Radiomans headache
 

So I just wanted to stop cluttering the other thread.

It's starting to sound like they really dont want to repair the bike. I've now learned that the beacon policy was only for 5k for some reason. The broker who transferred my old policy from my SV to this one completely dropped the ball here. I never once said it was worth 5k. Market value puts it around 6-6500.

They keep saying salvage is around $1000 for the bike. This means We've got a window of 3000-3500 in repairs before they decide to just pay it out I'm guessing.

Here are some better photos of damage. I dont see $3500 in repairs. Maybe I'm just inexperienced in bike costs. One thing I didn't notice before was a small dent in the tank. I know the tank is about 1300 new so this could be an issue.

Also just want to say thanks for all the feedback you guys have given me over the past week, appreciate it.


Tank dent;

So your saying if it's written off, beacon will pay you a max of $5000? I'm also confused because you have to have basic icbc insurance as well, so if the crash is deemed not your fault like you said, shouldn't icbc pay you the fair market price for your bike anyways?? Beacon is extra insurance on top yea, but icbc should still cover not fault accidents yes?

The way I thought it was, icbc would give you their pay out and beacon would go on top to cover the rest. But I am probably wrong f

The ICBC adjusters is away for a few days, I was trying to ask those questions to her.

I might have to go back to the broker who transferred the plan and ask why he chose 5k. His E&O insurance might have to come into play if I can prove he made an error.

Would you not have signed something that showed that the policy was only for $5,000? I think you're going to have a real hard time fighting that aspect of it if the claim is through them.

It's strange they never asked you, I deal with Megson Fitspatrick but every year I renew over the phone and they ask me what the value is then they follow it up with paper work which shows the amount. If there was a problem with the declared value I'd know right away.

long story short the original broker who I dealt with left the agency I went through. Spoke with some other guy who helped me. I told him exactly what I wanted done, transfer the plan and the bike was worth arounf 6500. I never signed anything and had to call him several times to ask wtf was going on. Then I get into the accident and etc.

Bike is a total loss. $6,200 in damages. Salvage cost is about $1200-1500.

There was a scratch in the frame which = $1800 for a new frame. Great.

I wouldn't mind this if they gave me market value (which they told me is 7100). But instead I'm getting 5k because the agent who sold the policy decided that was the amount to go with.

Headache increasing.

Wait so is that how Beacon works? The declared value is the maximum and not based off actual replacement values? Shit dude. Hoping for the best!

Since my question didn't get answered, but wouldn't icbc cover it as an accident, then beacon pay on top? That is if icbc deemed it not your fault and it was a write off

radioman - Sorry about the accident and the outcome of this debacle. I hope there is a happy ending to this.

I believe this is how it Beacon works. I recall getting Beacon from Cassell's and they wanted you to be very sure of the declared value and to keep any and all receipts for mods etc.

I could be very wrong as I have not owned a bike for quite some time.

They use agreed upon value, which is a good thing for you, as long as you value your bike properly when you get your insurance. See what's the highest value they'll take before not allowing it/raising your premium.

I pay $318 for a year of comprehensive/theft/gear and a high agreed upon value. ICBC's equivalent, which covers much less, costs over $1700 a year.

Beacon would only allow me to declare the value of my Vino 125 at the price I paid for it or the retail book value, whatever is greater. They told me I could raise the declared value of the bike if I submitted receipts of work I did to the bike and that's it.

That could be one potential downside with Beacon, but I think the main problem is the brokers. I went in back in May to cancel my coverage for my CBR 125R when I sold it, only to find out earlier this month that they did not cancel my coverage. No big deal as I just simply transferred the coverage over to my Vino, which I should check if they actually did, but it would've been a big deal if I wasn't.

Did you happen to deal with a popular Beacon broker on Broadway?

No I did not deal with Cassels. This was me trying to swap the coverage quickly and this individual dropped the ball.

I'll be giving them a call and trying to figure this shit out. I want my 1700 so I can but the bike back, fix it, and move on. I don't care about a scratch on the frame. I'll share a photo later of it.

Go to them with your transfer form with the amount you paid, or look up the book value of the bike. The coverage should be the greater of the two.

It's been a while since I've been an insurance broker but the brokers and brokerages are licensed and governed by the Insurance Council of BC. If you think they're at fault causing you inadequate or lapse in coverage, and they're not willing to rectify the error, you can report them to the Council for disciplinary measures (which pretty much means either fines or suspension of licenses).

I've never actually gone through process of a complaint, or filing a complaint during my time as a broker (thank goodness for that), so I can't be of any help on the proper procedures but a quick 30 sec googling got me this:

Insurance Council of BC - Problems with a licensee


Here's a link that shows current disciplinary decisions against "licensees (what they call brokers or brokerages)" which I guess is a good sign that the Insurance Council very active in regulating they're licensees.

Insurance Council of BC - Council Disciplinary Decisions

I currently hold a license with council on the individual side and work for one of canadas largest MGA's. I don't deal with general insurance (car/house etc) but I'm well versed in dealing with council in matters of disciplinary actions.

I'm going to be having a discussion with the agency and will eventually have to deal with a dispute. The agent has E&O insurance for a reason and it wont be and sweat off his back if he needs to fork over $1700.

Plain and simple beacon tells me market value is 7100 thats what the policy should have been for regardless of what I paid.

:( Sorry to hear about this. Both with the loss as well as the insurance nightmare.

Any updates?

I got notice from ICBC that the other party is in fact at fault!

As far as the value of the bike and getting my money back I've contacted the agency who issued the policy and they're trying to see what they can do.

I have the bike currently because I was running out of tow fee coverage. I keep looking at the bike and dont know if its worth buying it back and fixing. I think if I get the money I want from beacon I'll take it to a shop and see what they think.

If the other party is at fault shouldn't icbc be paying out for your bike?

That's what I kept asking but haven't gotten a response on that, twice lol

Trust me you're not the only one waiting for that response LOL

I spoke to my friend, who use to rebuild ICBC write offs, about this issue and he said there is no money in doing that with bikes now.
You may be better off taking what the insurance pay out is and walking away from that bike.

Some of the assessed repair costs confuse me. Inner tube $400+other parts associated.... The front forks weren't even touched. I'm sure there's other stuff on there.

Gotta take it to a shop and see.

Jesus a $30 o ring

So beacon says if I prove it should be a higher payout they will pay that amount. I've shown receipts for up to $6600. Waiting to hear back.

Took it the imperial for them to take a look at it. They said its not worth the fix. I will not be buying it back from them.

Time to look for a street triple for next season.