a very sad day for me... my insurance company told me that they will consider my gs a total after my accident and they'll buy it out instead of getting it fixed. all the work of upgrading the bike myself out the window. now i got to find me another bike, preferably another gs.
on the bright side, i'll be making about a grand on the payout.
Buy back from them...10% of what they paid you if its over 10 years,and 15% if newer than 10. Done it twice in 97 and 99 at 19K mi and 27K mi on my 89, and it is still around to make my neighbors life a living hell at 45,000 miles.
Cool.
Srinath.
It'll have a salvage title. Decide if you're going to keep it forever; salvage bikes are worth scads less on resale. Otherwise, you can buy a new bike, swap the performance parts over, and sell the rest as parts.
SALVAGE title....BIG FRIGGING DEAL.....only a concern if you are stupid enuff to pay full coverage insurance....if basic ins. they don't care.
some states you can rebuild it and then apply for a clean title.
Quote from: werase643SALVAGE title....BIG FRIGGING DEAL.....only a concern if you are stupid enuff to pay full coverage insurance....if basic ins. they don't care.
not if you're insured by GEICO in california.
GEICO initially told me they wouldn't insure a salvage bike in CA. then they said that since i was already a policy holder, they'd do it. but it would be classified as a custom and they would approximately double the price for liability only.
for comp/coll they wanted $6800 a year.
cheers,
will
don't think i'll get it back. not worth the insurance here in ca.
i'll get the damage report tomorrow and if it's just bent fork, bent handle bar, and front fender replacement with no structural or frame damage, i might get it back and resell it since i can do all that myself, just need to find the parts. or just sell the parts.
Then, get the salvage title, pput it all together and have it titled as assembled from Parts, it will get a clean title as a 2004/05
Quote from: seshadri_srinathBuy back from them...10% of what they paid you if its over 10 years,and 15% if newer than 10. Done it twice in 97 and 99 at 19K mi and 27K mi on my 89, and it is still around to make my neighbors life a living hell at 45,000 miles.
Cool.
Srinath.
let me get this straight...so if the insurance will pay you out $1000, you can pay $100 (if the bike is 10yrs or older) for what...getting the bike back? getting a salvage title? sorry i'm confused...
- alex
If they pay $1000 and bike is 10+ years or older... the buy back is $100, correct, Now Progressive let me insure it for $80 a year for liability, and the bike had salvage title when I got it, then after crashing it 5 times and having insurance buy out (other drivers fault) twice, and being paid off both times, the bike now has a clean title... :lol:
Never had a problem with insurance in CA. Forget the title... Its just a piece of paper... they will pay you market value for any bike that has tags on it... no questions about why the bike was salvage to begin with and they never said its salvage so we not giving you the full $$$. BTW the 2 crashes... never even made any significant damage, just the left case broke in one and the other just bent up the handlebars and scratched the tail a little. I did worse in the un insured single vehicle crash in 2000... denting the tank and breaking the dash ... No doubt... I'll buy it back, fix it and run loose on the street... BTW dont go broke fixing it. You have been paid off for it, and its now free, so make sure you dont break the bank.
Cool.
Srinath.
My '90 has a salvage title. There is a small smudge on the left frame spar and I think that's the reason. I bought it as is and its been great. Drives straight and I've had to spend next to nothing keeping it maintained.
When I called USAA, I just got good liability and didn't bother with comp/collision. When you only pay a total of about $900 for a bike, collision didn't make much sense with 500 deductables. I also informed the guy it had a salvage but he didn't seem to care one way or the other :thumb:
Quote from: 70 Cam Guy
When I called USAA, I just got good liability and didn't bother with comp/collision. When you only pay a total of about $900 for a bike, collision didn't make much sense with 500 deductables. I also informed the guy it had a salvage but he didn't seem to care one way or the other :thumb:
how long have you been riding? USAA told me they wouldn't insure me on a bike until i had three years of riding experience.
cheers,
will
damn yalls insurance sucks. i have liability on my 2004 gs500f and its only $162 a YEAR yes I said a YEAR. Why is the price so high out there??
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