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How To Get The Insurance Payout You Deserve For Your Totaled Vintage Motorcycle

29 June 2016 by Franklin Vasquez

Most insurance companies will do everything they can to minimize the amount they pay out for totaled motorcycles. That's especially true with vintage bikes — the Blue Book value is often far less than what enthusiasts are willing to pay. If you want to get the maximum payout possible for your totaled motorcycle, you have to put together a portfolio proving what your bike is worth and give it to an accident attorney so that they can do all of the complex negotiating on your behalf.

Carefully Study the Relevant Insurance Policy

If the accident was your fault, your insurance company will be providing the payout. If another driver was at fault, their insurance company is responsible for covering the damages. Either way, thoroughly research the applicable policy to get an idea about how the company will be valuing your bike. Print out a hard copy of the policy and put it in your portfolio so you can present it to an accident attorney later on.

Research What Your Bike Is Worth

Vintage motorcycles vary drastically in value depending on the rarity and condition of the bike. Search through various online classified listings and auction sites to find out what similar bikes are selling for. Try to find examples that are the exact same make, model, and year as yours. Print out as many examples as possible, including photographs that prove the bikes are in the same condition that yours was before the accident. Put all of the printouts in your portfolio.

Gather up Proof of Modifications

Some insurance policies cover aftermarket modifications and customizations. Gather up all the receipts you can find to prove what the modifications on your vintage bike costed. If you had any custom work done at a shop, find receipts for the work so you can prove what you paid in labor costs. Add all of the receipts to your portfolio.

Finish off Your Portfolio with All the Photos You Have

Print off all of the photographs of your bike that you can find. Use a high-resolution printer so that the photos are as detailed as possible. That will help you prove what condition your bike was in, and will also prove what custom parts were installed on your bike prior to the accident. 

Bring in the Professionals

Take your portfolio to a professional motorcycle accident attorney (such as one from Gelman Gelman Wiskow & McCarthy LLC). Insurance policies feature a lot of convoluted fine print and technical details that are nearly impossible to understand without experience in law. A reputable accident attorney will be able to navigate the fine print and use your portfolio to negotiate with the insurance company's legal team. That way you know you aren't leaving any money on the table. You'll get the payout you deserve so that you can replace your vintage motorcycle and get back to riding.  

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