WTF!? insurance???

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Sev · #11 Unread post by **Sev** » Mon May 15, 2006 7:57 am

$2000 is more then enough to buy a bike. Cancel your warranties and insurance for now (you should have done that when the bike was first stolen) then start looking for a used bike. If you're really serious about riding you'll ride no matter what, I know I would.

DivideOverflow · Mon May 15, 2006 8:03 am

That's why I do all in or no down payment. You always get screwed out of money you put down.

That is also why if I am insuring the value of a bike, I include the tax tag title, etc into the value. If I'm paying the premium based on the bike's value being $XXXX, then they better pay out that much or they can lose the rest of my business.

Take the $2k and get a used bike. A lot of fun can still be had for that amount... that is more than I paid for my Interceptor.

CNF2002 · #13 Unread post by **CNF2002** » Mon May 15, 2006 8:25 am

What will it cost you, the value of the bike of the same year/condition, to replace? Did you already agree on a settlement?

10k does sound right. You had the bike 4 months, you financed it, and you paid 13k out the door. With taxes and all the other fees you paid, plus depreciation on the bike once you signed the papers (not to mention 'damage' if they know about that), 10k is a reasonable figure.

Think of it this way. If you had put zero down, they would have still paid 10k and now you would owe 3k. You'd still be paying off the bike after it was stolen, be thankful you aren't.

Forget about the GAP. You wasted your money on it when you put 5K down. GAP isnt why you got 'as much as you did'...the insurance claims the value of the bike was 10k, so thats what they gave. If you owed 13k GAP may have covered the 3k you were upsidedown (not sure if GAP covers just bike portion of the loan or all in one lump, or whatever), but since you only owed 8K, GAP wasn't even used.

If you really can't stand riding a motorcycle that isn't a brand new sport bike, just sell your gear, take the 2k, and go buy a car.

Sorry to be harsh, but maybe you just dont need a bike. You want an expensive toy and you have no money. This is like listening to someone whine about not buying a car because they can't afford to get another new Corvette.

#14 Unread post by **yoda731** » Mon May 15, 2006 8:30 am

+1 on the used bike comments. Even if its only for a year or two or whatever til you get something else. Plus, lower theft risk (generally speaking), lower insurance rates (again, in general) and less angst if you drop it or damage it.

But, Verm, I realize that having had such a gorgeous bike stolen, that this advice sounds hollow. The theft sucks. But you have clearly made a name for yourself on this board (I've seen a range of opinions about you...

) and it will be a real shame for you to not ride at all rather than not ride your dream bike for now.

But, do what you you gotta do.
JC

DivideOverflow · Mon May 15, 2006 8:49 am

CNF2002 wrote: Think of it this way. If you had put zero down, they would have still paid 10k and now you would owe 3k. You'd still be paying off the bike after it was stolen, be thankful you aren't.

Not true. If he put zero down, insurance would have paid off the balance of his loan. If not, that is where the GAP would have come in.

It might be different with used bikes... but I tell the insurance companies what my bikes are worth, not the other way around.

VermilionX · Mon May 15, 2006 8:49 am

nope, i haven't talked to my bike theft adjuster yet.

the info i got was from the other adjuster i had handling my car accident case.

i was expecting to get at least close to what i paid for down payment. but from the looks of it, i'll lose $4000+ on this loss.

that's just too sad.

i was able to afford my dream bike and was able to afford insurance.

i thought i was set to get a replacement bike and i even thought i'll get some extra money left since i'll replace it w/ a 600 instead of another 1000.

wow! was i wrong. im so depressed right now.

Jthmeffy · #17 Unread post by **Jthmeffy** » Mon May 15, 2006 8:50 am

yah man, that sux, but you shouldnt have had GAP.. the fact that you owed less than what the bike was worth made GAP worthless to you.

I'm sorry to hear that man, but u could get a used (like '04) Gixxer600 for somthing like 6k (retails at $5875 via KBB), put that 2k down, and only have to finance the remaining 4k. You could also just pocket the 2k and finance a the used gixxer600. Either way you would owe less than what you had on you literbike...

just my

Sev · #18 Unread post by **Sev** » Mon May 15, 2006 8:59 am

Or just save for a while, it'll give you a chance to focus on other aspects of your life.

Kal · #19 Unread post by **Kal** » Mon May 15, 2006 9:02 am

It sucks, especially as I think it is going to be a fantastic summer.

Insurance Companies exist to make money, so while you might be able to appeal, prising the cash out of their grubby little hands can be difficult.

Have a look around and see if you can pick up a 'for now' bike, otherwise I think you'll be missing a most excellent summer and that would be a real shame.

VermilionX · Mon May 15, 2006 9:03 am

i dunno how far 2000 will take me towards financing a gixxer600.

if i can still afford monthly payments, i'll get one.

if not, then i'll just wait and save up more money until i can afford it.

i'll be getting another 2K from winning the court case and i have another 2K in the bank but i need that 4K to buy a car.

i need to have a car 1st before a bike.