Author Topic: My Connie of 10 years totaled.(new bike update last post)  (Read 11011 times)

Offline jamiemac

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Hahaha! Oh, lordy!
2008 C14, Area-P carbon fiber, PCV, Rostra Cruise, LAAM leather seat, Optilux 1500 & MondoMoto MM10 lights, Cee Bailey windshield, BMC air filter, Warm & Safe dual dash mounted heat troller.

Offline jamiemac

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Got a few things off the scoot today. Of course I took out the PCM and I'll bag it with my key fobs. Rear fender extension is off, with the lic plate light. Area P and mid pipe. All the footpegs are good. Got those. Left saddlebag. The right one has a damaged latch and is scuffed, but I think is repairable. Still want to get the tires, and wheels off, but waiting to get paid before I tackle those. I'll have to lift the bike with My engine crane for that. That thing is a pain in the keister. The Pirellis have less than 1K miles on em. I'll probably get the brake calipers, and master cylinders.
2008 C14, Area-P carbon fiber, PCV, Rostra Cruise, LAAM leather seat, Optilux 1500 & MondoMoto MM10 lights, Cee Bailey windshield, BMC air filter, Warm & Safe dual dash mounted heat troller.

Offline maxtog

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Did you buy back the bike from the insurance company?  I must have missed that....  Typically, they will pay you for the loss and the vehicle then belongs to them (unless you buy it back).   In such cases, you should be allowed to remove any customized or added components, as long as you return it roughly to stock components (put back or at least give them what you originally removed/replaced... like factory muffler, seat, bars, racks, whatever).
Shoodaben (was Guhl) Mountain Runner ECU flash, Canyon Cages front/rear, Helibars risers, Phil's wedges, Grip Puppies, Sargent World seat-low & heated & pod, Muzzy lowering links, Soupy's stand, Nautilus air horn, Admore lightbar, Ronnie's highway pegs, front running lights, all LED, helmet locks, RAM Xgrip, Sena SMH10, Throttle Tamer, MRA X-Creen, PR4-GT, Scorpion EXO-T1200,  Tourmaster Flex II

Offline jamiemac

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Did you buy back the bike from the insurance company?  I must have missed that....  Typically, they will pay you for the loss and the vehicle then belongs to them (unless you buy it back).   In such cases, you should be allowed to remove any customized or added components, as long as you return it roughly to stock components (put back or at least give them what you originally removed/replaced... like factory muffler, seat, bars, racks, whatever).
Not yet, but that hasn't been discussed yet. If it becomes an issue, I'll cross that bridge when I get to it. That's why, wheels, tires, and all the basic stuff is still on the bike. The rest, in a pinch it'll all slip back into place. I doubt they'll miss the cruise control, and aftermarket lighting. Bike is too crunched up to believe that all survived.
2008 C14, Area-P carbon fiber, PCV, Rostra Cruise, LAAM leather seat, Optilux 1500 & MondoMoto MM10 lights, Cee Bailey windshield, BMC air filter, Warm & Safe dual dash mounted heat troller.

Offline connie_rider

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Replace the OEM parts you removed with original.
Farkles are yours...

Ride safe, Ted


Offline Cholla

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How do you buy a vehicle you already own?
The insurace company covers you for the loss of value of the vehicle. The title is not what is insured. The vehicle isnt insured. Its the monetary value. If the bike is worth 10k they pay you 10k. The title and vehicle remains yours.
They cover the loss in value not the object.
And yes I have been through tis and the adjuster (why not claim agent) told me I was correct and how did I know this.
I still have the bike and no salvage title. It remained in the safe.
Beware the Black Widows...Feared throughout the land!

Offline jamiemac

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How do you buy a vehicle you already own?
The insurace company covers you for the loss of value of the vehicle. The title is not what is insured. The vehicle isnt insured. Its the monetary value. If the bike is worth 10k they pay you 10k. The title and vehicle remains yours.
They cover the loss in value not the object.
And yes I have been through tis and the adjuster (why not claim agent) told me I was correct and how did I know this.
I still have the bike and no salvage title. It remained in the safe.
I also think this.
2008 C14, Area-P carbon fiber, PCV, Rostra Cruise, LAAM leather seat, Optilux 1500 & MondoMoto MM10 lights, Cee Bailey windshield, BMC air filter, Warm & Safe dual dash mounted heat troller.

Offline Cholla

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I dont thnk it I know it as I have done it.

Insurance companies dont want to deal with the hassle of picking up a crashed vehiicle.
But if they can reduce their payot by you reducing the amount of the settlement they will.
Then THEY can sell it as junk and recoup some of what they paid out.

Beware the Black Widows...Feared throughout the land!

Offline Conniesaki

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How do you buy a vehicle you already own?
The insurace company covers you for the loss of value of the vehicle. The title is not what is insured. The vehicle isnt insured. Its the monetary value. If the bike is worth 10k they pay you 10k. The title and vehicle remains yours.
They cover the loss in value not the object.
And yes I have been through tis and the adjuster (why not claim agent) told me I was correct and how did I know this.
I still have the bike and no salvage title. It remained in the safe.

From https://www.insure.com/car-insurance/totaled-cars.html

Keeping a vehicle that your car insurance company has totaled

If you decide to accept the insurer's decision to total your car but you still want to keep it, your insurer will pay you the cash value of the vehicle, minus any deductible that is due and the amount your car could have been sold for at a salvage yard. It then will be up to you to arrange to make repairs.

"They will cut you a check," says Ward, and then you’re on your own.


I bet that "amount your car could have been sold for at a salvage yard" could be significant, especially since the insurance co gets to decide on that figure, and probably depends on how bad the insurance company wants your car, i.e. how much money they think they can make off of it.

Anyway, it was my understanding that if your vehicle is totaled and you accept the payout, the insurance company then owns it: title, vehicle and value ... all of it. Maybe you could decline the payout and keep the totaled vehicle (maybe not in all states, though), and if so you have to decide if the amount they were offering you is worth declining in order to keep it.

Offline maxtog

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Anyway, it was my understanding that if your vehicle is totaled and you accept the payout, the insurance company then owns it: title, vehicle and value ... all of it.

You are correct.  Although they will typically allow you to remove and keep personal contents, addons and upgrades, assuming they didn't already pay you for the value of those, too; as long as you do give them all the original stuff.  They can and do generate some significant money by turning around and selling a totaled vehicle.  Lots of perfectly good parts are in demand and resold.  I know, I have been to junk yards many times and see how many people are there and see all the money changing hands.

Quote
Maybe you could decline the payout and keep the totaled vehicle (maybe not in all states, though), and if so you have to decide if the amount they were offering you is worth declining in order to keep it.

They will certainly be willing to sell you back the totaled vehicle, for a price they compute.  That price might not be reasonable or what you want to pay, in which case you can refuse to buy it back or possibly negotiate with them for a better deal.  But you accept the payout, you accept their terms and their liability is then zero to you (you will have to sign something to that exact matter, or agree that cashing/depositing the check is your consent to their terms).  The only other option is to not accept the payout and then negotiate or mediate, or to take it court.  Not accepting a payout is less common with just a totaled vehicle, but far more common when it comes to cases that also include "injury" which is far less objective and quantifiable.   There is no blue book for health and no price you can easily ascribe to acute or long term pain and suffering, or loss of function.
Shoodaben (was Guhl) Mountain Runner ECU flash, Canyon Cages front/rear, Helibars risers, Phil's wedges, Grip Puppies, Sargent World seat-low & heated & pod, Muzzy lowering links, Soupy's stand, Nautilus air horn, Admore lightbar, Ronnie's highway pegs, front running lights, all LED, helmet locks, RAM Xgrip, Sena SMH10, Throttle Tamer, MRA X-Creen, PR4-GT, Scorpion EXO-T1200,  Tourmaster Flex II

Offline Cholla

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The above is incorrect. It is YOUR vehicle. The check only covers the monetary loss in value. The title is not covered.
Your house gets hi by a tornado. Dou you buy it back from the insurance co or do you use the settlement to rebuild?
They cover your loss in the value of the home. You are "made whole" with the settlement. That is the job of the insurance co...to make you "whole".

Remember I have been down this road. And I have the vehicle. I was paid full book value. I repaired the vehicle. Title remained in my safe. I was made whole.
Beware the Black Widows...Feared throughout the land!

Offline connie_rider

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This is all news to me.
Everyone I heard about that kept the bike, had to buy it back for some token amount..
Never heard of a bike being kept that had been totaled and paid for...

Over the years, I had 2 cars totaled.
Both were kept by the insurance company.
Are bikes somehow different?

The difference might be, if the vehicle was owned, or the owner and the bank's?
ie: Does the insurance company pay of the vehicle, or give the entire check to the owner?
     If the vehicle is owned outright, that might be part of the answer..

Ride safe, Ted

Offline Conniesaki

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The above is incorrect. It is YOUR vehicle. The check only covers the monetary loss in value. The title is not covered.
Your house gets hi by a tornado. Dou you buy it back from the insurance co or do you use the settlement to rebuild?
They cover your loss in the value of the home. You are "made whole" with the settlement. That is the job of the insurance co...to make you "whole".

Remember I have been down this road. And I have the vehicle. I was paid full book value. I repaired the vehicle. Title remained in my safe. I was made whole.

I suspect you had a rare situation where your bike's parts were worth a low enough amount that the insurance company decided it was cheaper to just let you keep it than to pay to transport it to a salvage yard. And not worth repairing.

Just think, if it was gonna cost $100 to have it taken to a salvage yard, only to receive $100 from the salvage yard, why bother? And maybe you live in the boonies where the nearest salvage yard is 100 miles away, so now the transport cost is much more than $100.

What make/model/year bike are we talking about here? Let's have some details.

Another link: https://braunslaw.com/faqs/who-receives-the-payment-if-a-car-is-totaled-after-a-crash/

Often the settlement check will be issued to your lender and you, and you would need to endorse the check before sending it to your lender. Once the lender receives the payment, it would send the insurance company the title to your vehicle.

According to you, the lender should send the owner the title, yet they're sending it to the insurance company.

Offline Cholla

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The bike is a  87 Moto Guzzi 1000 SP II. One of 100 imported.
Fairing/body parts are now made of unobtanium. All damage was strictly cosmetic. 3500 worth.
The fact remains  the adjuster told me I was right saying the vehicle was still mine and they only cover the value.
He axed how I knew this. I told him I heard it from a friend...an insurance adjuster.
Insurance companies dont want you to know this because t reduces their payout on the claim.

Their bottom line is how much they pay you. Doesnt matter if you take them to court, legal fees come from a different pocket and is  not figured in.
Besides, if the hike is totalled and has scrap vale shouldnt I get that money instead of them? If they consider it a total loss then it has no residual value...right?
The bank should never send the title to the vehicle. They are not buying it. They are paying for the loss in value of the bike not the title. It has no actual value.
The "buy your own vehicle back" is a scam by insurance companies to reduce their payout.
Btw it cost 1300 and my time to fix the hike. I pocketed the balance.
Beware the Black Widows...Feared throughout the land!

Offline Conniesaki

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The bike is a  87 Moto Guzzi 1000 SP II. One of 100 imported.
Fairing/body parts are now made of unobtanium. All damage was strictly cosmetic. 3500 worth.
The fact remains  the adjuster told me I was right saying the vehicle was still mine and they only cover the value.
He axed how I knew this. I told him I heard it from a friend...an insurance adjuster.
Insurance companies dont want you to know this because t reduces their payout on the claim.

Their bottom line is how much they pay you. Doesnt matter if you take them to court, legal fees come from a different pocket and is  not figured in.
Besides, if the hike is totalled and has scrap vale shouldnt I get that money instead of them? If they consider it a total loss then it has no residual value...right?
The bank should never send the title to the vehicle. They are not buying it. They are paying for the loss in value of the bike not the title. It has no actual value.
The "buy your own vehicle back" is a scam by insurance companies to reduce their payout.
Btw it cost 1300 and my time to fix the hike. I pocketed the balance.

Dude ... Your bike is almost 30 years old, and it's only 1 of 100 ... so Blue Books and NADAs are not going to be very accurate, if they have any info at all, and I'm pretty sure those are the kind of valuation sources insurance companies use.

So you "know" your damaged bike still has thousands of dollars worth of valuable parts, but the insurance company probably doesn't, or even if they do they don't have streamlined buying sources lined up ready to pay that kind of money for the parts. So they'd have to spend time researching to find buyers of these rare parts that one of the 100 other 87 Moto Guzzi 1000 SP II owners are ready to pay big bucks for. The insurance company needs a big market of buyers so things are streamlined, efficient and profitable. Think about it: Let's say you had no insurance on the bike, got in an accident that ruined it but you still had some flawless parts to sell off it: Where will you find buyers to pay the money you're anticipating for your unobtanium? How many of those buyers are out there? Not many. So the insurance company's decision: Pay you and let you keep your beloved bike that would otherwise just cost them time/money to deal with.

Pretty sure your rare situation doesn't apply to very many others.