Insurance claim procedure, requesting check for repair. need approval by lender? - Yamaha R6 Forum: YZF-R6 Forums
 
LinkBack Thread Tools Display Modes
post #1 of 7 (permalink) Old 11-19-2012, 12:14 PM Thread Starter
My R6 eats me.
 
Join Date: Nov 2012
Location: san jose
Posts: 16
Bike: 2012 r6
Insurance claim procedure, requesting check for repair. need approval by lender?

Hey guys,

Just had a quick question about insurance claims and self repair.
If the bike is currently financed through hsbc/yamaha. From what I understand, the check will need to be approved by the lender in order to be cashed and funds used on repairs by me.

Idk if this is some random bullshit the adjuster/shop owner told me to try and keep my bike for a month to repair, or if there is some legitimacy to their nonsense.

I had the bike shipped to a geico recommended shop so the adjuster could work together with the shop to come up with an estimate. They finalized the estimate and after reviewing the the check amount, I figured I can repair it the way I want it repaired, with the amount that was quoted. In less time then their estimated 30+ days might add.

Once i mentioned to the shop/adjuster that I may want to repair it myself, they told me that since there is a lien holder on the bike, there needs to be certain approval by the lender before I proceed to cash the check. Here in lies my question, what exactly does that mean for me? trying to repair my bike with the approved funds from my insurance company?

any body with any kinda experience that could point me in the right direction for my decision would be much appreciated.


Lewis
lewis2k is offline  
Sponsored Links
Advertisement
 
post #2 of 7 (permalink) Old 11-19-2012, 12:47 PM
Love my bike
 
sergioandres's Avatar
 
Join Date: Jan 2011
Location: Montclair, NJ
Posts: 1,324
Bike: 08 R6 & 07 R6
If the adjuster said he will send you the check with the lien holder name on it, it is legit and he can do it. He will most likely include yours and the lien holder's name. You will have to endorse it and send it to the lien holder, they will deposit it and then release the funds to you. They may send you half to start the repairs and the balance when they are completed. Basically they want to make sure the money is going to be spent on your bike and nowhere else


Sent from my Motorcycle iPhone app
sergioandres is online now  
post #3 of 7 (permalink) Old 11-19-2012, 12:52 PM
crashing aint so bad
 
luke geis's Avatar
 
Join Date: Nov 2006
Location: santa barbara, ca.
Posts: 2,269
Bike: 2005 red r6
Images: 10
Re: Insurance claim procedure, requesting check for repair. need approval by lender?

In my experience they will usually write the check in your name. This is so that if you choose to use a different repair shop than the ones who gave the estimates, you can still get the job done.

Now the check will have to written to the lien holder however. This is because the payment in damages can only be to the person in which damage has been done to. I.E. they will only pay damages to the person who owns the damaged item. If you hold the lien, then you should get the check.

luke geis is offline  
post #4 of 7 (permalink) Old 11-19-2012, 01:02 PM Thread Starter
My R6 eats me.
 
Join Date: Nov 2012
Location: san jose
Posts: 16
Bike: 2012 r6
Re: Insurance claim procedure, requesting check for repair. need approval by lender?

two great answers, thanks alot guys!

Now if they were to front up half, will I be able to replace oem parts with aftermarket parts and still count as a replacement item? ie shermoto levers to replace oem, double bubble to replace stock windscreen ect..
lewis2k is offline  
post #5 of 7 (permalink) Old 11-19-2012, 01:09 PM
lolerbaiting
 
elbaldwino's Avatar
 
Join Date: Oct 2010
Location: Tucson, AZ
Posts: 509
Bike: 2007 YZF-R6
If your a claimant you can get a single party check, if you are the insured and have a lien you get a two party check.

"I come in peace, I didn't bring artillery. But I am pleading with you with tears in my eyes: If you **** with me, I'll kill you all"- Gen James Mattis



http://www.shermotoracing.com/

How to install Shermoto levers

http://youtu.be/Ts-les5mTxI?hd=1

www.tucsonsb.com
elbaldwino is offline  
post #6 of 7 (permalink) Old 11-19-2012, 01:10 PM
lolerbaiting
 
elbaldwino's Avatar
 
Join Date: Oct 2010
Location: Tucson, AZ
Posts: 509
Bike: 2007 YZF-R6
Quote:
Originally Posted by lewis2k View Post
two great answers, thanks alot guys!

Now if they were to front up half, will I be able to replace oem parts with aftermarket parts and still count as a replacement item? ie shermoto levers to replace oem, double bubble to replace stock windscreen ect..
This depends in your lienholder, some won't give you any money up front.

"I come in peace, I didn't bring artillery. But I am pleading with you with tears in my eyes: If you **** with me, I'll kill you all"- Gen James Mattis



http://www.shermotoracing.com/

How to install Shermoto levers

http://youtu.be/Ts-les5mTxI?hd=1

www.tucsonsb.com
elbaldwino is offline  
post #7 of 7 (permalink) Old 11-19-2012, 01:52 PM
Love my bike
 
sergioandres's Avatar
 
Join Date: Jan 2011
Location: Montclair, NJ
Posts: 1,324
Bike: 08 R6 & 07 R6
Quote:
Originally Posted by elbaldwino View Post
This depends in your lienholder, some won't give you any money up front.
This is very possible too


Sent from my Motorcycle iPhone app
sergioandres is online now  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Yamaha R6 Forum: YZF-R6 Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance claim TheGuest General Discussions 3 04-18-2012 10:37 AM
Can you claim gear on insurance guppy8290 General Discussions 21 05-06-2009 07:57 PM
Insurance Claim Time joshua_arebalo General Discussions 1 12-16-2006 10:25 PM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome