Legal Question in Insurance Law in New York
On 8/21 I had a motorcycle accident,my insurance company,Foremost,sent a investigator to ask me a 100 questions.For 7 years my policy has been for $60,000.Damage to the bike is $32,000...without looking at the bike Foremost wants to Total the bike and give me $15,000...Help
2 Answers from Attorneys
You are only entitled to FMV. You may have overinsured.
How the carrier's determine whether to deem a vehicle, in your case a motorcycle, a total loss is to calculate whether the cost of repairs is in excess of 75% if the fair market value of your bike. If the cost to repair it exceeds the FMV they will deem it a total loss. You can fight them on the book value to try to get the percentage to less than 75% or you can accept the total loss value and keep the bike if you think you can get it repaired for less. In that circumstance you will need to go to dmv to get a total loss title.
Hope this helped. Feel free to write back with additional questions.
Best of luck,
Michael Krigsfeld, Esq.
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