Buying salvage from insurance [Archive]

Rwhat

03-31-2002, 02:36 AM

I'm looking at buying back a 2001 street bike back from insurance.
The bike is "totaled" by insurance standards but will make a perfect track bike. Well the question is can you haggle the buy back price with insurance or is it take it or leave it?

Patman

04-04-2002, 08:49 AM

Depends on the insurance co.

Most big guys now are putting it out for a "salvage bid" from one of the auctions. That will be your price. Most co's try to go for 20%. There usually isn't any "haggling". The nice thing about buying your bike back, is that it will still be clean title, not a salvage, since it never gets transferred out of your name.

I see alot of bikes come through here at work, and unfortunatley if it's a latemodel sport bike, that isn't a total ball, they tend to go closer to 45% of ACV (actual cash value), and that figure is usually inflated, since most insurance co's pay off of retail (if the claiment bitches enough). So sometimes you can buy one off the street for lets say $6K, but ins. co. will pay off $8k. Then they expect 20+% of that, and usually get closer to 50%, if it's an R1 or TLR, 996, etc.

The problem with trying to haggle, is that, your essentially telling them that their return on salvage, will be less, and therefore this claim will be even less profitable for them. And bottom line, they are there to make money, not "be a good neighbor"!!!:flipoff2:


Pirate4x4.Com > General Tech > Motorcycles/ATVs > Buying salvage from insurance PDA : Buying salvage from insurance Rwhat 03-31-2002, 02:36 AM I'm looking at buying back a 2001 street bike back from insurance. The bike is "totaled" by insurance standards but will make a perfect track bike. Well the question is can you haggle the buy back price with insurance or is it take it or leave it? Tim Smith 04-04-2002, 07:10 AM Normally 10% of previous value. Take it or leave it. At least that is what it has been with my company. Progressive. Patman 04-04-2002, 08:49 AM Depends on the insurance co. Most big guys now are putting it out for a "salvage bid" from one of the auctions. That will be your price. Most co's try to go for 20%. There usually isn't any "haggling". The nice thing about buying your bike back, is that it will still be clean title, not a salvage, since it never gets transferred out of your name. I see alot of bikes come through here at work, and unfortunatley if it's a latemodel sport bike, that isn't a total ball, they tend to go closer to 45% of ACV (actual cash value), and that figure is usually inflated, since most insurance co's pay off of retail (if the claiment bitches enough). So sometimes you can buy one off the street for lets say $6K, but ins. co. will pay off $8k. Then they expect 20+% of that, and usually get closer to 50%, if it's an R1 or TLR, 996, etc. The problem with trying to haggle, is that, your essentially telling them that their return on salvage, will be less, and therefore this claim will be even less profitable for them. And bottom line, they are there to make money, not "be a good neighbor"!!!:flipoff2: