All -- many thanks for any advice you have. I've followed this site and its predecessor for a long time, always impressed by the care people put into their posts.
Here's my issue:
I am the owner of a 2000 M750 Dark. I purchased the bike from a close friend who had bought it and only put 500 miles on it. He took it in for a full tune-up, got the fluids checked, etc, and in the year+ that I've had the bike, I've put 6,000 miles on it as my daily commuter. Love the look of the bike, the sound of it, and have been very happy with it, but I am not absolutely married to keeping it.
I was recently driving at about 15-20mph on a familiar road when I was cut off by a large truck, grabbed too much front brake, dumped the bike on the left side, and luckily walked away with only a cut knee and bruised left thigh. The bike was damaged on the left side with all the standard low speed stuff -- turn signal, bent handlebars, front brake lever, gear shifter, scratched pipes, ... and dented tank. The bike started up but I had it towed to my shop for an evaluation. I filed a claim with my insurance and am now waiting on the full estimate from the shop.
The shop has been great (won't name here for their sake, will thank them in person) in telling me that with all the visible damage -- functional and cosmetic (tank, which is not leaking) -- the cost of repairs would easily be more than 75% of the bike's value, the threshold for total loss. They said, however, that pending positive results from a full test (for bent frame etc) they could recommend in their estimate replacing only vital parts and leaving the tank off the estimate, which would most likely put the repairs at under the 75% threshold and avoid totaling. They told me they would work with me on this.
Here's my dilemma -- have them suggest all repairs and get the total loss check from my insurance (a major carrier), or have them not suggest all the repairs, get the repair value from my insurance, and repair the bike.
As far as I can tell, here are the angles:
-- Total it --
I take a loss but get a check for book value, which I could then put into a similar used bike (which given my financial situation would probably be a Honda 599 or SV650, which I don't really have a problem with). I could most likely get a 2003/2004 model, very clean, with relatively low miles and low repair costs down the line.
-- Repair it --
Everything is repaired, except for the tank and anything else purely cosmetic, and I get the bike back and ride on. The issue with this is that if I would like to sell the bike in the next 1-3 years, I think it will be very difficult to sell a 8-11 year old bike with a big dent in the tank and scuffs on the pipes. My sense is that people looking for Ducatis on the used market are most interested in very clean bikes, not those that have been in a crash or have visible damage! So I would lose money on this end.
What would you do in this situation? Also, am I leaving any angles out? And it the bike is a total loss, what happens to it? Do I still take possession of it, or is it the insurance company's property?
Additional info: my insurance has me covered for everything unless I am found at fault -- in that case, I would have to pay a $100 deductible (and likely higher premiums down the line). In their initial assessment they said they thought the other driver would be at fault.
Thanks for your thoughts!
I had a similar issue a few years ago. I had a low speed lowside which had mainly cosmetic damage. My insurance totalled it and wrote me a check than I bough the bike back from them for really cheap. I put a few hundred bucks back into the bike getting is ridable and pocketed the rest of the money. This might be a good option depending on what the buyback price is.
I would do the following:
1. Have the shop run the estimate on EVERYTHING -- tank included. Anything that was damaged by the accident, even if it's a small scratch, claim it.
2. Most likely, as you posted, the bike will be totaled. You can do 1 of 2 things here.
a. get your check and go on your merry way to buy that SV or Honda
b. get your check BUT ask the insurance what the buy back is on the bike. Typically the insurance carrier will allow you to buy the bike back for a really LOW price. You can even haggle with them on the buy back price.
3. If you go with option B - buy back you have several MORE OPTIONS.
a. repair the bike with parts off the board/ebay at a really low price
b. now you have $$ left over for maybe another bike or just more goodies for this bike.
With the amount of damage you described I would think that if you're resourceful and can do the wrenching yourself you can get that bike back in order for well under $1k.
Also, regardless of who is at fault, if your' insurance is paying -- that means you're paying. You're rates will go up, doesn't matter if you're at fault or not.
GL with the bike.
Quote from: Pedro-bot on November 03, 2008, 06:36:06 PM
I would do the following:
1. Have the shop run the estimate on EVERYTHING -- tank included. Anything that was damaged by the accident, even if it's a small scratch, claim it.
2. Most likely, as you posted, the bike will be totaled. You can do 1 of 2 things here.
a. get your check and go on your merry way to buy that SV or Honda
b. get your check BUT ask the insurance what the buy back is on the bike. Typically the insurance carrier will allow you to buy the bike back for a really LOW price. You can even haggle with them on the buy back price.
3. If you go with option B - buy back you have several MORE OPTIONS.
a. repair the bike with parts off the board/ebay at a really low price
b. now you have $$ left over for maybe another bike or just more goodies for this bike.
With the amount of damage you described I would think that if you're resourceful and can do the wrenching yourself you can get that bike back in order for well under $1k.
Also, regardless of who is at fault, if your' insurance is paying -- that means you're paying. You're rates will go up, doesn't matter if you're at fault or not.
GL with the bike.
The buyback price isn't just "really cheap"--it is the "salvage value" of the bike. For a Monster, it could be higher than, say, an Aprilia Pegaso, as there's a market for Monster parts.
Quote from: jsanford on November 03, 2008, 10:33:00 PM
The buyback price isn't just "really cheap"--it is the "salvage value" of the bike. For a Monster, it could be higher than, say, an Aprilia Pegaso, as there's a market for Monster parts.
Not necessarily, but it may just be that it depends on your carrier. I know of someone who bought their SBK for less than $2k. Damage was minimal, clipon, rearset, scratched fairings, nothing major. Maybe you've had a different experience but I stand by my comment.
If you follow the suggestion of your dealer, an estimate for less than threshold, the benefit is you will maintain clear title. Ask them how they will accomplish this though. My assumption is either they know the adjuster from your company or they know the company will not send an adjuster.
I saved my bike from salvage several years ago by accepting "diminished value" on the tank. What you can do depends on insurance company, adjuster, local law and trust.
Thanks all for your help.
With all the damage factored, the bike was deemed a "total loss". That included the tank and pipes, which had only cosmetic damage and put the repairs past $3k in parts alone. My insurance adjuster gave me $4,379 for the bike, which I thought was VERY generous, and informed me that the buy back price was $875. Knowing how little work the bike needs to get back on the road (no frame damage; needs turn signals, headlight mount, handlebars, mirrors, shift lever, clutch lever, and front axle), I just couldn't leave it sitting there when I could have it back (granted, with a salvage title) for $875. So I have bought the bike back and will be getting it back on the road as cheaply as possible (I think I can do it for <$1,000).
Now I'll have to deal with the DMV ... might be the hardest part considering I'm in DC.
Anyhow, thanks to everyone for their comments and advice -- much appreciated.
You did extremely well.
Quote from: dm750help on November 08, 2008, 06:31:33 PM
(no frame damage; needs turn signals, headlight mount, handlebars, mirrors, shift lever, clutch lever, and front axle),
Is your front axle bent or is it just that the end of it got chewed up from sliding? If it's just that it's chewed up, you're golden.
If it's bent, I'd take a second look at the bike to confirm that the frame and triples and forks and front wheel are ok.
You should be able to get that on the road for way, way less than $1000, especially if you replace with 2d hand OEM from eBay rather than aftermarket, though this is an ideal time for upgrades. ;D You can pick up Third Eye bar end mirrors from REI really cheap and they look better than the OEM mickey mouse ears. Bars are eBay or dirtbike bars from a local shop. Shift lever might cost a bit. Replacement clutch lever is cheap from one of the sponsors. Front axle is from ebay or the classifieds. The headlight mounts you can order from a dealer. They're surprisingly cheap IIRC. Something like $15 a side. Turn signals you can get from anywhere for low $. Or buy someone's OEM signals from the classifieds.
Good luck. [thumbsup]
Quote from: Spidey on November 09, 2008, 11:22:52 AM
Is your front axle bent or is it just that the end of it got chewed up from sliding? If it's just that it's chewed up, you're golden.
If it's bent, I'd take a second look at the bike to confirm that the frame and triples and forks and front wheel are ok.
You should be able to get that on the road for way, way less than $1000, especially if you replace with 2d hand OEM from eBay rather than aftermarket, though this is an ideal time for upgrades. ;D You can pick up Third Eye bar end mirrors from REI really cheap and they look better than the OEM mickey mouse ears. Bars are eBay or dirtbike bars from a local shop. Shift lever might cost a bit. Replacement clutch lever is cheap from one of the sponsors. Front axle is from ebay or the classifieds. The headlight mounts you can order from a dealer. They're surprisingly cheap IIRC. Something like $15 a side. Turn signals you can get from anywhere for low $. Or buy someone's OEM signals from the classifieds.
Good luck. [thumbsup]
Thanks Spidey -- appreciate the info re: parts and where. The front axle is being replaced because the end got rashed a little ... the guys at the shop recommended it so that getting the wheel on/off isn't a problem. All in all, I think I'm lucky to get the bike back at that price and lucky to be injury-free. And I'll definitely be investing some of that $$ in more gear!
Quote from: dm750help on November 09, 2008, 05:28:13 PM
All in all, I think I'm lucky to get the bike back at that price and lucky to be injury-free. And I'll definitely be investing some of that $$ in more gear!
Like the others, I am glad to hear that you made it through your accident intact and have worked out a good agreement with your insurance company.
Funny that no matter how important gear was before an accident, it becomes so much more important after.