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Justinxb12s
Posted on Wednesday, June 21, 2006 - 01:51 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Just found out a couple of hours ago that Geico want to total my bike out. Not the happiest camper at the moment! Hopefully they will let me buy it back for dirt cheap. Anyone have any thoughts about this? That frame and swingarm have very very miner scratches. Thats what racked up the repair price so much. Please if any has any suggestions I would like to hear them. This is my first bike and quite unsure about how to fix the bike, but I have the repair manual and not have bad with tools.

Justin
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Mountainbiker90
Posted on Wednesday, June 21, 2006 - 08:10 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

either way, you won't be ahead. i had a similar situation w/mine- cut a front tire and went down a short distance after. they gave me a marginal price for the replacement value- i couldn't have bought another one for the money i got for my bike. i'm guessing it'll run you 1500-2000 to get your bike back and then fix it from there. I had about 2k in mine in parts- mostly used parts. if they were new it would have broken the bank. you'll end up with a fixed bike, but it will have a salvage title. it'll be a bit cheaper than buying another one, but it won't be worth as much, either.
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Rhun
Posted on Wednesday, June 21, 2006 - 12:21 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Depending on the damage, find out what they offer for buy back and sell it to a track day or racer. Combine the sums and buy a 'good' one. I don't mind and actually prefer, riding a scratched and dinged up track bike, but don't want my street bike to look anything less than perfect.
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Teddagreek
Posted on Thursday, June 22, 2006 - 07:45 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

do you have Gap Coverage?
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Justinxb12s
Posted on Thursday, June 22, 2006 - 10:50 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Whats gap coverage? I think I'm just going to take the money and buy the bike back from them and fix it. What a salvaged title worth these days? And what would a fair price be to buy the bike for?

Justin
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Mikej
Posted on Thursday, June 22, 2006 - 11:38 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

If its what I think it is, gap coverage covers you in case the bike gets totaled by the insurance company but they won't value the bike high enough to pay off a loan on it. You buy a $10,000 bike, ride it for 6 months, put 12,000 miles on it, stop someplace for a burger and some truck backs over it in the parking lot, insurance adjuster comes into the picture and says comparable bikes to your's are selling for $7,500 so they'll give you $7,500 for it but your loan has a balance of $8,500 leaving a gap of $1,000 for someone to make up.
If I understand it correctly.
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Brineusaf
Posted on Thursday, June 22, 2006 - 11:53 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

From my Credit Union :

Gap Amount - means the difference between the primary carrier'sphysical damage insurance payment for a theft or a total loss or, if uninsured, the collateral's Actual Cash Value and the unpaid net balance of the loan. If you are entitled to collect the same from others, including but not limited to, primary and other insurance, or salvage sale, that portion of the payment will not be covered in the GAP Settlement. GAP does not cover deductions made by primary insurance carrier for prior damage that has already been paid to you. Amount waived shall not exceed $50,000 in total.
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Justinxb12s
Posted on Thursday, June 22, 2006 - 05:39 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

I don't have gap coverage but the insurance company is paying me enough to take care of my loan. I got a pretty good deal on the bike so that helps.
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Vonsliek
Posted on Thursday, June 22, 2006 - 05:47 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

having been there already . i'd say, if u r considering another bike, take the money & get other bike .. salvage makes yr bike just abt worthless .. dropped bikes are usually frowned upon.

i'm stuck w/ mine & the $11k i owe on it .. (used the oney to take daughter to disneyworld, what can i say).

now i am into racing, i wish i'd got the i4 i was lusting for.

now after 2 crashes, the xb12r is my racing project.

my 8 cents.
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Roadrailer
Posted on Thursday, June 22, 2006 - 05:56 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Talk to your agent about insuring a salvage-titled bike first. It may be very expensive.

If it were my bike, I'd take the money and buy a new one.
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Rackman
Posted on Thursday, June 22, 2006 - 10:27 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Justin,

There is some good advise here. Insuring this bike might be very hard, and with the money I know that you have spent on upgrades to put on now, IMHO you would be better off returning the parts you just purchased to put on and buy another bike. I think I forwarded an e-mail today with a good possibility. I was actually thinking of getting that bike for my son, but he hasn't shown much interest yet. Push the insurance for a higher settlement and get another bike. A salvage title isn't worth anything to anyone but you and possibly as a track project.

R
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Cochise
Posted on Thursday, June 22, 2006 - 10:41 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Also, check with the DMV of your state. Some states allow you to have your bike inspected, and get a good title. That way it will be easy to insure.
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