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post #1 of 7 (permalink) Old 07-07-2002, 04:12 PM Thread Starter
 
Join Date: May 2002
Posts: 74
insurance questions on accidents

hey guys i joined the site bout a couple months ago. just to let you know my ninja zx6r may have gone to ninja heaven on the 3rd of July. i was out riding my bike. overestimated a turn & dropped the bike. im doing fine. im not sure bout the bike. from what i heard the bike has to dents in the frame & the whole right side is gone. i guess your probaly asking ok whats your questions. ok my first question is == if there is any frame damage do they total out your bike aka your insurance company? & if they do, do they pay off the bike? reason why im asking these questions is that this is my first bike accident. can someone explain to me what they do on these matters. thanks
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post #2 of 7 (permalink) Old 07-07-2002, 09:54 PM
 
Join Date: Jan 2002
Posts: 256
Sorry to hear about your mishap and glad you're OK. Assuming you have comprehensive coverage which covers your bike when you are at fault (if you have a loan, they probably require it), the insurance company will decide if it's cheaper to fix the bike or "total" it (declare it a total loss). If the shop determines that it can be fixed and fixing it is less than its value (now used), then it will likely get fixed. If it's a total loss, the insurance company will decide how much it's worth. You may have some input if they try to low-ball the value, so try to find out what your bike used is worth (how much would it cost to replace it with another used bike).

Once the decision is made on the value, the insurance company will pay the value less your deductible. If you have a loan, they will likely pay the lien holder first and pay you whatever is left (hopefully the value minus the deductible is more than the loan balance). If you really want to squeeze every dollar out of the deal, ask the insurance company how much they will take for the salvage value of the bike. Usually if they total a vehicle, they own it and can dispose of it as they wish. If you can sell the good parts for more than the salvage value, you may be able to make a few bucks by buying the wrecked bike from the insurance company and selling the parts, but be carefull. If somehow you don't have comprehensive coverage, you're SOL. The bike is damaged and you still have the loan if there is one. This is when you find out how good your insurance company really is. Good luck!!
RayO is offline  
post #3 of 7 (permalink) Old 07-08-2002, 11:33 AM Thread Starter
 
Join Date: May 2002
Posts: 74
i have usaal. i have full coverage even medical on it. sad thing is the bike has under 500 miles & i dont wanna get stuffed on it. oh well it happens maybe i can get anothe bike.
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post #4 of 7 (permalink) Old 07-08-2002, 12:07 PM
 
Join Date: Apr 2002
Posts: 492
I bet it gets totalled. From what I've been seeing, when the frame is damaged, the bike is totalled. I think that if the repairs come up to 70% of the bike's value then the insurance co. writes it off. Whether or not you get enough to pay it off depends on a lot of things like purchase price and down payment. If you paid MSRP and put 0 down, then you might be hosed. You might want to check with the insurance co. about what a claim will do to your rates. If this will boost you up into a high risk bracket then it might be less expensive not making a claim and fixing the bike out of pocket over time and leaving some of the "war scars" alone. I've known guys that couldn't afford the insurance after a wreck and had to get out of riding for a while.
kvpZX9R is offline  
post #5 of 7 (permalink) Old 07-08-2002, 12:11 PM Thread Starter
 
Join Date: May 2002
Posts: 74
yeah i just started so i can imagine my rates . right now if its totaled its totaled. the bike is always replaceable i put 600 down on it & ended up paying 9k with all the bs they give on charges. i think some of those charges are a crime just my .02
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post #6 of 7 (permalink) Old 07-08-2002, 12:35 PM
 
Join Date: Jul 2001
Posts: 865
Sure hope the 9K you say you owe includes the interest
(that you wont have to pay if you pay off early) otherwise
you really paid alot for the bike.....sorry to hear about it.

Best of luck.......
Cam McFarland is offline  
post #7 of 7 (permalink) Old 07-08-2002, 01:28 PM Thread Starter
 
Join Date: May 2002
Posts: 74
the bike cost me $7400 but its $7700 new msrp. i got the extended warranty with it being my first bike. that was another $599. then after the finance charges & additional taxes they like to add it cost me 8998 total thats with 600 down.
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