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Discussion Starter #1
Does anyone happen to know what the salvage value would be on a 06 600RR? Right now the amount of money to fix the damages to my bike is 2712.00 and state farm said they have to see what the salvage value is for the bike, what it's worth and the amount to fix it.

My 06 has 29.6k miles on it not sure if this is going to be considered totaled or not......
 

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I am in Canada, so it may be different for you but usually if the repairs for the bike exceed 35% of it's black book value - it is declared totaled. Again, this is how my insurance company policy works.

In my case the insurance adjuster sent the appraiser and he is the one who brands the bike. Both my bikes from previous crashes were declared totaled and "non-repairable". If the bike is declared totaled (exceeds 35% of BBK value for repairs), there are two brands - salvage and non-repairable. The insurance buys your bike from you if it is totaled and knowing the brand, you can decide what you want to do. If the bike is branded salvage, here it is 30% of the total amount of your claim to buy it back. Example, they give you 3000$ for totaled bike for your claim (minus deductible, of course) and it will cost you a bit over 1000$ to buy it back. Now, if you claim repairs - it's not totaled and is considered "repairable". Repairable bikes cannot be branded as salvage. My insurance company will not let you buy a "non-repairable" branded bike - only salvage because "non-repairable" branded bike will not pass inspection even if it is completely rebuilt (which is not worth it anyway unless it is a sentimental value to you.)
 

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Discussion Starter #3
Yea I just went on KBB and it said my bike in excellent condition is 4915.00 but my mileage is more then double of what it shows listed for value. Using your 35% value that would mean that anything over 1700.00 the bike would be totaled based on my bikes BB value.

Although I think it is different because they never gave me a percentage number of value vs repair cost. They just said they have to see what the salvage value is on the bike and compare that with the value and repair cost to see what would happen with it.
 

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They just said they have to see what the salvage value is on the bike and compare that with the value and repair cost to see what would happen with it.
Depends on your coverage, there are usually two possible outcomes: it's either repairable or totaled. The total loss value equal to the bike market value on the day of your crash. Everything is compared to this value (not to the salvage value). If the repairs exceed certain percentage of the total loss value that is set in your policy - the bike is totaled. The insurance "buys" your bike from you by paying you the total loss value minus your deductible. Depends on how much total loss they paid you on your claim, will determine how much will cost you to buy the bike back if it is branded as "salvage". It is never the other way around and what your insurance told you sounds weird. Insurance company has to tell you what percentage of the total loss value they use when they compare the repair costs to determine if the bike is totaled. It is actually written in my policy - there should be absolutely no secret. It's your money. I would call your insurance and ask them to clarify this to you. It also shouldn't take too much time. Both times insurance appraiser was dispatched to determine the bike condition on the next day I filed the claim.
 

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Discussion Starter #5
Depends on your coverage, there are usually two possible outcomes: it's either repairable or totaled. The total loss value equal to the bike market value on the day of your crash. Everything is compared to this value (not to the salvage value). If the repairs exceed certain percentage of the total loss value that is set in your policy - the bike is totaled. The insurance "buys" your bike from you by paying you the total loss value minus your deductible. Depends on how much total loss they paid you on your claim, will determine how much will cost you to buy the bike back if it is branded as "salvage". It is never the other way around and what your insurance told you sounds weird. Insurance company has to tell you what percentage of the total loss value they use when they compare the repair costs to determine if the bike is totaled. It is actually written in my policy - there should be absolutely no secret. It's your money. I would call your insurance and ask them to clarify this to you. It also shouldn't take too much time. Both times insurance appraiser was dispatched to determine the bike condition on the next day I filed the claim.

Alright I will have to call and talk to them and see what the deal is. The person I was talking to wasn't in the total loss department so maybe he was just unsure and pulled an answer out of his ***
 

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Total it.. Get 5k $$

Buy it back for 1k, fix her up with 2k, sell her for 4k... BAM you just made 1000 dollars :)


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Discussion Starter #8
They also now have to consider fair market value insurance company that is. They totaled my 06 rr for 5700 with 13k miles

Yea they also mentioned that as well....how much the bike is going for and ect.

Total it.. Get 5k $$

Buy it back for 1k, fix her up with 2k, sell her for 4k... BAM you just made 1000 dollars :)


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Well unfortunately it isn't my choice to say it's totaled, however if they are going to cut me a check for 2700.00 then I can probably fix the bike with used parts and ect and sell it without the bike being a salvaged title bike and keep the higher side of the value aspect.
 

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I am in Canada, so it may be different for you but usually if the repairs for the bike exceed 35% of it's black book value - it is declared totaled. Again, this is how my insurance company policy works.

In my case the insurance adjuster sent the appraiser and he is the one who brands the bike. Both my bikes from previous crashes were declared totaled and "non-repairable". If the bike is declared totaled (exceeds 35% of BBK value for repairs), there are two brands - salvage and non-repairable. The insurance buys your bike from you if it is totaled and knowing the brand, you can decide what you want to do. If the bike is branded salvage, here it is 30% of the total amount of your claim to buy it back. Example, they give you 3000$ for totaled bike for your claim (minus deductible, of course) and it will cost you a bit over 1000$ to buy it back. Now, if you claim repairs - it's not totaled and is considered "repairable". Repairable bikes cannot be branded as salvage. My insurance company will not let you buy a "non-repairable" branded bike - only salvage because "non-repairable" branded bike will not pass inspection even if it is completely rebuilt (which is not worth it anyway unless it is a sentimental value to you.)
State Farm paid me 69% of the value of my bike, without totalling it. Essentially the cost of the fairings and a few hard parts. I was under the understanding that they total a bike at 70% of value.
 

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State Farm paid me 69% of the value of my bike, without totalling it. Essentially the cost of the fairings and a few hard parts. I was under the understanding that they total a bike at 70% of value.
yep and that right there is why state farm is a bunch of dicks. im suprised they didnt drop u afterwords. Country mutual. perfect
 

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No, it was a good thing. I only had 3,000 miles on the bike. It was still in near showroom condition prior. Other than the fairing damage, barends/levers, and case covers it was still a new bike. Totally cosmetic damage.

They did drop me. The effed up part of it was this was a no-fault claim, under "Uninsured Motorist," and my only claim on the bike, ever. I had separate policies for truck and bike, and they listed claims from both policies combined as their reason for dropping me. Total BS.
 

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That is messed up. You will not get much for a salvaged bike. I see them go here for about 2500, when not salvaged going around 5000

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Discussion Starter #13
I don't think mine will be totaled then, 70% puts me at 3440.00 for damages and I am at 2712.00

Sounds like I just need to take the check, fix the bike and go from there.

Since we are talking about insurance policies, you don't need insurance for a track bike correct? Other then claiming it under home owners insurance incase it got stolen out of the garage.
 

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No, it was a good thing. I only had 3,000 miles on the bike. It was still in near showroom condition prior. Other than the fairing damage, barends/levers, and case covers it was still a new bike. Totally cosmetic damage.

They did drop me. The effed up part of it was this was a no-fault claim, under "Uninsured Motorist," and my only claim on the bike, ever. I had separate policies for truck and bike, and they listed claims from both policies combined as their reason for dropping me. Total BS.
State farm blows... They have jewed me so much. Never have i had a claim on either my 06 mustang gt, 06 600rr or my 12 1000rr.
 

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totaled

Total it.. Get 5k $$

Buy it back for 1k, fix her up with 2k, sell her for 4k... BAM you just made 1000 dollars :)


Sent from my iPhone using MO Free
That's what I am doing now. They cut the check 3 or so weeks ago now I am looking for a motor for it then I will have 2 06rr's . A lady backed into mine and they totaled it on cosmetics alone.so while I was waiting for them to pay up found another 06rr for 3k. I bought the bike back said insurance co. And still made out with 4700 bucks. Buying a motor and back on the streets with the tangerine dream
 

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called it that they would drop you. Ha i totalled a brand new car with less than 5k miles on it. Had a brand new one the next week 0 miles, and insurance went up slightly. Win win
 

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Discussion Starter #17
They are not totaling my bike from what it looks like, they are just cutting me a check directly for 2200 and some change. It would have been 2700 but now I have to pay my own 500.00 deductible.

I really want a track bike and my 06 was neglected on maintenance from the previous owner, this bike has been nothing short of a money pit. More so then it's even worth.....my plan is just to fix it up with least amount of cost possible myself and just sell the bike and be done with it.

Kinda sucks but hey lesson learned. Now I know exactly what to look for when buying another one.
 

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Well unfortunately it isn't my choice to say it's totaled, however if they are going to cut me a check for 2700.00 then I can probably fix the bike with used parts and ect and sell it without the bike being a salvaged title bike and keep the higher side of the value aspect.
Sounds like an excellent opportunity for a track bike conversion! :banger:

Just saw your recent post. If its a money pit and not a good candidate offload it. Depending on your finances however, everything can be fixed. When I bought my 03, I went to look at it with the state of mind that as long as the frame was and swingarm were good, everything else could be fixed reasonably with new parts and/or aftermarket. Again depending on your budget you could even swap the motor for a less neglected fresher one if you are concerned about the maintenance history of it.
 

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Discussion Starter #19
Sounds like an excellent opportunity for a track bike conversion! :banger:

Just saw your recent post. If its a money pit and not a good candidate offload it. Depending on your finances however, everything can be fixed. When I bought my 03, I went to look at it with the state of mind that as long as the frame was and swingarm were good, everything else could be fixed reasonably with new parts and/or aftermarket. Again depending on your budget you could even swap the motor for a less neglected fresher one if you are concerned about the maintenance history of it.

Well I work for a motorsports shop so I get parts at 10% above cost now so I guess I could! Swapping out the motor would be a pain but I own this bike title in hand.

Could 2200.00 get my bike pretty much dialed in for the track?
 

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Could 2200.00 get my bike pretty much dialed in for the track?
Depends how fast you want to go! :cruising:

Seriously though, $2200 would probably be a little low in my opinion unless you went bottom dollar and homebrewed a lot of the work. I guess it IS possibly depending on the current issues with the bike. I'm sure the guys on this forum in the classified section can also help with some used parts. Track glass alone will range between $450-$900 new + painting (although you could just rattle can it for a few bucks). Most of the low mileage motors on Ebay are going for $1K-$1.5K.

I'm sure some more advanced track junkies can chime in here.
 
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