Cash Settlement Amount for a "Write-Off"

[GreyGhost]

When I have had cars appraised, I have paid 75 to 150, 300 sounds steep.

Sorry to here about your bike.

[Freestyle72]

Not sure why an 05 Hayabusa would be worth $7500? They are the same old design since 99 (maybe there was a minor change in 03 I think). And those bikes are basically a dime a dozen.

This guy has an 06 with 10,000 less KMs and is only asking $5000. This took me 2 minutes to find.
http://ontario.kijiji.ca/c-cars-vehi...AdIdZ304099656

Not saying the amount the insurance company wants to give you is right or wrong. But I think you need to be more realistic with your expectations. Most bikes after 40,000KM make people really scared to ride since many owners neglect to do their valves and whatever else until often too late. Not saying yours is like that. I am just saying selling a bike with that high mileage is often difficult.

[BusaBob]

You can sue the party that knocked it over however, it probably would be about 18 months at best till you see any of the money.

someone told me that if I accept the cash settlement, I'm waiving my right to sue the woman who hit me. Could someone verify this?

I had a winter-beater truck appraised for 60$ under the table. MTO didn't have a book value on it so I had to get it appraised myself.
Call a few appraisers, explain your situation vaguely and see if they'll work on your side.

When you say 77% of the previous value, what do you mean by "previous value"? Purchase price?

Where did you find the appraiser? Yellow pages?
The 77% was off the cash value they would have given me for the bike.

When I have had cars appraised, I have paid 75 to 150, 300 sounds steep.

Were did you find the appraiser?

Not sure why an 05 Hayabusa would be worth $7500? They are the same old design since 99 (maybe there was a minor change in 03 I think). And those bikes are basically a dime a dozen.

This guy has an 06 with 10,000 less KMs and is only asking $5000. This took me 2 minutes to find.
http://ontario.kijiji.ca/c-cars-vehi...AdIdZ304099656

Not saying the amount the insurance company wants to give you is right or wrong. But I think you need to be more realistic with your expectations. Most bikes after 40,000KM make people really scared to ride since many owners neglect to do their valves and whatever else until often too late. Not saying yours is like that. I am just saying selling a bike with that high mileage is often difficult.

Admittedly, the emotional attachment I have for my own bike may make my expectations unrealistic. That being said, I don't know if you could consider the Hayabusa exactly a "dime a dozen". My search of internet sites literally turned up a little more than a dozen comparable Hayabusas (albeit all with much lower mileage), including an Autotrader search across Canada.

The average asking price was about $7000-$7500. I only saw 2 in the $5000 range. 600cc R6's and Gixxer's were more "a dime a dozen".

The $7500 price was for the ad by GP bikes for the same year and paint scheme as my Hayabusa (again, admittedly with basically half the mileage). The colour patterns have been changed each model year effectively making each pattern relatively rare. In 5 years, I've only personally seen 3 or 4 Hayabusas with the same colour/design pattern as mine.

It's upsetting because due to the negligence of a woman backing into my bike, it looks like I'm going to be in the significantly in the hole to repair/restore/replace my bike to the its pre-accident condition, which just doesn't seem right.

[caboose483]

It's upsetting because due to the negligence of a woman backing into my bike, it looks like I'm going to be in the significantly in the hole to repair/restore/replace my bike to the its pre-accident condition, which just doesn't seem right.

What exactly is damaged? If you have your heart set on keeping it the same colour scheme you might be out of luck, but if you're flexible on that detail then here you go:

http://motors.shop.ebay.com/i.html?_...5&_sop=3&_sc=1

Good condition complete OEM fairing sets generally go for under $1500.

Depending on what else is damaged.. fairing stay? exhaust? rearsets? You'll need some other parts but I have a hard time imagining it adding up to more than $3000.

When i worked at Inglis we had a guy come in with a 2006 'Busa for an insurance estimate. He had tucked the front at a fairly low speed on some gravel. The bike slid on the left side off the road then flopped over onto the right side. Every single body panel was scuffed, there was a tiny ding in the tank, fairing stay was bent and both mufflers were scuffed. As well there was some light damage to the left lip on both rims (nothing 30 seconds on a lathe at wheel refinisher shop wouldnt fix) There was no structural or mechanical damage to the bike, the guy even rode it home and rode it in to Inglis. Replacing all the bodywork with new OEM parts plus the gas tank, rims and exhaust would have been over $12,000. Obviously it got written off.

I desperately wanted the guy to buy it back from the insurance company then sell it to me. The buy back would have been $1200 and for another $2500 i could have had it rebuilt in excellent condition.

He didn't want to deal with the hassle of the buy back and sell again. Oh well.

[SLaP]

Just a thought... Have you inquired about buying back the bike along with the pay out. Perhaps they will let it go cheap and you can repair it yourself with the pay out cash. Check with your insurance co, and see if that might work out.

[kodiak450]

When my bike was a write off my insurance company wanted to screw me over too, they wanted to pay me the price i bought it for, which i got a deal on in the first place. The insurance company must pay you out at avc vale, actual vehicle cost. Since it is not at fault they need to give you enough to purchase the same bike used. My insurance company was giving me a hard time mentioned avc price and the guys tone started to change. If they still don't want to budge tell them to send you a copy of the appraisal they have and if she says she cant tell by law she has to. and they do look at auto trader and websites like thats how i got the guy to realize the value of the bike. the appraisal will state the avc value on it which would be the max you can get.

[LiNK666]

someone told me that if I accept the cash settlement, I'm waiving my right to sue the woman who hit me. Could someone verify this?

That be true. Think about it, you've taken money from the insurance company as the settlement saying "ok, you've paid me fair value for my loss" what else is there to sue for? Insurance companies are suppose to take care of medical bills as per their mandate, but should your needs exceed those of what the insurance company/your policy can provide then you can sue. Sentimental value doesn't matter much, if at all, to insurance companies.

[BusaBob]

http://motors.shop.ebay.com/i.html?_...5&_sop=3&_sc=1

Good condition complete OEM fairing sets generally go for under $1500.

Thanks for the link. Looks like the used one is worth a look. The rest appeared to be Chinese aftermarket fairings, not OEM.

I know I'll probably be able to source out parts over eBay and stuff. The damage is all cosmetic (as well as brackets, etc.). The parts damaged were near pristine, very good condition.

The thing is, the damage was 100% the fault of another motorist, so I have a hard time accepting that I should be on the hook for anything more than inconvenience to restore the bike to pre-accident condition (which I understand is unrealistic, given the existing policies, etc.)

But what Primmum is offering just barely covers the parts (new). I'm still out labour. If I do it myself, I'm still out my own time (plus i wouldn't feel safe riding it afterwards, lol), or a friend's time (maybe a few cases of beer and some steaks, lol), etc.

unfortunately, it's more than just scratched & cracked fairings.

W....mentioned avc price and the guys tone started to change. If they still don't want to budge tell them to send you a copy of the appraisal they have and if she says she cant tell by law she has to. and they do look at auto trader and websites like thats how i got the guy to realize the value of the bike. the appraisal will state the avc value on it which would be the max you can get.

great! thanks for the info!

That be true. Think about it, you've taken money from the insurance company as the settlement saying "ok, you've paid me fair value for my loss" what else is there to sue for? Insurance companies are suppose to take care of medical bills as per their mandate, but should your needs exceed those of what the insurance company/your policy can provide then you can sue. Sentimental value doesn't matter much, if at all, to insurance companies.

And I see that point of view, but what about cases such as this where the insurance company will not pay enough to cover the costs of replacing or repairing to pre-accident levels (what I would consider fair value for my loss)?

Does anyone know of an actual line of regulation/agreement policy which prevents me from going after the motorist in small claims court?

[Scuba Steve]

You can not sue the other party at all, thats why they have insurance and with ontario's system your insurance company covers your bike.

[caboose483]

Thanks for the link. Looks like aftermarket fairings, though, not OEM. I know I'll probably be able to source out parts over eBay and stuff. The damage is all cosmetic (as well as brackets, etc.). The parts damaged were pristine, or near pristine.

The thing is, the damage was 100% the fault of another motorist, so I have a hard time accepting that I should be on the hook for anything more than inconvenience to restore the bike to pre-accident condition (which I understand is unrealistic, given the existing policies, etc.)

But what Primmum is offering just barely covers the parts (new). I'm still out labour. If I do it myself, I'm still out my own time (plus i wouldn't feel safe riding it afterwards, lol), or a friend's time (maybe a few cases of beer and some steaks, lol), etc.

If you sort by price, most expensive first, the top results are OEM fairings. The cheaper ones are aftermarket junk. $1500 is about the going rate for complete OEM fairing kits in good/excellent condition. From people i know that buy bikes in a crate then build them into race bikes they usually sell complete brand new take off bodywork (minus the tank) for $1000.

Of course you're hardly going to get the value of new OEM parts. Once the repair esimate exceeds a certain percentage of the vehicles worth the cost of replacement parts no longer factors into the settlement value. Look at the example i provided... $12,000+ in parts alone needed to repair that Busa.. factor in labour and you'd probably be pushing $14,000 and then tax on top of that. The settlement for the bike would have been significantly less than the repair cost. That's why it was a write off!

You may be able to argue that your bike is worth more than they are saying but you'll have to provide some sort of evidence to back that up. If you're friendly with a local dealer who is familar with your bike, perhaps you could get them to write up an appraisal of some sort for you.. or have them write a letter confirming the condition of the bike.. or something.

If you do end up getting a satisfactory payout for it and are not interested in fixing it, buy it back then sell it to me as is

[blackcamaro]

Do you have service records, recent bills for new parts such as tires etc? If so tell them you have documentation to support the fact the bike was kept in very good condition regardless of the mileage. It isn't gauranteed but it can help to get the value up some.

[RickT]

I used to work in the car industry and was often involved in issues such as yours. While it may seem like your (her?) insurance company is trying to screw you over, it most likely is them coming up to what they feel is a realistic value for your bike. No one wants to pay more than something is worth. In the car industry there are usually hundreds (thousands) of resale data available to come up with a value for a written off vehicle, unfortunately not so much data for a written off bike.

What are they offering you (sorry if you've provided that number and I missed it) and what are you using as a real world comparison as to why it's too low. Whether you like it or not, high mileage does affect resale value on any vehicle and 62K on a motorcycle is considered high and will affect the value. Unless you can provide proof (the 2nd appraisal) that they are low balling you, you may just have to take their offer and hope for the best.

Good luck.

BTW... took a look at the bike GP Bikes is selling... it has almost half the mileage of yours and the price listed is their "asking" price. Might be worth calling GP Bikes and seeing if they will deal with you. Paying a few $ to get a bike with much lower mileage might be worth it. Also saw a couple in autotrader with much lower mileage and similar prices. Sounds like you may not be getting such a bad offer after all (just saying).

[BusaBob]

Thanks for the input, guys. I hear you.

Caboose: I'm definitely going to keep the bike, which is why I want as much for it as I can so I'm not too deep in the hole with the repairs.

My whole issue is with the "write off" policy. Yes, I understand that if it costs more to repair something than to replace it, it makes sense to replace it, if a replacement is readily available. Primmum's write off policy is at 80% of market value. I know it's the way the system is set up.

Like RickT said, there is a huge number of cars on the road to determine market value. But motorcycles are not exactly like cars. They are a luxury item in Canada, are kept clean and well maintained for the most part and aren't exactly a dime a dozen (disregarding the 600cc SS segment). My bike cannot be easily replaced. And the amount that they are offering for the "buy it back" is not enough to cover the parts, nevermind labour.

But that is the route that I'm going to have to go. Just want to know how to get them to offer a little more. Either way I go, I'm gonna be in the hole (by quite a bit, not a few hundred dollars). It just doesn't seem right, seeing as I'm in this situation just because someone else was negligent.

[Gnu]

You can try http://www.giocanada.org/gioboard.html . Primmum is a member there so they should at least be able to give you some advice.

[Dr.Manhattan]

You can not sue the other party at all, thats why they have insurance and with ontario's system your insurance company covers your bike.

This. When I got into my accident I wanted full price for my bike, as I only bought it last year, but I ended up losing $2000 on it due to " high km's ". These adjusters don't know **** about bikes and maintenance, as I have seen bikes go further then cars in terms of KM's. I was told to find a bike of the same model with the same km's for my price, but she was obviously retarded, since the amount of mods I had on my bike pretty much separated it from any other bike of the same model. Fighting them was a losing battle so I just accepted the money, pretty brutal.

[BusaBob]

....Fighting them was a losing battle so I just accepted the money, pretty brutal.

sad to hear, dude.

[TwistedKestrel]

Mods are a funny thing. With State Farm, past a certain level you are better off having your bike appraised anyway. I know from experience that they would take the value of the exhaust into account, but not things like a Corbin seat or fancy brakes.

[Dr.Manhattan]

Mods are a funny thing. With State Farm, past a certain level you are better off having your bike appraised anyway. I know from experience that they would take the value of the exhaust into account, but not things like a Corbin seat or fancy brakes.

Yea the only thing they took in was my Devil Shotgun Exhaust, but even that was downplayed. When I mentioned my custom seat, carbon fiber parts, steering dampner, vortex clip-ons and so on they kinda just went " whaaaa ? "

[dtgsxr_xb9s]

Not sure why an 05 Hayabusa would be worth $7500? They are the same old design since 99 (maybe there was a minor change in 03 I think). And those bikes are basically a dime a dozen.

This guy has an 06 with 10,000 less KMs and is only asking $5000. This took me 2 minutes to find.
http://ontario.kijiji.ca/c-cars-vehi...AdIdZ304099656

Not saying the amount the insurance company wants to give you is right or wrong. But I think you need to be more realistic with your expectations. Most bikes after 40,000KM make people really scared to ride since many owners neglect to do their valves and whatever else until often too late. Not saying yours is like that. I am just saying selling a bike with that high mileage is often difficult.

My unbiased opinion is that Freestyle72 is right.

[dardania]

i had the same issue with state farm but this was about my car , they amount of money they offered me was 500 less than fixing my car and i refused to take it . i told them in all conversations wer had i want my car fixed i dont want another one the same for the money you are offering me i have my car for a while and i know how it runs whats wrong etc... bottom line they ended up fixing my car but then again if the gap is huge between your repairs and they money they offer you i dont know hows going to work out . good luck