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NADA average retail is $18,520 in my zip, so I don't think they are far off
Wasn't it about $18.5 new? It seems like an optimistic resale, but I don't know much about that stuff. The used prices are all over the board from upper $14s to well into the $20ks. Of course there are always people who think they can recoup their mod costs.
Anyway, good luck OP, I hope you at least get treated fairly.
i'm guessing that is the cost of the bike and not how much the labor would be to put it back together. that could get pricy. i would rather it be totaled and them hand me a new bike than pay labor prices for them to fix it
I'm betting from what I have heard so far is they will repair the bike. Will interesting to see. Crappy place to be in cause a new one would be best for the owner but the insurance company is going to go the most cost effective route. They are not in the business of just handing out new bikes/cars to people who have been in a collision, that's why body/repair shops are there. The 80% seems high to me....is this a common amount of value to consider a bike totaled?
Looking at the pics again must have been a hell of an impact to break a 49mm fork tube!! Did he even hit the brakes at all??
I'm betting from what I have heard so far is they will repair the bike. Will interesting to see. Crappy place to be in cause a new one would be best for the owner but the insurance company is going to go the most cost effective route. They are not in the business of just handing out new bikes/cars to people who have been in a collision, that's why body/repair shops are there. The 80% seems high to me....is this a common amount of value to consider a bike totaled?
Looking at the pics again must have been a hell of an impact to break a 49mm fork tube!! Did he even hit the brakes at all??
I don't know what is normal for the ratio to value (80%). Or if cars are the same as bikes. Never hit the brakes. I was accelerating when I hit.
The one thing that might change everything is the hole in the cam cover. The estimate has new cams and cover in it. But the dealer said he might have to ask the insurance about opening up the motor to make sure metal pieces/shavings didn't fall down in the motor. Everything is really in the beginning stages of the process.
i would rather it be totaled and them hand me a new bike than pay labor prices for them to fix it
An insurance company handing you a check sufficient to pay for a new bike, to replace a used bike? Probably not gonna happen. I went through all this about three years ago.
Insurance contracts vary, so when it comes down to the nitty-gritty, you need to actually read the full contract, or have an attorney interpret it for you if you're not familiar with contract language.
Last edited by Warp Factor; Dec 19, 2015 at 05:00 PM.
I'd argue for a lower number as well.
There was an insurance court case here in PA about ten years ago that dealt with what they called "diminished value" which insurance companies tried to pretend didn't exist.
Diminished value is the difference between the resale value of a vehicle of a certain year with a certain amount of mileage, and an identical vehicle of the same year and mileage that had been wrecked and repaired.
In the second case the resale value is considerably less... and you know this incident will follow the vehicle's history wherever it goes.
I'd argue for a lower number as well.
There was an insurance court case here in PA about ten years ago that dealt with what they called "diminished value" which insurance companies tried to pretend didn't exist.
Diminished value is the difference between the resale value of a vehicle of a certain year with a certain amount of mileage, and an identical vehicle of the same year and mileage that had been wrecked and repaired.
In the second case the resale value is considerably less... and you know this incident will follow the vehicle's history wherever it goes.
Some insurance contracts cover diminished value for an item which has been repaired, and some don't. Some state quite specifically that they will only pay for repair, and that the repair can be made with used or non-original parts, at the insurance company's discretion. Got to read the contract.
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