Expert: Richard Hixenbaugh - 6/23/2010

Question
hello I was rear ended on my motorcycle a few months back and now the insurance company(unitrin) has hired an outside source to compare my vehical.  The outside source has found two vehicals both by private sellers in newspapers one being over 100 miles away.  One of the bikes is already sold and the other bike they used to compare has a wrong number.  Can they low ball me on the price or is there a law against this.

Answer
Hi Robert,

Almost by definition, an insurance company's job is to cheat people out of as much money as they possibly can. You should never trust any claims adjuster or any documentation they produce.

Now that you know what they are trying to offer you, it is up to you to prove them wrong. In most states there is very lose language as to how a vehicle's value should be determined. You can look for comparable bikes near where you live. Try to locate 5 to 10 currently for sale bikes that closely match yours. Print out the info you find. Then write a letter to the insurance company explaining what you did and average the values to come up with a good average value and that is what you should demand. If they will not negotiate with you, you may need ot hire an independent appraiser in your area to help you by writing an appraisal report that you can use to negotiate a better price.

I hope this helps
Richard Hixenbaugh