Bike tips over, insurance company totals it.

[UT Rider]

So my FJR got bumped by some kids in my garage and tipped over against the car. Right lower fairing has a ****oo and the left side bag is crunched and windshield stay is broken along with link. The glove box is sticky, the clutch lever is bent and the grip warmers no longer work (bad connection?). Took the bike to a local dealer and had the insurance adjuster come take a look at it. Shop wants $7800 to repair the damage so the adjuster totals the bike. I will take the proceeds and get a new bike, but she's a 2004 wi/ABS with only 24K on the clock. The bike runs perfectly (I rode it to the shop), but the damage makes it less than desirable. The insurance company will scrap it, or sell it back to me with a salvage title. I can effect repairs on the windshield pretty easily, but I'm not going to replace the road rash on the stator cover, and the left bag stays on but is scarred. Should I try to sell the bike with some damage and a salvage title? If the bike is worth $6-7K without damage what could I sell it for with the salvage title?I don't want to take the time and effort to part it out, but it seems to me that it is a crime to scrap a perfectly running bike. Ideas?

Greg

 

[carlson_mn]

No need to part out a bike that is running great. Take the insurance money, make the easy repairs yourself, and keep the bike. Sounds like you're already itching for a new bike so sell it for a profit and enjoy shopping There are used parts out there for '04s.

I would say the bike as-is would still sell for $3500-4000 EASILY.

 

[Fontanaman]

Put the FJR engine in a BMW R1200RT frame? If the insurance company is giving you good price for the used bike take th money and run. Emotional attachment to a motorcycle is evil.

 

[kamal]

Hi Greg.

Sorry to hear this - parked on the side-stand?

I guess it all depends on what the insurance company pays you and what they would sell it to you for?

 

[escapefjrtist]

Take the insurance money, buy the salvage and ride it until the wheels fall off!

...unless you don't want it any longer -- in that case take the money and run.

--G

 

[SoCalFJR1300]

If you don't need the money from the sale (which with a salvage title it typically reduces the value of a vehicle about 50% I was told by an insurance adjuster) I'd keep it and ride it, that way you'll keep the miles lower on the NEW bike!!

 

[Fontanaman]

Take the insurance money, buy the salvage and ride it until the wheels fall off!
...unless you don't want it any longer -- in that case take the money and run.

--G

Yeah do what he said. --G is a smart guy. Me - I am a spend all my money guy.

 

[SLK50]

How can the insurance company sell you back a bike you already own?

Keep the bike, take the money, tell them where to stick the "salvage" title.

 

[gixxerjasen]

How can the insurance company sell you back a bike you already own?Keep the bike, take the money, tell them where to stick the "salvage" title.

If they total the bike then they give you a check for what it would take to replace the bike effectively buying it from you. You can then purchase back the bike as is for a lesser price, hence, buying back the salvage.

FYI, I don't think a 24K mile 2004 is going to pull $6k-$7K on today's market. I happen to know of a very nice 2006 for sale in that price range that hasn't sold.

 

[SLK50]

Yeah, don't fall for that crap. If you have collision it covers your losses.

Buying it back merely reduces theirs.

Might be time to shop for a better insurance company.

Some are offering new replacement.

 

[wheatonFJR]

Yeah, don't fall for that crap. If you have collision it covers your losses.Buying it back merely reduces theirs.

Might be time to shop for a better insurance company.

Some are offering new replacement.

Well, I for one would like to hear about an insurance company that will replace my 72,000 mile 2004 with a brand new 2013 FJR.

 

[SLK50]

Progressive, Erie, Liberty Mutual, Allstate, to name a few.

Granted, you have to purchase the coverage.

It also varies from state to state and may not be available in your area.

Time to go shopping.

 

[UT Rider]

I have Progressive with comp and collision. They are going to give me $7063 for the bike and I can buy it back for $1655, if I want. I figure I can keep it and ride it or probably sell it for $2500-$3K without bags and with a salvage title, take the money and put it towards a new bike. Does that seem about right or am I deluding myself about its value? That seems like a reasonable deal even for a parts bike.

 

[20valves]

Wow, a "bump" from some kids in your garage and it does that kind of damage? WTF were they doing?

 

[garyahouse]

If it were me, I'd take the check, buy the bike back, put in 1k or so to fix it yourself, and ride off into the sunset with a pocket full of money. You don't get opportunities like this every day. You've got a great bike: why replace it? It's worth far more to you than to someone else as a salvage.The damage seems to be minor. Put them scratched up parts in a box and ship em to Gerauld. You'll be riding again in a couple weeks. Meanwhile, take all that cash and stick it in the bank.

Gary

darksider #44

 

[TomInPA]

$1655 is still a bargain for a bike you could put some easy repairs on, or sell for twice that. As the original owner, its pretty easy to prove the circumstances of the salvage title, and it's not like a wreck. On the other hand, that much money will buy a 2006 - 2008 straight up.

 

[SoCalFJR1300]

I have MERCURY insurance on the house, cars and bike, unfortunately they don't allow you to buy back a vehicle if they total it.

I few years ago my son's 1995 Z-28 was stolen when he was at college and they gave us more than we paid for it but wouldn't let me buy it back.

They said there's too much liability involved for them if you buy back a salvaged vehicle and there's something wrong that causes you to have an accident. (I'm sure their lawyers came up with that one)

 

[DesignFlaw06]

Same sort of thing happened to my Nighthawk. Well another bike fell into it while trailering it, but that's another story. Insurance totaled it, cut me a check for $2800. I bought it back for $800 and since the title never changed hands, it is not a salvaged title. My brother bought it for the $800 and he is riding it to this day. Meanwhile, the $2800 went towards my FJR.

 

[BkerChuck]

One thing you need to check into is whether or not the insurance company will continue to sell you insurance on the bike after they considered it a total loss and you buy it back as salvage. You may find yourself having to change insurance companies after doing this.