Is this reasonable, or am I being completely ripped off?

My bike was considered totaled, and it was valued at $1400.

-$250 deductible.

So if I give them the bike, $1200~. (I have put 1200 in the bike, and I love the bike, so that's not happening.)

I recall another forum member here mentioned not too long ago that he was able to buy back his motorcycle from the insurance company for $40; I was hoping for something like $100-$150.

They said that if I wanted to keep the bike, they would send me a check for $588.

Is this me being completely ripped off? I find it hard to believe the salvage value of a totalled 80's yamaha being $700, when I paid $800 for it new...

 

I got 2049 for mine when i got hit and they totaled it and new bars and an indicator i road it home i only gave them back 80 of the 2 grand and they paid for the iound fees

 

Take the 1200.00 and let it go. Look for a newer/ better bike. There are a lot of xj700's that you could pick up in that price range.

Oh just another tidbit for you , if the insurance co lets you buy it back you get a salvage title and that means they will not insure it any more for damage what so ever. So if something else happens you are on your own with that one.

MN

 

Depending on what Insurance Company you are with, ... it's not uncommon to get "Scrap Value" for a Vehicle over 12 Years old unless you have a Rider claiming it's a Classic.

In many States, getting a Classic insured involves getting Special Plates and restriction on how and when you can operate the Bike.

Some limit operation to:
* Total miles
* Parades
* Special events.

 

Find out what scrap yard it is going to and buy it back from them if you really want that bike back.

 

Once it goes to the insurance company impound lot it goes off for auction. The junk yards bid on each Vehical , so it could end up anywhere. The auction house up here is called CoPart. You can go to their website and bid on totaled cars trucks, boats , RV's and bikes. The only trouble is you never see who wins unless it's you.

MN

 

It all depends on your insurance company.

But I would personally say that if you feel like you're being ripped off, then don't go through with it. Keep the bike and repair it once again. That of course depends on why the bike was totalled, though..

If the frame is wacked, get another bike (or frame to swap everything to)

If the frame is still straight, you can redo it.

Around HERE.....if a bike goes down, and the insurance agent can see three or more spots that touched the ground, the bike will automatically be totalled. That is regardless of the rest of the condition. I know of one bike that recently went down, the agent totalled it, but the owner decided not to put the claim through BECAUSE:

1. the little rub on the clutch lever ball was able to be buffed off
2. the engine case saver was able to be straightened out
3. the turn signal lens was able to be replaced w/a used part
4 the rear turn signal bezel was able to be replaces w/ a used part.

The bike was back on the road in two days, for a cost of $15.00.

You'll have to make the decision yourself, though..................

Dave F

 

i say if you have add-on you have done to it remove them and put stock parts back on it and them take the money and run. that is what i will do if i wreck mine

 

More fundamental question:

Why are you insuring a $1400 bike?

In the long run it does not pay off. Sure, in this instance you are gonna get $1200, but just remember now you have an accident on your record and all of your rates will increase. If you have any vehicle (or anything insured) that was not so expensive that you cannot simply afford to take the hit, don't pay the insurance companies extra for it; they have designed it so they always win! Liability only for me on my currently $1000 bike and $4000 car.

Just my 2 cents...

 

Depending where you're at, you have to have insurance regardless of the value of the bike/car/truck.

I have to insure a $500 car. If it gets wrecked, its on it's way to a scrap yard or else I fix it. Funny, I pay more for insurance FEES than the value of the car. NY, go figure.

Dave

 

Dave,

You legally have to insure a$500 car for COLLISION? Wow, I did not know that...

 

You don't have to insure it for collision itself, but you do have to have liability/injury insurance on the vehicle, regardless of age, value, mileage, etc....

When you asked:
------------------
More fundamental question:

Why are you insuring a $1400 bike?
-------------------

I mistook that to read: Why are you insuring a bike that's only worth XXX.
I didn't realize that you meant collision insurance added on top of basic stuff. Sorry, my bad. I was wishing for a second that I lived in Iowa where insurance was apparently optional.

That's all.

Dave F

 

Ok, some details:

I wasn't in a wreck. It was parked, someone hit it, and they were uninsured.

I really get a salvage title? My current title becomes unusable? Does that mean I don't have insurance on it right now, then?

As far as taking the 1200 and running... Bikes are expensive in Austin. I got mine new for 800, but that was crazy cheap for my area... I have put $1200 into this bike, rebuilt the carbs, the clutch, replaced headset bearings, and I know the bike and know I can trust it.

Frame is not wrecked. It might just be the fender, a $30 fix--worse case, it seems, would be buying new forks and triple trees and someone on this forum has a refurb set together for $125.

It was an accident. I tried to have only liability, but because I hadn't signed a waiver, they put me on full coverage despite my objections. I was in the process of resolving that, and then got hit.

And I have to say, it is my only vehicle... And I will be making a profit. In the last year, I have had two vehicles totaled while parked, so it's definitely been in my favor to be insured lately.

The insurance companies don't win against every individual, just as a whole; they win on most, lose on a few. So far, I'm winning. It's dirt cheap even for full coverage for my motorcycle, honestly...

 

In NY, if you accept the offer from the insurance company, then it becomes totalled and it:

1. either goes to a scrap yard
or
2. you 'buy it back', the title is then re-issued to you with SALVAGE on the title. That legally is to never be removed from that day forward.

In order to put the bike back on the road, it must be repaired to new or better than new condition, meet current safety inspection, and THAT inspection is different than the usual annual inspection. You must schedule a time to go to the DMV place, they will inspect it there, and you must show proof of purchase for every part that you installed on the bike. You must also pay a couple hundred dollars for the inspection. After passing that inspection, you're good to go. NOW......if you EVER sell the bike, the new owner will have SALVAGE on his title, and before he can ride it, must take it to DMV, show proof of sale, and all the parts that went on to the bike, pay a couple hundred dollars for the DMV inspection, etc......same thing you went through.

The best thing here to do, is: if the frame is not damaged, DON'T agree to the totalling claim. Lick your wounds, take the bike home and repair it. Use the time to do a restoration or similar on the bike and make it better than before. When you're done, the bike is better, and there is NO salvage mark against it.

YOUR state may or may not be the same. YOU have to decide what to do.

Personally, I'd rebuild it, but that's me.

YMMV,

Dave F

 

Receiving money wouldn't make it a salvage vehicle, the damages weren't enough.

I found this:

http://collegestation.craigslist.org/mc ... 68295.html

Which is in as good or better shape than mine, and the guy said he'd take 1000. (It's the only XJ I saw in my area for several hundred miles worth considering--I honestly tried almost every major craigslist in Texas.)

What I really want is for them to give me a reasonable price, and have both and keep both running. Looks like I'll be stripping my current bike, and buying the new one.

Unfortunately, it's not YICS. I'll probably swap out the handlebars, though. Sad that I can't really keep my headset bearings...

 

A non YICS bike in my estimation is easy to sync and easier to tune. Don't hold that against the bike you are looking at.
I'm surprised you don't see any 700's around. There seems like there are more for sale around here than the 650's & 750's.

 

Up here, it depends on whether they 'determine' that the cost of repairs exceeds the value of the bike. AT that point, then they offer you the value of the bike, it is considered a total loss.......that's called 'totalling the bike", and then you can either:

take the money, kiss the bike good bye and it goes to the bike cemetery

or take the money, then buy the bike back. Then you can either go through the lengthy, expensive, cost-ineffective process of rebuilding the bike, getting the salvage title, getting the DMV safety inspection, etc.....

or, refuse the money, keep the bike, rebuild it yourself without any of the hassle.

If the cost of the repairs do NOT exceed the value of the bike, they give you the repair amount, you go have it fixed, and you're off and riding.

Dave F

 

The insurance company is willing to give you $1200 for your bike. I would think that that is fair. They give you a check and you hand over the title and the keys.
If your intentions are to keep that bike , forgo the insurance claim and fix it yourself and see if the dude with no insurance will at least pay you for the parts . Chalk it up as a well learned insurance company lesson and move forward.
The reality of the situation is you feel attached to that bike and you won't let it go and to get the money you want and still keep the bike is not going to happen. That's the cost of putting time and effort into something that others don't find it as valuable as you do.

 

Straight up, MN.

Dave F