Jiggles
Just me
Uhm yes, they were the ones that put me back together
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How much does a salvage title hurt a bikes value?
- Thread starter MOCKBA
- Start date
Uhm yes, they were the ones that put me back together
Ironbutt
Loves the anecdotal
Not true.. I had a salvaged car fully insured and was in a hit and run.. I got 800 for the car.. so they'll still insure it..
Think of salvage title as breaking the bikes piggy bank or dipping into it.. Each time you get a little less until finally it's not worth anything of monetary value.
Z3n
Squid.
First of all, glad you're ok.
Now, let's try and clear some of this up.
First of all, there are 2 types of salvage titles. There's a "non-repairable total loss" salvage title, where the bike is no longer street legal via the DMV, due to frame damage. These titles are very intermittently handed out, depending on a lot of things. Usually it takes a proper crack, all the way through the frame to cause it. There is no way to insure these motorcycles in CA as they are no longer street legal, and oftentimes if you say "salvage title", this is what an insurer will think of and they will refuse insurance.
The other type is just a normal "total loss" salvage title, where the insurance payout is more than the value of the bike, and they issue a salvage title through the DMV. You can get multiple salvage titles issued on a bike, but generally they don't "stack", primarily because it's pretty rare that a bike has multiple salvage titles. These bikes can be insured through any agent as long as they know what they are doing. Payout value varies heavily based on a few factors, but the biggest one is your ability to advocate for yourself...get records of other salvage title bikes like yours for sale and see what they're valued at, and make sure that you can afford to buy a new bike with their payout. Also, obviously, you should try and collect on gear and everything else.
In the long run, if you are getting the runaround from their insurance company, it might be worthwhile to have your insurance company go after them instead (as long as you have the appropriate coverage), pay the deductible up front, and get it all back when the judgment is completed against them.
Go see a doctor if you haven't already, it should all be covered by his insurance.
Finally, if you want to sell the bike, drop me a line...I'd potentially be interested in taking it off your hands
Now, let's try and clear some of this up.
First of all, there are 2 types of salvage titles. There's a "non-repairable total loss" salvage title, where the bike is no longer street legal via the DMV, due to frame damage. These titles are very intermittently handed out, depending on a lot of things. Usually it takes a proper crack, all the way through the frame to cause it. There is no way to insure these motorcycles in CA as they are no longer street legal, and oftentimes if you say "salvage title", this is what an insurer will think of and they will refuse insurance.
The other type is just a normal "total loss" salvage title, where the insurance payout is more than the value of the bike, and they issue a salvage title through the DMV. You can get multiple salvage titles issued on a bike, but generally they don't "stack", primarily because it's pretty rare that a bike has multiple salvage titles. These bikes can be insured through any agent as long as they know what they are doing. Payout value varies heavily based on a few factors, but the biggest one is your ability to advocate for yourself...get records of other salvage title bikes like yours for sale and see what they're valued at, and make sure that you can afford to buy a new bike with their payout. Also, obviously, you should try and collect on gear and everything else.
In the long run, if you are getting the runaround from their insurance company, it might be worthwhile to have your insurance company go after them instead (as long as you have the appropriate coverage), pay the deductible up front, and get it all back when the judgment is completed against them.
Go see a doctor if you haven't already, it should all be covered by his insurance.
Finally, if you want to sell the bike, drop me a line...I'd potentially be interested in taking it off your hands
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MOCKBA
Member
well, here is the final settlement numbers:
that's the total settlement amount for already salvaged 2009 1198 with 28,000+ miles. Minus my deductible which I'm going to get back from another party's insurance when they process the police report. The total numbers above include all listed aftermarket parts (roughly $1,500) and my Nexx carbon helmet ($600). They also told me I'll be eligible to receive refunds for my gear (gloves, pants, jacket and boots) when they confirm that the Tesla driver was at fault.
go with State Farm guys
- actual value / base price: $15, 064
- sales tax: $1,300.02
- unused license fees: $82.00
- total: $16,446.02
that's the total settlement amount for already salvaged 2009 1198 with 28,000+ miles. Minus my deductible which I'm going to get back from another party's insurance when they process the police report. The total numbers above include all listed aftermarket parts (roughly $1,500) and my Nexx carbon helmet ($600). They also told me I'll be eligible to receive refunds for my gear (gloves, pants, jacket and boots) when they confirm that the Tesla driver was at fault.
go with State Farm guys
ALANRIDER7
MeowMeowMeow
Not quite accurate.
An insurance company won't pay you more than the value of the bike. The damage estimate often reaches a point where the insurance company won't pay to fix the bike. Example- State Farm is at the 75% level. If the bike is worth $10,000 before the crash, when the crash estimate hits $7,500, they will total the bike and cut a check.
You negotiate a settlement price with them, pay your deductible and then you decide if you want to retain the bike with a salvage title. Your claim is reduced by their salvage value. The bike gets a salvage title and it's on you to repair it or part it out or whatever.
If you ever consider buying a salvage title bike, you'd best get a copy of the estimate that totaled it out. Otherwise, you're asking for trouble.
Gixxergirl1000
AFM #731
- Joined
- Oct 30, 2006
- Location
- Stockton
- Moto(s)
- GSXR-1000; GSX-R 450 Triple race bike "Timmay"; GS 500 race bike "The Murderbike"
- Name
- Connie
Dima, I'm really glad you're OK... and how come you didn't call me to come pick you and the bike up??? :|
And have you been to the doctor yet?
And have you been to the doctor yet?
MOCKBA
Member
haha, thanks, Connie! I picked up myself, it wasn't that bad! I went to see a doctor just in case, I'm at 100% now =)
Gixxergirl1000
AFM #731
- Joined
- Oct 30, 2006
- Location
- Stockton
- Moto(s)
- GSXR-1000; GSX-R 450 Triple race bike "Timmay"; GS 500 race bike "The Murderbike"
- Name
- Connie
Glad you're OK, and I hope you know I would have been happy to get you and your bike home!
I hope you get a replacement bike soon, and then we're going riding!
Z3n
Squid.
My wife got a really good payout from SF when she was tboned by a car as well. They do good
Alanrider, thanks for the clarification...I just sort of fired that post out and didnt proof it.
Alanrider, thanks for the clarification...I just sort of fired that post out and didnt proof it.
Ditto - comp and collision on two salvage titled bikes. State Farm has no problem with it.
As for what they're worth? I sold my 'Wing when it was 14 years old - don't think the price was affected compared with non-salvage titled bike. My 16 year old 600 sport bike - not sure but I don't think it will affect the worth either when I sell it. Of course, low mileage helps (125K on the Wing, 60K on the sprotbile). It also helps to keep them immaculately clean (ride them every time it rains for the free wash).
Glad to hear you're ok. Hope you're able to recover from the insurance to make you whole again.
As for what they're worth? I sold my 'Wing when it was 14 years old - don't think the price was affected compared with non-salvage titled bike. My 16 year old 600 sport bike - not sure but I don't think it will affect the worth either when I sell it. Of course, low mileage helps (125K on the Wing, 60K on the sprotbile). It also helps to keep them immaculately clean (ride them every time it rains for the free wash).
Glad to hear you're ok. Hope you're able to recover from the insurance to make you whole again.
corndog67
Pissant Squid
It does make a difference, a large difference. I won't pay more than 50% for a salvage title bike, and dealers won't take one in trade at all.
You mentioned old bikes with a lot of miles, low value bikes. If you've got a low mileage really nice bike with salvage on the title, the only person you'd sell it to would be the unknowing, or it would be.well below an average price.
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HIglesias
Well-known member
i can call *** insurance and tell them i'd like to have full coverage on my bike. they'll say ok. but if i tell them it has a salvage title, they won't do it.
who's your insurance carrier? do they know it's salvaged?
ahnh666
New member
if they cover a vehicle for comp and coll ("full coverage") for a salvaged vehicle, it's noted in the system....but, they will typically only pay out a percentage compared to the value of the same vehicle with a clean title....for example, 50% to 70% is what i typically see....also know that the value is always based on current market value where you live....
the payout for a total loss maybe less because it is a salvaged vehicle, but the premium you pay for the insurance will still be the same for most systems i've seen for clean title and salvaged...
the payout for a total loss maybe less because it is a salvaged vehicle, but the premium you pay for the insurance will still be the same for most systems i've seen for clean title and salvaged...
HIglesias
Well-known member
and yet again, i ask, did you TELL THEM it had a salvaged title when you requested coverage?
State Farm is the insurance I had when my bike was totaled. I bought it back and continued to insure it through them. Kept comp and coll. So yes - they absolutely know the bike is totaled.
As for how much insurance pays? I've never had a claim against a salvage titled bike so don't know.
As for how much insurance pays? I've never had a claim against a salvage titled bike so don't know.
Yes, I did. I explicitly told them it was salvage, they told me "no problem".