Insurance Options?

[Dave 2]

The appraisor representing Dairyland insurance took a look at the damage on my R65LS today. He was pretty sure that the company will consider my bike totaled. I told him that I wanted to keep the bike. He said that I should know by the end of the week what the Insurance company will pay me? This is where I get real confused because I think he said that the company will buy the bike from me and then I buy it back. I don't get it. Does this make sense to anyone? How has this worked for any of you who may have been in the same boat?

[Bob_Roller]

From what I have understood from a co-worker that had a collectible 'muscle' car damaged/totaled, the insurance company settles with you for an agreed upon price, they issue you a check then the insurance company 'owns' the vehicle, then you purchase the vehicle back from the insurance company .

Usually you end up with a 'salvage title' for the vehicle, that can make it a bit difficult to sell, if you ever had or needed to .

[Dave 2]

Bob your explanation helps because it confirms what I thought I heard. I guess some how in this transaction I will end up with the fair market value of my bike?

[nhmaf]

Maybe.   Possibly not, unless you had it insured for an agreed-upon value by the insurance company.   They will likely just use the blue book value, if like most insurance companies..

[Bob_Roller]

Go to Kelley Blue Book, get into the motorcycle section and enter the information requested .

I would expect to get around $24-2600 for the bike .

[Dave 2]

10/4