Originally Posted by acesandeights
Often insurance companies use a 3rd party valuation company. There are companies that specialize in valuations and insurance companies rely on them to get values.
Yes, you can likely negotiate the value; HOWEVER, the companies that do valuations support their values. Insurance companies wouldn't use them if they wouldn't hold up in court, meaning they have to have significant support of their values. That said, the way you get a higher value is to support a higher value.
Go on cycletrader.com, local newspapers and online resources and find as many similar motos to yours as you can. The closer to yours in mileage, age, farkles, etc the better it supports that value. Closer to your zip code also is better (values fluctuate over the state, nation). So, document your value in every way you can and submit it to your insurance company (or the other person's). One of the things this often does is show the owner the actual cash value (ACV) is lower than they thought; HOWEVER, I've also seen people's values raised based on good support and documentation. Document, document, document.
My problem is not that they use a company that specializes in doing valuations....but in the fact the same company doing the evaluation for both of the insurance companies came up with a valuation that was just over a grand in difference. This is a 25% difference. What would you think if you had a Tiger 800XC valued at 10K and the same company came back with a valuation for $7,500? Do you see anyone selling a Tiger 800XC for $7,500? Do you see anyone selling a 2008 KLR is great condition with virtually every mod done to it for 3K? They find one crappy KLR that someone is selling for $3,200 and suddenly my bike isn't worth what its worth? They don't even have to take all of their comparisons (many which were up to $4,500) and then average them out. These guys just seem to be able to make up their own rules as they go along. Why should I be mowed down by an inattentive driver and then be mowed over by an insurance company like Liberty Mutual with a value that will not even buy me the crappy low priced scratch post dropped a few times 2008 KLR that Audatex could drum up from an advertisement? I would bet that bike doesn't have new tires, new battery, and all the upgrades (doohickey, subframe upgrade, KLX needle, jetted carb, new sprockets/chain, tall windshield and much more). Wait says Liberty Mutual, those are just "expected work for properly maintaining the bike".
PS... Wouldn't you say the best documentation for why the second evaluation is wrong is the same companies first evaluation?