We Ride……We Understand……
From Peake and Fowler Law Firm, P.A.
By Thomas K. Fowler, Jr.
Be sure you get the depreciation you are entitled to be paid!
Don’t let an insurance adjuster talk you into taking less for the depreciation or loss in value your bike has suffered due to being damaged in a wreck. Even though your bike has been fixed, the law recognizes it may not be worth as much as before the accident. This is called depreciation.
You will need to get an expert, i.e. a dealer, to give you an opinion of the value of your bike before and after the repairs. The “before” value can come from a publication that we are all familiar with, but the “after” value is better left to an expert.
Oftentimes, adjusters want only to offer 10% of the costs of the repairs as depreciation. This is why a dealer can help because when you go to trade your bike in and have to disclose the prior damage it is highly likely your trade value will be less due to your bike having been wrecked.
So, get an estimate of an expert in valuation of your bike. It can make a huge difference in how much you are paid for depreciation.
Again, you don’t have to accept the value the adjuster wants to pay you. It is the adjuster’s job to save the insurance company money. Don’t be fooled, you may well be entitled to more!
Contact our South Carolina Motorcycle Accident Injury Attorneys
Peake & Fowler