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Old 10-07-2006, 08:18 PM   #1
The_AirHawk
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Default Re: Insurance Buy Back Question

Have you asked these questions of your Agent? A quick call could answer many of these; thusly armed, you can better bargain with the insurance company. I've State Farm for my Insurance as well, they've never treated me poorly for any claim.



(you will likely be talking to an Adjuster next week - someone who has no connection with your Agent)
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Old 10-08-2006, 12:43 AM   #2
ksquid
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Default Re: Insurance Buy Back Question

Yep I agree. State Farm has always treated me great. I have Progressive for my motorcycle. Either State Farm doesn't sell insurance in WA or they only do liabillity I can't remember. Otherwise I would have gone with State Farm.. My wife handles all of that stuff. I wrecked my bike too. Not as severe as

this guy.
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Old 10-08-2006, 03:30 AM   #3
NLJ
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Default Re: Insurance Buy Back Question

Apparently you all haven't noticed the ongoings with State Farm in the Gulf Coast area. They've been screwing thousands of people since Katrina.
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Old 10-08-2006, 06:27 AM   #4
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Default Re: Insurance Buy Back Question

My GSXR 1100 was rear ended in 2000. The insurance company totaled and allowed me to purchase the bike back for 10% of the settlement value. I was able to get a higher than blue book settlement by quantifying the extensive engine mods and aftermarket adds to the bike with receipts. So settlement was $8900 on my 1991 less 10% or $890 to buy back. This was handled by insurance company of the person that hit me and I believe it was State Farm. Good Luck.
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Old 10-08-2006, 06:44 AM   #5
giuliom
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Default Re: Insurance Buy Back Question

One time, back in Delaware, my car was rear ended and totalled, and I was offered the chance to buy it back for something like $150. That was before e-Bay (1991), and I did not take them up on it, but I think the buy back price might be a result of many factors. For example, what could they get from a salvage yard on that bike in your area? Ask a salvage yard what they would pay (you could say you have a bike to sell...) and make an offer just a bit above that.



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Old 10-08-2006, 06:44 AM   #6
cls
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Default Re: Insurance Buy Back Question

I just totalled my wife's Ninja 650

r w/State Farm, in GA. I don't really have any need for the bike, but I thought about the same thing. I really have no idea, but I'd think you could get it all for $1500, or so, depending on the salvageable parts. Especially since State Farm doesn't really deal in bikes as a primary business. Keep us posted. I'm sort of interested, as well.
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Old 10-08-2006, 06:44 AM   #7
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Default Re: Insurance Buy Back Question

The insurance companies and lending institutions use NADA figures which are much lower then KBB. The numbers I get (for my locality) are $6000 for KBB and $4500 for NADA.



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Old 10-08-2006, 07:35 AM   #8
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Default Re: Insurance Buy Back Question

They wanted $1500 for me to buy back my ninja 250 after it was totaled. Not worth it at all. Way over priced for a salvage bike. It varies from company to company I assume.
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Old 10-08-2006, 09:49 AM   #9
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Default WOW! You done good...

I've bought back salvage, and it's usually 1/3 to 1/2 of the payout. And $8900 for a 91 GSXR-1100 is incredible.



However, the best advice is talk to the insurance agent and adjuster and arm yourself with as much information as you can before you start negotiating. Also, research your state's laws on registering a salvage vehicle, and lastly, don't forget to find out if you can insure it when it is registered. The type of insurance coverage you can get for it will let you know if it's even worth the trouble and expense of buying it back and fixing it up.



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Old 10-08-2006, 10:56 AM   #10
acecycleins
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Default Re: Insurance Buy Back Question

From a guy who knows: 1- ask what the buy back percentage is 2- ask if they take the "loss" to auction- you may come out better at auction 3- who'd you get the appraisal from?



Dairyland covers my personal ride ( 87 K100RS ). When I went to work at Barber earlier this year my bike fell in my toyhauler while pulling into the vendor area. The NADA on the bike is $2250 and the market value is $3500 (it's real clean). The appraisal was $1987 and DL wanted to total it. I looked for used parts made a deal with Pauleez (in Lawrenceville, GA) waited Pauleez 2 weeks (for those not on Pauleez time it a little better than a month) and all is good in whoville. Dairyland settled for $1700 and Pauleez had me out the door under budget. Everyone was happy.

Take the bike to GMD Comutrack in Tucker I think (they're in the phonebook). Let them do a proper run down of the parts and buy aftermarket plastic. Take it to a paint shop (Pauleez was fairly priced but there are other painters in GA that are good). GMD will re-assemble the bike after paint but you could do it yourself after all the hard parts are replaced.
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