What are my options if bike is considered a write-off? | GTAMotorcycle.com

What are my options if bike is considered a write-off?

honline

honline

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My 99 GS500E was knocked over while parked last week. I wasn't at fault or on the scene at the time of the occurrence. My insurer sent an appraiser over yesterday and said my bike is beyond repairs. I'm guessing what he meant is that it'll cost more to fix than the actual value of the bike.

I'm waiting for the insurance company to get back to me. But in the meantime, what are my options now?

1) If the insurer writes the bike off, and I accept the amount of the offer,

A) do they take the bike away? Or do I get to keep the bike?

B) If I get to keep the bike, will my premiums for that bike be higher if I put it back on the road?

C) If they keep the bike, what happens to it?

2) If I don't like the amount they're offering and decide to keep the bike

A) If I get it fixed, will they cover up to what they offered for a write-off?

B) If I'm able to get it fixed and safetied, will the premium go up because it's now been considered in an accident?

C) Any other options?
 
This isnt a simple question as each insurer is different. Some will sell the bike back to you and some will not. Some will insure the bike again no problem some will not and yet again some will demand a structural safety first. IF they pay you its now their bike they will send a wrecker and take it to auction. They are also the ones to decide branding.
You are always free to negotiate the value an should.
Every company handles them seperately and in their own way you should direct these questions to YOUR company to get the correct answers. Every company in Ontario has an ombudsman that is in place to sort through disputes however keep in mind they are appointed by the company and are employees of that company. Suppose to be impartial but...............
 
honline said:
My 99 GS500E was knocked over while parked last week. I wasn't at fault or on the scene at the time of the occurrence. My insurer sent an appraiser over yesterday and said my bike is beyond repairs. I'm guessing what he meant is that it'll cost more to fix than the actual value of the bike.

I'm waiting for the insurance company to get back to me. But in the meantime, what are my options now?

1) If the insurer writes the bike off, and I accept the amount of the offer,

A) do they take the bike away? Or do I get to keep the bike?

They take the bike away

B) If I get to keep the bike, will my premiums for that bike be higher if I put it back on the road?

You don't get to keep the bike, you can buy it back. Your premiums should not change if you are 100% not at fault. If it is cosmetic damage and you are not fixing it, your bike will be worth the price you bought it back for in the future. If you fix the bike, have them take pictures and the value should be near what it was originally.

C) If they keep the bike, what happens to it?

Goes to Auction for parts and brand irrepairable

2) If I don't like the amount they're offering and decide to keep the bike

A) If I get it fixed, will they cover up to what they offered for a write-off?

If you buy it back, they will give you the value of your bike minus the buy back price and you do the repairs yourself (Make sure to show them the final product when you are done repairs or they could hold you to the value you paid them to buy it back.

B) If I'm able to get it fixed and safetied, will the premium go up because it's now been considered in an accident?

If you are 100% not at fault your premiums will not change.

C) Any other options?
Click to expand...

Every offer they give you is exactly that, an offer. as stated above you can negotiate, but be realistic.
 
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I don't think they can legally keep the bike if you wish to have it.
They offer you a certain amount of money, you either take it or ask for more. Then you have the option to buy back the vehicle. It may or may not be branded, if it is, don't bother.
The process itself is certainly more complicated with some companies than others.

Low balling does not always happen either. I wrote one car off and I did have to argue with them about money a bit (TD, years ago), my buddy just wrote off a bike recently and they actually gave him a 20% more than he paid for it so he was happy (Jevco - Intact)
 
They base the value of the bike off prices they see the bike going for on kijiji/craigslist (not 100% but it plays a big role) since there is no blue book value for the bike they also look at what it costed new and how much of the value has depreciated. They make you an offer on the bike if you take it you give them the bike because theyre giving you money to buy a new bike why would you get to keep your old one? They will offer you a price to buy back the bike which you can do if you choose to fix it or sell off the parts for more profit privately.

For example, if they value your bike at 5000, they'll give you 5k to buy a new bike and they'll take your smashed one before they issue you the cheque. If the insurance (they will check) can get 500 for it giving it to a junk yard, they will mention that to you and they will let you buy it back for 500 bucks, so you'd get to keep the bike and get 4500 to either buy a new one or fix your smashed one.

Sometimes insurance can be good, depends on what you payed for the bike, any maintenance you did on it recently, etc...

I got almost double what I paid for my bike when it was written off... but I did get a steal on the price I paid. I realize it now more than ever since I can't find anything even comparable :mad:
 
If it were me, I'd try very hard to buy it back ... knocking over a parked GS500E shouldn't do **** to it
 
honline said:
My 99 GS500E was knocked over while parked last week. I wasn't at fault or on the scene at the time of the occurrence. My insurer sent an appraiser over yesterday and said my bike is beyond repairs. I'm guessing what he meant is that it'll cost more to fix than the actual value of the bike.

I'm waiting for the insurance company to get back to me. But in the meantime, what are my options now?

1) If the insurer writes the bike off, and I accept the amount of the offer,

A) do they take the bike away? Or do I get to keep the bike?

B) If I get to keep the bike, will my premiums for that bike be higher if I put it back on the road?

C) If they keep the bike, what happens to it?

2) If I don't like the amount they're offering and decide to keep the bike

A) If I get it fixed, will they cover up to what they offered for a write-off?

B) If I'm able to get it fixed and safetied, will the premium go up because it's now been considered in an accident?

C) Any other options?
Click to expand...

I had a total write off with State Farm on my 1098. However it was what they called an economical write off ie it cost more to fix than the bike was new. With a Ducati you only need to scratch a couple of fairings and you're into thousands...

Anyhoo, I bought it back from them and ultimately put it back on the street. This was made very easy because State Farm did NOT rebrand the bike. So, if you're thinking of buying it back from them then find out exactly what brand they will be putting on the bike. If it is an economical write off there's no need for them to rebrand it, which makes your life a lot easier if you do buy it back.

State Farm offered me $XXXXX, then subtracted the price they wanted for the bike of $XXXX and issued a cheque for the balance. I had GP Bikes deliver the bike to me (paid for by State Farm, along with GPs storage charges) and all was good.

As Ken said above though, every insurance company plays a little different so ask your specific questions of your specific company.
 
Related constrast:

i wrote off my car due to hail damage. 02 camry for reference. I think i got 6k for it if memory serves. I bought it back for 2900. BUT when i reinsured, i could not get collision or comprehensive anymore - until they got notice of repairs.

Unsure how that would play into a bike but i'm figuring they're not going to potentially pay out twice on a bike so i'm figuring you'll only get liability if you reinsure the same bike with them (anyone).
 
They did not lowball me on the first offer when I totaled my 08 125r in 09. Got an offer of $2600 right off the bat (paid $3000). Not too bad.
 
You can also tell them that you want your bike repaired, it isn't always up to them. I did that with a car, they wanted to write it off and I said no,k repair it, they did

I don't think someone knocking your bike over is reason to write it off
 
BusaBob said:
they will lowball you on their initial offer. In my experience, Primmum were complete jerks. I had to take it to the Insurance Ombudsperson as Primmum refused to return my calls for 6 weeks.

http://www.gtamotorcycle.com/vbforu...uot-Collision-or-Upset-quot&highlight=busabob

http://www.gtamotorcycle.com/vbforu...t-for-a-quot-Write-Off-quot&highlight=busabob
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On the other side. A friend of mine had an 08 GS500F wrote off for $4,000. I used to watch the market for GS500Fs and that is an extremely fair price.
 
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ZX600 said:
You can also tell them that you want your bike repaired, it isn't always up to them. I did that with a car, they wanted to write it off and I said no,k repair it, they did

I don't think someone knocking your bike over is reason to write it off
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Depends on how serious the damage is.

My first track bike, was a tipped over in driveway GSXR. The frame had a small dent the size of a quarter in it mid fairing.

They wrote it off, and i got myself a nice Alstare GSXR track bike.
 
In the past Jevco will write off due to cost of replacement bodywork and will sell you back the bike...but will want a structural safety to re-insure. No branding. Buy the bike back, fix what's needed and insure with someone else.
 
Fiery254 said:
I had a total write off with State Farm on my 1098. However it was what they called an economical write off ie it cost more to fix than the bike was new. With a Ducati you only need to scratch a couple of fairings and you're into thousands...

Anyhoo, I bought it back from them and ultimately put it back on the street. This was made very easy because State Farm did NOT rebrand the bike. So, if you're thinking of buying it back from them then find out exactly what brand they will be putting on the bike. If it is an economical write off there's no need for them to rebrand it, which makes your life a lot easier if you do buy it back.

State Farm offered me $XXXXX, then subtracted the price they wanted for the bike of $XXXX and issued a cheque for the balance. I had GP Bikes deliver the bike to me (paid for by State Farm, along with GPs storage charges) and all was good.

As Ken said above though, every insurance company plays a little different so ask your specific questions of your specific company.
Click to expand...

I had a similar situation with my ZX6E also with Statefarm.

I got rear-ended at a stop sign, bike went down on its left side and cracked a 2 pieces of my fairing and scratched some more. Was going to be a little over 3000 to fix. The shop it was taken to looked at everything, ie) my pegs were lightly scratched and they put them in, and they considered it a write-off.

I was offered 2800ish for it, with the option to buy it back for 750, which I did. I bought the replacements for the broken pieces and did the work myself, and ended up having enough left to pay off a credit card and get a new pair of gloves. All they asked for was pictures to show the work had been done.
 
wondering how do they determine whether it was tipped over or you actually drop it from a stand still....??
 
Witnesses and the other driver's info...in my case anyways
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