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Hi There, I wonder if anyone can help me, I had my bike stolen recently, and the insurance company are offering me roughly half of what my bike was worth, the now rarity of my bike means it is going to be really difficult to replace together with all the additions, and all i'm hoping for is the insurance company to make me a FAIR offer, to try and help me replace what I lost. If anybody feels they are in a position to provide a rough valuation from the details provided below I would be grateful.



My bike was an immaculate 916 STRADA with only 9000 miles on the clock, the bike was a new purchase and was a “California Spec” STRADA which was different from euro spec as they had different cams to compensate for emission canisters, (i.e.: slightly more powerful) the bike also came standard with Ohlins rear shock/spring and steering damper.



The additions list to this bike was as follows: Marchesini Magnesium 5 Spoke Wheels,

Fast by Ferraci SPS Corsa bodywork, AP Racing Front Master Cylinder/ Lever, Brembo Fully Floating Cast Iron Front Discs, Stainless Steel Braided Brake Hoses, Yoshimuria Carbon Exhaust System Completely Modified/ Rebuilt by MHP, Anodised Front Sprocket Guard, Stainless Screw and Fastener Set, JHP foam air filter, Carbon Front Fender, Carbon Radiator/ Oil Cooler Guard, Carbon Heel Plates, Carbon Exhaust Guard, Carbon Clutch Assy Cover, Carbon Ignition/ Tank Protector, Silicon Water Hose Set, H.I.D Dipped Beam Headlamp Conversion, Alcantara Cover.
 

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...and the model year would be helpful. The bike will always be worth more to you than an insurance company.

The bike is worth whatever someone is willing to pay for it. Book values are all over the place. Your mods are not extensive by any means to my unskilled eyes. Magnesium wheels and maybe an exhaust system. Might add $500 to the value IMHO. Mods rarely add value to any other than a willing buyer or the owner.
 

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Unless you paid an extra premium, the insurance company is not even going to consider modifiactions. As far as they are concerned, it was a stock bike, and are going to give you fair market value. Sucks to hear your bike was stolen, though. You can always haggle with the insuarnance company, documentaion of the mods helps. I did this with a car I has was stolen, and it worked out well in my favor.
 

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Matt makes a valid point about the extra premium. My policy specifically notes that modifications are not covered unless disclosed and covered through binder. My car policy is silent on that score, probably because it's lots easier to steal a bike (or some mods, how easily do body panels come off with dzus fasteners?) than a car. That's likely why Matt had a favorable outcome with the car theft and the mods.

Read through your policy and see what the language says. That is a legal, binding contract and it spells out the terms and conditions of your coverage; in the end the insurance company will do no more for you than the contract requires. The other rotten thing is that the market is so bad right now values are lower than normal.

One other thing, while you're reading through the policy see if there is a replacement clause. I doubt it, because it's rare nowadays, but it once was common that the company could give you cash or a replacement vehicle (model and condition) at *your* discretion. If by chance you find a replacement clause, then enforce it and demand that they replace your bike. You'd still have the modifications issue, though.

My sympathy for your bike being stolen. Maybe this is a lesson from which others can learn, read your policy so you know what your rights are before something like this can happen.
 

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In the future there is another option. You can insure for "stated value". Some insurers will require a letter from a licensed appraiser. I'm sure this varies from state to state, insurer to insurer. I've sat down with my agent, told them what I expect to receive for a loss, and that is how they write the policy.
 

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It's been my experience with insurance companies that you very rarely get a fair deal with whatever you are claiming on. Unless you arranged for extra coverage for your accessories, and I really don't know the insurance deal in London, a whole lot less than you think your bike is worth is what you'll get.
 

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I pay $17 extra per month for $17K additional coverage on top of the value of the bike, through SafeCo in the US. Money well spent should anything happen, be it theft or any type of accident. I've always hated paying for insurance considering I rarely have had to utilize it (crossing fingers), but when something does happen, I'm covered and can move forward rather than backwards.
 

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Uzziah is right about reading the policy to see what's covered. Most use "fair market value" subject to a deductible. If that's what you have, then assemble all your receipts for the various mods and send copies to the claims adjuster. if you still don't feel like you're getting a fair deal, write a complaint letter to your state's Insurance Commissioner and copy the adjuster. Last resort, you can hire lawyer but that's usually going to cost more than the amount of the claim.
 

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"Book" value here in the U.S. looks to be between 1900-2500 British Pounds for that bike. "Book" value for Ducatis here in the U.S. is usually a bit higher than you can actually get for your bike by 20% or so in my recent experience. That would make the relative value at maybe 2000 Pounds at best? My extra 2 cents. :)

What are they offering, if you don't mind me asking?
 

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In most cases, book values on both cars and bikes have not kept up well with the free fall in the used vehicle market. More often than not, right now, book value is higher than what the vehicle can be replaced for. Most policies read the payment is based on fair market value (book) or the actual cost to replace the vehicle. Discretion for which is at the company's decision. More and more companies are goiung the replacement route as the numbers are less than book.

Sorry you had your bike stolen. Explain to your carrier that the bike was not a run of the mill 916, then discuss the cost of the mods. You will not recover full replacement value of the mods, nor should you. If you still had the bike and decided to part it, you wouldn't get close to full retail for any of the additional parts on it. Your insurance company shouldn't be expected to pay more for mods than they are actually worth. Be pleasant but firm, in most cases you should get some consideration for the unique nature of the bike and the associated modifications.
 

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Explain to your carrier that the bike was not a run of the mill 916, then discuss the cost of the mods. You will not recover full replacement value of the mods, nor should you.

Be pleasant but firm, in most cases you should get some consideration for the unique nature of the bike and the associated modifications.
The fact that your 916 was a Strada will be the biggest battle. I had a 900 ss/SP that I totaled. The insurance company did a search for 900 ss's for sale in my area to determine the value. All of the bikes within 100 miles were CR's (there were only 4 or so). At the time there was about a $1500 to $2000 difference between the CR and the SP. It was a battle to meet half way and get them to raise the pay out by $1000. I wonder if there are ANY other Stradas for sale in the country.

I'm sorry your bike got stolen but the real aggravation has just begun.

Good luck.
 

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I would be in the same boat with my nicely-modded 749R... NADA (U.S. source for used vaules) values my bike at around $9700; just a couple hundred USD more than a S model; though you'd be hard pressed to find a non-raced 749R in that price range. Even in this economy, nice R's are going in the $12k+ USD range. If my bike were to be stolen now, I'd be in for a fight with my insurance company.
 

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The fact that your 916 was a Strada will be the biggest battle. I had a 900 ss/SP that I totaled. The insurance company did a search for 900 ss's for sale in my area to determine the value. All of the bikes within 100 miles were CR's (there were only 4 or so). At the time there was about a $1500 to $2000 difference between the CR and the SP. It was a battle to meet half way and get them to raise the pay out by $1000. I wonder if there are ANY other Stradas for sale in the country.

I'm sorry your bike got stolen but the real aggravation has just begun.

Good luck.
Ducman--When the OP mentions that it was a Strada, I'm guessing that it was just a base 916. The upgraded version was the SP and that was not available in California. The standard 916 shipped to the states was known as the 916 Strada. My guess is that unless you have a rider to your policy, that, as the others have said here, none of the mods will be covered. My policy states that up to $500 in mods will be covered--nothing more than that without a rider. I wouldn't even waste my time writing a letter to an insurance regulator. Read your policy--the best that you could do is to find 3 or 4 comps for sale, print them out and take that info to your company. Unfortunately, I think the thousands you spent in mods is gone for good:(
 

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Matt makes a valid point about the extra premium. My policy specifically notes that modifications are not covered unless disclosed and covered through binder. My car policy is silent on that score, probably because it's lots easier to steal a bike (or some mods, how easily do body panels come off with dzus fasteners?) than a car. That's likely why Matt had a favorable outcome with the car theft and the mods.

Read through your policy and see what the language says. That is a legal, binding contract and it spells out the terms and conditions of your coverage; in the end the insurance company will do no more for you than the contract requires. The other rotten thing is that the market is so bad right now values are lower than normal.

One other thing, while you're reading through the policy see if there is a replacement clause. I doubt it, because it's rare nowadays, but it once was common that the company could give you cash or a replacement vehicle (model and condition) at *your* discretion. If by chance you find a replacement clause, then enforce it and demand that they replace your bike. You'd still have the modifications issue, though.

My sympathy for your bike being stolen. Maybe this is a lesson from which others can learn, read your policy so you know what your rights are before something like this can happen.
+1 and to what Mad said. I specifically cataloged and insured my upgrades (over $11K worth) on my 95 916 with Geico. Otherwise I would have been SOL if the bike got stolen.
 

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Ducman--When the OP mentions that it was a Strada, I'm guessing that it was just a base 916. The upgraded version was the SP and that was not available in California. The standard 916 shipped to the states was known as the 916 Strada. My guess is that unless you have a rider to your policy, that, as the others have said here, none of the mods will be covered. My policy states that up to $500 in mods will be covered--nothing more than that without a rider. I wouldn't even waste my time writing a letter to an insurance regulator. Read your policy--the best that you could do is to find 3 or 4 comps for sale, print them out and take that info to your company. Unfortunately, I think the thousands you spent in mods is gone for good:(
My bad, I assumed the "Strada" was similar to an SP or SPS. Or like someone above stated the difference between a 749 and the 749R.

If it is just a basic 916 then the value of the bike will be easier to determine but you all are right about the mods. Kiss them goodbye you won't get much if anything at all.
 
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