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Discussion Starter · #1 ·
Folks, I ranted at a few of the guys in chat the other day but the rest of you don't know...

I found out this week that I was wrong. I bought life insurance on the loan for my bike, but not "gap" insurance, which would have paid off the difference between the insurance company's total-out payment and whatever balance was left on the loan. They don't offer gap insurance on motorcycles, probably because they would lose their ass.

So, the current rundown is that my bike is technically totalled in a lot in Indianapolis, I'm without a bike, and after the insurance company takes my $500 deductible and cuts a check to the lienholder, I'll still owe $1600 on the loan. They gave me a little over $800 for my gear (which I'm not replacing), so I'll throw that in and still have to pay $800 onto the bike. Did I mention that insurance [orally creates a region of low air pressure] my [rectum]?

I called the salvage yard, and they said something to the effect that if I wanted to buy it back, I'd have to go through my insurance company. Otherwise, once insurance released it, they'd only sell it to a licensed dealer or approved salvage buyer or something like that, I don't remember exactly what the chick said. I called my insurance company, and the buyback they quoted me is $1368.52.

I'm not going to buy the bike back for that. I estimate that it would cost about $1500-2000 for the parts to get it looking pretty good again, and I'd still owe the $1600...so all of that put together is more than the book value of another '03. I'd be just as well off to look for a used one.

So, as promised, here's the heads-up on my bike. I think it would make an awesome race bike for someone.

2003 Naked Blue SV650
Mileage: about 6450 (odometer was damaged in the accident, it reads 6405, but I put about 20-30 miles on it after that riding it home and to the shop)
Engine was babied - broken in according to OEM rules. The longest I ever went between oil changes was about 2200 miles.

Significant damage:
Tail section
Subframe
Rear seat
Headlight
Instrument panel
Tank
Handlebars

Photos are available in my original crash thread:
http://forum.svrider.com/index.php?topic=48397.0

It's sitting at Copart Salvage, Indianapolis, IN, phone 317-216-2186. The lot number there is 10190735. They said today that they hadn't officially inventoried it yet, etc., because the insurance payout is still pending. So, it may be several days before you can get any price quotes or other info on it, but I wanted to give all of you folks a head start at it.

I'll be out of town from this afternoon until Tuesday on a long weekend trip with the family. If anybody wants to PM me for more info on the bike, I'll answer when I return.

I guess this closes the books for me on this bike. I'm trying to be philosophical about it. I totalled my first car, too, about a month after I got my license. I learned from it, moved on, and haven't had any major issues (yet!). I'm hoping I can do the same here.

Another bike for me maybe in the spring, maybe next fall, maybe the following spring. We'll have to see how the money goes. In the meantime, I hope you don't mind if I hang around. ::)
 

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Chad that is terrible, I am sorry that you are going to be out of pocket and without a bike or gear. As if your bad luck couldn't get any worse!!! :mad:

Please hang around!!
 

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Sorry to hear about the insurance hassles. The rest of us probably should take this as a reason to sit down and see exactly what our policy does and does not cover. I know my eyes glaze over 30 seconds into it, and I would guess most are that way.

Yes, please hang around, if nothing else so we can keep the riding bug alive and well in you. ;)
 

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Discussion Starter · #4 ·
No, I still have my gear. They're paying me for it but not collecting it. Suckers.

So don't turn your back on me with your keys in the ignition. ;)
 

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Sorry to hear this Flatline. I know you must be pissed. I'm going to double check my policy to make sure this doesn't happen to me. maybe if enough people do that and up their coverage something good can come out of this. Although, I really wish it could be for YOU instead of us.

I know this is obvious, but you'll be using a different insurance company next time right?

Hey at least you are OK :)
 
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