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Discussion Starter #1
I just got off the phone with the insurance company and I cannot make up my mind. I figured some opinions from the masses would help.

For my Bike = If they keep it, they will give me 6800$.I still owe $5100, so I will end up with $1700 for new bike.
If I keep it they will onlly give me $4500. which I dont know how much it will cost to fix. My guess is about $1500

My front fork is shot and will need replacing, left footpet shot, some body damage.

It would be nice to pay off and have a free bike, but with the money they will give me I will still be paying on it for about 1 year if I fix it right away.

Or I could get a new bike, or used RC51 and pay on that for another 3 to 4 years.


I'm so confused!!! please give me some words of wisdom.
 

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Discussion Starter #2
Or I can buy it back and part it out to you guys. Or slap some new forks on it and sell it as a race bike.
 

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Is the title going to be salvage if you keep it? Thats $2300 they're charging you to buy it back If I get this right.

Just keep in mind the bike will be worth a LOT less when you go to less it if its a salvage title.
 

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a gixxer front end is a few hundred. i'm sure you could find whatever plastics you need for another few hundred and then take the opportunity to get them painted.

so if you get 4500 for the bike and you spend 2000 to fix it and keep it, spend the remaining 2000 on what you owe, you've nearly halved your debt.
 

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I say take the 4500 - do a gixer front swap. Get a nice set of woodcraft pegs or something else like them and then replace body work - maybe get some nice new body work

OR even better:

Take the 6800 and then go buy something cheaper - like say a used gen1 or even gen2 and then you will have a fully paid off bike and come out ahead if you do it right!

I say go with option two!!!
 

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If you can keep the bike with a clean title and $4500 *AND* you have the time to wrench on it, I'd keep it.

Get a GSXR front end, some bling, paint it flat black and use the rest to pay off most of the bike.
 

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Discussion Starter #8
Im leaning more to the 4500, It just trips me out that thats all they would give me. I added up all my reciepts and sent them in the other day, and I have put over $2300 into this bike. I love this bike, I just dident know if it would be worth it to fix.
 

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If you're not in a hurry then I'd fight with the insurance company and squeeze them for more $$$. These things are not written in stone and you can even threaten to take them to court.

They want it resolved ASAP, if you have the time then squeeze the bastards!
 

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Discussion Starter #10
I have already been without for going on a month of beautyful summer. I would like more money, but dont know if I want to deal with this cheap local insurance company anymore.
 

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Make an economical decision

I don't understand why you put $2,300 worth of stuff on a $6,000 bike that you still owe $5,100 on to begin with. Lessons learned hard are lessons learned best, I guess.

Having said that, where I live the amount the insurance company pays you is not negotiable. It is based on the fair market replacement cost of the vehicle. You need to check where you live to see if you can negotiate for more money. Insurance companies are seldom in a big hurry to give you more money.

You can buy an inexpensive rider to cover custom additions. The additions have to be itemized with reciepts and sometimes visual inspection by the insurance company. The cost of the riders depends on the cost of the additions, but dollar for dollar it's pretty cheap. Consider that on your next bike. How much of the $2,300 worth of additions was destroyed?

You need to add up what it would cost you to put the bike back the way it was, including any custom replacements. Add that to the money you owe and subtract the insurance payment. Then you need to add up what it would cost you to start over again starting with the leftover from any insurance payment. Do whichever is cheaper. Remember that if you start out with a salvage title the resale value of the bike is severely reduced.
 

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Re: Make an economical decision

andyauger said:
I don't understand why you put $2,300 worth of stuff on a $6,000 bike that you still owe $5,100 on to begin with. Lessons learned hard are lessons learned best, I guess.

Having said that, where I live the amount the insurance company pays you is not negotiable. It is based on the fair market replacement cost of the vehicle. You need to check where you live to see if you can negotiate for more money. Insurance companies are seldom in a big hurry to give you more money.
uhg, this is wrong. Its funny how you jumped up your financial-responsibility soap box and then made a blatantly incorrect statement though :roll:

To the OP, be careful about advice you receive online, more often than not, the advice is bad. That applies to my advice as well 8)

First of all, I didn?t catch the facts surrounding the incident. Is this a comprehensive claim? Liability claim? Uninsured motorist/hit and run? E.g. who hit who and whos insurance co. are you dealing with?

If it?s a comprehensive claim, reimbursement will be dictated by your policy. Your policy most likely will specify fair market value. Note that you may still be entitled to diminished value and loss of use.

If it?s a liability claim, you are entitled to replacement costs plus a whole slew of other damages.

Lastly, all these numbers are negotiable. What?s fair market value? Is it what an insurance/bank funded company like KBB says it is? Or is it the average of retail asking prices for similar vehicles in your area? These numbers can differ by as much as 20%, and, as with everything else in life, are totally negotiable.

Give me some additional facts about your accident and I will try and give you better advice.
 

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Discussion Starter #13
One of my friends wrecked my bike and dident have enough money to pay me. So I resulted to his insurance.

None of the aftermarket parts were damaged, and I already have prices for new parts. It should cost under a thousand to fix everything with even better parts.

I found out earlier that if I keep the bike it will not have a salvaged title because they dident pay it off. At least thats what I was told by the insurance adjuster.

Thanks for everybody's help I will be keeping my bike. It will almost be paid off, and look even better than before. I should have it paid off in the next six months. I will post pics when done.
 

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Well, if you are satisfied with the result, then that is all that you can really ask for.

Incase your curious, right out of law school I did insurance defense work so I?ve got some experience valuing claims. Given that it?s purely property damage, it?s a very straight forward case. With the facts you?ve provided (?05, 2300 invested, loss of use for one month), I would have estimated your claim at $9000-9500.

So, given your hurry to get back on the road, for representing yourself you did not do too bad.

Actually, svfatass is doing this type of work now. I'd be interested to see what he values it at.
 
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