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Because I Can
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Discussion Starter · #1 · (Edited)
Insurance: totaled bike - what would you do?

Background:
- 2008 R6 with 30,516 miles and it's totaled
- Got paid for personal injury already
- Other driver was at fault and I'm making the claim through their insurance. My insurance has not been involved.

Before this happened the bike was in excellent condition. I'm kind of anal when it comes to maintenance. For example, I get out a caliper when adjusting the chain lol. Overkill I know, but that's a glimpse as to why I believe the condition was excellent.

Offer:
I was just offered $6,466 for the bike (including all the aftermarket parts) which that would take from me to sell at auction if I accept. Below is a list of the parts I had on the bike. I'm waiting to hear from an internal adjuster on the payout for protective gear I was wearing....that I will not budge on and will not accept anything less than price listed that I paid.

Anyways, I need your input....
1.) Do you think that offer is a fair value given the original condition and parts on the bike?
2.) I asked about buying it back. I'm waiting on an exact value, but assuming $3k (the high number of his over the phone estimate,) do you think it would be financially smart to buy it back and resell personally? What do you think an '08 R6 in that condition (rough looking, although the frame/subframe/engine were untouched) would fetch for a racer type of person? Do you think approximately $4k-$5k is doable in order to extract an extra $1k out of the bike? Or would I have difficulty selling it for even $2k?

The bike is still in good condition because the parts that were damaged would be removed anyways by a track rider (fairings, headlight, taillight, etc.) The worst damage is the scratched engine case cover, a small dent & scratches to the tank, and a leaky left front fork, and the upper fairing stay. You can see the dent in the rear view picture and it's almost in the center of the tank at waist level. Other than that it's all cosmetic.
 

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Reads the rulez
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That bike would never fetch $4-5k from a racer. Shit, I bought my '08 a year ago with 1,200 miles on it that was bone stock and not a scratch on it for $5200. If the fork is weeping now, and you're as anal as you say you are, then the fork was tweaked, because it wasn't leaking before (Right?) So right off the bat, the forks are useless to me.

You can probably sell the frame for $1500-2k, if it's actually clean, dent/scratch free with a title. Wheels a few hundred, a couple hundred for the parts you listed. You just now broke the figurative $3k cost to buy it back. You still have $3,466 to sell off the bike before you make the same amount of money as if you'd just take the insurance check. Oh, and you don't have to deal with any retards in regards to selling bike parts if you take the insurance check.

Everyone's opinion is different, but I'd take the insurance check for $6,466 for the bike, plus the cost of the gear, and be happy.
 

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Because I Can
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2,325 Posts
Discussion Starter · #3 · (Edited)
That bike would never fetch $4-5k from a racer. Shit, I bought my '08 a year ago with 1,200 miles on it that was bone stock and not a scratch on it for $5200. If the fork is weeping now, and you're as anal as you say you are, then the fork was tweaked, because it wasn't leaking before (Right?) So right off the bat, the forks are useless to me.

You can probably sell the frame for $1500-2k, if it's actually clean, dent/scratch free with a title. Wheels a few hundred, a couple hundred for the parts you listed. You just now broke the figurative $3k cost to buy it back. You still have $3,466 to sell off the bike before you make the same amount of money as if you'd just take the insurance check. Oh, and you don't have to deal with any retards in regards to selling bike parts if you take the insurance check.

Everyone's opinion is different, but I'd take the insurance check for $6,466 for the bike, plus the cost of the gear, and be happy.
The highlighted red number would not be there. I would start with $3,466 from insurance after buying it back so after I sold those bits for $3k to break even it would be additional money in the bank.

I am leaning toward your thoughts though. I'm not quite sure I want to deal with the hassle of reselling it myself. I'd only do it if it were worth the time and effort.

EDIT: Yes, I think the front fork is tweaked. It was definitely not leaking before the accident.
 

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Meh
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That bike would never fetch $4-5k from a racer. Shit, I bought my '08 a year ago with 1,200 miles on it that was bone stock and not a scratch on it for $5200. If the fork is weeping now, and you're as anal as you say you are, then the fork was tweaked, because it wasn't leaking before (Right?) So right off the bat, the forks are useless to me.

You can probably sell the frame for $1500-2k, if it's actually clean, dent/scratch free with a title. Wheels a few hundred, a couple hundred for the parts you listed. You just now broke the figurative $3k cost to buy it back. You still have $3,466 to sell off the bike before you make the same amount of money as if you'd just take the insurance check. Oh, and you don't have to deal with any retards in regards to selling bike parts if you take the insurance check.

Everyone's opinion is different, but I'd take the insurance check for $6,466 for the bike, plus the cost of the gear, and be happy.
+1, on all of that.
 

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Because I Can
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Discussion Starter · #6 ·
Just take the check, buy new gear and a bike and move on.

All that other shit you are talking about is just a headache.
Would your thoughts change if the buy back was 1,500?
 

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wat?
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Would your thoughts change if the buy back was 1,500?
Yes, if the frame/motor/subframe/wheels are all intact, then it would be worth $1500. Anything much more than that and the potential profit margin is too low to be worth the hassle.
 

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Make good choices.
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Would your thoughts change if the buy back was 1,500?
If you think you can sell the bike as a whole for a profit over the buy back cost, go for it. But BE REALISTIC about the price you can fetch for the wrecked bike. Parting out a wrecked bike is just a pain in the butt. The insurance company isn't just pulling numbers out of their ass; they have a bit of experience in this situation. The buy back cost is what they think they will get for it at auction; they aren't going to give it to you for less.

Remember, the purpose of the insurance company paying you is to make you whole again. Not to give you the opportunity to turn a profit. (although people frequently do)
 

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stuntin
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A bike with that many miles would not get you more then 4500 in most markets in perfect condition. I bought my 08 from a dealership in perfect condition 3 years ago with 22k miles for 6k. I feel I got smoked.
 

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Reads the rulez
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Yes, if the frame/motor/subframe/wheels are all intact, then it would be worth $1500. Anything much more than that and the potential profit margin is too low to be worth the hassle.
:werd
 

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Because I Can
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Discussion Starter · #11 · (Edited)
I guess it's not worth the hassle. Thanks for the input guys.
 

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Re: Insurance: totaled bike - what would you do?

good luck, the bottom line is you always loose regardless which insurance pays.
insurance companies are thieves and pure scam.
 

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If you can buy it back for less than $2k... thats a pretty good deal. Throw another $3k at it and you'll have a dedicated (and popular) track bike that you know the history of.
Mileage is abit high for my tastes but if youre just starting out thats not really a big deal.
 

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Reads the rulez
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If you can buy it back for less than $2k... thats a pretty good deal. Throw another $3k at it and you'll have a dedicated (and popular) track bike that you know the history of.
Mileage is abit high for my tastes but if youre just starting out thats not really a big deal.
Or you could just buy a built R6 with the insurance check and not have to do anything...
 

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Because I Can
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Discussion Starter · #15 ·
I posted it for sale yesterday at 4:45pm....just made a hand shake deal tonight at 9pm. So pending paperwork from insurance to finalize everything I'll have it sold if all goes through.
 

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Dangerously Irish
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Or you could just buy a built R6 with the insurance check and not have to do anything...
yah but the flip side... it could be a cobbled together piece using a good shops name and you might miss a few rounds because it blows up 2 laps into practice. ;) But it looked good on the back of the crash truck on the way back in.
 

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Reads the rulez
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If it's got tits or tires, it'll give you problems. Come on, everyone knows that. It's always a crap shoot buying a new-to-you bike. And even buying new doesn't mean shit, because if new was so great, they wouldn't have to come with warranty's.
 

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Premium Member
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That bike would never fetch $4-5k from a racer. Shit, I bought my '08 a year ago with 1,200 miles on it that was bone stock and not a scratch on it for $5200. If the fork is weeping now, and you're as anal as you say you are, then the fork was tweaked, because it wasn't leaking before (Right?) So right off the bat, the forks are useless to me.

You can probably sell the frame for $1500-2k, if it's actually clean, dent/scratch free with a title. Wheels a few hundred, a couple hundred for the parts you listed. You just now broke the figurative $3k cost to buy it back. You still have $3,466 to sell off the bike before you make the same amount of money as if you'd just take the insurance check. Oh, and you don't have to deal with any retards in regards to selling bike parts if you take the insurance check.

Everyone's opinion is different, but I'd take the insurance check for $6,466 for the bike, plus the cost of the gear, and be happy.
me too. AND i know how anal you are about your bike.
 
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