Salvaged buy back?

[Donnie]

I just joined a week ago. I have a sfs I got a month ago and was involved in a low slide. Nothing really bad and havent reported to insurance yet. A few people I talked to said that insurance will salvage.
the damage consist of
left reaeset mounts bent in
Handle bar slightly bent
End of left handle bar is ground down about 45deg
Water pump is scratched up and leaking
Cover below is scratched up
Plastic cover below radiator is scratched up
Rearend around tail light is scatched and small crack
Few minor scatches on ohlins fork

If insurance does total it, and I want to buy back, do I need to pay in cash or di they finance?
Kbb is about 14k. I owe about 12,800$.

Thanks

[jcns]

I doubt it will be totaled
I doubt your insurance company will finance a buyback; they are in the insurance business.
If it gets totaled(doubtful based on your description), your insurance company will give you a check; if they offer you a buyback option, they will sell you the bike plus a check for the balance.

[Socaldiablo]

This is just my personal opinion so take this as you wish but I wouldn't tell my insurance company about any accident I'm in (if I'm at fault) unless it would be a significant financial cost to me to repair or, of course, if I caused harm or damage to someone or someone's property. Otherwise, the less they know, the better off I am. If you can fix your bike for a few thousand bucks, you're probably better off not telling them b/c if you do claim this and you were at fault, they will recoup their loss from you in the form of raised rates. If you say screw them after they raise your rates and go to someone else, the next insurance company will ask you if you had a loss claim from your previous insurer ...if you lie, they may find out you lied from background checks. If you are truthful, the quote they give you will reflect your risk to them with a previous loss claim in mind.

I've had to use my auto insurance a few times for accidents someone else caused to my vehicles and both times, my rates were raised (and I was not at fault). My wife has had a three minor fender benders with which she was at fault. I claimed the first one and our rates were raised by $500 for the year and that rate continued until she regained her 6 years accident free status. That accident cost my insurance company about $1500 but they got an additional $3000 out of me ($500/year x 6 years). For the next 2 accidents, I decided not to tell my insurer about them and fixed them myself and did so for about a thousand bucks each. From what you described, you could probably fix your bike for a reasonable amount. If I were you, there is no way I would tell my insurer about this accident if I was at fault.

[galaxy]

Anyways, if they do total it, it's completely up to them to sell it back to you. If they total it, it's their property. If they suspect fraud or something else fishy going on, they can absolutely refuse to sell. But that's rare. jcns described it pretty good. Your financing days are over if it's totaled. The main reason salvaged bikes are hard to move is because my banks (at least) will not finance any amount to purchase anything with a salvaged title. If they total it, you will have a salvaged title.

Not to change gears or scare you, but that why IMO, a salvaged title is a very unfair stigma sometimes; because it doesn't take much to total a bike and then it's stuck with a potentially unfair stereotype.

[Desmo_Demon]

A buddy of mine just totaled his '08 CBR1000RR and was hoping to be able to buy it back. Since he had it financed, they told him that he doesn't have an option to buy it back because he didn't have the title. Apparently, they are going to pay off his loan, cut him a check, and get the title from the lien holder, and then sell it at auction. On the other hand, I have another buddy who had a woman hit him in his own driveway while on his Buell. He'd only made one or two payments and wound up buying the bike back and wound up with a free bike.

I don't know what the deal is with my buddy's CBR. I don't trust claims adjusters, as they are not working for you, but are working for the insurance company to save the company money. I suspect that he has a buyer for the CBR on the side (or wants it himself or a buddy of his). I was crapped out of my 1969 Covrvette convertible back in 1990. The claims adjuster stated that I couldn't buy it back because he needed three bids on the car to sell it. I went to the auction and everyone there told me I was supposed to be able to have bought it back for 18% of the insurance policy. The truth was, the claims adjuster thought the company would lose less money on the deal if he sold it at the auction. In reality, they broke even compared to paying me off, taking it, and selling it at auction than if they would have just fixed it for me. They lost further because I paid cash for my next vehicle and only carried liability for five years. The small bump in liability wasn't much more than a case of beer a month. Had they fixed the car, I would have continued to keep full-coverage on it.

[galaxy]

Originally Posted by Socaldiablo

if you do claim this and you were at fault, they will recoup their loss from you in the form of raised rates.

Don't focus on the immediate increased premiums...what about the money you've been paying them for YEARS and have never used; you don't consider that a waste? That's your money you've been sending them all this time to use for this purpose. You're just gonna let them keep it, interest free?

Originally Posted by Socaldiablo

I claimed the first one and our rates were raised by $500 for the year and that rate continued until she regained her 6 years accident free status.

You need another insurance company.

Originally Posted by Socaldiablo

That accident cost my insurance company about $1500 but they got an additional $3000 out of me ($500/year x 6 years).

You need another insurance company.

My most recent accident (and for record, the only accident I recall making my premiums go up) ended up being financially smarter to claim it. The damage to the lady's vehicle was almost $3K. My premiums go up for three years, but I recall the sum of the premium increases to total out around $2,100 or something odd like that over that course of time. So not only was it smarter to claim because it was cheaper, but I don't have $3K to shell out anyways.

I totaled a car that netted me a clear check for $13K and my premiums did not go up at all.

But, I guess you gotta be smart about insurance companies just like anything else. They are NOT created equal and they do have separate policies.

[1duckyboy]

DNA told me that they void any warranty on a bike that has been totalled by an insurance company. Does the SFS have plastic gas tank?

[Socaldiablo]

Originally Posted by galaxy

Don't focus on the immediate increased premiums...what about the money you've been paying them for YEARS and have never used; you don't consider that a waste? That's your money you've been sending them all this time to use for this purpose. You're just gonna let them keep it, interest free?



You need another insurance company.



You need another insurance company.

My most recent accident (and for record, the only accident I recall making my premiums go up) ended up being financially smarter to claim it. The damage to the lady's vehicle was almost $3K. My premiums go up for three years, but I recall the sum of the premium increases to total out around $2,100 or something odd like that over that course of time. So not only was it smarter to claim because it was cheaper, but I don't have $3K to shell out anyways.

I totaled a car that netted me a clear check for $13K and my premiums did not go up at all.

But, I guess you gotta be smart about insurance companies just like anything else. They are NOT created equal and they do have separate policies.

Dude, all insurance companies are different but they have 1 common trait ...they are in the business to make money. They are not your personal savings account for accidents ...so what you put in is not what you get out. Also, your insurer is likely different than mine. I may be paying lower rates than you and when I do make a claim, my rates jump up. On the flip side, you may be paying higher rates than me and when you make a claim, they don't increase like mine. Given that you've had a few claims where the insurer had to shell out some cash to make things right, you likely pay more than me anyways from that standpoint. And for the record, you've told me to get a new insurance company. My current auto insurer has been the best by far out of half a dozen I've used in the last 15 years.

Insurance is one of the most costliest monthly expenses most people have (car, medical, life, home, dental, etc.). The lower this cost to me, the more money in my pocket. The more you use it, the higher your rates will be over your lifetime. You and I clearly have different opinions on this topic and that is fine. As I stated in my initial post, this was my personal opinion.

[rwortman]

You buy a cheap car and you get a cheap car, you buy a cheap bike , you get a cheap bike, you buy the cheapest insurance, you get crappy service. Cheap insurance is only a bargain if you never have to use it.

[Desmo_Demon]

Originally Posted by rwortman

you buy the cheapest insurance, you get crappy service. Cheap insurance is only a bargain if you never have to use it.

I totally disagree. I have "cheap" insurance compared to all the other companies, but I have State Farm, and every claim I've ever had to make has been quick, painless, and to my satisfaction (except for the first one back in 1990). You don't have to feel like you've been raped every time you pay your insurance bill. My insurance company is good enough that I've had several riding buddies switch to my agent.

One Ducati example was a 26-yr old friend went from a 2003 CBR600RR to a Hypermotard EVO SP. Progressive quoted him $600 per year and said it is right at what he was paying for the Honda. After he bought the Hypermotard, they called him back up and told him that he owed them over $1000 more because he was only quoted for liability. I sent him over to my insurance agent and he's paying under $800 a year for full coverage (which is considerably higher than what I pay). State Farm here, goes strictly by engine cc's and not motorcycle classification. All bikes un 750 cc's are pretty much the same cost, just as those over 750 cc's are the same. For example, full coverage on my Harley is within $30 a year compared to full coverage on my wife's R1, and the Ducati ST2 bikes, and my GSXR-1100, and the Bimota DB2....