What happens if bike is totaled?

[TearlessTom]

As many of you know I was rear ended by a drunk who left the scene last week.

Damage is mostly cosmetic and the bike is drivable except for the fact that I now have no tail ,brake, or turn signals in the rear.

I have been going through the HDL site at the replacement parts for all the parts damaged. As of now the price tag is $3,362.26 for parts alone. Add an additional $1500. for paint and labor and it is $4,862.26

KBB trade in is $4,185. in good condition  Retail is: $6,070.

So I am estimating if repaired with new parts and my estimated paint and labor charges I am at 80% of retail. and 116% of trade in.

At what point do insurance companies total a vehicle and if they do how do you buy it from them and re-register it as a drivable vehicle?

Any and all thought are appreciated.

Tom

[Cattman]

Look at Pinwall cycle parts on ebay. They have quite a few valk parts in good condition for a lot less than new.

[wizard -vrccds#125]

Most say 80% of retail. I had no problem with Progressive. Never affected my title. Just tell them you want to buy it back if totaled.

[Chrisj CMA]

The insurance company that covered my wreck totalls bikes if the bill goes beyond 75% of retail value.  That (if the same rule applies) would give you 4,552.50 to play with.  Maybe by using pinwall as suggested for parts like fenders that are gonna be painted anyway you can get it under

[TearlessTom]

I know I can get the parts at Pin Wall and can do the repairs cheaper than that. I was just wondering what the cut off point was and the process of buying your bike back.

If they do want to total it don't the have to give me the fair market value. The bike was as near pristine as one can come and still be 13 years old.  If I were to sell it it would be in the $7000++. range as I had made many upgrades.

Much of the price is chrome parts that cannot be repaired but would have to be replaced. Some of the damage you have to put on a lift to notice.

[Willow]

If the bike is ruled a total loss the insurance adjuster's job is to buy the bike from you at the least cost to the insurance company.

I assume you paid your insurance premiums for the purpose of replacing your bike if necessary, so your job is to convince the adjuster to give you enough money to replace your vehicle (bike) with a similar vehicle (bike).  It may be necessary for you to collect evidence of what comparable bikes are selling for.  Those are selling prices, not asking prices.

An amount needs to be agreed upon before you have any talk of surrendering or retaining the bike.  Be assured that the adjuster's first offer is going to be well below what's needed to replace the bike and you should NOT accept it.

After you've agreed upon a settlement you can tell the adjuster that you'd like to keep the bike and ask how much they'll reduce the settlement to allow you to retain possession.  Depending on the insurance company it's likely they'll not insure it at full value after you've repaired it and put it back on the road.  Some insurance companies are really picky about buying the same vehicle more than once.

If you deal well with them you should be well ahead to take a reasoinable settlement and fix the bike yourself.  Just keep in mind that you've already sold the bike once, so if you squander the surplus it will be on you if you ever need to replace it.

My experience is limited.  YMMV   

[Popeye]

Years ago I had to fight with Progressive, after I was hit by one of their customers on a poker run.

I had a V65 Magna with about 60K on the clock. I knew the bike would be totalled and I was going
to have to fight to get a fair price.  Ended up having a salesman right a letter for me, he had just sold a V65 Magna, average condtion. He sold it for more than the blue book.  He also stated my bike
was in much better condition than the one he had just sold.  Ended up getting what I thought was a fair price.

Hold your ground.

Popeye

[sugerbear]

i told the adjuster to call any honda power dealer and find out for m
himself, don't believe me.
after a few calls he gave me 11,000 for my 99 I/S, and i got to keep the factory fog lights and cb.
that was 4 years ago though.

like was said stand your ground.
good luck

[Chrisj CMA]

This is a sad testimonial for Honda Dealerships, but it ended up helping me.  The insurance company damanded an official repair estimate from a Honda Dealership.  So I got it....was just under 6K for parts and 7 hrs labor @ $130 an hr which was over 900 bucks.  So the Honda estimate was right around 7K and bike value was under 5K.  Looked hopeless until I decided to just buy the parts regardless if I got reimbursed.  from J&P/HDL and Cobra I bought the same exact (or better) parts than the dealership listed and I spend $2,500.  So I told the insurance guy that Honda dealerships effectively double all the costs so I asked for half of the Honda Dealer estimate (in writing)  The insurance company laughed....said I couldnt repair it for that.....then I emailed the actual bills for all the parts and even more than was on the Honda list and the total price was 2,500.  Half the dealership estimate was 3,600.  They paid me $3600 (almost exactly 75% vehicle cost) I never had to tell MY insurance co an accident happened

[Disco]

My insurance company is Dairyland.  They were very fair when it came to the total loss valuation.  I say that largely based on the fact that I bought it used (15 months old, 732 miles, LOADED with add-ons) for about 2/3 the original price.  If I had been the original owner and paid what he did, I would have taken a huge bath.  They claimed to have a third-party relationship with a company that provides them with fair market values not using KBB or NADA.  Who knows...

My problem with the transaction was that their "Salvage Retention" value was $8,500 for a bike that had a $22,400 oem Honda parts only(no add-ons) repair estimate.  Using their numbers, if I had retained the bike with broken frame, but clean title (?), and repaired / replaced just the Honda stuff, I would have turned a total-loss bike valued at $22,500 into a once-crashed, but repaired bike that cost $30,900.  I argued unsuccessfully that the only thing that was still operational on the hulk was the engine & transmission, and those rarely, if ever, break.  Assuming that, no one would ever be in the market to buy, thus, they have very little value.  I did not prevail because they have a contractual relationship with a salvage company that buys hulks from them for between 35% and 40% of their total loss values.  Cased closed / take it or leave it. 

So, they carted the late great 'wing away to some salvage yard in Central Texas where it will rot along with my skunkworks plan for a GL1800 Valkyrie...

Bottom line: Does your policy make provisions for add-on accessories?  Dairyland does.  And, if it's totaled, will they be reasonable with their Salvage Retention Value?

Have you gone to the Doctor yet?

[Chrisj CMA]

My insurance company is Dairyland.  They were very fair when it came to the total loss valuation.  I say that largely based on the fact that I bought it used (15 months old, 732 miles, LOADED with add-ons) for about 2/3 the original price.  If I had been the original owner and paid what he did, I would have taken a huge bath.  They claimed to have a third-party relationship with a company that provides them with fair market values not using KBB or NADA.  Who knows...

My problem with the transaction was that their "Salvage Retention" value was $8,500 for a bike that had a $22,400 oem Honda parts only(no add-ons) repair estimate.  Using their numbers, if I had retained the bike with broken frame, but clean title (?), and repaired / replaced just the Honda stuff, I would have turned a total-loss bike valued at $22,500 into a once-crashed, but repaired bike that cost $30,900.  I argued unsuccessfully that the only thing that was still operational on the hulk was the engine & transmission, and those rarely, if ever, break.  Assuming that, no one would ever be in the market to buy, thus, they have very little value.  I did not prevail because they have a contractual relationship with a salvage company that buys hulks from them for between 35% and 40% of their total loss values.  Cased closed / take it or leave it. 

So, they carted the late great 'wing away to some salvage yard in Central Texas where it will rot along with my skunkworks plan for a GL1800 Valkyrie...

Bottom line: Does your policy make provisions for add-on accessories?  Dairyland does.  And, if it's totaled, will they be reasonable with their Salvage Retention Value?

Have you gone to the Doctor yet?

GMAC is the company Im dealing with....they said they have a way of valuing the accessories, but I think that is only if the damage is well below the max.....then you add on extra for upgrades and they might go a tad over the 75%.  In my case......they werent going to budge over the 75%....I had to twist their arms to get the 3,600 as it was.

If you are asking me (wasnt sure) about the Dr......ya I went once they put a splint on my hand that hurt more than the injury (broken thumb) itself so I threw it away and have been just "self splinting" and its 80% better......just one more deformed finger to match all the other lumpy ones.....LOL

[Momz]

You should check with Big Mike Terry at valkyrieblingandmore.com, I bet he has everything you need at a very fair price.

Support those that support us!

[R J]

 

GMAC is the company I'm dealing with....they said they have a way of valuing the accessories, but I think that is only if the damage is well below the max.....then you add on extra for upgrades and they might go a tad over the 75%.  In my case......they weren't going to budge over the 75%....I had to twist their arms to get the 3,600 as it was.

If you are asking me (wasn't sure) about the Dr......ya I went once they put a splint on my hand that hurt more than the injury (broken thumb) itself so I threw it away and have been just "self splinting" and its 80% better......just one more deformed finger to match all the other lumpy ones.....LOL

That is how GMAC works.

I have/had them on my Trike, not too many companies will insure a big Chevy V8 trike.

They quoted me a price and since it was cheaper than my current company I went with them.

4 years went by, premium never moved, up or down.

Wife hit a concrete lamp post with her car, she backed into it, now mind you, she is not even licensed to drive this rig.

Next premium it went up.   Called and asked why, they said my record had a hickey on it. Asked what it was, was told we only know you have something added to your driving record.   Called my buddy and had him take a look at my record, NOTHING......    Called them back, told them what I found, and I would appreciate finding out what this hickey is.     It was the wife's accident.    Told them she isn't licensed to drive that unit so why would it affect my premium.   She lives in the same household.    DUH......  Couldn't get them to bring the premium down, so I looked elsewhere.......   Found elsewhere and it is almost $300 a year less......   Asked them about the hickey on her record, they asked if she ever drove it, told them NO, they said no it would not make a difference.

[TearlessTom]

You should check with Big Mike Terry at valkyrieblingandmore.com, I bet he has everything you need at a very fair price.

Support those that support us!

Thanks for the link. I see some things there that I will probably be buying.

Tom

[BradValk48237]

I was rear-ended on my 2000 I/S by my Dad on his Wing on a trip through Canada last year. I had/have Progressive. they worked very well with me. The bike ended up being totaled out. they valued the bike at bluebook, then about $7700, and then added in all the added chrome and accessories ( I had extra coverage for them thank God!!!) Brought the total settlement to over $9500.  I was allowed to buy the bike back/settle for the estimated salvage price of $1900. they took that amount out of the final settlement and I got the bike back with a clear title. They will only cover the bike at this point for that amount, plus what repairs/parts i can prove I put on it. Once I have the bike all done, I can request an adjuster, or accredited dealer to appraise the new value of the bike and they will insure the bike for that determined value. The title is clear, but the insurance clearing houses will tag the VIN number and show that a total claim was paid. Also make sure to include any thing related to the crash, damaged jacket, helmet, trunk contents, etc. I got paid for a new helmet and jacket...(but I'm still wearin' em!..lol) also if you release the bike to them and then they sell it to someone else, it will then be a salvage title, at least here in Michigan.
  I drove the bike home from the shop and replaced all the chrome parts new, bought a trunk from Pinwall for $799 that was color matched to my I/S (Black and Red-fastest color!) and the the other rashed parts are at the painter as we speak. Total I now have into the bike is about $4500...... bought the bike last June for $8500 out the door. Big Mike gave me some help, and everything else came online.

So it all depends on what you need to replace, what you and the insurance adjustor can agree on. Like I said it was all the add ons that upped the price. if it was stock, they would have only given me the BB value based of condition.

Overall it was a great deal for me (except for the several days of scraped knees and sore back and body and concussion effects) and I still have the Bike I've always wanted...

PS- it made the change to Super Valk extra easy....LOL and the avatar picture you see is the bike 2 weeks after I drove it home from the shop.



Brad

[T-Bird]

I agree with Willow, I've had 2 thefts where I told the insurance company both times, I didn't want the check they cut me ( only half the amount of the cost of replacement) I searched the classifieds for replacements and when I found them I went to the adjuster with the ads and both times the adjuster cut me checks for the amount to buy. I always state on my policies I want a rplacement policy.