Buying back a written off bike

[TheThing]

Hi all, just looking for a bit of advice. I recently had an accident on the daily commute. The bike has been written off and I am unsure of what to do. I am considering buying the bike back and using it for the commute again and just running it into the ground. I can get it back on the road for peanuts. I could get paid out and buy another bike but the chances are the same thing will happen again. Every bike I have owned has been down the road or involved in some sort of collision. Unfortunately I have accepted that this is just part of doing 10000 miles a year through central london. Apart from the obvious, are there any hidden down sides to owning a written off bike?

[TheThing]

Thanks for the advice gents. I will buy it back. The only big issue is that the steering is bent and I cant work out where. There was no front impact so I dont thinks its the forks. The frame also looks sound. Ive got a feeling its the clip on from where the bike went over sideways.

[TheThing]

Another question guys. My claim has gone through and I should receive payment early in the new year but there is an issue i need some advice on. My intentions were always to buy the bike back but as I was talking to my insurance company on the phone they told me that I had no choice but to buy it back. I was always under the impression that when a vehicle is written off the insurance company pays you out the value of the vehicle before it was damaged and then the insurance company takes full ownership of the vehicle and does with it as they wish. I was told that I would have only ever received my payment minus the value of the vehicle after it had been written off as I had no choice but to keep it. If I didnt want to keep it then it is down to me to sell it to a salvage company to claim back the written off value of the vehicle. Sorry for the long post and I hope it makes sense but this does not seem right to me. Can anyone shed some light? Thanks.

[TheThing]

talksthetorque said:

TheThing said:

Another question guys. My claim has gone through and I should receive payment early in the new year but there is an issue i need some advice on. My intentions were always to buy the bike back but as I was talking to my insurance company on the phone they told me that I had no choice but to buy it back. I was always under the impression that when a vehicle is written off the insurance company pays you out the value of the vehicle before it was damaged and then the insurance company takes full ownership of the vehicle and does with it as they wish. I was told that I would have only ever received my payment minus the value of the vehicle after it had been written off as I had no choice but to keep it. If I didnt want to keep it then it is down to me to sell it to a salvage company to claim back the written off value of the vehicle. Sorry for the long post and I hope it makes sense but this does not seem right to me. Can anyone shed some light? Thanks.

This is one of those " Check your policy wording" things.

There may be something in your policy that states this, there may not.
Not all insurance policies are the same.

Thanks for the reply. I understand this but would it matter what my policy says as I have been found not at fault and the claim is from the third parties insurance.

[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.

[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