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What about my loan balance?
I was in a motorcycle accident 3 wks ago, no one else was involved but me, I was a little banged up but, did not seek medical attention. My motorcycle has full coverage ins. & i was told i was being offered less than the payoff of this loan. is this legal, or this just the first offer to see if i bite?
I’ve been straight w/these guys & have not been reimbursed for the loss of riding equipment (pants, loves, boots,& helmet)as stated in my ins. policy. Thanks for all your help
Most motorcycle polices only provide coverage for the actual cash value of your bike a the time of the accident, meaning, the insurance company can depreciate the value of your bike and only paid what is worth in your market, regardless of what your bank loan is.
You could be upside down on your motorcycle loan meaning that you would have to make payments to the bank even if the bike is a total loss. To learn more about total loss and bank loans, please see:
Regarding your equipment, if your insurance policy provides coverage for it, it must be paid, but if they do not, they this will be considered personal property, thus, your home owners policy (or renters insurance), would cover it.
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