Speedzilla Forums banner

What would you do?

  • Total the bike, buy it back, and get a new one

    Votes: 7 70.0%
  • Place a claim and repair it, without totaling

    Votes: 2 20.0%
  • Repair it without a claim

    Votes: 1 10.0%
  • other, please elaborate

    Votes: 0 0.0%
1 - 15 of 15 Posts

·
Registered
Joined
·
451 Posts
Discussion Starter · #1 ·
So, someone, who will remain nameless, had alittle mishap in turn 6 at NHIS a week or so ago with the 749S. In other words, the bike lowslided and it sustained some damage. Mostly the usual stuff: bent clipon, broken foot peg, broken shift lever, and scratched tail section. The big damage was the kickstand was ripped off breaking the mounting point on the case. There seems to be an oil leak(small one) resulting from this. Surprisingly the gas tank was undamaged.

My question is, if the bike can be totaled, should it be? I brought it to my dealer friend who very quickly put together a list of parts that would need to be replaced. This list came to $9,800+-, not including labor. For our insurance company, the bike would need to reach 80% of it's cash value to be totaled. We would have reached that fairly easily. The policy states that they would replace the bike with one of the same make and model. I would assume that the premiums would increase greatly if we were to toal the bike. They would also increase if we just made a claim and repaired the bike. Here is the poll and please elaborate.
 

·
Registered
Joined
·
150 Posts
Do you know if your policy has any exceptions to track use? I know my policies are void if accidents occur on track. My ins company does not have to cover them...

otherwise it is up to you and what you want to do with the bike. You wont get enough out of the ins company to buy a new one unless you are really lucky. They only have to cover the worth of the bike as it was a millisecond before being crashed, mileage and previous de-valuers included. And ins premiums go up afterwards.

not the cost to replace, the worth... there actually is a difference. I totally didnt understand that when my SS800 was totalled, but I did afterwards. Thank goodness I had injury settlements to make up the difference.

Another option is to get the value of parts up to 75% (since it would be totalled at 80%) , take the cash, fix the bike with parts from friends or here off the boards, etc. and keep a bike with a clean title. And ins premiums go up. You may come out ahead depending if you can find a good deal on some cases.

its really up to you and what you want to do with the bike.

[edit] I dont think anyone can tell you what is the right or wrong thing to do. Do you want to keep the bike? Would you rather just cash out and buy something else? When my bike was totalled, it was all cosmetic, no frame/engine/fork damage, and it probably would have been better if I had not done the total. I missed the bike enough afterwards, and knowing how little damage there was to mine... I only had enough money to fully replace the bike with a new one because I had the injury money to go with it. The amount I got for the bike would not have done it. You have some pretty serious engine repair unless you can find some cases cheap and someone to put them on cheap... but like I said, just figure out what you want, and do it. [/edit]

But thanks for the reminder to always take the kickstand off :)
 

·
Registered
Joined
·
675 Posts
Just to add a little (and some differences) to what was said...Every insurance co is going to be different. Mine uses fair market value for EVERY vehicle they insure. This means they don't use KBB or any document to place a generc value on a vehile. They go by the condition of the vehicle and what it would sell for in the general public. I had a '91 Mustang stolen and stripped clean. The KBB was $3,800. It did take about a month and they had to call in a specail apprasor, but long story short, I got $13,400 without ANY argument or controversy. In the same year, I had the whole front end of my truck re-painted/replaced from being caught in a sand storm in So Cal. $2,800 body shop bill. With both of these mishaps in the same year, I was covered "no questions asked" and my premiums went up $0.00. Yes, you read that correctly. No increase in premium at all. I love my insurance co. It's funny, my 749s is cheaper than my 800SS. My co uses engine cc's only to rate thier premiums on bikes!!!!!!!!!!!!!!
 

·
Registered
Joined
·
451 Posts
Discussion Starter · #4 ·
I don't have the policy in fron of me but, I do remember reading in it that if the bike were to be totaled within 24 months of the original purchase, they would replace the motorcycle with one of the same make and model, up to 110% of the original value. They also cover helmets, riding gear, and up to $7,000 in aftermarket equipment.

My insurance company, not the one covering the 749S, judges motorcycles by CC as well. My 900SS costs way more than the 749S does. 900SS might make 85hp and the 749S makes 110hp. Go figure.
 

·
Registered
Joined
·
263 Posts
holy crap,in the usa you can get insurance for racin,thats what i need for my sprint car! what the heck your deductable$5,000???:woot:
 

·
Registered
Joined
·
151 Posts
Martin:

Man, that's alot of damage for a lowside in the bowl.

If what you say is true, I'd total the bike and get a new one.

BUT, read your policy very very carefully. Make sure you have all of the riders, amendments, etc., that override the language of the original policy. Also check the disclaimers and limitations sections about single vehicle accidents, racing, trackdays, determination of fault sections, etc... (note, single vehicle accidents are usually deemed your fault).
 

·
Registered
Joined
·
451 Posts
Discussion Starter · #8 ·
edwyun said:
The insurance policies usually distinguish between racing (not covered) and trackdays/schools (usually covered).
It says organized racing or stunting is not covered.

Police reports are not usually necessary? Couldn't we just say that it slid due to some gravel or a deer in the road?


Thanks all.
 

·
Registered
Joined
·
350 Posts
Most language will reference "organized contests of speed, racing, or stunting activity" or similar. A track day is not a "contest" per se, and thus should be covered. Also, if they total the bike, you'll have the option of buying it back as salvage. You would probably end up in the plus column if you took the "totalled" money, kept the bike, and fixed it. You would, however, have a salvage property, but in the m/c community, most peple know that it takes very little damage to declare a bike a total loss.

As far as rate increases, you will be held "liable", and that will likely affect your premiums. I think...
 

·
Registered
Joined
·
151 Posts
rotty900ss said:
Couldn't we just say that it slid due to some gravel or a deer in the road?
I would always recommend telling the truth.

Indeed, it was not a race, no lap timers, no trophies/contingencies, etc... It was a "school" to improve your riding skills... etc...

IMHO, the only thing you have to worry about is if they ask if you've signed a waiver of some sort - that you take sole risk for any injury to self/bike. They may be able to use that to argue that you assumed the full risk and therefore they will disclaim.
 

·
Registered
Joined
·
151 Posts
DesmoBob said:
As far as rate increases, you will be held "liable", and that will likely affect your premiums. I think...
Yes, that's been my experience. But strangely, when I later switched ins. co's, the new rate didn't reflect an increase in premiums as much as staying with the old ins.co that covered the bike when it was totaled.
 

·
Registered
Joined
·
451 Posts
Discussion Starter · #12 ·
As of last night I am actually leaning towards the placing a claim to repair the bike. I have found some of the parts that are need on eBay for fairly cheap. This way we could also upgrade some of the components, like wheels and suspension.


Just a thought.
 

·
Registered
Joined
·
104 Posts
I was in the same boat about 4 months ago. Single vehicle accident, not my fault, no police report, contributing party fled before I cold pick myself up off the freeway.

Got repair estimate, $7550.00, approx. 70% of bikes value. Ins. Co. declared it a salvage with a buy back option($3000). Lets see, $7550 - $3000 (buy back) = $4550 settlement check. Take approx. $4000 (probable repair cost) and that leaves me with a repaired bike, a salvage title and 50 stinking dollars to buy enough rope to hang myself
!!! I immediately called back and negotiated repairing the tank rather than replacing it. Dropped $1795.00 off bill for tank and added $600.00 back to fix and paint with no salvage title. Dealer figured about half the settlement to fix and still had a bike with value. Salvage titles are kind of a pox, so I'd resist that route. The Ins. Co. did to their credit give me $1000 for my helmet, boots & gloves which were trashed. That was their limit. My leathers held up very well just a couple of seams torn and cosmetic rain groove design etched into several areas.

Outcome: Upped my premium on the next renewal from $480.00 per yr. to $1499.00 per yr. with 1/2 point on my driving record.

Resolution: My Duc Dealer gave me a very reasonable dollar amount for the bike wrecked but with clean title, added the settlement check $6350 and traded for new 999, probably couldn't affored to do that with salvage title. Changed insurance co. with full coverage now $700.00 per year.
 

·
Registered
Joined
·
183 Posts
I beleive you would have a hard time proving coverage if your carrier stood behind the organized racing exclusion. The adjusters interpretation likely depends on who the company is (ex. State farm, in the past has honored such claims, but I'm not aware of any honored by Nationwide - in my area anyway) if the issue has not been taken to court already.

If you do make a claim and they do pay (surely they will total it), the underwriter may send you a letter shortly after that, and advise you that they are cancelling your Physical Damage Coverage.

You may want to talk to your agent on this first and see if you can get something in writing that 1) it would be covered, and 2) that coverage will not be cancelled as a result.
 

·
Registered
Joined
·
451 Posts
Discussion Starter · #15 ·
The adjuster came to our house the other day. He said it was totaled, no question. The final estimate on damage from the dealer was about $11,900, including labor. The adjuster did find something the dealer missed, a cracked subframe. The tab that the seat attaches to cracked off, so nothing too serious. We are now whating to hear back from them on what happens next.


Thanks everyone!
 
1 - 15 of 15 Posts
Top