts: 121
Bikes: Surly Krampus, Salsa Vaya, Specialized AWOL
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 24 Post(s)
Likes: 0
Liked 1 Time
in
1 Post
There is not a single bike of the same model as mine or comparable on the used market in my area (I checked Kijiji and Craigslist). And if there were, what would be the chance that it would also be of the right size for me? And what would be the chance that it would also be a 1-year old bike, just like mine? There is a huge second hand market for used cars, but not so much for used bikes.
So, even assuming that $750 is what I would have got for my bike should I have decided to sell it the day before the collision (which is questionable), what am I supposed to do with $750? I sure cannot ride the $750 cheque. I will have no choice but to buy a new bike and reinstate all the upgrades that I have installed on mine, that were damaged in the collision. Before you know it, I'll be out by a couple of grand.
How is that fair?
Likes For agenkin:
05-20-16, 09:25 AM
#33
Senior Member
Join Date: Apr 2009
Location: New Rochelle, NY
Posts: 38,663
Bikes: too many bikes from 1967 10s (5x2)Frejus to a Sumitomo Ti/Chorus aluminum 10s (10x2), plus one non-susp mtn bike I use as my commuter
Mentioned: 140 Post(s)
Tagged: 1 Thread(s)
Quoted: 5766 Post(s)
Liked 2,538 Times
in
1,404 Posts
Before I bought my bike, I spent a couple of months choosing a bike that's right for me. There aren't many bikes on the market comparable in function to the bike that I chose, and those that are comparable, are also more expensive.
There is not a single bike of the same model as mine or comparable on the used market in my area (I checked Kijiji and Craigslist). And if there were, what would be the chance that it would also be of the right size for me? And what would be the chance that it would also be a 1-year old bike, just like mine? There is a huge second hand market for used cars, but not so much for used bikes.
So, even assuming that $750 is what I would have got for my bike should I have decided to sell it the day before the collision (which is questionable), what am I supposed to do with $750? I sure cannot ride the $750 cheque. I will have no choice but to buy a new bike and reinstate all the upgrades that I have installed on mine, that were damaged in the collision. Before you know it, I'll be out by a couple of grand.
How is that fair?
There is not a single bike of the same model as mine or comparable on the used market in my area (I checked Kijiji and Craigslist). And if there were, what would be the chance that it would also be of the right size for me? And what would be the chance that it would also be a 1-year old bike, just like mine? There is a huge second hand market for used cars, but not so much for used bikes.
So, even assuming that $750 is what I would have got for my bike should I have decided to sell it the day before the collision (which is questionable), what am I supposed to do with $750? I sure cannot ride the $750 cheque. I will have no choice but to buy a new bike and reinstate all the upgrades that I have installed on mine, that were damaged in the collision. Before you know it, I'll be out by a couple of grand.
How is that fair?
The key here is FAIR depreciated value. $750 depreciated value for a $3,000 bike is patently ridiculous. The adjuster is saying the bike lost 75% of it's value in that year, and he should be made to justify that amount before a judge. Realistically, assuming a 5 year life, with some residual value at the end, depreciation of 15-20% in that first year would be justifiable on the numbers, even if not in a specific case.
In your shoes, I'd come back with a claim of 85% of the provable cost with upgrades and any taxes paid, and tell the adjuster it's that or court. Then I'd go about building a case for justifying my figure. BTW- If you go to court, don't sue the insurer, they're a 3rd party to the case, and you have no obligation to speak to them. Sue the driver and/or owner of the car and let them insist that the insurer cover them and get them off the hook.
__________________
FB
Chain-L site
An ounce of diagnosis is worth a pound of cure.
Just because I'm tired of arguing, doesn't mean you're right.
“One accurate measurement is worth a thousand expert opinions” - Adm Grace Murray Hopper - USN
WARNING, I'm from New York. Thin skinned people should maintain safe distance.
FB
Chain-L site
An ounce of diagnosis is worth a pound of cure.
Just because I'm tired of arguing, doesn't mean you're right.
“One accurate measurement is worth a thousand expert opinions” - Adm Grace Murray Hopper - USN
WARNING, I'm from New York. Thin skinned people should maintain safe distance.
05-20-16, 09:58 AM
#34
Senior Member
Join Date: Nov 2014
Location: Eugene, Oregon, USA
Posts: 27,547
Mentioned: 217 Post(s)
Tagged: 0 Thread(s)
Quoted: 18350 Post(s)
Liked 4,502 Times
in
3,346 Posts
If the insurance company loses in court, then they would be liable for your attorney fees plus the settlement.
You don't necessarily have to hire an attorney, or even consult one. Just make the insurance company think that the next step will be a mountain of legal fees.
Depreciation is tricky. Just taking possession of a new bike, and it will depreciate. Not that you would necessarily expect to be able to buy a bicycle that is 5 minutes old for half price. So, the replacement value may well be the full price it was at the store.
So, a 20 year bike, do you adjust the value up or down based on time? Absolutely.
A 5 year old bike? I'd still push for replacement. Or, perhaps find a similar used bike (noting that you may lose warranty support).
A 1 year old bike? I'd consider that equivalent to the new bike, and push for full replacement. There are lots of 2015 bikes still in the stores. Perhaps even some 2014 bikes.
You don't necessarily have to hire an attorney, or even consult one. Just make the insurance company think that the next step will be a mountain of legal fees.
Depreciation is tricky. Just taking possession of a new bike, and it will depreciate. Not that you would necessarily expect to be able to buy a bicycle that is 5 minutes old for half price. So, the replacement value may well be the full price it was at the store.
So, a 20 year bike, do you adjust the value up or down based on time? Absolutely.
A 5 year old bike? I'd still push for replacement. Or, perhaps find a similar used bike (noting that you may lose warranty support).
A 1 year old bike? I'd consider that equivalent to the new bike, and push for full replacement. There are lots of 2015 bikes still in the stores. Perhaps even some 2014 bikes.
05-20-16, 11:18 AM
#36
For The Fun of It
Join Date: May 2007
Location: Louisissippi Coast
Posts: 5,845
Bikes: Lynskey GR300, Lynskey Backroad, Litespeed T6, Lynskey MT29, Burley Duet
Mentioned: 12 Post(s)
Tagged: 0 Thread(s)
Quoted: 2134 Post(s)
Liked 1,643 Times
in
825 Posts
If the insurance company loses in court, then they would be liable for your attorney fees plus the settlement.
You don't necessarily have to hire an attorney, or even consult one. Just make the insurance company think that the next step will be a mountain of legal fees.
Depreciation is tricky. Just taking possession of a new bike, and it will depreciate. Not that you would necessarily expect to be able to buy a bicycle that is 5 minutes old for half price. So, the replacement value may well be the full price it was at the store.
So, a 20 year bike, do you adjust the value up or down based on time? Absolutely.
A 5 year old bike? I'd still push for replacement. Or, perhaps find a similar used bike (noting that you may lose warranty support).
A 1 year old bike? I'd consider that equivalent to the new bike, and push for full replacement. There are lots of 2015 bikes still in the stores. Perhaps even some 2014 bikes.
You don't necessarily have to hire an attorney, or even consult one. Just make the insurance company think that the next step will be a mountain of legal fees.
Depreciation is tricky. Just taking possession of a new bike, and it will depreciate. Not that you would necessarily expect to be able to buy a bicycle that is 5 minutes old for half price. So, the replacement value may well be the full price it was at the store.
So, a 20 year bike, do you adjust the value up or down based on time? Absolutely.
A 5 year old bike? I'd still push for replacement. Or, perhaps find a similar used bike (noting that you may lose warranty support).
A 1 year old bike? I'd consider that equivalent to the new bike, and push for full replacement. There are lots of 2015 bikes still in the stores. Perhaps even some 2014 bikes.
05-20-16, 11:52 AM
#37
Senior Member
Join Date: Apr 2011
Location: Alpharetta, GA
Posts: 15,280
Bikes: Nashbar Road
Mentioned: 71 Post(s)
Tagged: 0 Thread(s)
Quoted: 2934 Post(s)
Liked 341 Times
in
228 Posts
Before I bought my bike, I spent a couple of months choosing a bike that's right for me. There aren't many bikes on the market comparable in function to the bike that I chose, and those that are comparable, are also more expensive.
There is not a single bike of the same model as mine or comparable on the used market in my area (I checked Kijiji and Craigslist). And if there were, what would be the chance that it would also be of the right size for me? And what would be the chance that it would also be a 1-year old bike, just like mine? There is a huge second hand market for used cars, but not so much for used bikes.
So, even assuming that $750 is what I would have got for my bike should I have decided to sell it the day before the collision (which is questionable), what am I supposed to do with $750? I sure cannot ride the $750 cheque. I will have no choice but to buy a new bike and reinstate all the upgrades that I have installed on mine, that were damaged in the collision. Before you know it, I'll be out by a couple of grand.
How is that fair?
There is not a single bike of the same model as mine or comparable on the used market in my area (I checked Kijiji and Craigslist). And if there were, what would be the chance that it would also be of the right size for me? And what would be the chance that it would also be a 1-year old bike, just like mine? There is a huge second hand market for used cars, but not so much for used bikes.
So, even assuming that $750 is what I would have got for my bike should I have decided to sell it the day before the collision (which is questionable), what am I supposed to do with $750? I sure cannot ride the $750 cheque. I will have no choice but to buy a new bike and reinstate all the upgrades that I have installed on mine, that were damaged in the collision. Before you know it, I'll be out by a couple of grand.
How is that fair?
I do think on face value they're probably low since a bike doesn't lose that much value in one year. Thousands on the basis of upgrades is probably out of the question, but their adjuster might not have taken the spec levels into account.
You might demand that they replace the bike with something similar, instead of a check. It's been known to happen.
05-20-16, 12:08 PM
#38
Senior Member
Join Date: Mar 2016
Posts: 687
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 174 Post(s)
Likes: 0
Liked 5 Times
in
5 Posts
the adjuster started our conversation with a very condescending tone and asked what I was cited for...huh? his policy holder caused the incident.
then he asked if alcohol or drugs were involved...maybe on the driver's part, ask him...I didn't conduct a field sobriety test on the guy.
when I mentioned that the bike was a one-off, custom-built item and not a stock model, there was an audible sigh on the other end of the phone...
I realize that the guy's job is to settle for the smallest possible amount, but that doesn't make him any less irritating.
05-20-16, 12:14 PM
#39
Senior Member
Join Date: Jul 2010
Location: Stephenville TX
Posts: 3,697
Bikes: 2010 Trek 7100
Mentioned: 6 Post(s)
Tagged: 0 Thread(s)
Quoted: 697 Post(s)
Likes: 0
Liked 3 Times
in
3 Posts
Only reason I haven't been in much of a rush to do it is because my 2010 Trek 7200 bought used for $200 isn't exactly a high value bike. Even still, I could probably get a policy covering it with all accessories at a fixed price that it would take several years of premiums to match.
05-20-16, 01:18 PM
#40
Senior Member
Join Date: Jul 2010
Location: South Central PA
Posts: 972
Bikes: Cannondale Slate 105 and T2 tandem, 2008 Scott Addict R4, Raleigh SC drop bar tandem
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 22 Post(s)
Likes: 0
Liked 1 Time
in
1 Post
This is when I would go to the shoe box and pull out all the receipts for the upgrades and submit them to the insurance company. They should reimburse you minus depreciation for all of the receipts and that should help you recover more value for your property that was damaged. If I were to spend $40 on gasoline just to pull out of the gas station and get creamed and my car totaled, you bet I would fight and get that $40 back for my tank of gas.
05-20-16, 01:25 PM
#41
Senior Member
Join Date: Nov 2015
Location: Cambridge UK
Posts: 1,667
Bikes: Trek Emonda SL6 .... Miyata One Thousand
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 63 Post(s)
Likes: 0
Liked 29 Times
in
22 Posts
your claim is against the driver and not his insurance company
take the driver to court and let a judge decide
take the driver to court and let a judge decide
05-20-16, 01:47 PM
#42
Señior Member
Join Date: Sep 2005
Location: Michigan
Posts: 13,749
Bikes: Windsor Fens, Giant Seek 0 (2014, Alfine 8 + discs)
Mentioned: 13 Post(s)
Tagged: 0 Thread(s)
Quoted: 446 Post(s)
Likes: 0
Liked 8 Times
in
7 Posts
Unless the insurance company is claiming that it is normal practice to replace a bicycle every 3 years, I don't see how they can depreciate a $3000 bike to $750 in 2 years. That would indicate that they believe that it is worthless in 3 years.
__________________
Work: the 8 hours that separates bike rides.
Work: the 8 hours that separates bike rides.
Likes For ItsJustMe:
05-20-16, 03:08 PM
#43
Senior Member
Join Date: May 2014
Posts: 706
Bikes: Specialized Diverge E5 Comp, Specialized AWOL Comp, Scott Solace 10
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 137 Post(s)
Liked 27 Times
in
20 Posts
At least from my googling, it appears that Toronto has some pretty good resources to assist cyclists in situations like yours. Here's one hit I got: How to claim insurance | I Bike Toronto
I've extracted an excerpt below that might be helpful:
"If an insurance agent is uncooperative there are ways to put on the pressure. You can first ask to speak to a supervisor or case manager. If this doesn't help, in Ontario you can ask to speak with the Consumer Complaint Officer (use exact phrase) which will let them know that you know what's going on. The CCO must respond in writing within 48 hours to your complaint. Then if you aren't happy with the CCO response you can speak to the ombudsman of the Financial Services Commission of Ontario, or even directly with the FSCO for arbitration or mediation. This is when it gets really serious and the FSCO can audit the agent or even the entire company."
There are also plenty of legal firms that offer free consultation. You also might contact Cycle Toronto https://www.cycleto.ca/ and ask if they can direct you to appropriate legal resources.
Best of luck with this!
I've extracted an excerpt below that might be helpful:
"If an insurance agent is uncooperative there are ways to put on the pressure. You can first ask to speak to a supervisor or case manager. If this doesn't help, in Ontario you can ask to speak with the Consumer Complaint Officer (use exact phrase) which will let them know that you know what's going on. The CCO must respond in writing within 48 hours to your complaint. Then if you aren't happy with the CCO response you can speak to the ombudsman of the Financial Services Commission of Ontario, or even directly with the FSCO for arbitration or mediation. This is when it gets really serious and the FSCO can audit the agent or even the entire company."
There are also plenty of legal firms that offer free consultation. You also might contact Cycle Toronto https://www.cycleto.ca/ and ask if they can direct you to appropriate legal resources.
Best of luck with this!
05-20-16, 03:10 PM
#44
Cycle Year Round
10% per year is the most a quality bicycle should be depreciated by the insurance company. Any more and they need to be slammed.
__________________
Land of the Free, Because of the Brave.
Land of the Free, Because of the Brave.
05-20-16, 03:32 PM
#45
20+mph Commuter
Join Date: Jul 2007
Location: Greenville. SC USA
Posts: 7,512
Bikes: Surly LHT, Surly Lowside, a folding bike, and a beater.
Mentioned: 31 Post(s)
Tagged: 0 Thread(s)
Quoted: 1430 Post(s)
Liked 330 Times
in
218 Posts
To the OP: What is YOUR time worth? This is what the insurance company is trying to find out. For me, and I am not rich by any means, I wouldn't waste even one of my precious days off for $2000. In fact, the amount of time it took me to read this 2 page thread, if not for entertainment value on a rainy day, wouldn't be worth a hundred bucks if the sun was shining and I could get out of here.
I too had a "fancy" expensive bicycle. A 2009 Cinelli Supercorsa that was dripping with Campy and Ferrari red with chrome lugs. Replacing that bike like new would cost about $7000. I rode if for a couple of years and tried to sell it on eBay three times. Could not get $2000 for it. So I sold it to a company called Goodby Cycle for $1200. They offered me $1400 at first but I decided to ride it for another year before I just "gave it away".
From $7000 to $1400 in just two years and it was in PERFECT shape. This is called reality.
So.....what is your spare time worth? Is it worth what you can realistically gain? And I don't know any attorneys who will speak to me for under $2500 up front.
Let it go man.
I too had a "fancy" expensive bicycle. A 2009 Cinelli Supercorsa that was dripping with Campy and Ferrari red with chrome lugs. Replacing that bike like new would cost about $7000. I rode if for a couple of years and tried to sell it on eBay three times. Could not get $2000 for it. So I sold it to a company called Goodby Cycle for $1200. They offered me $1400 at first but I decided to ride it for another year before I just "gave it away".
From $7000 to $1400 in just two years and it was in PERFECT shape. This is called reality.
So.....what is your spare time worth? Is it worth what you can realistically gain? And I don't know any attorneys who will speak to me for under $2500 up front.
Let it go man.
Likes For JoeyBike:
05-20-16, 03:56 PM
#46
Senior Member
Join Date: Apr 2015
Posts: 246
Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 84 Post(s)
Likes: 0
Liked 5 Times
in
3 Posts
Get a good recommendation on a lawyer from family and/ or friends and get some feedback. Might only cost you a couple hundred and you get the full 3 grand for 30minutes of your time. Something like that might lterally take a lawers assistant a few minutes to print, file, send a letter of intent and thats when the insurance company will start dancing. They love cases like that.
Any injury involved .., and I mean ANY??? You have a certain of time to file a suit in the US.. Back problem? Neck? Hand? You feel ok now, but, An issue can arise several months/years down the road. Consult a lawyer, let them take care of it, and save yourself the grief. Otherwise tHat insurance company might ride you 'til you break.
Edit, i dont jnow where joeybikes coming from in the post above.. I have a lawyerfriends that havedone cases like this..Like i said, once they contact the defendants insurance company about possble litigation.. It's case closed and your checks in the mail. And its not going to going to cost u 2 grand, lol.
Any injury involved .., and I mean ANY??? You have a certain of time to file a suit in the US.. Back problem? Neck? Hand? You feel ok now, but, An issue can arise several months/years down the road. Consult a lawyer, let them take care of it, and save yourself the grief. Otherwise tHat insurance company might ride you 'til you break.
Edit, i dont jnow where joeybikes coming from in the post above.. I have a lawyerfriends that havedone cases like this..Like i said, once they contact the defendants insurance company about possble litigation.. It's case closed and your checks in the mail. And its not going to going to cost u 2 grand, lol.
Last edited by dwing; 05-20-16 at 04:04 PM.
05-20-16, 04:21 PM
#47
Senior Member
Join Date: May 2014
Posts: 706
Bikes: Specialized Diverge E5 Comp, Specialized AWOL Comp, Scott Solace 10
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 137 Post(s)
Liked 27 Times
in
20 Posts
Edit, i dont jnow where joeybikes coming from in the post above.. I have a lawyerfriends that havedone cases like this..Like i said, once they contact the defendants insurance company about possble litigation.. It's case closed and your checks in the mail. And its not going to going to cost u 2 grand, lol.
05-20-16, 05:14 PM
#48
Senior Member
Join Date: Jul 2010
Location: Stephenville TX
Posts: 3,697
Bikes: 2010 Trek 7100
Mentioned: 6 Post(s)
Tagged: 0 Thread(s)
Quoted: 697 Post(s)
Likes: 0
Liked 3 Times
in
3 Posts
Don't waste your time on a good lawyer. Getting ready to sue someone isn't the time to choose the lesser evil. Take a Bible to the consultation with you and touch him with it. If either the Bible or the lawyer bursts into flames, you've found the guy you want.
05-20-16, 05:44 PM
#49
Senior Member
Join Date: Jul 2006
Location: San Jose (Willow Glen) Ca
Posts: 9,834
Bikes: Kirk Custom JK Special, '84 Team Miyata,(dura ace old school) 80?? SR Semi-Pro 600 Arabesque
Mentioned: 106 Post(s)
Tagged: 0 Thread(s)
Quoted: 2337 Post(s)
Liked 2,810 Times
in
1,534 Posts
my atty's fee is contingency-based. he receives 33.3% of the settlement amount for medical-related issues (which includes pain/suffering). he is providing assistance in the property-damage claim, but takes nothing from the amount negotiated.
in most cases, the ins company is much more concerned about the medical portion of a claim (which can be quite expensive) than whatever property damages resulted. your leverage is to not sign off on the medical release until you get a fair amount for your property.
if there are no injuries involved, a lawyer will likely not want to spend time on a relatively minor property damage claim.
in that case, a small-claims court is probably the next available option.
the annoying part of the whole process is that I've spent tens of hours getting estimates, medical treatments, filling out countless forms, being without my bike, and generally being stressed out for weeks while the driver who hit me has not experienced one minute of inconvenience.
in most cases, the ins company is much more concerned about the medical portion of a claim (which can be quite expensive) than whatever property damages resulted. your leverage is to not sign off on the medical release until you get a fair amount for your property.
if there are no injuries involved, a lawyer will likely not want to spend time on a relatively minor property damage claim.
in that case, a small-claims court is probably the next available option.
the annoying part of the whole process is that I've spent tens of hours getting estimates, medical treatments, filling out countless forms, being without my bike, and generally being stressed out for weeks while the driver who hit me has not experienced one minute of inconvenience.
__________________
Life is too short not to ride the best bike you have, as much as you can
(looking for Torpado Super light frame/fork or for Raleigh International frame fork 58cm)
Life is too short not to ride the best bike you have, as much as you can
(looking for Torpado Super light frame/fork or for Raleigh International frame fork 58cm)
05-20-16, 06:29 PM
#50
Senior Member
Join Date: Oct 2014
Location: Northern San Diego
Posts: 1,726
Bikes: mid 1980s De Rosa SL, 1985 Tommasini Super Prestige all Campy SR, 1992 Paramount PDG Series 7, 1997 Lemond Zurich, 1998 Trek Y-foil, 2006 Schwinn Super Sport GS, 2006 Specialized Hardrock Sport
Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 59 Post(s)
Likes: 0
Liked 1 Time
in
1 Post
I get that we want to be able to replace a totaled bike with a new one - but the fact is, you can generally buy a 2 year-old bike for about 1/2 of what they sold for when new.