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tmosher
2006-Jan-21, 05:27 AM
A couple months back I had a minor accident on my motorcycle ('95 BMW K75). Well...the supposed repair cost, mostly cosmetic, was $3,800. The insurance company decided to total the bike - they offered $2,950 minus the $250 deductible with the ability to buy the bike back at salvage cost.

Would you believe it only cost me $189 (yes, that's right) to buy back the bike? It's still driveable (in fact, I rode it 90 miles from Savannah to Charleston, SC to the bike shop). It just looks cosmetically beat up (cracked fairing, dented tank, scraped engine cover and broken turn signals on the right side).

I still can't believe they only want $189 to buy back the bike with a perfectly clean title (no salvage title change).

I can rebuild the bike cheaply with used parts which I intend to do.

Halcyon Dayz
2006-Jan-21, 05:39 AM
Sounds like you'll actually make a profit.
Does not compute.

SeanF
2006-Jan-21, 05:40 AM
So instead of a $3550 repair cost, they got away with only shelling out $2511.

I'm not sure there's anything wrong with the logic, there. :)

teri tait
2006-Jan-21, 06:06 AM
I don't know any state that does not require a salvage title for a salvage vehicle. You may want to check with your DMV, insurance companies generally report total loss vehicles to the DMV and if the vehicle is retained by the owner, it is the owners obligation to initiate the salvage title documentation.
Besides the vin is tagged as a prior total loss, if you get in another accident, you will find the actual cash value will have dropped significantly.
I been handling insurance claims for 10 years (all lines of business including personal auto insurance) and if your adjuster told you your vehicle is not considered salvage, he is grossly ignorant or an idiot. (Or both)

tmosher
2006-Jan-21, 09:28 PM
I don't know any state that does not require a salvage title for a salvage vehicle. You may want to check with your DMV, insurance companies generally report total loss vehicles to the DMV and if the vehicle is retained by the owner, it is the owners obligation to initiate the salvage title documentation.
Besides the vin is tagged as a prior total loss, if you get in another accident, you will find the actual cash value will have dropped significantly.
I been handling insurance claims for 10 years (all lines of business including personal auto insurance) and if your adjuster told you your vehicle is not considered salvage, he is grossly ignorant or an idiot. (Or both)

I haven't a clue what the insurance company is up to...however, I don't think they are going to report the total loss to the Texas Department of Transportation. They may handle motorcycles differently from cars (easier to total out a motorcycle than a car). A bit of history - more than a few years back I bought what was essentially a totalled BMW R100 (1983 model) and the title was completely clear - not one mention of being a salvage bike.

suntrack2
2006-Jan-22, 12:29 PM
mainly there are two types of insurance schemes generally observed, 1. comphrehencive insurance 2. one time insurance.
in the 1st type, if anything happenes to the bike or say a motor car, may be the scratch on the indicators or scratch or any part if ruin, the 100%amount is givable. this sort of insurance premium has to pay every year, and normally the insurance companies can charge or deduct the amount when they pay the claim of an any minor accident like, and that deduction is called as "depreciation cost", which is may be compulsoryly deduct from the claim givable, this is not their malpractice, they always do as per the rules.

2. in the one time insurance schemes generally the amount is payable to the third party when any dash occurs by our own vehicle to the other fellow.

3. i don't know what sort of scheme you have taken there, or what sort of regulations are there in respect of settling the claim (claim means "the charged amount by the indivisual to that company).

4. or may be the above types of schemes are present thereon, i am telling my opinion. 5. any insurance company in the world always functions with the conditions in the schemes they have put, and they always do with the rules existed in the claim manual.

p.s. may be my knowledge is wrong one, my above opinion is not compulsory.

:)

sunil

Superluminal
2006-Jan-23, 03:01 AM
I sometimes don't understand insurance cos. either. I have aluminum siding on my house. A couple of years ago a wind storm tore one panel off. Insurance guy came out, looked around. A few days later we get a check for $350. It took me less than 5 min. to nail the panel back in place and it looked as good as before.