How Do Motorcycle Insurers Calculate Total Loss Value?

Motorcycle insurers calculate total loss value by comparing the value of the bike and the estimated cost of repairs required to make it driveable again. If your bike has been seriously damaged in an accident, you’ll want to work with a trusted Atlanta motorcycle accident lawyer to get the compensation you’re owed.

A dedicated attorney can deal with the insurance company, build a strong claim on your behalf, and work hard to obtain the results you need to start riding again. Let’s take a closer look at how insurers calculate total loss value and how a lawyer can help you file a winning claim. 

How Insurers Calculate Total Loss Value for a Motorcycle

If you’ve been involved in a collision that damaged your motorcycle, you’re probably itching to get your bike repaired so you can get back on the road. To get your favorite form of transportation back, you’ll have to deal with the insurance company.

In a situation like this, insurers will determine whether or not your bike is totaled by calculating the total loss value. To calculate the total loss value, a motorcycle insurer will look to see if the cost of repairs your bike needs to be usable is greater or lesser than 60% 80% of the bike’s value before the incident.

For example, if repairs would cost $8,000 and your bike’s value is $4,000, the insurance company will likely consider it totaled. If your vehicle is declared a total loss, the insurer may offer you compensation to purchase a comparable replacement.

Other Ways an Insurer May Total a Damaged Motorcycle

In some scenarios, the insurance company won’t use the above-mentioned method to determine if your bike is totaled. The insurance company may total your vehicle if one or more of the following statements are true:

• The motorcycle cannot be safely repaired due to extensive damage
• The motorcycle was stolen
• The motorcycle was damaged in a flood or submerged in a body of water

If you’re dealing with one of these situations, the insurer will likely total your vehicle. Whether your bike was stolen, damaged beyond repair, or submerged in water, you’ll want to work with an attorney. A lawyer can explain how motorcycle insurers calculate total loss value and pursue the compensation you need to replace your bike. 

How a Lawyer Can Help You Get Compensation for a Totaled Bike

Understanding how motorcycle insurers calculate total loss value can be difficult, especially if you’ve never filed a claim before. Fortunately, a knowledgeable lawyer can explain the process to you and answer any questions you have. In addition to helping you pursue compensation for your damaged vehicle, a lawyer can take a number of other steps on your behalf.

Here’s what an attorney can do to get the settlement you need to cover medical bills, replace lost wages, and get back on the road after a bike crash:

• Gather evidence and information for your claim
• Use police reports, witness statements, traffic footage, and other forms of evidence to build a robust claim
• File your insurance claim with the insurance company
• Negotiate a settlement that meets your unique needs
• Represent you in court, if necessary
• Fight for the verdict you need to replace your vehicle and compensate for additional losses

We Recommend Starting on Your Insurance Claim ASAP

If your bike has been damaged in an accident caused by another party, you’ll want to get started on your insurance claim as soon as you can. That’s because the state of Georgia has a statute of limitations that restricts the amount of time you have to file a civil suit for an injury.

Georgia Code § 9-3-33 gives you two years from the day of your accident to file a lawsuit. If you don’t file your suit in time, you could be stopped from getting the money you need to cover medical bills and purchase a new bike. Although many bike crash cases are settled with an insurance settlement, it’s best to plan for a trial in the event that you have to sue for damages.

Schedule a Free Consultation With a Motorcycle Accident Lawyer

Moving forward after a serious bike collision can be difficult, especially if your motorcycle has sustained extensive damage. The good news is that the attorneys at John Foy & Associates are here to offer effective legal counsel and pursue the financial support you need to move past this frustrating time.

Our firm has recovered over $1 billion for clients like yourself, and we’re eager to fight for the results you deserve. Contact us today to schedule a free consultation with a motorcycle accident lawyer and learn more about how motorcycle insurers calculate total loss value after an accident.