Kanetix Forum

I have been dealing with an unhelpful analyst and was looking for some advice:

I got hit by a car while riding my bicycle. The bicycle has been evaluated and written off. The insurance of the driver is replacing the cost of the bike. The bike is very valuable.

My question is: is it customary for the insurance analyst to want to take possession of the written off goods himself? Or are there formal procedures that usually regulate this kind of thing?

I ask because: the analyst, a body injury analyst who took over the case after learning about the bike, has informed me that he is himself an avid cyclist; he asked for measurements and value of the undamaged parts, etc. and even requested that before the settlement we "arrange a place to meet" so that I can give him the bike personally. Is this normal? Or am I being paranoid? Ideally, I would like to keep or buy the damaged parts, or destroy the bike--any comments, suggestions?

Thanks!!!

Salvage is a statutory condition written into all insurance policies. It is the norm that once an item such as a bike, a car, or otherwise is written off, the insurer gets to keep the salvage once they have replaced your item. This also adheres to the insurance concept of indemnification which means that you are put in the position you were in before your loss. Once you get a brand new replacement bike you cannot keep the old bike since you could stand a chance to profit from the loss. If your Bodily Injury Adjuster is a bike enthusiast this may be just a mere coincidence, however if you have any reasonable suspicions that he intends to keep the bike for himself then you should report it by escalating your concern to a claims manager from the company. It is perfectly reasonable for him to collect the bike for the insurance company but he should not profit from your loss personally.

Sean Graham, Principal Broker at KTX Insurance Brokers