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Insurance totaled my bike!

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I bought Insurance on my bike because I store it in our shed in the back yard.  I was really only concerned about it being stolen so I bought Insurance for $140 a year.  Well a few weeks ago I washed the front end out pretty bad on a trail and the bike flipped and slid into some rocks.  The inner clutch cover is cracked, pipes dented, bars bent, some plastics broke, and frames scratched.  Well I figured I would use my comprehensive coverage and see if they would cover it.  The Ins guy came over yesterday and basically told me because the frame was powder coated that they would total the bike because it would cost them too much in labor to strip it down and re-coat it!!??

 

I couldn't believe it!  He's supposed to call tomorrow and give me a totaled amount - minus the buy back.  Obviously I'm buying it back cause I could really care less about a few scratches and dings on the bottom of the frame. 

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No shit? I need insurance like that, one trail ride and they buy me a new bike, I buy back the old one and have a barn full of bikes in a year  :lol:

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That's great. I insured my bike for the same reasons, glad I haven't had to use it though.

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Expect to get bluebook for your bike, in my area that would mean a big loss compared to the market value of the bike. 

 

A dent in the swingarm or frame is enough to total out a brand new bike. My sister works in the insurance biz and i guess insurance companies will total a bike out if the damage exceeds 1000 dollars. I have heard of insurance fraud where a customer will hit a quad frame with a sledge hammer and then took the bike to the local dealer for "repair." The insurance company was going to total the quad because the cost for a dealer to replace the frame with an OEM part would be several thousand in parts an labor. 

 

aren't you worried your premiums will go up?

Edited by Vernsker298

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shit like that, is the exact reason why insurance is so ridiculously high here in Onterrible.

 

well, dirt bikes are a drop in the ocean compared to the money we pay out for folks that continually build in disaster valley.

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cant wait to see your premium hike after a claim like that, ....

He won't have a premium because they won't fully  insure a buyback bike IMHO

Edited by Zimman
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cant wait to see your premium hike after a claim like that, ....

 

If insurance companies total bikes because they calculate a tear down to reapply powder coating will exceed the value of the bike then that's their fault for not doing a thorough repair estimate.  I'm guessing a shop would charge 3-4 hours to tear it down and 3-4 to put it back together plus the cost of powder coating (200-300?) The guy seemed eager to write it off before ever seeing it.  They would rather total it and move on then having to deal with repairing it.  IMO he knew very little about dirt bikes and might of thought the damage put the structural integrity of my bike into question so he would rather total it then risk a potential lawsuit, medical bills and lawyers fees if something were to happen later on. 

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Insurance estimates go off of the cost of labor and parts to replace anything that is scratched, dented, chipped, or broken using brand new parts. If the repair cost is more than half the blue book value of the bike then they total it typically. So to powdercoat the frame is going to be 10-11 hours of labor (at $80/hour shop rate) plus the cost of powdercoating. That puts you over $1000 right there. Add on new plastics at OEM price (probably $200) a new exhaust pipe (not sure what part you damaged, but most OEM exhaust components are in the realm of $600 or so). Add in anything else that may be bent (handlebars, subframe, radiator, levers, etc) and you could easily be above half of the blue book value. I hope your premium doesn't skyrocket.

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Expect to get bluebook for your bike, in my area that would mean a big loss compared to the market value of the bike. 

 

A dent in the swingarm or frame is enough to total out a brand new bike. My sister works in the insurance biz and i guess insurance companies will total a bike out if the damage exceeds 1000 dollars. I have heard of insurance fraud where a customer will hit a quad frame with a sledge hammer and then took the bike to the local dealer for "repair." The insurance company was going to total the quad because the cost for a dealer to replace the frame with an OEM part would be several thousand in parts an labor. 

 

aren't you worried your premiums will go up?

 

He actually went exactly off NADA price plus my custom parts, never said anything about KBB or craigslist comparisons. 

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