First accident | Page 6 | GTAMotorcycle.com

First accident

So, I talked to the dealership, they said the estimated repairs would cost $5,200, NOT INCLUDING taxes, labor, and storage fees. So I’m pretty much screwed because the value of the bike is around $7,000. I was told that it might be a write off, but it might not be. See a write off takes place either is the repairs are too high, or they’re not possible. My bike is very repairable and of course I’ll be paying my $500 deductible.
I’m waiting for an answer from the adjuster. Opinions?


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And another thing, if they write it off and I get a new motorcycle, the new bike will get adjusted into my premium for this year, no cancellation and getting a new quote!


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If they wright off your bike you will get a cheque, not a new bike, they will sell the bike and not brand it. How much it costs to insure the next one at this point is just an estimate. Shop prices to just bolt on new parts is outrageous and you can bet the #'s have been padded because it is going through an insurance claim. Personally I would still do an independent cost evaluation of just the OEM replacement parts if you ordered them over the counter.

Best luck going forward from here and hopefully you will see some ride time this riding season.
 
IbbadMurtaza said:
So, I talked to the dealership, they said the estimated repairs would cost $5,200, NOT INCLUDING taxes, labor, and storage fees. So I’m pretty much screwed because the value of the bike is around $7,000. I was told that it might be a write off, but it might not be. See a write off takes place either is the repairs are too high, or they’re not possible. My bike is very repairable and of course I’ll be paying my $500 deductible.
I’m waiting for an answer from the adjuster. Opinions?


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I think you should cancel the claim and fix it yourself, unless you really don't want it back and are willing to swallow the new policy hit. Easy to say now $1,800/yr is fine, but 3 years of seeing it only stay the same or go up and having another 3 of the same to look forward to may have you regretting the decision.

5k sounds steep, like Trials said; i'd say this was very inflated.
 
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Evoex said:
5k sounds steep, like Trials said; i'd say this was very inflated.
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They have to replace every single part with a scratch on it. Even bolts/nuts add up quickly. You can normally cut the bill by thousands just by keeping parts with minor damage. Unfortunately, since insurance has an itemized list of damage, they may want the OP to prove that it has all been done prior to re-insuring the bike.
OP is probably looking at $1000+ for storage and towing and that is climbing daily. Sadly, this one is probably getting written off.
Lesson for young players. If possible, get crowd-sourced advice prior to talking to your insurance company.
 
GreyGhost said:
They have to replace every single part with a scratch on it. Even bolts/nuts add up quickly. You can normally cut the bill by thousands just by keeping parts with minor damage. Unfortunately, since insurance has an itemized list of damage, they may want the OP to prove that it has all been done prior to re-insuring the bike.
OP is probably looking at $1000+ for storage and towing and that is climbing daily. Sadly, this one is probably getting written off.
Lesson for young players. If possible, get crowd-sourced advice prior to talking to your insurance company.
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Well aware, i went through this last year with my FZ. He has more damage value then mine which was hit by a left turner, it's tickling my spidey sense.
 
Hack said:
This is the kind of stuff that needs to be taught in school.
Its amazing how little some adults know about insurance, banking, credit etc...
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Teaching something useful in school? What kind of crazy talk is that?
 
IbbadMurtaza said:
Loll, my insurance is gonna go up to a maximum of $1,800 is worse comes to worse


Rev ON
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Don't count on $1800 annually, that is probably the increase for 5 months remaining in the 2019 riding season. After a claim a few things happen.

1) Most other insurers will decline coverage, or quote you 'get lost' rates.
2) Policy reviewers will look at your file in detail at renewal time, you may feel a punch then.
3) Claims hang around for at least 6 years, so you're likely going to pay a premium for a very long time.

You will be on the border line for W/O. I'm guessing they are weighing a payout of $5K to repair, against a WO of $4.5K ($6.5K to you less $2K? recovered at auction). My experience is if they are close, they choose W/O to mitigate risk of unforeseen or dodgy repairs to a bile they will continue to insure.

My experience is a $5.2k repair estimate would cost 1-2K DIY depending on how demanding you were with respect to fix/replace. For instance, that fuel tank probably cost $1000 new, or $250 used or redone by a body shop. I remember scraping my M50 tank badges -- $46 OE, $10 for a pair of Ebay.

Hindsight is always 20:20. It's always better to get advice before taking action as noted above. I know OP will have learned that lesson, hopefully this discussion serves other new riders.

Finally, did OP take MC lessons? Many motorcycle schools (maybe all) deliver a lesson on licencing and insurance for motorcyclists. Two schools I observed, Learning Curves (my wife went there) and RIT (my son went there) both covered this on theory day.
 
Mad Mike said:
Don't count on $1800 annually, that is probably the increase for 5 months remaining in the 2019 riding season. After a claim a few things happen.

1) Most other insurers will decline coverage, or quote you 'get lost' rates.
2) Policy reviewers will look at your file in detail at renewal time, you may feel a punch then.
3) Claims hang around for at least 6 years, so you're likely going to pay a premium for a very long time.

You will be on the border line for W/O. I'm guessing they are weighing a payout of $5K to repair, against a WO of $4.5K ($6.5K to you less $2K? recovered at auction). My experience is if they are close, they choose W/O to mitigate risk of unforeseen or dodgy repairs to a bile they will continue to insure.

My experience is a $5.2k repair estimate would cost 1-2K DIY depending on how demanding you were with respect to fix/replace. For instance, that fuel tank probably cost $1000 new, or $250 used or redone by a body shop. I remember scraping my M50 tank badges -- $46 OE, $10 for a pair of Ebay.

Hindsight is always 20:20. It's always better to get advice before taking action as noted above. I know OP will have learned that lesson, hopefully this discussion serves other new riders.

Finally, did OP take MC lessons? Many motorcycle schools (maybe all) deliver a lesson on licencing and insurance for motorcyclists. Two schools I observed, Learning Curves (my wife went there) and RIT (my son went there) both covered this on theory day.
Click to expand...

Hey there. Thanks for the advice brother.
I did take a riders course and passed with a 100% written and riding score. This collision was my fault, I was distracted


Rev ON
 
Hack said:
This is the kind of stuff that needs to be taught in school.
Its amazing how little some adults know about insurance, banking, credit etc...
Click to expand...

For your kind information, I work in a senior position for the bank of commerce. I do agree that banking should be a mandatory course in every curriculum, and so should insurance. Unfortunately I wasn’t taught about insurance, and that’s why this post exists in this forum.


Rev ON
 
Evoex said:
I think you should cancel the claim and fix it yourself, unless you really don't want it back and are willing to swallow the new policy hit. Easy to say now $1,800/yr is fine, but 3 years of seeing it only stay the same or go up and having another 3 of the same to look forward to may have you regretting the decision.

5k sounds steep, like Trials said; i'd say this was very inflated.
Click to expand...

I was able to afford more expensive insurance prior to this on my sports bike. Yes, it may be a little frustrating to see this go on for 3 years without dropping a dime, but I really don’t have any other option.


Rev ON
 
Trials said:
If they wright off your bike you will get a cheque, not a new bike, they will sell the bike and not brand it. How much it costs to insure the next one at this point is just an estimate. Shop prices to just bolt on new parts is outrageous and you can bet the #'s have been padded because it is going through an insurance claim. Personally I would still do an independent cost evaluation of just the OEM replacement parts if you ordered them over the counter.

Best luck going forward from here and hopefully you will see some ride time this riding season.
Click to expand...

Thank you sir.!
I was told by one of the insurance reps that I should try to get an estimate done at another shop, but now I gotta get it towed over there and wait for their estimate. The time’s just going by and it’s costing more money.


Rev ON
 
IbbadMurtaza said:
For your kind information, I work in a senior position for the bank of commerce. I do agree that banking should be a mandatory course in every curriculum, and so should insurance. Unfortunately I wasn’t taught about insurance, and that’s why this post exists in this forum.


Rev ON
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You're in a senior position in banking and you seem to have next to zero grasp of your insurance arrangements/contract/conditions/coverage...?

C'mon... Lol
 
Hack said:
You're in a senior position in banking and you seem to have next to zero grasp of your insurance arrangements/contract/conditions/coverage...?

C'mon... Lol
Click to expand...

My statement was a referral to personal and retail banking, not the insurance department. Yes, we do have basic knowledge about insurances that we offer with certain products, but this an auto-insurance claim, not a plc insurance.


Rev ON
 
Hack said:
You're in a senior position in banking and you seem to have next to zero grasp of your insurance arrangements/contract/conditions/coverage...?

C'mon... Lol
Click to expand...
Senior position in banking is a relative position. The Sr. position in a retail store is about equal to a Starbucks or McDonalds in responsibility and salary, but well below a Sr position in a car dealership, Bestbuy or Loblaws store.

Sr in the exec suite at a bank... pro athletes drop their jaw when they visit your crib.
 
Re Body shop prices, the shop will quote the job based on dealer part prices because the like new used part on eBay may not be available two months later when they get authorization. The shop would be screwed into paying list price or waiting forever to get another half price tank.

If after two months they get the job they will then try to source a less expensive part and pocket the savings.

If you're fixing your own bike it's up to you how long you wait and if you want to ride the bike with a blemish while waiting for a deal.
 
nobbie48 said:
Re Body shop prices, the shop will quote the job based on dealer part prices because the like new used part on eBay may not be available two months later when they get authorization. The shop would be screwed into paying list price or waiting forever to get another half price tank.

If after two months they get the job they will then try to source a less expensive part and pocket the savings.

If you're fixing your own bike it's up to you how long you wait and if you want to ride the bike with a blemish while waiting for a deal.
Click to expand...

I’m still waiting on the adjuster’s response. Most likely it’ll be a total loss, because the repairs after taxes and labour, and the storage fees all together would come to $7300. My bike’s worth $7500.


Rev ON
 
Alright people! It has all finally come to an end. The bike was declared a write off, I got $7410.
The new bike I’m gonna buy is gonna get adjusted into the premium for this year.


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