<BLOCKQUOTE><font size="1" face="Arial, Helvetica, Verdana">quote:</font><HR>Originally posted by CHB Bike Rider:
I was hit while riding. Driver admited in writing at the scene, to her family (passengers), and to my friend, that it was her fault. She saw me then turned to talk to son and wasn't paying attention. I was banged up a bit, cuts, bruises - body aches over past few weeks, but think that's over. Called my doc and he advised to wait, come in if pain continues - it hasn't. Front of bike is smashed. Her ins. co. sent me no-fault forms (NY) and wants estimates for repairing bike. In her admission, she said she would by me a new bike.
I'm not going for the bank, all I want for the accident and injuries is a new bike; about $1,500.
What should I do when negotiating with the ins. co.? After all, they're not my reps. and don't have my best interest in mind.
I havn't filed accident report with police report. Should I?
Thanks
CHB<HR></BLOCKQUOTE>
My response:
It makes no difference what "deal" you made with the driver (We'll get to that in a moment). An insurance company's obligation is to pay the "fair market value" of an item on the date it was destroyed or damaged. You'll need estimates for repair and/or the value of the bike. Fair market value is defined as that amount a bonifide purchaser would have paid you for the bike, but for its damage.
Now, the deal you have with the driver is a different matter. If the driver admitted fault and offered you a "new bike" of like quality and value, in writing, that's where the driver's insurance company and the driver part company. If you have an agreement that, in affect, allows you more money than the fair market value, then that's a matter for the driver to pay out of his / her own pocket. If the driver refuses, you may have a lawsuit - - but be aware, that a judge might consider the "deal" invalid because there may be a failure of consideration for the agreement in the first place. But hey, that's what Small Claims court is all about. Give it a shot if the driver won't pay.
IAAL
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