This is what I was going to mention. KBB is WAY out of touch with reality. Their bike values are usually incredibly low while their car values are usually incredibly high. When you talk to the insurance company, have print-outs of comps from your locale, as well as a valuation from nada.com (N.A.D.A. is what dealerships usually use).

Also, keep in mind what a claim will do to your insurance rate. A lot of the time, you're basically financing the repairs through your insurance because they up your rates. Talk to them about what it will do to your rate and for how long. Might be cheaper in the long run to cover it out-of-pocket.

 

Yeah i definately do not want it to have a salvage title. Here in ohio when a vehicle is totaled it gets a salvage title then upon inspection it gets a rebuilt title and can be driven on the road again. But its a process and the rebuilt title prevents certain insurance coverages i believe and of course kills the resale value of the bike which i would like to avoid.

The only thing I have done was pay for the quote i have not paid a deductible so i feel like i can just not go through with the claim? Im not sure if i have to submit the quote or not. The company did send a claims adjuster to the shop to take pictures and they know the bike is there though. The repairs manager said the company should be contacting me probably on Monday.

I like what Kuroshio said in the third post and that would be ideal however i dont know if it works that way or not. Im thinking it may be in my best interest to call the shop back and see if the manager will adjust the quote. I have talked to the company and my rates are not going to be affected much so I am okay with filing. I also am planning on switching companys after this is over because i ran some numbers and can get lower rates.

The girl was reading over my shoulder while ive been on here and said shed take a couple pics for me in summer I dont do alot of posting on here because of my mastery of the search function lol. I do alot of reading from previous threads and tend to find what im looking for

my biggest thing as of right now though is when to try and get the quote adjusted before or after i talk to the insurance company/clams adjuster

 

whoaa! that would be a nice way to keep us engaging

 

Got a call from the insurance company and they valued the bike at 4300 and the damages were 3600 so they claimed it as a total loss. They said there number is 65 percent of the bikes value which is about 2800 dollars. They said i can get the quote adjusted or pay for a new one and submit that. They also had said something about contract repair where they would cut me the check and have me fix it my way. He is looking into that and will call me back. He said whatever saves the insurance company money and costs them less to do. He did say they are legally required to bring the bike back to its condition before the accident. I think im going to go back to the shop and see if they can adjust the quote for me or perhaps just take it into another shop for a new quote.

 

take it as a salvage and fix it, or take the $4300 and get another one. since it's been hit and damaged pretty good, i'd take the money and go for a new one.

 

All of the stuff that needs done to it is cosmetic. I am almost thinking about getting the money and buying it back. I mean i dont personally care if the vehicle is a salvage title as i plan on keeping it for a while but it does destroy my resale value of the bike. Any idea what the buyback percentage of the bike is? and how long it takes to get a new title issued for it. The bike is rideable i drove it yesterday and would pass inspection. Do they take the bike from you if you buy it back or can you just hold onto it?

 

the requirements to get it and back on the road vary from state to state (country to country) and company to company. research how to do it for your area and with your company.

i would never buy a bike with a salvaged or rebuilt title. for me, thats 100% value loss. but to someone else, it may not be a big deal if the price is right or they dont know it's salvaged.

 

I.e. stunters

Starting to sound like there's gonna be a lot of hassle involved in trying to keep the bike with a clean title. Since they've upped the value to $4300, I'd probably take that and buy a new one.

 

Here's some intel on how the insurer looks at it: which is more economical--fix it or total it? It's a math problem pure and simple.

Repair cost is whatever the professional repairer says it will cost to put it back in pre-loss condition. That isn't to say an owner can't economize by doing the repairs himself, by finding used repair parts or by letting the little nick or rash be.

Total loss is a little more complex but I'll unravel it. There's a hidden number called salvage value. That's the amount an insurer can recover by selling the bike in an auction. The math:
Repair cost + salvage value > market value = total loss.
Repair cost + salvage value < market value = repairable.

Market value is most accurate when comparing sale prices of 3 or more identical bikes (adjusted for mileage & options) in your market area.

Hope this helps.

 

Thanks for all the insight guys. They said the value of the bike stock is 4300 and will compensate for the aftermarket stuff i have on it as well as the helmets that fell off the bike when it went over. It has a yosh carbon fiber slip on hid's undertail double bubble screen and some other random goodies which will bump the value up even more. Think probably around 4500ish plus the helmets so 4650. my deductible is 500 so will have just over 4 grand. I found a 07 600 rr that ive fallen in love with and from what i have heard compared to the 03-06 rr it is more comfortable and similar to the f4i. I do alot of commuting but still drive agressive in the twisties on the weekends and a track day or 2 a year so seems perfect.

I think im going to have them total the bike out and pay me for it. Over all the f4i is in great shape i have babied it and taken great care of it so am thinking i will try and buy it back and resell it with the salvage title to try and make some more money off of it. 20 percent of 4500 is only 900 bucks. As is i know i can sell it for more than that so is worth it for me.

realistically it needs a mirror front cowl and side fairing. I still drive it daily now as is

Ill update with what happens in the next week and post up pics of the new machine if/when i get it!