[antpRR]

Who financing their bike has crashed and been given an estimate by insurance and decided to fix the bike yourself? I ask this because I got in an accident and the insurance said the bike was totalled. But they said there was no frame damage so I could just by the bike back. After buyback I was cut a check for $4676. Problem is the check is made out to me and Honda Financial. Which means it has to be endorsed by them before I can use it. Which also means that I have to pay out of my own pocket to fix the bike, then have it inspected by a Honda dealer, then ok'd, then I'll have to send them the check, the estimate and the receipts of all the parts I bought. I'm gonna call Honda finance now but do they expect me to replace every single thing that is on this ins estimate. I mean there isnt one thing wrong with my swingarm but he has it being replaces. He also has my passenger seat being replaced and it has a tiny nick on the corner. He has my fairings being replaced and they have some scratches on them. Its a ridiculous estimate.
Any help is appreciated.

 

[JetBlast10]

The insurance check isn't meant for you, it's meant for Honda Finance. The idea is that you endorse the check and send it to Honda to pay off (toward) the financed amount of the bike. Honda Finance doesn't want to carry paper on a bike that has been totalled by an insurance company.

Your most probable option is to pay off the bike with Honda finance and get a signature loan (or whatever loan you can arrange with a bank) to rebuild the bike. Don't expect Honda to give you that check as play money, they get paid first.

 

[spike78]

I am going through this exact same thing right now. I called Honda Financial and here is the prognosis:

Since the bike is totalled, the title no longer exists. Honda does not finance salvage title bikes. Honda expects payment IN FULL on the bike. This means you have to sign the check from the insurance company, and send in the check along with the funds to pay off the bike within 30 days or face late charges.

All repairs you make will have to come out of your own pocket if you owe more on the bike than funds you received from the insurance company.

It totally sucks, I'm ending up paying about 4K out of pocket to settle with honda. The nice thing is that I have the bike free and clear after that.

 

[JetBlast10]

this is also why carrying gap insurance is a good idea

 

[spike78]

this is also why carrying gap insurance is a good idea

I checked on that too but my Ins company doesn't offer GAP for motorcycles. Maybe one of the drawbacks to the low rates. :???:

 

[antpRR]

...

I am going through this exact same thing right now. I called Honda Financial and here is the prognosis:

Since the bike is totalled, the title no longer exists. Honda does not finance salvage title bikes. Honda expects payment IN FULL on the bike. This means you have to sign the check from the insurance company, and send in the check along with the funds to pay off the bike within 30 days or face late charges.

All repairs you make will have to come out of your own pocket if you owe more on the bike than funds you received from the insurance company.

It totally sucks, I'm ending up paying about 4K out of pocket to settle with honda. The nice thing is that I have the bike free and clear after that.

My situation is different. My bike isnt considered totalled. Everyone keeps telling me all this about the salvage stuff. I'm keeping my original title, nothings changing. My problem is that I dont know what bike this adjuster looked at but it must have been someone elses or he must have been on crack. He has the tire being replaced and there's not one thing wrong with it. He has everything on the bike being replaced pretty much.
Whatever maybe I'll just send the check to Honda like JetBlast said and fix it myself.

 

[spike78]

Didn't you say that the insurance company said the bike was totalled? If the insurance company says the bike is totalled, they notify the state who voids the title.

 

[antpRR]

...

Didn't you say that the insurance company said the bike was totalled? If the insurance company says the bike is totalled, they notify the state who voids the title.

I guess they use the term loosely at my ins company. They said as long as there is no frame damage I can buy the bike back from them and keep the same title. No salvage title or anything.

 

[mtc]

You said in the second sentence that the insurance co said the bike was totalled, thats why everyone was talking about the process for a salvage buyback. If the insurance co offered to allow you to buy it back then they in fact do consider it totalled, they only keep the bike and cut a check if they deem the bike to be too expensive to repair vs. paying the min value for. I dont see how you can have a buyback and still keep the original title...... it would at least have to be changed to reflect that they bought the bike from Honda finance, titled in their name, then sold to you and titled in your name. Anyway, good luck, I hope it all works out for you.

 

[spike78]

Yeah, I bought my bike back too. No frame damage or anything but the costs of making it new again were higher than a % of the bikes total value. If the insurance company cuts you a check for less than the repair costs, then the bike is considerd totalled by the state. The bike is definatly totalled if you had to "buy it back" from the insurance company.
The state or insurance company does not give you a salvage title. A totalled bike does not have a title until you apply to the state for one. This normally requires that you have the vehicle inspected by the state to make sure it is safe. Unless you are planning on using the bike on the street again, you don't need a salvage title.
The insurance company essentially took possession of the bike and sold it back to you, they have to notify the state of this transaction who will then cancel the title.
This is the way it works in Washington State and most other places I know. It may be different in your state, but I can't see why. Might be a good idea to do more research into it because if the state cancels the title, and you don't settle with Honda Financial, Honda will penalize you daily.

Just some friendly warning :smile:

 

[antpRR]

???

I'll call my insurance for the 5th time on this issue and find out 1000%. I did ask her 5x each call about the title. It's starting to be a real pain in the ass.

 

[spike78]

I understand.

It totally is a pain but it's alot better than getting suprised by it 8 days before the money is due. You can trust me on that one. :!:

Good luck and let us know what you find out! Make sure you ask wether they are reporting to the state that the bike is totalled. That will tell you everything you need to know pretty much.

 

[04black/silver600RR]

I am going through this exact same thing right now. I called Honda Financial and here is the prognosis:

Since the bike is totalled, the title no longer exists. Honda does not finance salvage title bikes. Honda expects payment IN FULL on the bike. This means you have to sign the check from the insurance company, and send in the check along with the funds to pay off the bike within 30 days or face late charges.

All repairs you make will have to come out of your own pocket if you owe more on the bike than funds you received from the insurance company.

It totally sucks, I'm ending up paying about 4K out of pocket to settle with honda. The nice thing is that I have the bike free and clear after that.

F**K that **** I would take out what I had paid in to the damn thing or better yet keep the check file chapter 11 on there assies hehehe

 

[BigTuna]

that is how insurance comapnies do it now. my buddy owns an autobody shop and he told me that most insurance companies pay the fianace company and they are guaranteed the vehicle is fixed

 

[BlueBlur]

F**K that s**t I would take out what I had paid in to the damn thing or better yet keep the check file chapter 11 on there assies hehehe

you obviously don't understand the whole "your credit rating rules your life" situation in this country. you'd ruin your financial outlook for the next 7-11 years just to piss off honda and save some money for a bike... stupid... :twak:

 

[Steve-o]

Also if your bike was totalled and they only gave you 4k thats not a whole lot. my insurance company gave me 7400 for mine

 

[antpRR]

..

Also if your bike was totalled and they only gave you 4k thats not a whole lot. my insurance company gave me 7400 for mine

I dont know how other states, insurance companies do it but this is how mine was done.
The bike was in an accident. The estimate came to 7500 or so. My insurance company said that is too much damage to fix so they considered it totalled. But....they said there was no frame damage so I could buy it back from them. So I did. The buyback was 70% or something of the value of the bike. So minus my deductible I bought it back for approx. $4700. Thats what I have to fix the bike. The damages when I price them are $4800 about. Thats fixing every single part that is on the original estimate (which I previously said was blown up to $7500). Honda requires you to fix every single item on the estimate and show receipts for it or they will not endorse the check. I have them replacing a fairing and there is a scratch on it. LOL.
So thats how they do it and thats my situation.
When the bike is fixed I will have extra plastics, front rim, front tire, swingarm, back seat (has a small tear about half an inch), and alot of other stuff they have me replacing.

 

[hondaf4iguy]

I see what you want to do now. However, Honda will never agree to this and I understand where they are coming from as well. If you did not have a lein on the bike, I think this would have been the way to go.

However, since you owe Honda for a 100% pristine bike, they want it restored that way. I would have used all the insurance money to pay off Honda, and then tried to get a signature loan to buy the bike back.