Insurance buyback question... (now with reply from ins. co)

[duc_fan]

Anyone have experience with insurance buybacks?  Particularly with universal japanese motorcycles?

My brother's 2005 CBR600RR was damaged (bone stock, no changes at all, a little over 4000 miles since new), and the estimate is $9000 to repair because the finish on the frame got scratched.  So yeah, it's "totaled".  Realistically, it needs a little over a grand worth of stuff to get it runnin' again, so we're thinking buy it back, make it a trackbike.

You can see the bike here: http://ducatimonsterforum.org/index.php?topic=8921.0

Not looking for a riding technique discussion here, just wanna know how much is reasonable for an insurance buyback.  I figure if I can get it for less than $2000, I'll have my bro buy it back, then fix it up as a relatively cheap track toy.  But first... I'd like some idea of what's a reasonable price to pay.

Thanks in advance for any input! 

[NAKID]

Not sure that you'll have a choice on the price. When my 05 S2R800 Dark was "totalled", I asked about buyback. They said it would be 1900. When I asked if there was any wiggle room, they said no because that's what the salvage company offered them for it.

[toaster]

see how much they will let you buy it back for.  when i wrecked mine they totaled it and offered me 6500 (800 more than i paid for it) or i could keep it and get a check for 4500.  they said it had a little money for taxes and stuff like that, but i kept it.  the only reason they totaled it was because i scratched the frame.  i bought all the parts to fix it back up except for the tank for less than $300. and used the rest of the money for whatever i wanted.

[vwboomer]

When my 04 S4R got totaled, they offered me 9600. If i wanted to buy it from them, it would have cost me 3500. I didn't think it was worth it.

[NAKID]

3500 is a lot for a buy back. Not sure where some of them come up with the number...

[sooperdooper]

'06 S2R1000 Totaled out at about $13k (estimated repair). They gave me right around $9000 for the bike after a bit of pregnant doging. I bought it back for $2k put $500 into it and its back on the road. Most of the damage was cosmetic. The scratch on the frame pretty much totaled the bike.

I can live with a scratched tank, exhaust, rear cowl and some rim paint chips for $2500. I can always get a 999s if I can't live with the horror.

my $0.02

[Scottish]

  agreed. I got my Moms old 695 for buy back of $1,113 it was bad though, frame needed replaced. I found some used parts, spent about the same on them as I did on the bike, and I got a bad ass lil 07 695 for under $2,500. I don't know enough about UJM's to give you any ideas, but I headed into my project about the same way, I knew how high I was willing to go, and I was pleasantly suprised.

[vwboomer]

In my case, the rear subframe was bent up a little, and the swingarm was dented, along with the rear wheel.

Whatever they say the price is you can try to get them down some, but it probably wont work. A salvage yard bought mine, then listed it on ebay. I couldn't get out of them how much the paid, but some one up north bought it and contacted me on how to license it. He was SOL since the title was labled 'junk'.
Make sure you can get it back on the road if you buy it, even if you just want to race it. It'll be worth more later.

[MikeZ]

If the buy back price is high see if you can find out where it's being sold (usually at auction).
They wanted $1900 from me to buy back my '99 M750 last year w/ a cracked frame which seems crazy high to me so I let them keep it.  When Geico called to let me know everything was done and see how I thought it was handled I asked about it being sold and they say it went for $450 at auction.  I would have bought it back in a second for $450.  make the beast with two backsing estimator didn't have a clue on buy back value

[fwtcc]

3 fvcking K on buy back for 2005 S2R 800. 

I am in the process of de-nice partying it to let them have it.

My assumption is the buy back was high because of the nice parts that they aren't going to get.

Maybe once I let them have it with nothing good I'll be able to get it back on the way cheap.

That $450 gives me some hope.  Its not even going to have usable tires on it when salvage comes and gets it.

[MikeZ]

I took a ton of stuff off of mine.  The knuckle heads that picked it up wouldn't have noticed the wheels missing if I had thought to take them off.  As it was they didn't notice the seat and lots of odds and ends that I pulled off that were still straight

[fwtcc]

Maybe oughta go ahead and pop that oil cooler off as well.

[duc_fan]

Well, we'll see what the ins co says.  Unfortunately (or fortunately, possibly), I'm not the one dealing with the ins. co.  It was my brother's bike, and it's through his and my parents' insurance.  All I did was let 'em know if the buyback is below $2k, get it, and I'll buy it from them.

Realistically, it needs a radiator, new rad hoses on that side, and all the controls/switchgear on the throttle side.  Then it needs plastics.

To make it streetable, it also needs a new headlight cluster, turn signals, and mirrors.  That d**n headlight is all one unit (both sides and the marker light), so breaking one side means the whole bloody thing would have to be replaced.

I was just gonna make it into a cheap track toy, simply because the opportunity presents itself.  Throw some "race" (no lights) Sharkskinz on it, add frame sliders, fix/replace the mechanical stuff, spray it all flat black, then if I go really nuts I could mask off the giant Honda Wing logo down the sides like one of the factory paintschemes from that year and do the wing in gloss black.

Eventually, as money is available and/or good deals come up on Criagslist or Fleabay, I would put an exhaust on it, braided brake lines, steering damper, and other goodies.  But these would be very low-priority.  My SS is my baby.

Anyway, I wouldn't have gone out to buy a trackbike this year (or even in the forseeable future), this is just a possible opportunity following an unfortunate incident.  Wanted to bounce it off the board to see if the price I was willing to pay was too high/low/whatever.  Sounds like $2k would be reasonable (if not great), $1500 would be a steal, but $2500 or more would be unreasonable.  We're talking abotu State Farm... Motorcycles aren't their primary thing, and their rates are great, so it's hard to predict what they'll do on the buyback front.

I'll let ya know what happens.

[duc_fan]

Wankers!

They want to give him a paltry $5700 for the bike.  I've seen 2005 CBR 600RRs with salvage titles go for $5700.  A clean-title CBR600RR with 4000 miles easily goes for $6500.

It gets better...  They're saying buyback is $2700.    Fahdge.

Mom & Dad are fighting it.  They're pulling up ads for resale values in a more acceptable range, and I'll talk to them further about haggling the buyback price down.  That's fricken nuts.

[MikeZ]

Wankers!

They want to give him a paltry $5700 for the bike.  I've seen 2005 CBR 600RRs with salvage titles go for $5700.  A clean-title CBR600RR with 4000 miles easily goes for $6500.

It gets better...  They're saying buyback is $2700.    Fahdge.

Mom & Dad are fighting it.  They're pulling up ads for resale values in a more acceptable range, and I'll talk to them further about haggling the buyback price down.  That's fricken nuts.

I had a bunch of ads for similar bikes for the estimator when he showed up to look at my bike.  It got me an extra $1000 over what he was originally going to give me and I never had to fight about it.  I actually got $350 more from the insurance Co. then I paid for the bike.