Buying back a written off bike

[TheThing]

talksthetorque said:

Sorry, had forgotten that
In that case they can argue that you have been paid the reduction in value of your bike.

Thanks. I see what you mean.

[TheThing]

moto_traxport said:

Are you going through a claims handling company / bunch of sharks? If so they can dispose of the salvage and pay you up for it.

How much are they assuming your salvage is worth? It's often a case of 'why the heck wouldn't you want it back?" sort of money.

Not sure about a shark but my insurance company seem to sub every single thing out to other companies. Its not scrap as like I said i always intended on buying it back. Buy back price is roughly £1200.

[moto_traxport]

TheThing said:

moto_traxport said:

Are you going through a claims handling company / bunch of sharks? If so they can dispose of the salvage and pay you up for it.

How much are they assuming your salvage is worth? It's often a case of 'why the heck wouldn't you want it back?" sort of money.

Not sure about a shark but my insurance company seem to sub every single thing out to other companies. Its not scrap as like I said i always intended on buying it back. Buy back price is roughly £1200.

Not sure why peeps drip feed info on these threads when asking for advice?

What bike is it? Year / mileage / current market value in your opinion? What percentage are you being paid out on? What is insurance marker cat N or S being placed on bike?

£1200 salvage on a £2000 bike is rubbish. £1200 salvage on a £10k bike is a bit more like it.

[CAPP0]

I bought my RT back after it was written off when someone knocked me over (not off!) at walking pace; literally they just moved forward and pushed me over sideways. Other than a dented exhaust header the only other damage was scratches. Nothing else was broken and everything else which was on the bike that day (3 years ago) still is today.

IIRC the write off value was around £9k and I bought it back for £1900. Replaced the header myself for £150 and I'm still using it, so I'm absolutely quids in, I've been commuting on a free bike for at least 2 of those 3 years, and I don't have to be remotely precious about it other than inconvenience if anything else happened. Also the 3rd party was liable so I didn't pay my excess.

Assess it, you know what the damage was and how it was caused, and if you're happy then absolutely go for it.

[TheThing]

moto_traxport said:

TheThing said:

moto_traxport said:

Are you going through a claims handling company / bunch of sharks? If so they can dispose of the salvage and pay you up for it.

How much are they assuming your salvage is worth? It's often a case of 'why the heck wouldn't you want it back?" sort of money.

Not sure about a shark but my insurance company seem to sub every single thing out to other companies. Its not scrap as like I said i always intended on buying it back. Buy back price is roughly £1200.

Not sure why peeps drip feed info on these threads when asking for advice?

What bike is it? Year / mileage / current market value in your opinion? What percentage are you being paid out on? What is insurance marker cat N or S being placed on bike?

£1200 salvage on a £2000 bike is rubbish. £1200 salvage on a £10k bike is a bit more like it.

Thanks for the advice all. Bike is a Suzuki SV650s. Year is 2016. Current mileage 16,000. Current market value I would say to be around £3100. Insurance have offered £3400 and a buy back price of £1200. Category N write off. To get it back on the road it will cost roughly £150.

Edited by TheThing on Monday 23 December 20:18

[CAPP0]

TheThing said:

Thanks for the advice all. Bike is a Suzuki SV650s. Year is 2016. Current mileage 16,000. Current market value I would say to be around £3100. Insurance have offered £3400 and a buy back price of £1200. Category N write off. To get it back on the road it will cost roughly £150.

Edited by TheThing on Monday 23 December 20:18

I'd haggle them - hard. If they have to dispose of it, that will cost them money one way or another, even just the admin.

I'm sure there's a guide for what % of the write off is standard, and I *think* that's around 20%. I haggled mine down. Offer them £750 tops, unless you REALLY want it back but I sense you're not tied to it?

[moto_traxport]

TheThing said:

Thanks for the advice all. Bike is a Suzuki SV650s. Year is 2016. Current mileage 16,000. Current market value I would say to be around £3100. Insurance have offered £3400 and a buy back price of £1200. Category N write off. To get it back on the road it will cost roughly £150.

Not what you might call a wonderful payout as attested by example posted above. You’ll be at £1500 before you know it, the bike will struggle to make £2000 on re-sale and you get stitched up by a few quid every renewal for a few years despite it not hurting your NCB you’ve been involved from the perspective of the boys in suits.

They’ve given with one hand (£3400 valuation compared to your realistic £3100) and taken away with the other by suggesting a salvage value of 35%. If you’ve got the energy you could give yourself the ‘project’ of carving out another £300ish in your direction. Obliquely threaten them with storage fees on ‘their’ salvage or insurance ombudsman if they don’t tweak it in your direction a bit.

Treat it as entertainment and don’t get the hump - it’s all a game of bluff.

[moto_traxport]

CAPP0 said:

I'm sure there's a guide for what % of the write off is standard, and I *think* that's around 20%. I haggled mine down.

Not sure where bike salvage currently is as I’ve been out of the bike trade for a dozen years. 35% seems rubbish.

However my van has just been written off last month (to a Cat S however) and salvage is valued at 12%.

[moanthebairns]

You say you can get it back on the road for peanuts. What needs done?
I'd make a list of every single component needing changed even if its just lightly scratched. Screen shot the price of a replacement, send it through to them with photos. Mention this is before labour.
I did this with my daytona, I printed off every parts price that needed replacing when the guy came round to inspect and they told me just to keep it for free. I had amassed about 8 grands worth of 'damage' on a 4.5k bike but.

You'll be suprised how much stuff costs, even on a sv