May 6, 2021 | Posted by Rubenstein Law
After an accident, your bike may be so damaged that repair costs are close to or more than its market value. If that’s the case, you need to decide whether it’s worth repairing your motorcycle or if you should use the settlement to buy a new one.
When you ride, your life depends on a properly running motorcycle. Getting a severely damaged bike back on the road may not be the safe or financially intelligent thing to do.
What Determines Repair Costs?
Repair costs are determined by supply and demand. If there aren’t enough mechanics or parts, the price goes up.
The brand of motorcycle also plays a role, with more expensive bikes needing more costly repairs. It may be difficult to get parts for older or less popular motorcycles, resulting in higher costs.
Claims Process for Motorcycle Accidents
After you make a claim, an adjuster will examine the bike and give an estimated cost. If you receive a higher estimate from a repair shop you trust, you could try to negotiate a higher amount. Your deductible will be taken off the amount. A lawyer can help negotiate fair compensation.
A violent accident can cause hidden damage that’s missed by an adjuster. If that’s the case, the insurer should pay for these unexpected costs.
You can have your bike repaired with the money, or you can not repair it and keep the money. You could fix it yourself or sell it “as is” and use the proceeds for another motorcycle. If you’re financing your bike, your lender may require you to have it repaired.
What if My Bike is Totaled?
Under Florida law, a person must pay to fix property they damage. This is why we buy insurance. We pay premiums, and the carrier should pay for the damage.
If the cost to repair your motorcycle is more than its fair market value, the insurance company would owe you that value plus the costs you incurred because you couldn’t ride it. The insurance company would then take possession of your motorcycle and sell it for salvage.
You can also have the motorcycle released to you to make the repairs yourself; however, this is rare.
Who Should Repair My Motorcycle?
If you have a good relationship with a repair shop or dealer, use their services. If you don’t have a repair shop you can trust, feel free to contact us so we can point you in the right direction.
You put your life in the hands of your mechanic every time you ride. Make sure you find the right person for the job.
How Can Rubenstein Law Help?
We represent bikers injured in accidents. An insurance claim would include coverage for both personal injuries and damage to your motorcycle.
We understand the claims process well and know how insurers can try to shortchange you. Rubenstein Law will ensure you’re treated fairly and that the insurance company lives up their obligations.
Call us to schedule a free consultation with our firm today at 800-FL-Legal or use our online chat.
