? About salvage titles

[Steve S]

The insurance company is going to total out my ride. It seems that it falls into the 75% bracket. The only problem I have with it is the insurance company will no longer allow me to purchase collision insurance.

 

With that thought in mind it makes me wonder if I should strip my stuff off and let it go. Has anyone ever purchased a bike with a salvage title?? If so, what are the problems that go along with it?

 

The only thing hurt, other than the handle bars, are the plastics, fairings, saddle bag, trunk, ect.. I hate to let a good ride go for only $1,600 more than they will give me if I keep it...

 

One thing, I have no plans on trading up until Yahama comes out with a EFI system. By that time it may qualify for a museum.

[cmiles3]

Main problem with salvage titles is what you already discovered; insurance companies won't pay for it twice. It's probably uninsurable, except for liability. And some companies won't.

 

The next problem is resale; most people won't go for a salvage title. If they do, they'll expect a big discount from what it's worth.

 

Third problem, not yours, but the next owner's is financing. Not many banks will loan on a salvaged bike.

 

So, if you're OK with riding an uninsured bike, go for it. Won't affect the way it rides, nor with how it looks after you fix it.

 

Personally, I don't ride bikes with full coverage insurance. I don't buy bikes that I can't afford to replace if I wreck it. But that's me.

[philmartin]

I bought a salvage bike. The only damage was cosmetic. Fixed it for less than a grand and now it has a rebuilt title. If I ever sell it I'm told I would have to discount it 25% because of the title. I only paid $4500.

[Orrin]

I work in the auto sales business as a wholesale buyer. It will definitely affect value between 25%-50% depending upon damage. You have a super cheap ride, relax and enjoy. In the price range you are at most people are cash buyers anyway. Just tell 'em the truth and don't look back.

[Steve S]

I spoke with a friend that is a State Farm agent. He stated that State Farm could now provide full coverage for vehicles and motorcycles that have been damaged and rebuilt. I am having my current carrier check with thier underwriter to make sure they wont cover it once it is rebuilt.

 

If worse comes to worse I will ride the bike and carry the collison insurance myself. That is what insurance is all about anyway, risk assessment and management.