What to do?

[Guest BluesLover]

Interested in people's thoughts and suggestions:

 

On October 7, I was in an accident. The accident happened about 200 miles from home, and I have not seen the 06 RSV up close and personal - I lost consciousness from the impact with the pavement and by the time I got out of the hospital, the bike had been towed away.

 

So, today I get a call from the insurance company and they tell me they are going to write the bike off - really quite surprising to me, since the damage was all cosmetic. It is an 06 (bought in September 05) and has just over 71,000 kms (44,000 miles) on it. I have put a lot of extras on the bike (harley lights on the rear, trunk light, bag rails, chrome passenger and driver floor boards, Diamond R driver's backrest, Stebel horn, ISO grips, tank bib, tank tie, Kuryakin hiway pegs, wind vents, light visors, mudflaps, new pipes, and the list goes on).

 

The insurance company is offering me CDN$17K (about US$14.4K) minus my deductible of $500. That is to walk away from the bike. The fellow tells me that in that, they have given me credit for $2K worth of accessories - I know I spent much more than that, but of course, you don't get dollar for dollar credit.

 

I am leaning towards telling them that I will take $15K for the bike and I would then head up to the compound and take the accessories off. Of course, I would check the bike over first to see if the damage to the accessories was not significant.

 

Any thoughts, ideas, recommendations?

 

I have to close off on this one way or the other this coming Monday.

 

Cheers,

[waterbug]

Not sure how your insurance works there but alot of times they will total it out and you have the option of buying it back then you can fix it back and go on. Just a thought. Kevin

[99silver]

Lou,

Sorry to hear about your accident, hope you will be OK !

The bike is just a thing ( of coarse MINE is special ) however you can pick up a new one for less than 15k USD, so I guess see if they will work with you ? The extras

would be nice if their not damaged.

Hope everything works out for you, I'll send up a prayer for you.

Gary

[Tombo]

That money will almost buy you a new 07 (some dealers still have them). You then have to add your accessories again and pay your Canadian tariffs. I don't know if the dealers have left over 08's they would be willing to deal on.

 

Glad you are healing and ready to ride again.

[BradT]

Like your idea. But I would not agree to take 2,000 off for extras. Remember this total includes the taxes so you can do the math and figure what they are giving.

 

I would also ask why it is being written off. The photos did not look like it would come close to the value they are giving you. I would run up and look at it, and would bring it home if I could. If it is not bad try and get them to fix it.

 

Good luck and hope your looking (oops feeling) better

 

Brad

[friesman]

First off glad youre ok, but sorry to hear about you and your ride.

 

If everything checks out as you say, and if they go with the 15k and let you take your accessories off I would go for it. To buy the damaged bike back would mean a fair amount of work even if it is cosmetic and the cosmetic parts are darn expensive to replace, and you will be surprised about how much would have to be replaced, (it is always more...). If you fix your bike yourself, you will always been looking at stuff and checking for imperfections, IMHO....go pick out a different scoot.

 

Also, you write a good article for Reader Response for the December 08 issue of Road Runner Magazine,I agree with all your points and think its one of the best touring mags around.

 

Brian:2cents:

[sarges46]

First of all...Lou...are you okay? Is this the first we hear of this crash or have I been in lala land again?

 

Now, the insurance company, at least here, will always undercut or low ball you with the first offer. That is to be expected as they want to save money. I would counter offer after getting the costs of everything and a same year bike.

 

 

Again, this is a lower offer, but, the US folks may think its fair because their bikes are much cheaper than ours are. Then again it is enough to buy some good used ones from this site!

[Guest BluesLover]

Also, you write a good article for Reader Response for the December 08 issue of Road Runner Magazine,I agree with all your points and think its one of the best touring mags around.

 

Brian:2cents:

Thanks Brian - interestingly enough, I had an exchange with the magazine when I renewed the subscription and my August issue did not show up ... they were really good about it (I wound up with 3 copies of the issue in the end), and they asked me what I thought of their publication. I didn't realize they were going to publish the email that I sent them in response to their question!

 

Cheers,

[autopilot]

The problem is as you, yourself said. You haven't seen the bike. Do you have any idea what kind of condition all those extra things are in? If someone you trust that is knowledgable has looked at it and said that stuff was OK, then you might be OK making the proposal to the insurance co. Also, if someone knowledgable has looked at it, you should be able to get a really good idea of exactly what damage there is AND be able to develop a cost to repair it. Before I broached the subject of your idea (taking parts off, etc.), I would find out the lowest dollar amount they would take for it, if you were to accept their offer and then buy the bike back from them.

 

If the physical damage is within reason, if the cost to repair is likewise within reason and makes it worth the effort AND you actually wanted to go through the ordeal of rebuilding the bike...........it MIGHT be a win-win for you. But it will still be a salvage-rebuild 2006 model with 44k miles on it. That's not to say that is a bad thing, but that IS what it would be. If you can be happy with it that way....have at it! Just be VERY sure, in case something screws up after the fact...then you're stuck with it.

 

I tend to lean toward your proposal! If as you indicated, the accessories you want are intact......cut a deal with them and take the stuff, the check and go but a new bike!

 

Me thinking out load!!!!

 

 

LOL....thought just struck me...If they'le let you take the parts (I'm not convinced they will, by the way), take them and the check for $15k and THEN ask them what they would take for the carcass!! Do this after you have the check in hand and the parts off the bike and in your posession. It wouldn't be worth much with all the stuff off of it, right? Then, buy a new bike anyway and part out the 06 for spare parts... It could happen!

[Guest BluesLover]

First of all...Lou...are you okay? Is this the first we hear of this crash or have I been in lala land again?

Hey Rick - that cold spell in your neck of the woods must be getting to ya ... I had posted about going down (a post about having a bone to pick with Beer30 'cause his "bras" didn't protect the bikes when they slide on pavement. In fact, I believe that you answered within that post too ...

 

All is getting back to normal - the stitches are out, the bruises are going away, the soreness is less and less each day. I was even able to get out on the Virago today. Not quite the same as riding the RSV, but at least there was an 08 on the ride with us, and I was able to ogle it all day long!!!

 

Cheers,

[Guest BluesLover]

Good luck and hope your looking (oops feeling) better

Feeling better - yes. Looking better ... well, miracles DO happen once in a while, but I do not think that the time is right for this blind squirrel to find a nut just yet...

 

Cheers,

[sarges46]

 

I knew I should have shared what I was smokin instead of hogging it all to myself! I remember now.....

 

Gees it didnt seem bad enough for them to write that off!

 

And I am glad you are getting better if not better looking!

[BradT]

I knew I should have shared what I was smokin instead of hogging it all to myself! I remember now.....

 

Gees it didnt seem bad enough for them to write that off!

 

Maybe you been hanging around Mr. Owl too Much !

 

Yes the pictures looks like it is not bad at all. Not sure why they just do not fix it. Maybe at our prices that plastic adds up fast.

 

Brad

[dr.nemo]

Glad to hear you are OK.... I have just recently changed my insurance, and yours may be the same... There is a specific question on the policy questionnaire which asks for the value of your "extras" you have installed on the vehicle.. That is how my insurance company gets their value... So maybe you anticipated $2000 worth of goodies you were going to put on her when you started your policy..., but you actually put on much more value in add-ons...., in which case you would be much better off removing what you can.. Provided you are buying another RSV....and not some Voyager or Harley...:stirthepot:

[petekadish]

Hey Lou!

 

Wow! Your story brings back some memories from my experience about eighteen months ago. It's a little too detailed to re-explain things again here, but I could copy it and paste a little summary - Remember, this is old news. Everything is cool now. I have an '07 Midnight Venture which I have put-on 26,000 miles on over the past year and a half. It's awesome!

_________

 

Well . . ., as of today the original Royal will be just a little more rare. The insurance company decided to "total" my ride after a trailer accident this last month. Such a shame too. It only has 26,000 miles and most of it is still perfectly fine. However, there is over $9,000 in estimated (cosmetic) damage that they don't feel is worth fixing. If I wasn't getting over $12,000 back on the claim towards my new Midnight Venture that I'm going to pick-up soon, then I would be even more upset.

Unfortunately, my ins. co does not allow their customers the option to purchase their totaled bikes back. In some states, the law requires the customer that option, but not here in Utah.

I'm just glad that I had the coverage I did. If I hadn't been as careful as I was to document everything the way I did, they would have just given me about $5,000 max. book value.

If you have a beautiful, unique and valuable ride, double-check your coverage or run the risk of some insurance adjuster assuming that you just have some old bike that he's not familiar with.

__________

 

Some of the most important things I learned after this ordeal:

 

1. Check with your insurance company and determine exactly how much of your accessories they will cover in a "total" write-off. Geico for example, will only cover (I believe) $2,000 in total extras, and then they will only pay-off what the book price says that it's value is. Geico said that my (former) near-mint condition, 1996 Royal Star (with thousands of dollars in accessories), was only worth the value of a ten-year-old bike, plus only $2,000. So, they said that they would only cover it for about $5,000 at the time. Well, I knew that wasn't going to work for me. So, I decided to switch to a company that would insure my bike for comprable, replacement value. I ended up switching to Foremost, Ins. Co. just months before my accident. That choice gained me about $8,000 in additional insurance pay-off.

 

2. Document everything you have done to your bike, including parts, manufacturer, cost, and details. Save your accessory purchase receipts and your service receipts. take good-quality pictures which clearly depict all angles of your bike and show how great a condition it is in.

 

3. Have a dealer inspect your bike and sign a document which confirms the quality and condition of your bike, and which verifies that you have actually added any extras which you claim. Then have the dealer (in writing), state what it would cost to replace your current bike with a comparable other one.

 

4. Take all of your documentation to your insurance agent and get them to agree to insure your bike for a written, stated value which you can agree upon.

 

If you can complete these steps, you'll probably be as thoroughy insured as you could ever hope for. If you don't . . ., well, you'll probably be in for a tough battle trying to collect. My claim wasn't too difficult to resolve because I coverd all of the bases beforehand, and I had it all in writing. When I was first contacted by my insurance company after my initial claim, they tried to low-ball me something terrible. However, I then asked them if they would like to see the "the rest of the story". After re-reviewing my paperwork, it was completely apparent to them that they would have to pay-off (as previously agreed), on this one.

 

So, for whatever that's worth I hope it's helpful. I was sure glad that I took all of those precautions when I did, or else I wouldn't be riding what I do know. That pay-off enabled me to purshase a brand new bike with the majority of it being paid by my insurance company.

 

Be Safe!

Pete.

[Guest BluesLover]

Maybe at our prices that plastic adds up fast.

The guy quoted me $14K to repair! That is a LOT of plastic!!! I won't know until I see the bike up close on Monday.

 

Cheers,

[Yammer Dan]

I don't feel much for insurance companies right now. Glad you are doing better. Bike didn't look that bad to me. Maybe check out the buy it back and go from there? Could end up with two?? New one and project??

[Squeeze]

Take a good Look on your Bike, if it's worth being rebuild, accomplish a fair Price and keep the Bike. There's no need to rebuild it Part by Part, you could chop off/leave off what isn't necessary for a Bike and make a real nice naked Cruiser or Chopfighter out it. You still should be able to get a good used or even a NOS Bike to replace your Bike for Touring Purpose.

 

I'm still looking for a cheap 1Gen to make that happen. .... Make a Dream come true.

[friesman]

Thanks Brian - interestingly enough, I had an exchange with the magazine when I renewed the subscription and my August issue did not show up ... they were really good about it (I wound up with 3 copies of the issue in the end), and they asked me what I thought of their publication. I didn't realize they were going to publish the email that I sent them in response to their question!

 

Cheers,

 

I had exactly the same problems, I renewed in late may and didnt get the Aug issue ,so then called them directly to see where the issue was. Later recieved 3 copies of the issue all at one time from them, but very nice ppl to deal with.

Hey ya made it into print,,,,,,youre famous!!!!!:cool10:

 

Brian

[ediddy]

Hey petekadish,

I was so glad to read what you had to say about insurance. Finally, someone gets it. I wish I could take you with me a few weeks to talk to people about their insurance. It always amazes me that people will spend $20,000 or more for a bike and then spend hours shopping around to save $30.00 per year on their insurance without any regard to the coverage. Last week I talked to a guy that had just bought a new sportster and I asked him if I could quote his insurance. He didn't want to talk to me but as he drove away he said I'm with GEICO but if you can save me some money I will talke to you. I wanted to shake him and say do you know if you have the coverage you need. No one cares until they have a claim and then they want everything covered. I used to speak up on this site when the subject came up but I don't even waste my time anymore. You mentioned that you have Foremost. They are a quality company and I have never had anyone complain about claim service with them. A friend of mine that has a venture had lightning strike his shop and it completely burned his venture. He was insured with foremost, not with me though, and said foremost asked what he thought his bike was worth. He gave him a figure and said they wrote him a check. He said he wouldn't consider another company. Of course you can probabley get "a better rate" with another company but you won't get the service they offer.

[bongobobny]

Lou, rule of thumb (whatever that saying means...) is to never take the first offer! Insurance companies are not in business to give away money, but rather save themselves money...

[Guest BluesLover]

Hey Lou!

 

Wow! Your story brings back some memories from my experience about eighteen months ago. It's a little too detailed to re-explain things again here, but I could copy it and paste a little summary - Remember, this is old news. Everything is cool now. I have an '07 Midnight Venture which I have put-on 26,000 miles on over the past year and a half. It's awesome!

_________

 

Well . . ., as of today the original Royal will be just a little more rare. The insurance company decided to "total" my ride after a trailer accident this last month. Such a shame too. It only has 26,000 miles and most of it is still perfectly fine. However, there is over $9,000 in estimated (cosmetic) damage that they don't feel is worth fixing. If I wasn't getting over $12,000 back on the claim towards my new Midnight Venture that I'm going to pick-up soon, then I would be even more upset.

Unfortunately, my ins. co does not allow their customers the option to purchase their totaled bikes back. In some states, the law requires the customer that option, but not here in Utah.

I'm just glad that I had the coverage I did. If I hadn't been as careful as I was to document everything the way I did, they would have just given me about $5,000 max. book value.

If you have a beautiful, unique and valuable ride, double-check your coverage or run the risk of some insurance adjuster assuming that you just have some old bike that he's not familiar with.

__________

 

Some of the most important things I learned after this ordeal:

 

1. Check with your insurance company and determine exactly how much of your accessories they will cover in a "total" write-off. Geico for example, will only cover (I believe) $2,000 in total extras, and then they will only pay-off what the book price says that it's value is. Geico said that my (former) near-mint condition, 1996 Royal Star (with thousands of dollars in accessories), was only worth the value of a ten-year-old bike, plus only $2,000. So, they said that they would only cover it for about $5,000 at the time. Well, I knew that wasn't going to work for me. So, I decided to switch to a company that would insure my bike for comprable, replacement value. I ended up switching to Foremost, Ins. Co. just months before my accident. That choice gained me about $8,000 in additional insurance pay-off.

 

2. Document everything you have done to your bike, including parts, manufacturer, cost, and details. Save your accessory purchase receipts and your service receipts. take good-quality pictures which clearly depict all angles of your bike and show how great a condition it is in.

 

3. Have a dealer inspect your bike and sign a document which confirms the quality and condition of your bike, and which verifies that you have actually added any extras which you claim. Then have the dealer (in writing), state what it would cost to replace your current bike with a comparable other one.

 

4. Take all of your documentation to your insurance agent and get them to agree to insure your bike for a written, stated value which you can agree upon.

 

If you can complete these steps, you'll probably be as thoroughy insured as you could ever hope for. If you don't . . ., well, you'll probably be in for a tough battle trying to collect. My claim wasn't too difficult to resolve because I coverd all of the bases beforehand, and I had it all in writing. When I was first contacted by my insurance company after my initial claim, they tried to low-ball me something terrible. However, I then asked them if they would like to see the "the rest of the story". After re-reviewing my paperwork, it was completely apparent to them that they would have to pay-off (as previously agreed), on this one.

 

So, for whatever that's worth I hope it's helpful. I was sure glad that I took all of those precautions when I did, or else I wouldn't be riding what I do know. That pay-off enabled me to purshase a brand new bike with the majority of it being paid by my insurance company.

 

Be Safe!

Pete.

 

Great advice Pete - thanks! I do have a list of all the add-ons, when I bought them, and how much I paid (including things like duty), and it adds up to just over CDN$5,500. When I renewed my insurance last October (07), I had quoted them that I had about $4K in extras, so I wasn't too far off since I added some more "stuff" during 08.

 

The next few steps - going up to the dealer where the bike is being kept, getting their assessment, having a close look at the bike myself and checking off which accessories are usable, etc., are going to be the key.

 

And, I just happened to see another 06 for sale (both Vicki and I are partial to the Black Cherry) with 13,000 kms on it, for under CDN$14K, so maybe it will all work out.

 

Cheers,

[Gary N.]

Lou,

My insurance let me take off any accessories I wanted before they picked it up. I could have bought it back for $1000 but I needed to get it out of my sight. And it wouldn't have been fixable, only good for some parts. Sounds like not too bad of an offer for yours and even better if they let you salvage some stuff off of it.

Good luck.