How much is my bike worth?
It is quite common for motorcycles to be written off following a road traffic accident. Indeed, it is fair to say that many scooters that are available today are built to be written off.
So how do you know how much your vehicle is worth?
Well the first process will be for your Solicitor to organise an inspection of your motorcycle. The inspection can be done wherever the vehicle is stored to avoid any inconvenience to you. You don’t even need to be present for the inspection as long as the vehicle is stored in an unsecured location.
An engineer will then compile a report together rendering the vehicle either repairable or a write-off along with the salvage value.
Bike Valuations
These can be quite tricky particularly as some bikes are grey imports, i.e. bikes brought into this country legally but officially their specifications significantly differ to similar badged official imports. The valuation of these vehicles is further complicated by the fact that Milo metres actually give distance travelled in Kilometres and this can in turn effect the valuation of the bike.
Write-offs
There are in fact four classifications of write offs ranging from Category A to Category D. Here is a brief summary of these:-
- Category A - Vehicles are damaged to such an extent that there are no salvageable parts.
- Category B - vehicles that have some salvageable parts but cannot be repaired.
In both categories above, the vehicle should never be put back on the road and in fact third party insurance companies should advise the DVLA of the vehicle status to ensure these vehicles are not registered again.
- Category C - Vehicles involving damage that is worth more than £1,000. The vehicle can be repaired but the cost of the repairs is simply higher than approximately 65% of the value of the bike.
- Category D - Vehicles similar to Category C but the pre-accident value of the vehicle would be less than £1,000.
In both Category C and D, bikes can be put back on the road as owners may be able to repair the vehicles themselves at a cost significantly less than the salvage value of the bike. If you intend to do this, you must obtain an MOT Certificate to confirm that the vehicle is now back to roadworthy standard.
When will I receive payment of my bike?
A number of weeks can pass before the settlement for the bike can be reached and it should be remembered that third party insurance companies are not under any legal obligation to make payment until they are satisfied that liability for the accident remains with their insured. That said, most insurance companies now release “Without Prejudice” payments to help the injured party get back on the road. Such payments should not be seen as an admission of fault but simply an attempt by the insurers to try and assist the injured party.
At Linder Myers, we have a dedicated personal injury team who specialise in motorcycle claims. If you have been injured following an accident, please contact Rakhi Chowhan who has extensive experience in these types of claims.
