I hate insurance!!



07vigorblue

Donating Member
Registered
I guess it just depends on the area for pricing! Also i just talked to adjuster and he didnt total it out. its $40 under total loss value so after deduct im getting just under $5k. But i still dont think i should have to pay a deductable since they are gonna go after the thiefs. Also i will never sell this bike unless the frame is broken. It holds a lot of sentimental value. My wife and i have been through a lot with this bike as we bought it New in 07. I personally took it out of the box!
 

RussellJ

Rick Rollin'
Registered
I guess it just depends on the area for pricing! Also i just talked to adjuster and he didnt total it out. its $40 under total loss value so after deduct im getting just under $5k. But i still dont think i should have to pay a deductable since they are gonna go after the thiefs. Also i will never sell this bike unless the frame is broken. It holds a lot of sentimental value. My wife and i have been through a lot with this bike as we bought it New in 07. I personally took it out of the box!
Ah, personal sentiments will jack the price you believe it's worth versus actual market value. :laugh: I'm not saying that is bad at all but you do should try to keep the bike and rebuild seeing that you have so much personality and memories in it. I would listen to Goldenchild said and try that before anything. Worst the insurance company can say to offering them less is no and you still get it for 2100.

Good luck on the rebuild! PM me if you need help finding any good deals :beerchug: :laugh:
 

CWCobra

Registered
Really!! Have you ever rebuilt a busa? I have. Have you ever had your Bike stolen and got ripped out of $4000 worth of value because of 2meth heads. I shouldnt have to pay for **** because it was NOT my fault. I can pay my premiums with out any complaint but yet they wanna rip me because their value source says its worth this. Could you go buy a 2007 Vigor Blue Busa with 5-7k miles for $5-7k. NO!!!
For what it's worth, I bought my 2007 'Busa in fall of 2008 for $7,500. It had 8,000 miles on it at the time. But mine's red pearl, not blue.
I'd sell it tomorrow for $7,000 and not bat an eye. But that's just me.
 

Trout

Registered
If it isn't your fault, you shouldn't be paying deductible.
Its not even my fault and im still getting screwed.
I shouldnt have to pay for **** because it was NOT my fault.
But i still dont think i should have to pay a deductable since they are gonna go after the thiefs.
Theft claims fall under the comprehensive part of the policy. There's really no such thing as a comprehensive payout without the deductible. Comprehensive claims are not calculated based on fault. If you were in an accident that was the fault of someone else, then you could expect their liability insurance coverage to cover your loss in full. I'm not trying to defend the insurance company. This is just the way things work. Based on the information provided, I think the insurance company is doing their job well. If every claim were paid out based on actual original cost and sentimental value and so forth, then we'd all be paying a bunch more in premiums.

Deductible amount is a gamble that the insured takes. You can pay more premium for a lower deductible, or you can risk it (like I do) and take the lower premium for a higher deductible. If my bike is stolen, then I know that I'm footing the first $500 of the loss. That's just how it works.
 

Dennis

Registered
Theft claims fall under the comprehensive part of the policy. There's really no such thing as a comprehensive payout without the deductible. Comprehensive claims are not calculated based on fault. If you were in an accident that was the fault of someone else, then you could expect their liability insurance coverage to cover your loss in full. I'm not trying to defend the insurance company. This is just the way things work. Based on the information provided, I think the insurance company is doing their job well. If every claim were paid out based on actual original cost and sentimental value and so forth, then we'd all be paying a bunch more in premiums.

Deductible amount is a gamble that the insured takes. You can pay more premium for a lower deductible, or you can risk it (like I do) and take the lower premium for a higher deductible. If my bike is stolen, then I know that I'm footing the first $500 of the loss. That's just how it works.
Yea I was assuming collision of some sort, not thinking of comprehensive. No getting out of that deductible.
 

GIXERHP

ok, ok...just a wee bit Irish...
Donating Member
Registered
This is correct but you need to have possession, so it just cant be picked up by the insurance company!
Leave the bike with them for $2100, and take the deductible loss and run... $7100 back for a 2007 is good. We brought one for $5500 with accessories.. $2100 buy back is too much for a stock bike and likely a salvage title not that it matters... The Buy Back $$ # came back from a salvage buyer via the insurance network so they want you to pay that for it.. i have done enough insurance stuff to know how that goes.. Offer them a $1000 for the bike with $6100 back or all cash less $500 deductible..It'll change the game.. send me a 12 pack for the inside info.. :laugh:
 

card16969

Registered
Hate to burst your bubble man but 2100 buy back 5k cash and 500 deductable is not bad at all... kick in $2500 you can go buy a gen 2 for $7500 with 10k or less miles on it, its a 5+ year old bike, depreciation at 1000 per year for insurance thats honestly not that bad and thats if you actually paid 12.5k for it. My dad totaled out his $21k v6 silverado last year that was only 4 years old and it had $8900 worth of damage which barely totaled it out. They wanted 6k to buy it back with a twisted frame. His insurance payout was $7600 he priced out all the identical vehicles he could find in 100 miles with matching options an showed them it was worth way more than what they wanted to pay for it and they wound up paying out $9800. Dont forget most insurance companies will not pay out for aftermarket parts, some will actually depreciate the value for aftermarket.
 

Ludicrous Speed

Registered
I went through the same thing with my 04 after the uninsured kid pulled out in front of me.....

They were giving AVERAGE retail. At the time, that meant the biks should have 30k on it. Mine had 15, and looked like new. $5145 was all they were giving and no way to budge! Luckily, Progressive has a $3k "parts and accesories" clause. My adjuster maxed that out for me.

And most Gen 1s are not bringing 7k anymore. They may be advertised for that, but they aren't getting it.
 

GsxrBots

Motorboatin' Moonpies, Gangnam Style
Registered
I wouldn't pay $7000 for an '07 regardless of miles. You can get Gen 2's for $7500 now. Sorry man, I know you got screwed over, but I'm with the others here. I wouldn't even buy it back.
Take the money and upgrade to a Gen2 for about $500..
 

Snooki

Chicken Stripper Snooki
Registered
07vigorblue said:
I guess it just depends on the area for pricing! Also i just talked to adjuster and he didnt total it out. its $40 under total loss value so after deduct im getting just under $5k. But i still dont think i should have to pay a deductable since they are gonna go after the thiefs. Also i will never sell this bike unless the frame is broken. It holds a lot of sentimental value. My wife and i have been through a lot with this bike as we bought it New in 07. I personally took it out of the box!
I have been in the insurance business for over 20 years. This may also help, if they are going after the jack heads that stole it and recoup the money, they are required to refund your deductible. If the people who stole it have auto insurance, they should be going after their insurance company for all damages AND your deductible. If the bike is not totaled out, they can not require you to "buy it back" they have to offer you what it would cost to repair it, minus the deductible. If you haven't already signed an agreement, don't. But, again, either way, if they are going after the other insurance company, you should have the bike in your possession , pay nothing (not even deductible) and get the money that it would take to restore the bike to its previous condition or, have an independent estimate done. You have options. I am happy to help in any way that I can, if you would like. Just let me know!
 

kjcili

Donating Member
Registered
Sorry about your troubles bro, but book is book and thats what they go by. Wierd tho, cuz mine was just totalled and State Farm wrote me a check for $8200 on my '06. I had Allstate for years and they always treated me right, I only changed cuz of premium difference after I mover to Illinois
 

07vigorblue

Donating Member
Registered
Hmm I will ask my agent about getting my deduct back. its Not being totaled and i have the bike in my driveway. like i said i will never get rid of this bike not for a gen 2 especially. I will just buy another bike if i want one :laugh:.
 

Merlot

Donating Member
Registered
I guess it just depends on the area for pricing! Also i just talked to adjuster and he didnt total it out. its $40 under total loss value so after deduct im getting just under $5k. But i still dont think i should have to pay a deductable since they are gonna go after the thiefs. Also i will never sell this bike unless the frame is broken. It holds a lot of sentimental value. My wife and i have been through a lot with this bike as we bought it New in 07. I personally took it out of the box!
I totally agree with you on the sentimental part,especially you had taken great care of it with mods.The time,effort and $$$ taken over the years like me.
Thats why its with me for 6 years and counting now.Only i can tame and ride my beasty anyway.:laugh:
 

PNW

Registered
I have been in the insurance business for over 20 years. This may also help, if they are going after the jack heads that stole it and recoup the money, they are required to refund your deductible. If the people who stole it have auto insurance, they should be going after their insurance company for all damages AND your deductible. If the bike is not totaled out, they can not require you to "buy it back" they have to offer you what it would cost to repair it, minus the deductible. If you haven't already signed an agreement, don't. But, again, either way, if they are going after the other insurance company, you should have the bike in your possession , pay nothing (not even deductible) and get the money that it would take to restore the bike to its previous condition or, have an independent estimate done. You have options. I am happy to help in any way that I can, if you would like. Just let me know!
There is no auto insurance let alone any liability insurance anywhere in existence to cover the intentional criminal acts of an insured.
 


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