HELP! Will insurance try to total my bike

[Xrayron]

I've heard horror stories of insurance company's totaling bikes for minor things or if damage percentage is 50% of value. My video shows bike few days before damage, video of bike being hit and damage after. https://www.youtube.com/watch?v=mAb_yIU-eP4 It's a 2001 Kat 600 but had less than 10K miles and custom pearl paint.

[woobie]

what's the value of your bike?
I saw...

Fairing
mirror
bar end
brake lever
Signal cover
exhaust
Foot peg?

Up here if it has a scratch it get's added to the total. Down there? I don't know how they do it.

Your exhaust and fairing is close to $1000, yeah I know you can't give away a stock exhaust but they retail for $500ish, fairing's about the same, add the other parts plus labour etc etc.

They wrote mine off when I crashed her.

https://www.facebook.com/photo.php?fbid=43801210329&l=9c1a34bdf0

$4500 IIRC was the quote to fix her up.

[skjeflo]

So let them total it, then buy it back for the salvage value. Take and keep lots of pics (of the damage and after its fixed) for when its time to sell it with the branded title.

[Xrayron]

what's the value of your bike?
I saw...

Fairing
mirror
bar end
brake lever
Signal cover
exhaust
Foot peg?

Up here if it has a scratch it get's added to the total. Down there? I don't know how they do it.

Your exhaust and fairing is close to $1000, yeah I know you can't give away a stock exhaust but they retail for $500ish, fairing's about the same, add the other parts plus labour etc etc.

They wrote mine off when I crashed her.

https://www.facebook.com/photo.php?fbid=43801210329&l=9c1a34bdf0

$4500 IIRC was the quote to fix her up.

Thanks man sorry about your bike. So what kinda value did they give you? Did you get your bike back as salvage?


I'm claiming on the guys insurance they are coming to look at it tomorrow. As far as the value... right now here in FL that bike would sell for $2200-$2500. Dealers sell clean low miles katanas for $2995.

So let them total it, then buy it back for the salvage value. Take and keep lots of pics (of the damage and after its fixed) for when its time to sell it with the branded title.

I considered that too... Guess it would depend on my payout plus cost of salvage value.


Somebody also said if say they adjust my bike too low that I can argue with actual ads of bikes for sale of same model/condition.

[rschlegel]

You should always argue for more $ from an insurance company. They will try to pay as little as possible. Do your homework to show value though. I do think it is harder to sell a salvage title bike but as was said before, keep the video and pics to show if you ever sell it.
Had an 11 yr old Honda Accord that insurance said they would pay around 3k and I ended up settling around $5400. They low all bigtime.

[rk97]

You should always argue for more $ from an insurance company. They will try to pay as little as possible. Do your homework to show value though. I do think it is harder to sell a salvage title bike but as was said before, keep the video and pics to show if you ever sell it.
Had an 11 yr old Honda Accord that insurance said they would pay around 3k and I ended up settling around $5400. They low all bigtime.

Just went through this with my car, and got majorly taken...

I didn't know that their dollar amount was negotiable. They claimed they based their offer on comparable vehicles sold in my area within the last year or whatever...

No effing way.

I totaled my 2005 Nissan Altima (2.5s), and they were claiming that I could replace it for under $7k. I could in fact find an Altima for that price, but they all had 40,000 more miles than the one I wrecked.

I didn't know I was "accepting" their "offer" until the insurance agent called me and phrased it that way. Had I pulled my own info from the internet, I am sure I could have gotten more out of them.

That said, I ended up with a Corolla with fewer miles than the car I totaled. It gets better gas mileage, and I 'profited' a few hundred bucks on the whole deal by settling for a car without power windows or cruise control...

[Xrayron]

Ok now this is a customer where I work and he would like to avoid points on his license. I had already mentioned if he wanted to just settle with me on a realistic value of damage. This morning he asked if we could do that and told me to get an estimate.

He said his deductible is only $500 but paying more would be better to not have his insurance go up again. I'm going to get a few estimates which I bet will be $900-$1600 easy. I'm thinking somewhere between $600-$900 will make me happy enough to just say screw it. What do you guys think?

[Bkohs]

I would say $600-$900 is very low. your estimate will most likely be more in the $1500-$2000 range. remember estimates will also include labor. also that would be without repainting the pearl paint. If you decide to go that route, make sure you get everything in writing, I would even go as far as getting it notorized. It's most likely not necesary, but you should still cover your @$$ just incase something happens.

[Xrayron]

I would say $600-$900 is very low. your estimate will most likely be more in the $1500-$2000 range. remember estimates will also include labor. also that would be without repainting the pearl paint. If you decide to go that route, make sure you get everything in writing, I would even go as far as getting it notorized. It's most likely not necesary, but you should still cover your @$$ just incase something happens.

Yea I figured estimate would be high... but looking at the damage what kinda cash value should I ask for?

[woobie]

The biggest expense is the fairing repair and painting. Once you figure that out you can go from there.

Personally I could live with the scratches on the mirror, bar end and exhaust. But the paint? talk to your paint guy and see what can be done.

On a side note, that was the slowest collision I've ever seen, where the fuck was he going? he backed way way way up, way more than seemed needed from the camera .

And as for my bike, IIRC I got $3300 in 2008. Bought her back for $1300, paid off what I still owed and changed the engine cover for $120 and put her back on the road as is.

I had my original rear signals and front signal covers, so I swapped out the cracked one for the OEM. But I didn't repaint, I wasn't sure at the time what I was going to do and that was when the economy tanked and I was laid off quite a lot that year.

Crashed her at 86000km, rode her another year and did a Nova Scotia trip & Deals Gap a week apart in 2009. Sold her at 116,000km for $1100. But I also pulled my solo cover, gel seat, and Ohlins rear shock off and sold them separately.

For you something you need to look into if you go through insurance is what happens if your bike get's written off or even worse get's a branded title. Here in Ontario any bike branded "salvage" can never be put back on the road.

[lanerw]

From your earlier posts it sounds like you already reported the accident to his insurance company. Him paying more than his deductible to settle the damage probably won't make a difference as far as insurance going up as they already know about the accident. Not sure about points on his license.

Also, I wouldn't screw yourself to satisfy this customer (unless he is much more than your average customer).

Get a few estimates (would recommend 3) from reputable shops and you should have no problem getting the insurance company to pay. They are usually fairly reasonable with property damage claims - especially when you have the video clearly showing it was him and clearly showing fault. They don't really have room to argue.

As mentioned earlier, if it is a total loss they will try to pay as little as possible.

[Xrayron]

From your earlier posts it sounds like you already reported the accident to his insurance company. Him paying more than his deductible to settle the damage probably won't make a difference as far as insurance going up as they already know about the accident. Not sure about points on his license.

Also, I wouldn't screw yourself to satisfy this customer (unless he is much more than your average customer).

Get a few estimates (would recommend 3) from reputable shops and you should have no problem getting the insurance company to pay. They are usually fairly reasonable with property damage claims - especially when you have the video clearly showing it was him and clearly showing fault. They don't really have room to argue.

As mentioned earlier, if it is a total loss they will try to pay as little as possible.

Sorry yeah it was misleading but no his insurance doesn't know anything yet. I'm going to get a few estimates and see what we can work out.

[ZukiFred]

Not that it matters now if you decide to fix on your own, but when they totaled my 99 750 Kat insurance would only pay book value for it not a dollar more.
If I remember correct a 99 750 was only $1700, buy back was $600.

[Kreylyn]

Hrm... multiple threads, same topic...

http://katriders.com/vb/showpost.php?p=2317375&postcount=6

I'd expect that your looking at them saying totaled. My guess is your going to exceed the 75% of value with repairs.


Krey

[Xrayron]

Hrm... multiple threads, same topic...

http://katriders.com/vb/showpost.php?p=2317375&postcount=6

I'd expect that your looking at them saying totaled. My guess is your going to exceed the 75% of value with repairs.


Krey

Yeah I jumped the gun making another thread although I did skirt the line not making it totally identical lol.


Good news the gentlemen came in today and we agreed on $900 and he paid me so we did a simple release of damage liability signed, dated and time stamped on CCTV.


Funny story is he only put the hitch on his truck because he won a really nice trailer on "The Price is Right" No BS... and he said he's really been paying for that free trailer twice now lol.


Thanks to everyone who helped I really appreciate it guys!! I'm going to do a donation to the site. It's the least I can do.