Question
Extreme HDF Member
Joined: Apr 2006
Posts: 11,317
Likes: 11
From: Tucson, Az
RE: Question
Three things have to be known to determine if a vehicle (bike or car) is a total loss.
1st. The ACV (actual cash value) of the vehicle before the accident.
2nd. The cost of repairs.
3rd. The value of the vehicle as it sets there now.
I will use round numbers just for an example. Extimate to repair is $10,000.00. Everyone agrees the vehicle was worth $14,000.00 before the accident. As it sets there now the insurance company could sell the salvage for $5,000.00. They're further ahead to total it and give the owner $14,000.00 in exchange for the title as they will only end up being out $9,000.00 after they sell the salvage. Also, if they opt to repair there's a great chance that additional damages will be found once repairs are started and the cost will end up being greater than the original estimate.
If there are any motorcycle salvage buyers in your area you might get them to you bike soon and have them give you what their bid for the salvage would be. Get that information to the adjuster handling the claim and it could have an influence on which way it goes.
1st. The ACV (actual cash value) of the vehicle before the accident.
2nd. The cost of repairs.
3rd. The value of the vehicle as it sets there now.
I will use round numbers just for an example. Extimate to repair is $10,000.00. Everyone agrees the vehicle was worth $14,000.00 before the accident. As it sets there now the insurance company could sell the salvage for $5,000.00. They're further ahead to total it and give the owner $14,000.00 in exchange for the title as they will only end up being out $9,000.00 after they sell the salvage. Also, if they opt to repair there's a great chance that additional damages will be found once repairs are started and the cost will end up being greater than the original estimate.
If there are any motorcycle salvage buyers in your area you might get them to you bike soon and have them give you what their bid for the salvage would be. Get that information to the adjuster handling the claim and it could have an influence on which way it goes.
Tourer
Joined: Apr 2005
Posts: 367
Likes: 0
From: Blue Ridge Mountains, NC
RE: Question
Don't know the system over here as I've been in Europe for a long time. I had two big crashes over there and the insurance company offered me the bike to salvage as part of the payout. Depends on the value, both my bikes were UJM's not worth more than a grand each. In both cases I took a little less cash and sold both bikes for a profit.
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