Kawasaki Vulcan Forum banner

1 - 14 of 14 Posts

·
Registered
Joined
·
9 Posts
Discussion Starter #1 (Edited)
how does ins work if your bike is deemed a "total loss"

I'm pretty new to the forum. Posted a couple times about exhaust pipes. I picked up a brand new '09 vulcan 900 custom two weeks ago. Last Sat while riding, a pickup turned into my lane. I swerved and avoided him but ended up hitting gravel and dumping the bike. I'm okay, minor road rash. Didn't think the bike was that bad and was looking at aftermarket pipes b/c the stock pipes and heat shields are ridiculously priced.

Long story short, I had no plans of talking about this, call it pride, ego from laying down a week old bike, whatever. But now I could use some advice on how screwed I might be. You see, the driver never stopped. I didn't get a plate, not that it would matter since we didn't actually collide though. I brought the bike to the kawasaki dealer and the estimate is well above 50% of the blue book value.

Turns out the front wheel is bent and the computer is messed up as well as the damage I was aware of.

So my question is....

Do the dealer and ins adjuster negotiate the estimate at all? If not, I'm assuming the bike will be considered totaled and I'll be in the hole for the difference since I haven't even made the first payment on the bike.

Appreciate any info you guys might have on my situation.

thanks,
 

·
Registered
Joined
·
120 Posts
Everything depends on the Insurance company.

Some deem "total loss" as 50% of the bikes value, some 75%.

Some offer "Replacement" values. Which means you will get the $ amount it would take to replace it. Which if it was brand new, then that is brand new cost.

As far as the accessories, most insurance covers only $3000. With mine I upped it to $5000.

So like I said, it depends.
 

·
Registered
Joined
·
742 Posts
yup, get the ins. co. involved... they will send out their own adjuster to check out the bike - did it with mine. they deemed mine a total loss because too many parts needed to be replaced... the total repair came to within $5-600 of what bluebook actually was. Rider screwed me on the accessories... i got into the dealer and they let me take a few things off, but not everything i should have.

they may offer the bike to you for a couple grand also... but would give you a salvaged title.
 

·
Registered
Joined
·
85 Posts
It'sl based on KBB if the repairs come to the blue book value + your deductable it will be totaled. I had my KZ700 backed into by the neighbors kid he took off acted like he did not do. Called the police they looked at the paint on the bumper. GUILTY. Their Ins Co wanted to give me $500 for the bike. I filed suet the neighbor in small claims court he called his Ins Co they paid the repair bill $900.00.
 

·
Registered
Joined
·
27 Posts
Read your insurance plan, get an adjuster involved. I have Progressive Ins and for a few more bucks I was able to get the Replacement" ins and the "Gap" ins, both are invaluable in the motorcycle market. I really hope that your covered and if you are pray for a complete total. Bikes are just too complex nowadays and the last thing you need is ECU, electrical, or even a bent frame to rear it's ugly head in the future.

Hey also, don't feel bad about the "dump". I had my 09 900 Custom a couple of months before I made a rookie mistake and laid it down. Skinny front tires and raised concrete medians don't mix with a novice rider like myself. My pride was hurt more then anything, I scraped the frame a bit (black rust conversion paint took care of that) and I bent the left foot peg (hello bench vice). No paint damage and I lost a toe nail.
I'm a lot more careful now. Good luck to you.
 

·
Registered
Joined
·
240 Posts
No thats not true. It is a certain % of KBB. Some Insurance companies are 50% of KBB some are 75%.
Actually, thats still not quite right.

The insurance companies that I have delt with over the years, give you the ACV, Actual Cash Value, of your bike. plus any extra coverages you own, like GAP, accessory, etc. etc....

If KBB values the bike at 6K, but there are the exact same bikes litering the internet and forsale lots and repo lots for 4K, you will either get the cost to replace your bike (4K) OR argue the fact that the ACV is in fact 6K. But good luck with that, it's a tough cookie to sell.

Either way, the ins company wil most likely get you what you need in this case beings that it's such a new bike.
 

·
Registered
Joined
·
240 Posts
I should have mentioned also that if the bike cant be bought anywhere for what KBB has it listed at, you COULD stand to get more than what KBB says it's worth.
 

·
Registered
Joined
·
120 Posts
Actually, thats still not quite right.

The insurance companies that I have delt with over the years, give you the ACV, Actual Cash Value, of your bike. plus any extra coverages you own, like GAP, accessory, etc. etc....

If KBB values the bike at 6K, but there are the exact same bikes litering the internet and forsale lots and repo lots for 4K, you will either get the cost to replace your bike (4K) OR argue the fact that the ACV is in fact 6K. But good luck with that, it's a tough cookie to sell.

Either way, the ins company wil most likely get you what you need in this case beings that it's such a new bike.
I work with Insurance companies every day, in the repair business and never heard of them doing it that way.

Maybe in years past, but now they are all very strict about going according to book value.

All Insurance companies are different but the major ones all go by Book Value.
 

·
Registered
Joined
·
9 Posts
Discussion Starter #11
thanks for all the info guys.

I have Rider Ins. They don't offer Gap ins. and the dealer never offered it when I was signing all the paperwork. If it is a loss, I'm in the hole for 1250.00 if they use the blue book value of 5545. I spoke to the bike shop and the guy said that the tech that did the estimate wasn't there but also that if there was a scratch or nick they listed the part on the estimate just to be on the safe side. So, the seat, tank, and front wheel were listed but aside from a couple scratches on the seat I don't remember seeing damage on the tank other than the vulcan emblem and I don't think the front wheel was bent in any way since I rode the bike to the shop. Hopefully there isn't any real damage to them b/c those three parts would knock 1700.00 off the estimate.

Doesn't look like I'll know anything until at least the end of the week though. The Ins company had no idea when they would be getting the adjuster out to look at the bike.
 

·
Registered
Joined
·
231 Posts
I'm sorry that your bike got bunged up, and I'm glad that you're not. That's the important part.
Frankly, I'm stunned that the dealer did not offer the GAP insurance. They make a commission for selling it, and it's overpriced JUNK. My dealer actually MADE me watch a video - something I later slammed them for on the customer review.
As stated before, your insurance company should offer coverage that would reimburse you for the replacement value, rather than ACV---but for you, all that's in the rear-view mirror.

You're going to want to work with the dealer and the adjuster, since all the opinions on this forum matter little in the outcome of this case. You may be better off having the dealer fix the bike if the frame isn't bent - or you may be better off walking away with a 1200 dollar hole in your wallet. CARFAX works with bikes too, and the resale value of your bike was trashed the instant the police took the accident report regardless of whether or not you wind up with a "Salvage titled" bike.
Depending on how long you want to keep it, if you ever want to sell or trade it, and what the final tally of the damages are, and a half a hundred other variables you may be better off keeping the bike and getting some more saddle time on it.

Good Luck!
Let us know how it comes out.:cool:
 

·
Registered
Joined
·
455 Posts
A lot depends on the State you reside in. Many allow the insurance carriers to determine policy wording. Others, have required wording carriers must use, AKA a Standard Form.

If you are in a Standard Form, you have a wealth of info available to you. If not, you need to read, and find out how the individual policy - that you own - is adjusted. Also, if your State has a Consumer Protection Division for Insurance, that will provide you with help. If your carrier is a problem, they will at least hint at it.

The KBB value you refer to states, "value is a starting point in negotiations". Also, the value posted anticipates there is 5,500 miles on the bike. Not, the couple of hundred on your "new" bike. So, the KBB retail value is actually higher than $5,545. Also, sales tax is part of the "loss", which you should be collecting in addition to the bikes value, if you paid any. Take a shot at any other fees you may have paid. While you may have no chance at them, it can make the adjuster look good to the people that hired him when he beats you down.

Figuring yes/no on being a "total" has a number of factors. Different regions, carriers, and salvage competition all figure into it. As does the hours of labor, cost of new parts, value of undamaged parts. Put it this way, your speedo with 200 miles on it has a pretty good salvage value, vs mine with 12,000 on it.....

One thing you should also be working on is finding a like kind and quality replacement. It might help with negotiations, and it might be your next bike.

Good Luck !
 

·
Registered
Joined
·
66 Posts
I was in a collision when my bike was about 3 monthes old. The original estimate was $5,500 and after the mechanic started on it, it ended up almost $7,500. The insurance paid for it all. Just make sure its fixed correctly. Try to get the insurance company to pay you directly. That way you can make changes with custom parts that are usually better and cheaper than O.E. stuff. That's how I got my Khrome Custom pipes that were the same price as the factory pipes. Most dealerships wont change on the estimate if the insurance company pays them directly. They consider it insurance fraud to change the estimate. Good luck with your repairs.
 
1 - 14 of 14 Posts
Top