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Old 11-19-2012, 12:14 PM   #1
lewis2k
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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
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Old 11-19-2012, 12:47 PM   #2
sergioandres
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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


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Old 11-19-2012, 12:52 PM   #3
luke geis
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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.
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Old 11-19-2012, 01:02 PM   #4
lewis2k
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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..
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Old 11-19-2012, 01:09 PM   #5
elbaldwino
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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.
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Old 11-19-2012, 01:10 PM   #6
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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.
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http://youtu.be/Ts-les5mTxI?hd=1

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Old 11-19-2012, 01:52 PM   #7
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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


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