Total Loss or Not?

[steveglatt]

Hey all, I need advice regarding an insurance issue.
I was lane-changed on the 78 a few weeks ago, and long story short, I held it up but sustained a good amount of damage that will be covered by the at-fault party's insurance. I got an estimate from the dealer for a pretty sizable amount, and I am a little concerned regarding california total loss laws. Is it true that if the damage exceeds "fair market value", his insurance company can take my bike and just give me a check? That would suck, because it is worth a lot more to me than what its probable fair market value is? What choices do I have in the matter? If this is true, I am thinking I shouldn't even claim all of the damages, so that I can get some repairs made but not lose ownership of my bike. I just want to get the most money toward the damages, but still retain the bike. Anyone have any experience with this? Good outcomes/horror stories???
Thanks in advance!

[casper13]

When they total out a bike they give you an oppurtunity to buy it back as a salvage title it all depends on how they value the bike.

[Remus6]

You will actually have a choice. That happened to my uncle trhee months ago (on a car though). The company asked him if he wanted to either keep the car or sell it to the insurance company. They let him keep the car plus the difference and also fixed the car. Just be firm on your decission because the company tried to ripp my uncle off, but he stood his ground and the insurance company ended up paying him. Good luck, braddah.

[Dominator]

yeah you have the right of first refusal if I recall but then it will be a salvage title and I do believe that causes problems with getting full coverage so I would keep that in mind.

[Philo]

Usually, if the damage exceeds 70-75% of the actual cash value of the car/bike, the insurance company considers it a total loss.


BTW congrats for keepin it on rubber. Glad you're OK!

[steveglatt]

Thanks for the replies! Putting all this together, it sounds like if I want to retain the bike and not have to worry about a salvage title and the resulting insurance complications, I should only point out to the appraiser damages that toal less than 70% of the bike's value?
Thanks again to those have already replied...anyone else have experience with this, please chime in!
BTW congrats for keepin it on rubber. Glad you're OK!
Philo: Glad to be okay! I wish I could say it was skill, but was probably the fact that my bike is so d@mned heavy, it had a lot of momentum!

[Termin8r]

When it comes to dealing with an insurance company, whether it be yours or the other party's, keep in mind that everything is negotiable. The basis for repairs will always be based on the "fair" compensation for your loss. If you opt to fix your bike, the insurance company cannot keep you from doing that. The only limitation they'll have is when the repairs exceed the market value of your bike where they will only pay you up to that amount. They will always offer you the low for starters, so keep that in mind before accepting. I was able to bump the amount I received from my accident last year up another $200 when I negotiated with the adjuster. Good luck and glad you're okay.

[Cyanide41]

You can tell the INS co, that you do not want to total the bike and ask them to give you the max payout. The rest of the money needed to fix the bike comes out of your pocket.

[veejay]

if you do buy it back from them they may or may not reinsure that same vehicle because they know that it's been salvaged.

[sdnative13]

with a salvaged title u can get coverage but i believe the only thing you can get is 3rd party and sumting else. your not able to get theift or collision so its pretty much just the bare min that ur able to get. n to b honest thats all i hv on my bike. knock on wood though

[Dominator]

yeah seeing as the thief doesn't take the time to see if the title is salvaged

[steveglatt]

UPDATE: Thanks for the all the input, fellas. I hope my success in this ordeal can help others when/if it happens to them.
The adjuster was here today, and I put all of your advice into play. I wanted to avoid the totaling/salvaging/restricted-insuring route and told her so. She said the threshold was 80% for her company (Allied, if you're interested), and that she would try to keep it under. She also said she is so swamped, she might just go back to the office, scrape up some numbers and just write a check. I gave her an estimate for $4k for parts, and said I'd do the work myself if it would keep it from being totaled, but if there was still room under the threshold, throw in 8 hours of labor @$75 per. She said she would, and that's exactly what she did! She just called and said she is mailing out a check for $4600. They even kicked in for a new pair of boots. File under Success! Finally, I didn't get the shaft in one of these transactions!!! Although, my bike still needs to get fixed and the check is not enough to cover everything :errf: Oh well, I still have my bike and a good chunk of change. Anyone have a Z1000 they want to sell for $4k??? :cool:
Full fairings blow!