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Discussion Starter #1
Ok guys I was gonna wait til I got word from the insurance adjusters with their intentions for my baby..I can't keep it in anymore cuz it's bothering me.lol I went into the dealer where my bike is getting the estimate (also where I purchased the bike) and my man gives me the sheet with all the parts listed on it.He told me before that he'd have to list every single thing that got even a small scratch just so we'd know where we stand..45 items in total and the *** damned finall bill is @ $9,659.53!!!!!! This is insane! Alot of the stuff is real big stuff that doesn't even need to be changed,cuz it only has tiny marks that I don't care about.Frame and swingarm being 2 of the big ones.Frame has a small dent in the right side by the rearset,and the swingarm has some burrs on it.The right engine casing is also on the list but I'm not worried about it because I'm getting them powdered this winter anyway..Can I hear some opinions on what I should do here??
 

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IME, It's likely that they're gonna total out your bike and cut you a check for the fair market value. I believe they will also give you the opportunity to purchase the bike back from them at their "totaled" fair market price. Supposedly, they contact appraiser/auctioneers and see what they can get for the bike, and offer it to you at a slightly higher price.
I got in an accident on 5/8/05 where some idiot backed in to my parked bike. I didn't want my insurance Co. to get involved so I "tried" to handle the matter myself. They did replace broken parts but they insisted on painting the front fairing that had a few minor scratches. I complaint like hell but they won't budge. Oh well. We finally can to a "verbal" agreement (can't really call it an agreement cuz it was all one-sided). Estimate came out a little over $3,000 and I decided to take it. Still waiting for the check.
Ask the dealship what the threshold is for the adjustor to deem that you bike is a "total". If there is no possible way for you to fix your bike with the insurance money under that threshold, then have the dealer submit that $9 grand estimate and get the bike totaled out and get a new bike.
 
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when i was in a wreck the damage was something like 4k and mine was totaled.. they are def going to total out that one.. esp since the bill is more than the bike..
 

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Mine was 14 thou to fix, more than the cost of a new one here in Canada.
 

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It is all a scam... Damage on my 04 was 2300 and the insurance guy thought it was going to be totaled. When thay total it the insurance company gets off paying less because they sell the bike and you won't necissarily get the amount you should.
 

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Discussion Starter #9
Well the $h!t thing for me is I won't see a red penny.I also won't get a new bike.Thank god for insurance,eh? NOT! So what they're gonna do is write a cheque to Honda to pay off the loan and I lose my $4K..Nice deal.The bill is not more than the bike up here in Canada..The value is somewhere around $10,500 right now for an 05.I'm so pissed.I'm getting screwed.
 

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well the bill is more likely more than a used '05 is worth, unless i'm low on the conversion. but generally, any estimate over 70% of the value is considered a total loss. frame damage, totaled. and where are you losing 4k?
 

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I'm not understanding here...

You did have full coverage right? You should be paying your deductible, and they pay for either the repair or they total it... Any frame damage is totalled.
 

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Discussion Starter #13
Blueblur..I lose $4K because that's the amount I put in for down-payment (I heard that it's my loss).

jstock107...Yes,GAP insurance was included in my purchase.Forgive me if I'm confusing you guys.Maybe some of you know your way around this stuff better.I've had the bike for two months,gave them $4K CASH,and made two payments of $238.

I've been told I'm not getting any money back.Not even enough to give them another downpayment so I can order a new one.
 

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ok,heres the deal. It makes no difference to the insurance company what you owe on the bike or what you put down. Your insurance covers a wreck with 2 options. One. If the damage is less than $X dollars or X% (usually 60-70%) of market value. They will fix it. You would still have to pay your deductable if it applies. Two, damage is more than X% (60-70%) of bike and it is considered a total loss. Insurance company pays you what a equivalant bike of the same make and model would cost. Not necessarly a new one but one just like it.
The only way you can come out getting screwed on the deal is if you got into the bike upside down. Meaning you owe more than its worth anyway or they dont offer you fair market price for you wrecked bike. Usually what an insurance company will do is try to find your bike, make and model for the price the are going to write you a check for your bike. This proves that a bike of equal value can be purchased for that amount. What you owe on the bike or what your downpayment is, makes no difference to the insurance company. I would not give them that information. 1. Because it doesnt matter 2. Its none of their business. They have the responsibility to either fix your bike or give you the money to buy a bike of equal value.....thats it.
 

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Discussion Starter #15
Ok it makes sense..But what I was told is that the money is not mine..The lein holder will get the money,and in this case the lein holder is Honda Fincance Corp and would they just just take that cheque as pay-off on the loan and call it even? That's how I figure I'm getting screwed.
 

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What is the total amount owed to pay off the loan? What would it cost for a used 05?

Now take the amount you think the insurance company is going to pay and subtract what you owe. If it is a positive number you get money back. If it is a negative number you wont get anything back and hopefully you have gap insurance. If not you will still owe.

example I have no idea what amounts you would use but..

Fair market value $10,000.00
Amount of loan owed - $ 8,500.00
Amount you get back 1,500.00

FMV $10,000.00
AYO $11,000.00
Amount you still owe - $ 1,000.00

Call the loan people and they will give you the payoff amount for the loan. (the amount you owe)

Hopefully it is not as bad as you are thinking.
 

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Discussion Starter #17
As far as I remember,the finance dude at the dealer told me that I would owe the full amount on the loan as if I never put down any money and that way if I wanted to pay off the whole loan by way of monthly payments,I could do that,then when the bike was paid off in full I could use that $4K again for a DP on another bike instead of having to come up with that money again..make any sense?? I'm sure on the papers I have,that it shows I owed the full amount...I'll find them and fill you in.
 

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In the first example the ins co will send a check to the honda loan for the amount owed and a $1,500 check to you.
 

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RHINO-RR said:
As far as I remember,the finance dude at the dealer told me that I would owe the full amount on the loan as if I never put down any money and that way if I wanted to pay off the whole loan by way of monthly payments,I could do that,then when the bike was paid off in full I could use that $4K again for a DP on another bike instead of having to come up with that money again..make any sense?? I'm sure on the papers I have,that it shows I owed the full amount...I'll find them and fill you in.
That sound sketchy... the $4,000 should have been applied toward the loan. If not they are just sitting on your money and making interest off it.
 

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You will owe the full amount on the loan LESS that down payment. So your loan balance should be well below what the price of the bike was. You should be getting a decent part of your deposit back.

If you didn't put so much money down...and you ended up getting less from the ins. company than what you owed on the loan...then your gap insurance kicks in to pay the difference. But you should not be in that position if you put $4k down.
 
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