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Insurance Buy BAck

2001 Views 11 Replies 11 Participants Last post by  notacop
I wrecked the bike a couple weeks ago, all the plastic from the handle bars up, headlight mount, bashed beyond repair.
Since it's a 2004 with 30325 miles, it's probably a total.

What would be a suggested buy back price from the Ins Co?

A buddy had his old beemer totaled and he bought back the bike for a few hundred dollars.
There doesn't seem to be anything wrong with the core of the bike, Forks seem straight, runs well still. It's be a shame to part it out when it could be repaired with new fairing bits.
I need to send them a FAX with all the other non Suzuki stuff damaged listed for replacement, Like my Areostitch Darien that is ripped up.
Dang, what a bother!
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Just went through the whole process.

Take pictures of everything and get prices on farkles,helmet any gear.

Mine was a BMW, everything bent or broken (pickup went over the top of it),they wanted $1,400 for buy back - I let them keep it.

Look on Ebay. People are always selling wrecks - don't forget you are going to get a salvage title which really lowers the value. Take the pictures to your dealer and ask what he would pay for it.

Best of luck - it took me 18 months to get the whole settled.
 

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I haven't heard of any buybacks on bike's being more than about $500. Then again, I haven't seen anyone buy back a bike that cost more than $20k new either. The buyback price on my Magna when it got squished was $250.
 

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buy back

Bought back my ST1300 with 48,000 miles for 2500. Spent 2200 on parts to fix;all cosmetic. Rode it 70,00 trouble free miles after that so came out well on the deal. If you like the bike alot and plan on riding it for many more miles I would not worry about the salvage title.
 

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First, look up the salvage title regulations for your state. Try to find a way to get the bike plus a check for the damages without the insurance company totaling the bike and taking away your clean title. In some states a bike with a salvage title cannot be run on roads. In other states they can be run after repairs and an inspection, but the salvage title cannot be cleared. Other states allow the title to be cleared. A salvage title, even on a perfectly repaired bike, hurts eventual resale value.
 

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I just paid $1,325 to buy back my 06 Wee with 38,000 miles. The estimate on mine was $3,250 in damage, but it is all cosmetic. I am going to be able to get it better than it was for about $600 in parts, some used, some non-OEM. I paid $3,100 for the bike and even after buying it back, they gave me $2,862 in cash. So it was a no brainer for me as I was not looking for a different bike.
 

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My 650 was just totaled last month from getting rear-ended. I decided to buy the bike back at $2000 instead of taking the settlement of $4500. I then sold the bike to a salvage company and made out with a total of about $5000. The damage was mostly plastics with maybe a bent cowling and had $2300 to fix it up but in the end I decided a new bike would just be a lot simpler.
 

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This past June I had an accident that would have caused a total of the bike with most insurance companies. I told the insurance company that I didn't want to total the bike and that I wanted to settle. We settled on right at $3200 for bike and riding gear and I got to keep a clean title. My bike is a '07 Wee.

About 10 years ago, I also had a lady run a stop sign and hit another bike (my Pacific Coast) from the left side. Caused body damage as well as bent rear and front subframes. The insurance company told me it was a total and buyback was going to be $300. I asked what amount I could buy the bike from them with a clear title, they agreed on $900. I did the buyback with a clean title. Fixed the bike myself and still own it.

Think real hard about buying your bike back. If you are capable of repairing it yourself it may be worth it. If you are going to have someone else do the work, it rarely is unless you are just going to ride it as a junker. I do all my own work so I have done okay with buybacks.
 

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Buy back

I recommend that you check the law in your state . I wrecked my 04 a while back and insurance wanted to total it. I didn't want it totaled because it was paid off and they weren't going to give me anything for it. In my state Texas ,if the cost of repairs is less than the value of the vehicle it's NOT totaled. My value was like 4000 something and repair cost was like 1800. They played stupid and I had to send them the text of the law I had printed, then I had to send them links to the law on the DMV website cause they accused me of fabricating it. In the end they paid me, I fixed the bike myself and no salvage title and most important no loan note for a new bike.
 

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Your bike will most likely be a total loss (544 VC). I do salvage inspections for CHP. What I have noticed is that you so much as sneeze on a m/c and scratch it, your insurance will total it. I have inspected a 999 and a RSV1000. Both were just dropped and the insurance company totaled them. The buyer didn't even fix or replace anything. They were just scratched on one side. If you are thinking of buying it back, PM me. I can give you some advice on what I want to see on my end.
 

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I just wrecked a 2009 M109R with 258 miles on it. It was repairable since it was only the gas tank, exhaust and headlight but the cost of OEM parts was so high that the total cost of repair was 7800. The insurance totaled it because the cost of repair plus the buy back was more then 80% of the value of the bike. They base the buy back at 25% of list price, my bike list was 13900. In NJ if I bought it back it would have a salvage title and I would have to prove that I rebuild the bike back to factory condition before I could title and register the bike to be driven on NJ roads.
 

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Discussion Starter · #12 ·
Well, I finallt got an answer from the Ins Co. They waan give me $3376 for the bike. I keep it and the gimme $2444. Means I loose 932. I can get the parts for a few hundred. Question is take the money and get one that is not bunged up or fix what I have?
What to do?
They are sending me a seperate check for the damage to the Darien susit and the helmet, etc.
And the lady says whatever out of pocket medical I have they will cover.
Nothing for fear and loathing but what the heck! Oh, that's pain and suffering.
 
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