Insurance advice?

Hi, i need a little advice.

I dropped my bike (a cherry 95 ACE, VT1100) and the repairs are really
cosmetic. The only thing affecting performance was the clutch cable,
which i changed the next day. Progressive wants to total the bike and
pay me $5,500. I paid only 3k for it, but... dammit, i want to keep
the bike. So i have the options: do i fight insurance and get the
major things repaired using the estimate i got from my preferred shop
(for about $3,000 in repairs), or take the "total" payout, buy it back
for $1500, and spend the remainder getting it back to shape (and i
assume, pay a much higher premium for it now that it's a salvage title
and i'm on record for totalling it?) It's a fine bike, and i want to
put it back to cherry for principal if nothing else (plus i'm
attached, what can i say?)

I've never had to deal with insurance before, so i'm new to the whole
thing. What are your thougths? What can i expect insurance to cost on
a "salvaged" title? How will insurance be affected an otherwise
unblemished riding record? What else do i need to consider? Any
experiences you may have would help me make a decision.

Thanks!
The thought of "totalling" the bike makes me sick...
<k>

 

I just had a very similar experience. A few days after a 1400 mile,
uneventful ride all over California to Laguna Seca, I crashed my Speed
Triple slowing for a red light. The crash was at 10-15 mph, and there was
about $200 in functional damage. The bike was totalled based on an
estimate of $6700 to replace all the cosmetic damage.

My options were:

1) Don't file a claim, get stuff repaired / refinished....get parts off of
eBay. My guesstimate was $1600 to do this. Of course, I would be too
honest to later sell it as "never crashed", a hit to the resale value.

2) Take a check from Allstate for $5700 (bike + registration + sales tax -
deductable) and walk away from the mess.

3) Option 2, plus "buy back" the bike for $1400. The DMV will issue a
salvage title as you already know.

My friend who owns the Triumph dealership said Allstate was being pretty
generous. I decided to go with option 3, and bought my friend's virtually
identical Speed Triple for $5500. The original bike will become a track
bike. I already have several offers from friends to buy it, if and when I
want to sell.

I asked Allstate if they would pay me to get the bike repaired if I provided
receipts. They would not do this due to the potential of damage going
unrepaired, then being claimed again in a second crash. I can unfortunately
see their point.

It doesn't make financial sense to put significant $$ into a salvage title
vehicle, unless you plan to keep it forever. Insurance shouldn't be very
expensive, as they will only insure it for the salvage value. Even if you
are "at fault", you still qualify for the 20% Good Driver discount as long
as your driving record is otherwise clean. Think about your attachment to
the bike- is it to your unique bike, is it to the model of bike, or were you
about ready to move on to something else anyway? That will probably guide
your decision more than anything else.

BTW, if you do file a claim be sure to claim any towing, dealer charges for
an estimate, and your helmet. Most insurance companies cover helmets, since
they are legally required (like car seats). Insurance companies vary
widely on gear and accessories. My gear would have been covered under
homeowner's (not worth the claim), and accessories were covered as long as
they were delivered with the bike. YMMV on this.


Ken Ishiguro