Is it worth trying to save?

[winston66]

Hi Hummingbird,

 

The message that I get about Insurance Company's is that they are in business, and their sole aim is to make as much money for their shareholders as possible.

Therefore, as they make the rules and they will interprate them as they like, and most times it will be to their financial advantage.

They get your money before the accept any risk.

Consequently it is impossible to cheat them because they call all of the shots.

I believe that as a client of theirs , it is imperative that the customer can only be aware, of the game that they, the insurance company's play, and learn the rules of survival, in order to look after themselves and not be discriminated against, by some obscure or dodgy practices.

Cheers ,

Winston66, Northampton, Western Australia

Edited May 8, 2014 by winston66
Spelling etc.

[Hummingbird]

Hi Hummingbird,

 

The message that I get about Insurance Company's is that they are in business, and their sole aim is to make as much money for their shareholders as possible.

Therefore, as they make the rules and they will interprate them as they like, and most times it will be to their financial advantage.

They get your money before the accept any risk.

Consequently it is impossible to cheat them because they call all of the shots.

I believe that as a client of theirs , it is imperative that the customer can only be aware, of the game that they, the insurance company's play, and learn the rules of survival, in order to look after themselves and not be discriminated against, by some obscure or dodgy practices.

Cheers ,

Winston66, Northampton, Western Australia

 

I agree that one should be aware of insurance practices and from what was posted he knew and circumvented the system to line his pockets.

Do you really think that a bike that has been salvaged by the insurance co. should NOT be titled SALVAGE ? I really don't care how it was damaged, it was salvaged because of extensive damage and should be titled as such.

That in itself is cheating the entire motorcyclying body. Someone is going to unknowingly get a salvage bike when it sells to the public, regardless of what the title says.

[Freebird]

I'm sorry but I don't agree at all. I've seen a LOT of these bike that the insurance company decided to total after a relatively minor accident. The frames are not damaged, forks are fine, it's just that Yamaha wants so darn much for the plastic parts that the repair costs are high. If a person is willing to find the parts on Ebay or wherever and do the work themselves then they can be repaired fairly cheaply and there is absolutely no way they should be tagged with a salvage title. Nobody is being cheated if they buy a bike that has had saddlebags, fairing and etc. replaced.

[Phoneman1981]

Hello: Thanks for keeping us posted. Always a hard decision. Been there done that! Hopefully the settlement is more than the balance of your loan. Considering it is the beginning of a new riding season and you will likely lose some riding time if you go the repair route. I would keep the wife happy and go shopping for a replacement. Put some miles on continue to enjoy life.

[winston66]

Hi Freebird,

I could not agree more with what you say.

I believe that as an important part of some insurance company's policies, They really do want some of their customers to make claims, then they can say that.

We are a great company to deal with, Look at how readily we were happy to pay out in full on this claim.

That is good public relations on their part.

Then they can justify the (sometimes)highly priced premiums that they charge, just because they will readily satisfy some claims.

If they made a big fuss, when they settled a claim the amount of repeat business would not be there and then they would have to lower their premium costs in order to either attract new business or to keep their old clients.

This would cost them a lot of their future profits.

As far as a salvage title is concerned, I feel that a motor vehicle should only be written off, and deemed to be not repairable, as and when the basic chassis and other running gear is so badly damaged that it can not be brought back to the original OEM specifications and then to be made properly roadworthy again.

 

If a person has the skills , what is wrong with them being able to secure a machine , at a good low price for them, then working on it and turning it into something useful and usable.

I think that the term for this is the word RECYCLING.

 

Just my 2c worth.

Cheers , Winston66,

Northampton , Western Australia

 

[djh3]

I think I remember something about 60% of value and they total a bike. So if the bike is worth say $5000 and takes $3500 to fix with LKQ parts your going to get a check. One of my favorite questions when they total it out and say you get X dollars is "you find me one like mine for that price"

[Hummingbird]

Freebird - you are right about bikes being totaled for the cost of plastic, my point is that when a bike (or car or truck) is totaled it then becomes a salvage titled vehicle period. If a fight ensues over that and the rules are changed, then someone along the line is going to get a salvage vehicle.

There are paper trails every where - just sayin'

[djh3]

From my information from friends in the auto sales business. Once a vehicle has a "salvage" title basicly its worth very little. Regardless of how much damage. I agree if it dont have frame damage it probably dont need to be totaled. But like was said, the plastic parts are so dang high. I have looked several times at some salvage bikes and cars. And what you have to keep in mind is you will never get book value for it because it was totaled at one time. That is unless something black ops goes on with paperwork. If you want something and are going to love it forever thats one thing. But buy it to try to make money is probably not going to happen. Your choice. I think I would go the Goldwing route or look into one of the nice bikes for sale by members here. Personaly I would be down at the Victory delaer picking out my next ride.