How Does Insurance Determine the Value of a Motorcycle?
Learning how insurance companies calculate the value of motorcycles following accidents will be important so that you do not accept a settlement that is less than what you deserve.
Insurance companies determine the actual cash value (ACV) of a motorcycle by assessing its depreciation against its cost to replace or repair. So, if your motorcycle depreciated significantly since you purchased it, and it will cost more to fix than the bike is worth, the insurance company may deem it totaled and offer a settlement. The value of a motorcycle is different than the value of a motorcycle accident claim, which should cover damages associated with a victim’s medical expenses, lost wages, and other damages, in addition to property damage. To recover the full value of your motorcycle accident claim, including compensation for pain and suffering, we can help you file a lawsuit against the negligent driver responsible for your damages.
You can call New Jersey motorcycle accident lawyer Jerry Friedman today at 1-800-529-4464 to set up a free and confidential assessment of your case today.
How Will Insurance Determine the Value of My Motorcycle?
When motorcycles are damaged in accidents, insurance companies will assess the vehicle’s value to determine the motorcyclist’s payout. This will require the insurance company to evaluate the actual cash value of the vehicle in question.
The insurance company will subtract the vehicle’s depreciation from the replacement cost to find the ACV of your damaged motorcycle. If you modified the motorcycle to increase its value in any way, note that to the insurance company. Replacing original parts of a motorcycle might increase or decrease its ultimate value. The fair market value of your bike might also be considered when determining its ACV. The fair market value is the amount you could reasonably sell your motorcycle for if it was not damaged.
You should not take the ACV of your motorcycle from the insurance company at face value. When reviewing the actual cash value of your motorcycle determined by the insurance company, our lawyers will consider if the additional accessories or enhancements you added to your bike were also covered. Ensuring that the insurance company’s calculation of the ACV of your motorcycle is correct is important. If the insurance company’s calculation is wrong, so might the settlement offer you are presented with. If you accept this offer, you might be unable to claim future damages for a motorcycle accident.
How to Determine the Value of a Motorcycle Accident Claim
On top of the actual cash value of your motorcycle, there are other damages to consider regarding your claim. For example, you likely incurred additional out-of-pocket costs, like medical expenses, which should be compensated in your case. Or, you might have experienced pain and suffering in addition to other emotional struggles due to your injuries.
When considering the value of your motorcycle accident claim, our lawyers will start by organizing all records of your damages. This will include any documents pertaining to any financial losses related to the accident in question, such as property damage, medical bills, and lost wages. Because economic damages are easily documented with records, we should be able to provide proof of all financial losses related to your injuries caused by a motorcycle crash.
There are additional damages that insurance might not consider when assessing your claim, as its main focus will be on your property damage and other covered financial losses. These are non-economic damages. The total value of your non-economic damages will depend on the specifics of your case, the extent of your injuries, and the impact the accident has had on your life. Non-economic damages can compensate motorcycle injury victims for their pain and suffering. Depending on where you live, emotional damages might be limited. Generally speaking, economic damages are not capped for injury victims. You might even be awarded punitive damages if your case goes to trial.
How to Recover the Full Value of Your Motorcycle Accident Claim
Recovering the full value of your motorcycle accident case can be challenging and might require you to go to court, depending on the settlement offers given by the defendant and their insurance.
Generally, motorcycles are not subject to no-fault laws, even in no-fault states like New Jersey. This means that those hurt in motorcycle accidents can sue for compensation, regardless of the extent of their property damage and injuries. To do this, you must prove the negligent driver’s fault for your losses. This will require our Middletown, NJ motorcycle accident lawyer to present ample evidence of negligence capable of meeting the standard of proof, which will likely be a preponderance of the evidence. This means that we must establish that it is more likely than not that the defendant caused your injuries.
In order to claim all the damages available in your case, you must file it on time. Statutes of limitations differ across states but typically range from one to three years. If you do not bring your case before the deadline, you will be barred from recovering compensation. Bringing your claim quickly can allow you to show your commitment to your financial recovery and might increase your chances of success in your case.
In addition to proving the defendant’s fault, you must also prove that you incurred damages to recover all compensation available in your motorcycle injury claim. We can submit records of your losses as evidence in your case to show the jury that they exist. When faced with this information during settlement negotiations, the defendant might be more willing to settle at an appropriate amount so that neither party has to proceed with a trial. We can evaluate settlement offers against our calculation of your damages to determine if they are appropriate.
Call Jerry Today to Discuss Your Motorcycle Accident Case
Call Paterson, NJ motorcycle accident lawyer Jerry Friedman at 1-800-529-4464 for a free review of your case.
