So the geico adjuster is here looking at my bike which my neighbor backed over... He is considering it totaled... The esitimate I received said it would be about 2800 to fix EVERYTHING, but the value of the bike is only 2100... SO, does this mean I'm only gonna get 2100 to fix this thing?
Pretty much, market value is what you get. You could negotiate to keep the bike etc and they'd eat some of that 2100 too.
Cool.
Buddha.
ok. now kbb says trade in would be 2100, retail would be 3100 so which quote should I be looking at?
You should fight of retail, get credit for lower milage if applicable etc etc.
Cool.
Buddha.
ok forgive me for my lack of knowledge on this matter... He said its totaled, and he will be waiting for a vehicle value report to go through to determine what its worth... This is the question he had for me however, did I want to keep the bike and get money to get it fixed or consider it totaled? Ultimately I would like to keep the bike and get some money, would they TAKE this bike from me?
What I did was fight for retail, then explain to the adjuster that the frame is still straight and good, the engine is in excellent condition and see if there's "anything" he can do to keep from totaling it, because your gonna buy it back from the insurance anyways since its still a good bike and would really hate to lose 40% of your value at resale, explain to him that you can fix the damage for X amount of dollars or to see what the max is that he can give you without totaling it and do some research on new and used parts to see if you can fix it for that. Explain to him this would save your title, and save the insurance $ to. win win situation. I did it on my 07 that should have been totaled and he "adjusted the salvage value to get me $4.00 under the total price.... Yeay Progressive...
So is this the 2004 model you just washed?
Where's the pictures? I feel for you. I get upset when I find a new scratch on mine.
this is the new 04 I just washed yes lol... It already had a cracked right fairing with SEVERAL scratches from the previous owner, but they dont know that :dunno_black: ERRR I'm stuck in a pickle because I just dont wanna deal with this... I'll definately try and get some pics before anything happens, my camera died last week too :sad:
That is when you should give it to the buddha.
Buddha will turn it into an 89 ...
Anyway, you get first call on the bike, not the bank (if you have a lein) nor the ins co - like they even want it.
So you fight for retail, and remember pointing out so much nice stuff will only result in a steeper price for your buy back. You may be better off saying you want it and just fighting for regular street value. or book value + mileage credit. In some cases they would be rather decent @ pricing and you wont need to ask for much (like they say its worth 3K, and you dont find ads in the paper for even 2500 say for similar bikes) ... then they may have a percentage of it as buy back, say its 20% ... or even less maybe. That means you get 2400 and hold on to the bike.
Then you give the bike to buddha with title. You're somewhere near NC right ? Then yea ... definetly buddha.
Cool.
Buddha.
Just to be sure, I'd hold off talking about scratches and cracks on the internet until it's over and done with. I don't know how thurough insurance claims departments are, but insurance companies are mean, and I wouldn't put it past an agent with too much time to type in gs500 in google and review a message board. I'm sure I'm stretching things, but you never know.
When I totalled my ninja 250, those suckers gave me $4k for the clearly totaled bike. I don't even remember paying that much for it new, and by this point it had 14k miles on it.
Did you look at it to see what you think it'll cost to fix? I'd take the cash, ditch the fairings, find some cheap replacement parts on ebay, and stick whatever else was needed in my bank account.
Otherwise I'd try to get closer to $3000 out of them, save a couple extra, and find a z1000 or sv650 for less than $4000. Not to insult the GS, but with cash in my pocket, I'd keep my options open. That ninja 250 paid for half of my speed four
Well ultimately that was my goal, I love the GS its a great little ride but I really want a 600 or a 650... So with that being said I'm really trying to see what works best in my favor. if they will give me 2400 to fix it and let me keep it without a salvage title, I'll fix the fairings and sell it to put that with the cash towards a 600... (please this isnt the post for why I should keep the gs, blah blah) On the other hand if they are gonna give me 3000 for the bike but call it totalled and take the bike, obviously that works out worse for me so i guess its just up in the air...
Yeah, I'd just keep an eye out, you can find some pretty decent bikes for $3000. There's a kawasaki zr7 on craigslist here that's down to $2300, and occassionally some 600+ sportbikes for $2800 or so.
I really enjoy the gs too, but there's nothing quite like having to hold on for your life when you twist the throttle on a bigger bike for the first time. Even after I buy another bigger bike again some day I'd have no intention of selling the GS. It'll be a great bike for around town and whatever else.
This looks like a good GS replacement.... http://pittsburgh.craigslist.org/mcy/1224598502.html
The only unfortunate downside to a GREAT deal on a sportbike, is you have to assume that the clutch is in bad shape, and the engine has been run dry of oil for a couple miles at a time from riding down the highway on one wheel, but you never know.
so my two options now are:
Total the bike take $2499.91 and have no ride...
Take the salvage fee of $450 off the total leaving me with $2044.91 and keep the bike...(it is still ride able)
i'm thinkin im going to keep the bike with a salvage title and try to fix it... what do you think I could get for an 04 gs500, 14k miles with fixed fairings and a salvage title?
$1849.93 is the magic number you can shoot back at him with if your serious about keeping it, Let him know that you can repair it yourself for the above amount, that puts you at 74% of the value he gave you which should "if he's cool enough to adjust the salvage value" put you under the total amount, explain to him that you are keeping the bike whether or not he totals it and you would like to retain your title as a clean title not salvaged, If it is a salvaged title the resale drops 40%. Tell him you want to save the insurance money while also benefiting yourself. And if he bites good, if he doesn't then tell him fine and total it and buy it back.... Doesn't hurt to try.