my bike was stolen today at school

[fireguzzi]

Dude that sux "O Ring"!! I feel for ya man.

And I too think the 600 is pretty sexy. The tail peice is way better looking and the nose looks better too. All over it is just a lot CLEANER looking bike then the 1k.

Butt I say get what you really want.

[mjmackenn]

Sorry to hear that...not to be a downer, but my brother and his friend had two new hayabusa's stolen from their apartment complex last summer. The insurance company paid, but would not reinsure them until they proved they were no longer parking at the complex. They had to rent a storage unit down the road and had to attest that they only parked the bikes at the storage facility. Hope the same doesn't happen.

We had a rash of stolen bikes in the area last summer, seems a team of guys was going around with a panel truck and lifting bikes right in. They stole five bikes from the complex that night. Fortunately by 1981 GL 1100 is not a hot ticket and is way to heavy to lift anyway.

Hope it works out for you and definately go with the 600

[swatter555]

Verm, clear something up for me. I understand you have full coverage with Gap insurance. This means that your ins company is only going to reimburse you for the value of your bike or what you owe on it, right?

If thats right, you are right back at zero then, right? Do you expect to get very much back at all? Ughhh.... these bike thiefs deserve to have their nuts ripped off.


You might also look at the CBR600RRs...

[VermilionX]

Verm, clear something up for me. I understand you have full coverage with Gap insurance. This means that your ins company is only going to reimburse you for the value of your bike or what you owe on it, right?

If thats right, you are right back at zero then, right? Do you expect to get very much back at all? Ughhh.... these bike thiefs deserve to have their nuts ripped off.


You might also look at the CBR600RRs...

im quite confused too on GAP.

but it think it will fill the gap value between what my insurance pays me and what the vehicle cost.

i know it also has something to do w/ how much money i still owe but im not quite sure how it works.

i just know it's a good thing to get when you finance a vehicle.

somebody i know said he had his brand new R6 stolen after only 3 weeks or so before he got his current R6. he told me he lost some money bec he didn't have gap insurance.

[BubbaGump]

That sucks Verm! Did you check for security cameras? What school do you attend? Just wondering since I live in the LA area as well.

pierce college.

the sheriff said i was the 1st stolen bike case they had since they've been there for 5 years now.

no security cams, the parking is contantly being patrolled, the sheriff said. he said they must be pros since they probably have a lookout somewhere and they took the bike really fast as the witness described.

Kudos to the witness! At least there are still decent people who care. Sorry bout your luck tho Vermilion. Hope everything works out!

[jstark47]

Hey, Verm,

Just caught up with this terrible news, man, that just sucks! Hope your insurance comes through for you and gets you back up on 2 wheels quickly.

Regards,
Jonathan

[ZooTech]

im quite confused too on GAP.

but it think it will fill the gap value between what my insurance pays me and what the vehicle cost.

GAP insurance covers the difference between what you owe and what the vehicle is worth. Since most people finance with little or no down payment, they end up upside-down on the loan as soon as they drive off the lot.

[Seetrout]

Sorry Verm. I hate thieves!
Just had a small outboard stolen a month ago.

Get a 600 Anything.

I know you won't do it even after thinking about it, but think about getting something that's a little different.

ie, the most popular vehicles are also the most stolen.

I don't live in LA, but I also don't worry about my 599 being stolen as much as I would a Gixxer, CBR or Ninja.

[VermilionX]

GAP insurance covers the difference between what you owe and what the vehicle is worth. Since most people finance with little or no down payment, they end up upside-down on the loan as soon as they drive off the lot.

that's bad... i made a huge down payment.

so does that mean all my payments are going down the drain?

what about my insurance, shouldn't they cover what i paid for already?

[CNF2002]

If you made a huge down payment, then you just wasted a little more on worthless gap insurance.

Gap insurance is only for covering the financed amount of the vehicle that is greater than its replacement value (as someone else said). If you have a 10k bike and you put 3k down and the insurance company rates the replacement value at 8k, you wasted your money on GAP (and your salesman knew this when he slyly offered it to you).

No, your payments arent going for nothing, but obviously whatever you've been paying in interest is out the window (if you refinance a new bike with the same deal, you will end up paying more in interest based on the amount you paid in the previous loan). I'm assuming you signed up for a 'simple interest' loan (most common), in which case you were just paying interest based on your balance and your principle will be reduced from your payments.

Look on your recent statement, it will show you the principle balance of your loan. Go get quotes from KBB and local dealers for a similar bike to yours, used, so you can show them to your insurance company if they come with a lowball offer. You CAN negotiate with them to get what you think is fair replacement value for your bike. Often they will offer an initial low value, assuming the average joe will just cut his losses and take it.

Also your insurance company doesnt need to know how much you still owe on your bike unless you need to cover a difference with GAP, which I seriously doubt is the case here. Did you report that damage to your bike? If not you can claim perfect condition. They may try to use your principle balance as a basis for your payout, don't let them do that.

Insurance companies aren't your friend and you'll have to fight them to get what they owe you.