Auto Insurance Claims: Motorcycle theft, motorcycle theft, motorcycle dealer

Question
Hi, I had a 2007 motorcycle. I was stolen 5 days ago. I immediately called the cops and insurance company. My insurance company said they have to wait 3 weeks to give the police the chance to recover it. Then they will count it as a total loss and evaluate the fair market value. Is this true. Does it take 3 weeks! both the insurance agent and cop said recovery is very very low. And if the 3 week waiting period is true, how much can I expect to get for the loss. It was brand new with only 2500 miles on it. Almost every motorcycle dealer still has 2007 models in stock and they are still selling for MSRP. Thanks


Answer
Hi Mike,I'm sorry to hear of your problem.  Theft is covered under the 'comprehensive' portion of your policy.
Although it's possible that your policy reads slightly different, the most common clause under comprehensive states that if your insured vehicle is not recovered in 30 days, the insurance company will consider it a total loss and pay you the 'fair market value'.  A settlement would also include sales tax on the settlement value plus reimbursement of the unused portion of your license fee.
Although new 2007 models are still selling for MSRP, yours will be considered used and the insurance company will establish it's value on that basis.
Their goal is to pay you the smallest amount possible to settle the claim, while yours is to get the best payment possible.  
My suggestion is that you get at least 3 written quotes from dealers for an identical motorcycle with similar mileage on the odometer to better help you receive the true value of your claim.
I hope this has been of help.
Your feedback by rating my answer will be appreciated.
Sincerely,
Bennie
San Francisco Bay Area