Insurance - Total Bike Value - Questions

[mvanlone]

Guys,

I have a couple of questions/help. I have a 2007 Hayabusa that is totaled. It has 30k miles on the bike. There has never been any damage done to the bike before it was totaled. It was never laid down or anything. What is the value of this bike in your opinion, stock and than after these parts added. I have receipts for all parts that I have purchased for this bike. Here is the listing of parts and the cost of these parts. Insurance states bike is worth $9,400.00......I am getting screwed huh? Please respond back what I should do. I can't see the bike only worth this amount. The insurance company STATE FARM.....columbus, ohio area. P.S. Bike is extended 6 in with extensions that are removable.


Xen Hid Converion Kit $106.59
Fairing Screen Grills $44.99
Foot Pegs $59.85
Frame Plugs $36.49
Mirror Spacers $31.00
Valve Caps $17.97
Light Kit $139.99
Gear Indicator $48.27
Electric Shifter $699.99
Magnetic Drain Plug $14.85
Swing Arm Extension $135.00
Racing Grips $25.85
Full Exhaust $648.95
Power Commander $275.95
Exhaust Gasket $39.80
Valve Gasket $19.20
Smart Tre $108.95
Gel Seat $124.67
Laser Jammer $364.00
Bar Ends $19.85
Rear Sprocket $70.29
Front Sprocket $21.00
Reservoir Covers $40.90
Tag Bracket,rear brakline $99.90
Escort Wire Kit $11.90
Custom Seat Covers $113.97
Chain Guard $85.75
Racing Windscreen $78.45
Security System: SR-1500SW $426.00
Speedohealer $99.99
Tank Cover $38.58

Total Cost of Parts that I have purchased: $4,047.95

 

[NavyLucky78]

I don't know the answer, but I am going to keep an eye on this thread as I also have StateFarm. What were your payments a month (if you don't mind me asking)?

 

[mvanlone]

I don't know the answer, but I am going to keep an eye on this thread as I also have StateFarm. What were your payments a month (if you don't mind me asking)?

I paid $582 (around that figure) for a year with full coverage. Person that hit me was uninsured drunk driver....I am sure State Farm will not get a dime out of the other person.

 

[NavyLucky78]

I wouldn't even know how to feel in that situation. I hope you get as much as you can for the damages and you just hop on a new Busa. I will keep my eye on this to see how it turns out.

 

[BlueHaya]

2007's with modest mods are selling around 7500-8500 on the market now.

Take off all the extras you can and accept the $9400. Sell the extras.

 

[thebbbusa]

Totaled? What happened, I just saw you not too long ago.

I think the price is more than fair. No way you could sell the bike (working) for that amount in this economy. Consider you almost always take a loss on mods.

That being said, I am with Blue Haya, try to take off whatever you can that is not damaged and sell that stuff and if you can still get it, put the $9400 to something else.

 

[bigfootatplay]

You will never get what you put into it fron the insurance company. Unless you get a special coverage policy like if it was a high dollar show bike. The racing mods... forget it, they wont pay for all that stuff. Take it all off, use what you can on your new one and sell the rest.

 

[ghostman]

That is a very reasonable price considering you can get the dealer to go down to in the high $10k region on a '09. Insurance typically do not ever take into account aftermarket parts on cars or bikes UNLESS you get your bike appraised before an incident and have your insurance company accept it.

Now what you should do is hopefully you have your stock parts around. You should be swapping off what mods are salvageable and sell those outright or keep for your next busa.

Sorry to hear about your luck, hope this helps but again $9400 is actually pretty awesome for a '07 with 30k miles. You can actually go buy another bike really easy for that.

 

[bigfootatplay]

Man you guys ride the hell out of your bikes. My bike is a 2002 model with just over 6000miles and this is the 2nd time the engine has been apart.???

I dont ride on the street much at all, but when I do get on it its brutal.

 

[Taylor]

Almost a 3 year old bike with 30,000 miles and you think $9,000 is unfair

I just bought a 08 with 600 miles for $8600

I think I would take the money and laugh to the bank, you are getting alot for that bike, mods mean nothing to most people, insurance or dealerships

 

[MET]

YES if the extras were not claimed it s legal to take them if the bike was totalled.

Totaled? What happened, I just saw you not too long ago.

I think the price is more than fair. No way you could sell the bike (working) for that amount in this economy. Consider you almost always take a loss on mods.

That being said, I am with Blue Haya, try to take off whatever you can that is not damaged and sell that stuff and if you can still get it, put the $9400 to something else.

 

[mvanlone]

Almost a 3 year old bike with 30,000 miles and you think $9,000 is unfair

I just bought a 08 with 600 miles for $8600

I think I would take the money and laugh to the bank, you are getting alot for that bike, mods mean nothing to most people, insurance or dealerships

Most people say take the money and run. Ok....I will do that ....I am still waiting for word on a couple of things.....maybe I will settle and be done with it...thanks for everyone's feedback. Can you tell that I loved my bike? I still have bad dreams of the accident every night. I hate drunk drivers....especially ones that don't have car insurance.

 

[head east busa]

I may be able to help, the value of any vehicle is usually adjusted so that you can purchase the same vehicle with the same or similar options. They have to provide you with documentation showing this evaluation. So to make it short they should be giving you enough money to purchase a replacement bike same year or newer with similar mileage and options less your deductible. You can also doi some research and provide them a list of bikes fo sale that justify what you believe the bike is worth. State farm is a pretty good ins. company they should work with you. Oh btwI work in claims for a different major ins. company that's why I know this stuff go figure

 

[dadofthree]

State Farm use to ask me if I had any mods. They told me before the tow truck came to carry my '06 away to go ahead and remove anything I had added.

If you have the stock parts; swap them out. Usually the exhaust gets wacked, but maybe you can salvage some of your goodies.

 

[afterhours]

I may be able to help, the value of any vehicle is usually adjusted so that you can purchase the same vehicle with the same or similar options. They have to provide you with documentation showing this evaluation. So to make it short they should be giving you enough money to purchase a replacement bike same year or newer with similar mileage and options less your deductible. You can also doi some research and provide them a list of bikes fo sale that justify what you believe the bike is worth. State farm is a pretty good ins. company they should work with you. Oh btwI work in claims for a different major ins. company that's why I know this stuff go figure

but, if you were paying the insurance for a stock bike..and did not tell them about the $1200 swingarm or the 300 kit you put on it...or the custom paint would they still cover the cost of replacement?

or would they replace a stock bike....?

 

[mvanlone]

State Farm use to ask me if I had any mods. They told me before the tow truck came to carry my '06 away to go ahead and remove anything I had added.

If you have the stock parts; swap them out. Usually the exhaust gets wacked, but maybe you can salvage some of your goodies.

Right, but there is issues here. Some of these parts may need to be taken off by a professional....since some I did not put on. Not everyone is going to be able to take off all the parts like I have....there are too many.....than what I do when I take them off....yes...ebay.....but I don't want to deal with the hassle.....and than if I get new bike it will be a 2nd gen busa....these parts may not fit that bike......if I have to hire someone to take some of these off....than where is the profit...?

 

[head east busa]

but, if you were paying the insurance for a stock bike..and did not tell them about the $1200 swingarm or the 300 kit you put on it...or the custom paint would they still cover the cost of replacement?

or would they replace a stock bike....?

that's what we call a grey area depends on your policy if they specifically require you to let them know af the value added preoducts then usually no however most insurance companies will cover a lot of it if it is in the factory location and subsequently acts as the factory part does for example your swingarm and tire either way you need a swingarm and tire so they will usually give you that versus a mounted gps unit. it has no factory location so therefore it may not add value depending on the way they interpret the policy. Realize your policy (as with all of them) can be interpreted differently depending on the situation. This is important as you can help them interpret the policy on your behalf. The reality of it is if they can justify it they will usually take care of it for you.

 

[Taylor]

Most people say take the money and run. Ok....I will do that ....I am still waiting for word on a couple of things.....maybe I will settle and be done with it...thanks for everyone's feedback. Can you tell that I loved my bike? I still have bad dreams of the accident every night. I hate drunk drivers....especially ones that don't have car insurance.

I hear ya about loving the bike, I love mine like a kid, and also sorry about the accident,

I hope it all works out good for you in the end, look around for used 08's they seemed to not be keeping any value right now and people are unloading them in these tough times

 

[jdbrown12]

In order for you to get your money back on the "extras" you would have had them added to the insurance, thus raising your premium to a point that its better off you didnt add them. If you still have the bike take everything off of it and send the bike on its way. Take your 9400$ to the bank, sell what you can salvage and buy a new/used one and start all over. I will agree that 9400$ is a great offer and would RUN! If you dont have the bike still, sorry. You can try and see what the ins comapny has done with it...Also I would try and buy the bike back for salavge weight if they will do it...I've been an insurance broker for 3+ yrs now and have seen worse and better.

 

[BlueHaya]

What I dont get is this is under uninsured/underinsured....it is not like you wrecked on your own. What are your limits on those?

If the guy had insurance would the payout be different?.....maybe based on receipts/replacement?