You need to look at your policy as to replacement value versus fair market value. Most policies use fair market value, not replacement which means that you need to find a used version of your bike or a comparable one if not exactly the same that is for sale in this market. Take a look at the policy and see if there is an Appraisal section under collision coverage for very often policies have a proviso that allows each side to obtain their own appraisers to evaluate the loss if they continue to disagree on the value of the lost vehicle.
Crystal gave an excellent answer and advice. Essentially, the insurer company's obligation comes down to policy language. So, you need to review your policy to determine what "value" the insurance company is obligated to pay. In many cases, on specialty cars or motorcycles, I recommend that the client purchase insurance through a specialty insurer that offers either replacement value or appraised value. However, these policies are usually reserved for "collector" type cars or motorcycles. Finally, the bank doesn't get to change the language in the insurance policy, the insurer is still obligated to pay what is required by the policy.
Crystal is correct about the "appraisal" section in your policy but, generally, I don't recommend this approach. By the time the appraisal process runs its course and you pay the costs of the appraisal process, you have paid more than the value of any disputed amount. Good luck.
1 - If you and I do not have a written and signed Fee Agreement for attorney services, then you are not my client and the content herein is for your education only and does not create an attorney/client relationship between us. Assenting to and signing a Fee Agreement with me and paying any agreed-upon fee makes you my client. 2 - IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, you are informed that any U.S. federal tax advice in this communication (including attachments) is not intended to be used, and cannot be used, for the purpose of: (1) avoiding penalties under the Internal Revenue Code; or (2) promoting, marketing, or recommending to another party any transaction or matter addressed herein. 3 - You should not rely upon the information provided in this response for any reason. You should seek advice from an attorney in your area who can review all of the necessary facts so that attorney can provide you with legal advice that is relevant to your specific facts and applicable Washington law. I hereby disclaim any legal liability of any kind for the information supplied in this response.
The carrier is obligated to pay the fair market value of the motorcycle (FMV). All to often this does not allow for the purchase of a replacement. This is an unfortunate aspect of the law.
Insurance policies usually pay FMV of the destroyed property. However, in the past, insurance companies carried extra riders for actual loss or replacement cost policies. So, if you have one of those policies, you could get your whole loss paid by your insurance. In other words, you get what you pay for. Best of luck.
This answer is provided by Manuel A. Juarez, Esq., El Abogado de Accidentes de Autos de California: 510-206-4492. El Abogado de Accidentes de Autos provides answers of a general context. These answers are not intended to form an attorney client relationship. El abogado de Accidentes de Autos y Lesiones Personales practices in Antioch, Berkeley, Concord, Oakland, Hayward, Martinez, Newark, Richmond, San Francisco and San Rafael. El abogado de accidentes y lesiones is licensed only in California. This information is good only in California and it is not to be taken as legal advice on car accidents, personal injury, divorce, bankruptcy or in any other type of situation. Esta respuesta es del Abogado de Accidentes de Autos y Lesiones Personales de Acidentes de carros, Manuel A. Juárez, 510-206-4492. Abogado Hispano de Accidentes, Divorcios, Abogado Latino de Accidentes, y Abogado de Acidentes de Oakland, Hayward, San Francisco, y California. Estas respuesta son solo para información general y no consisten en consejo legal sobre divorcios, mantención de esposas, mantención de hijos o bancarrotas. Las respuestas son comentarios legales que no forman una relación de abogado y cliente. Manuel Juarez, Esq., esta licenciado solo en el Estado de California.