Sell for parts or give to insurance company?

okmurdog · Nov 8, 2016

A little over a week ago, my ST was hit in the parking lot at work. The bike was hit on the center stand, and was hit at an angled lateral motion toward the front of the bike, via the back tire of a truck that was turning into the parking lot. The force twisted the bike clockwise via the front forks, and slammed the bike down on the right side.

The net damage is both front forks twisted, the front fender cracked, fork stem assembly damaged, right frame subassembly damaged, and apparently the frame stop was also nicked/busted from the frame. All tolled from Ma Honda...$7,380 worth of parts and labor.

In my opinion, I think the repair estimate is probably a bit over the top. I can't see any damage to the frame, although how do you really know? Looking at the bike, it would be hard to believe the bike suffered much damage.

The bike runs like a top; I have all the maintenance records (including the shim sizes for both sides). The bike has 107,720 miles on the odometer.

If I were to buy the bike back from the insurance company, do you guys think anybody would be interested in buying the bike from me for a cheap price...say $1500? If someone already had the parts for the front, it could be a good deal for somebody.

okckeith · Nov 8, 2016

So sorry to here this Mark. That has been one good bike for you.

Erdoc48 · Nov 8, 2016

That's one of the issues with owning something older (your ST is now 9 years old): As it's older and has higher mileage, it's not worth as much, so it's easier to call it a complete loss. I have to admit that with looking at the pics, it's difficult to see the damage the insurance company sees. To ask the question should you buy it back and sell off parts (or sell it whole) from it, I wouldn't, simply from the standpoint of the following:
- if the insurance company is going to give you a reasonable amount of money for a 10 year old, 100+ mile bike and you can go out and get a decent low mileage replacement (including another ST1300), wouldn't you prefer to do that? To repurchase the bike for the purpose of potentially parting it out, you then have the issue/ hassle of stripping parts off it and shipping to buyers of the parts as well as having to ultimately deal with disposal of the frame and what's left.
-It's always sad to lose something you like and that is reliable. That said, I'd take the money and run. You don't have to take the initial offer from the insurance company either- you can check the comps for local bikes near you to get a better idea what the going prices are and negotiate from there.

Sorry this happened to you and good luck!

dwalby · Nov 8, 2016

okmurdog said:
I can't see any damage to the frame, although how do you really know? Looking at the bike, it would be hard to believe the bike suffered much damage.

If I were to buy the bike back from the insurance company, do you guys think anybody would be interested in buying the bike from me for a cheap price...say $1500?

When my Triumph was totalled, there was a very small paint nick on the frame where the shift lever had contacted it. Diagnosis: new frame, but I'm absolutely certain there was no actual damage to the frame. Your situation may be similar. But, I'm skeptical that you will be able to buy the bike from the insurance company and sell it for $1500 at a profit, or break even. If you want to keep the bike and fix minor cosmetic damage then buying it back makes sense. Buying it back to sell it to someone else probably doesn't make financial sense, but let the numbers come in and make the call when you have that info available.

Anna'sDad · Nov 8, 2016

okmurdog said:
A little over a week ago, my ST was hit in the parking lot at work.

That's unfortunate, what does the trucking firm have to say about it?

A similar thing happened to my Gold Wing a few weeks ago. The Wing was parked on the street outside of the theatre where I work, when a tour bus backed into the Wing, knocking it to the ground. The local Honda dealer estimated $5000 for repairs, the bus company (not their insurance carrier) paid the entire estimate within the week.

Apparently the collision deductible of the bus company's insurance was significantly greater than the $5000 in damages to my Wing. When I contacted my insurance agent about this manner of resolution, he was enthusiastic, explaining that if I made the claim with my insurance carrier, I would receive less that the $5000 due to the deducible on my policy.

If you haven't discussed direct compensation with the trucking company, you may want to give a try.

ToddC · Nov 8, 2016

Make a go cart out of the motor and tranny.....

. just saying......

ToddC

JMartin · Nov 9, 2016

If you buy back a vehicle from an insurance settlement, it will have a "Salvage" Title (at least here in California).
Nobody here pays much of anything for Savaged Title motorcycles.
If it were me... I would say a few nice things about it over a memorial dinner out... and move on.

Fred D · Nov 9, 2016

Easy answer, my friend.

Since your comfortable with '07 STs, and are used to a low-middle aged ST, let the ins. company total it, and I'll make you a sweetheart deal on mine, plus you'll be moving up to the ABS model at the same time!

Or,,,, the insurance payout would make a darn nice down-payment towards a '16 FJR! Low-mileage, used ones will be showing up in a few more months.

970mike · Nov 9, 2016

Well that stinks. Looking at the pictures it is hard to tell that much damage as the shop states. Good luck which ever way you go.

RaYzerman · Nov 9, 2016

As one who would tackle fixing the damage....... question is, what is the replacement bike going to be/cost.... Assumption based on your pics, fixable.... If you were happy with the bike, you could fix this one for probably what you're gonna sell it for and still be to the good. Otherwise, you'll have to do the math on the replacement if you let them write it off (I wouldn't keep it to part it out, that's a PITA not worth all the time you'll spend doing that, IMHO). Don't know what your situation is, but I've heard others have kept the bike, worked it out with the insurance company that you don't end up with a salvage title.

Oldbikefixr · Nov 9, 2016

Something I have done in the past, with a car. Insurance company totaled it. I bought it back for a pittance and parted it out. Granted, I had some heavy, bent parts left that I had to have a scrapper pick up. You wouldn't have that problem with the bike.
Do what you feel motivated to do.

v8-7 · Nov 9, 2016

The insurance company wanted around $4000 for me to buy back my 05 with 35K miles on it .

Better check how much they want for your bike before you sell it for $1500..

punder · Nov 9, 2016

Its still a great looking bike, what will happen if the insurance company is it will end up at auction and a bike shop will one part out or fix. Find a local shop and see if they want to go 50/50 to fix and sell, or fix and ride. You already own it so your not guessing how it was cared for, maintained so your the best one to fix and ride. How the insurance company values the bike and the buy back price. If it sounds good to you keep it, if not let it go.

Brant · Nov 9, 2016

Erdoc48 said:
That's one of the issues with owning something older (your ST is now 9 years old): As it's older and has higher mileage, it's not worth as much, so it's easier to call it a complete loss. I have to admit that with looking at the pics, it's difficult to see the damage the insurance company sees. To ask the question should you buy it back and sell off parts (or sell it whole) from it, I wouldn't, simply from the standpoint of the following:
- if the insurance company is going to give you a reasonable amount of money for a 10 year old, 100+ mile bike and you can go out and get a decent low mileage replacement (including another ST1300), wouldn't you prefer to do that? To repurchase the bike for the purpose of potentially parting it out, you then have the issue/ hassle of stripping parts off it and shipping to buyers of the parts as well as having to ultimately deal with disposal of the frame and what's left.
-It's always sad to lose something you like and that is reliable. That said, I'd take the money and run. You don't have to take the initial offer from the insurance company either- you can check the comps for local bikes near you to get a better idea what the going prices are and negotiate from there.

Sorry this happened to you and good luck!

IMO, any fianancial acceptance needs to be based off bikes N.A.D.A. top book value. Ha worked for me in a vehicle situation. My 92 ST11 being totaled two summers ago result in insurance rewarding me a bit better than twice than NADA top book value. On the phone, I used NADA based value, in my mind, as the LEAST I would accept

.

ST Gui · Nov 9, 2016

Let 'em have it. Unless you're well versed in assessing the damage and great at scavenging parts you'll likely not get your repurchase price back. My insurance company gave me a great settlement on my bike but wanted around $2000 for it if I wanted to buy it. There was a lot of damage and I was surprised that they wanted so much for it. So I took the money and bought a new bike.

Igofar · Nov 9, 2016

And just how did you get them to pay you so much? :rofl1:

okmurdog · Nov 9, 2016

I've decided to let the insurance company have the bike. I don't have the time to piece-part the bike out, even though the buy back is quite cheap. Also, even though I have a lot of memories with this particular VIN#...it doesn't bother me one bit to move on...just wish I could scavenge the brand new generator I put in the bike about 10k miles ago!

Brant · Nov 9, 2016

Igofar said:
And just how did you get them to pay you so much?

When called by other partys ins., just told them I'd accept nothing less than NADA top value after they voiced a ridiculous low offer.........added to not call back unless prepared to do that.....click(hung up). Two weeks later was called back with them accepting my asking value. Obviously doesn't always work, but based on ticketed liability and major medical, possibly was there best option...who knows

.

Igofar · Nov 9, 2016

I think I should explain my comment....it was directed at ST-Gui,
After his accident his carrier tried to scam him, so I helped him do a reverse scam on them by telling them he wanted to buy his bike back. They then told him it was about 3k above market value in our area and offered him a stupid amount of money, thinking they would deduct a stupid amount for the bike.
They show up with check in hand...he said he changed his mind, keep the wreck....thank you for the check etc.
He was pretty happy with the outcome.
My comment was just poking fun at him since we are friends.

ReSTored · Nov 10, 2016

okmurdog said:
I've decided to let the insurance company have the bike. I don't have the time to piece-part the bike out, even though the buy back is quite cheap. Also, even though I have a lot of memories with this particular VIN#...it doesn't bother me one bit to move on...just wish I could scavenge the brand new generator I put in the bike about 10k miles ago!

I think you made the right decision. Just take the money and move on to a another bike.

Sell for parts or give to insurance company?

okmurdog

Will Ride for Pie

okckeith

Erdoc48

dwalby

Anna'sDad

ToddC

JMartin

Fred D

970mike

Mike Brown

RaYzerman

Oldbikefixr

v8-7

punder

Brant

ST Gui

240Robert

Igofar

okmurdog

Will Ride for Pie

Brant

Igofar

ReSTored