I resently was in an accident where the driver of the car that hit me was covered by Progressive Insurance. I was traveling down the highway at about 45 to 50 mph, when a car pulled out of a private drive and broadsided the motorcyle I was riding. The driver of the car was found at fault for failure to yield the right of way. The claims adjuster for Progressive took my statement which included how much I paid for the motorcycle which was only $200.00. I explained that the bike had been disassembled (including all of the wiring harness) and I had spent several days/weeks putting everything back together and repairing the original problem with the electrical system. I had also invested in having the bike registered, purchased insurance, and had it State inspected within a few days of the accident. After leaving the recorded interview, the adjuster had the nerve to offer me $200.00 for the bike and he would call it even. When I declined his offer, he he informed me that the bike wasn't worth anything and I wouldn't get a better deal than that. He later called me back while I was at work and insisted that I release the bike from the storage facility it was located so that he could have it moved 50 miles away until I made a decision on accepting his offer or not.
Three days later, I recieved a call from the adjuster offering me $1100 for the motorcycle. I had looked on the web for information in regards to this particular bike and found that the typical market value ranged from $3200 to $4500. I expressed this to the adjuster and was told that they utilize the NADA blue book pricing and that because my motorcycle was in such bad shape (I disagree along with many others that had seen the bike), it's value was below the lowest retail listing. This adjuster has lied to me repeatedly, has insulted me almost everytime we've spoken, and has actually tried threatening me in order to process the claim.
In addition to totalling out the motorcycle, I was sent to the emergency room with a broken thumb, road burns on my legs, hand, and head; and broken toes on both feet. I've had to cover most of the expenses with out-of-pocket money that I certainly can't afford or my health insurance. I was told that once everything has been taken care of and we can settle on the claim, I will be reimbursed.
Sadly, all I ever asked for was that they cover the cost of the medical and to replace or repair my motorcycle; nothing more.
I understand the need to have a reasonable set amount as fair market value, but when you search the web and find several motorcyles that are the exact year, mileage, and condition as mine and they are all within a few hundred dollars of each other, or you check with dealerships and they show a similar pricing; isn't that called "Fair Market Value"?
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