Assess Damages: The insurance company will send a claims adjuster to assess the damage to your motorcycle. They will inspect the bike, take photographs, and gather information about the accident.
Vehicle Valuation: The insurance company will then determine the motorcycle's actual cash value (ACV). ACV represents the motorcycle's market value just before the accident, considering its age, condition, mileage, and any custom parts or accessories.
Notify you of the Determination: The insurance company will notify you of their ACV determination. You can accept this offer or negotiate for a higher settlement. If you disagree with the ACV, you may need to file a formal complaint with the state's insurance department.
Settlement Payment: Once the ACV is agreed upon, the insurance company will issue a settlement payment. The payment amount will be based on the ACV and any other coverage you have, such as comprehensive or collision coverage.
Motorcycle Disposition: You will need to decide what to do with the totaled motorcycle. Depending on your state's laws, you may be required to sell the motorcycle salvage to the insurance company or dispose of it yourself. Check with your insurance provider and your local laws for specific requirements.
Replacement Motorcycle: If you want to replace the totaled motorcycle, you will need to use the settlement payment to purchase a new or used motorcycle. You may also need to pay any applicable taxes, registration fees, and insurance costs for the replacement bike.
Remember that insurance claim procedures may vary among insurance companies and jurisdictions. It's important to carefully review your insurance policy, understand the claims process, and communicate with your insurer throughout the process to ensure a smooth settlement.
