Getting screwed by Progressive

[epicrisis]

Hi all. I wrecked my bike last saturday (10 days ago), a '03 Busa, 7500miles, was PERFECT.

The Progressive adjuster came out and told me that I have about $7400 in damage (including gear and $500 in aftermarket accessories), that the book value is $8500 (I confirmed this) and that a salvage yard bid $2700 on the bike if it was totaled. They then told me that the true value of the bike is the retail value ($8500) minus the salvage bid ($2700) equaled $5800 true value, minus $7400 in damages which means I have a -1600 value inthe bike, therefore its a total loss.

WTF?? Is this right? Am I getting scammed? I know that Progressive has an automatic $2000 coverage for accessoires alone. Don't Helibars, hard bags (mounting hardware only, they were off the bike at the time of the crash), Throttlemiester bar ends and riding gear count as accessories?

So, basically what they are saying is if the bike has more than $5800 in damage they won't cover it?? What's the point of FULL COVERAGE insurance?

Any advice (ASAP, I have to decide what to do today) is welcome. All I REALLY have to replace is the faring upper, one exhaust can (stock), windscreen and left side lower and it would be 97% PERFECT again, 100% perfect from 5 feet (scratches on the lever and bar end, cracked front signal, minor scratch on the mirror, really minor stuff).

Help!!

 

[Revlis]

No dude something aint right, Sounds like your getting worked... You may not get full replacement value, but you should get at least Blue book plus whatever additional your insured for... Time to get an attorney... THen of course get the hell away from Progressive, they suck the big one..

 

[justintime2]

These F'n insurance companies put a comercial on TV and a smile on their face to get your $ and your business. Then when you actually need their help they break out the voodoo math that even nobel prize winning mathmatician couldn't make sense of, then they drop your ass becasue you have a claim. Insurance companies are as bad as car salesman. I don't trust them. They only want $ from people who don't cost them anything.

 

[Nemisis]

I don't think you have a problem unless you are looking to get more than $9000 ($8500 + 500), minus you deductilble. If you plan on keeping the bike to fix you can always buy if from them for the $2700. Or are they telling you are getting some other amount?

 

[bacharles]

I have the bastards, but I had no problem claiming on my accident last year. I did pretty well. Was able to replace everything with a little change to spare...

 

[epicrisis]

I don't think you have a problem unless you are looking to get more than $9000 ($8500 + 500), minus you deductilble.  If you plan on keeping the bike to fix you can always buy if from them for the $2700.  Or are they telling you are getting some other amount?

They had originally toldme a different amount. What we (probably) agree on is this.. A value of $8800 for my bike + $1000 for my accessories (I had more than that, but $1K was the cap) for a total value of $9800 for the bike, minus $2700 for the buy-back (bid the junk yard gave) minus $1000 for my ded (I know, I didn't think it was that high, geezzzz). The works out to be $7000 to me, and I owe $6850, so it'll basically be paid off, get a salvage title, and I have to buy a new helmet, left exahust can, left fairing, upper fairing and fender and it'll look 98% at 10 feet. I'm satisfied I suppose.

Is that fair you guys/gals? Seems fair to me, but I'm always open to suggestions. They were going to give me a value of $7800 for mine, but I told them I would want them to replace the bike, and htey had to find me an '03 with 7000 which is in perfect condition before I'd accept that offer.

 

[eynlai]

Sounds like you getting scammed big time with the $2700 salvage yard bid. Progressive should be paying you 100% of blue book (or actually Nada book) value of the bike + the $1000 for accessories - your collision deductible. Whatever they have going between the salvage yard is between them and the salvage yard. Period.

Think about it logically: Progressive takes your wreaked bike, sells it to the salvage yard (+$2700 for Progressive), turns around minus that exact same amount (-$2700 from you)their payment to you for the bike (another +$2700 for Progressive), minus your collision deductible (whatever it is). Bottomline they are dipping on both ends.

Math don't add up, trust me, I'm asian

Go back and find out from the CR (progressive adjuster) if the $2700 that the salvage yard is offering is going directly to you. If that's the case, then it's all good and dandy. IF NOT, ask him point blank to work out the math for you on a piece of paper, and then you can compare to my calculations above. Don't be afraid to ask for his supervisor if you're not satisfy with his explaination.

Whatever you do, DON'T sign sh*t until you are in full understanding of his calculation and have faith in it. Don't let him pressure you into signing anything right now. It's not unusual for them to close claims in 30 days from time of filing, if it goes beyond that, HIS supervisor will question him why your case ain't closed out. The pressure will be on him if he can't make YOU look like the ass.

Sounds like to me, your adjuster have some kind of personal arrangement with that salvage yard.

IF his supervisor can't clear things up, then ask the supervisor to get you in touch with their SIU (Special Investigation Unit), every insurance company has one. The adjuster maybe pulling something shady without even Progressive being aware of it.

In the meantime, I'll talk to my sister tonight and see if the calculation adds up right, or if she's ever heard of such a thing. She's a underwriter for a accident law firm.

REMEMBER, DON'T SIGN SH*T until you understand!!

 

[eynlai]

Just spoke with my sister. She confirmed it. IF the $2700 FROM the salvage yard is going directly into your pocket, then Progressive can deduct that amount that they pay to you. If not, meaning the salvage yard is paying Progressive directly for your wreaked bike, then they can't deduct squat except for your policy collision deductible.

Hope this helps.

Ride safe, and see ya on the road soon!