01-26-2019, 02:06 PM
(01-26-2019, 02:00 PM)pekingduck_imp Wrote:(01-26-2019, 11:37 AM)Stichill_imp Wrote:(01-25-2019, 01:25 PM)suhawk305_imp Wrote: Welcome Honda Fan.
Just curious, if this bike is a ‘14 Standard with a VIN ending with 0998, it is the one I crashed during March 2017. If I remember, my bike had about 200 miles on it. The damage you described sounds the same, but my insurance company still totaled the bike. Best of luck with your decision.
BTW: I live 60 to 70 miles Northwest of NYC. Nice area to ride!
Small (CB1100) world.
(01-25-2019, 01:59 PM)pekingduck_imp Wrote: A salvage titled bike will always be worth less because a prospective new owner never really knows how bad the damage was - light damage as you say, or into a wall at 60mph and a bent frame.
It also can't be insured for collision, or financed by a bank/credit union. Also, if the bike is under warranty or has a very suspicious problem, the manufacturer will look at the NICB website and see if it is salvaged. (https://www.nicb.org/how-we-help/vincheck)
A salvage title means that an insurance company determined that it would cost more than a certain percent of the value of the bike to return it to the way it was. The insurance company sets the rate, usually 60% - 75%.
On a 2013 CB1100, whose retail bluebook is probably around $5000, that means allocating $3000- $3750 to the repair, including parts, labor, storage, towing, etc.
My 2013 slid out on a low speed right turn at around 30-35 mph. No front impact, no damage to the wheel/forks/frame/engine, no bodily injury.
A scuff on the tip of the fender, a scuff on the headlight rim, the right side of the gauges scraped but still functional, scrapes on the underside of the exhaust that you had to crawl underneath to see and that don't bother me. The low bars with bar end mirrors bent and put a crease in the tank.
Just these 3 areas were enough to total it:
gas tank - $1100
muffler - $896
meter assy (the 4 main pieces) $1250
What I'm getting at is that it doesn't take much to total a bike these days. So your bike may be perfectly fine after some cosmetic repairs, like mine was. My bike was totalled by the insurance company, but because the owner chose to keep the scuffed exhaust and do the labor himself, he kept it from being a total on the title.
This may be true in some states but not all. My college-age son "totaled" a 2004-model car last year in an extremely mild, low-speed rear-ender. The car in front had no damage but his car had bumper and hood damage. The estimated cost to repair was over 75% of the vehicle's value, so it was totaled by the insurance company. They gave me blue book for it and I bought it back from them for $400 with a salvage title. Spent less than they gave me having it fixed. I then applied for a "rebuilt" title which admittedly was an onerous exercise in modern American bureaucracy, but at the end of the process the car is once again fully insurable.
Small (CB1100) world.
(01-25-2019, 01:59 PM)pekingduck_imp Wrote: A salvage titled bike will always be worth less because a prospective new owner never really knows how bad the damage was - light damage as you say, or into a wall at 60mph and a bent frame.
It also can't be insured for collision, or financed by a bank/credit union. Also, if the bike is under warranty or has a very suspicious problem, the manufacturer will look at the NICB website and see if it is salvaged. (https://www.nicb.org/how-we-help/vincheck)
A salvage title means that an insurance company determined that it would cost more than a certain percent of the value of the bike to return it to the way it was. The insurance company sets the rate, usually 60% - 75%.
On a 2013 CB1100, whose retail bluebook is probably around $5000, that means allocating $3000- $3750 to the repair, including parts, labor, storage, towing, etc.
My 2013 slid out on a low speed right turn at around 30-35 mph. No front impact, no damage to the wheel/forks/frame/engine, no bodily injury.
A scuff on the tip of the fender, a scuff on the headlight rim, the right side of the gauges scraped but still functional, scrapes on the underside of the exhaust that you had to crawl underneath to see and that don't bother me. The low bars with bar end mirrors bent and put a crease in the tank.
Just these 3 areas were enough to total it:
gas tank - $1100
muffler - $896
meter assy (the 4 main pieces) $1250
What I'm getting at is that it doesn't take much to total a bike these days. So your bike may be perfectly fine after some cosmetic repairs, like mine was. My bike was totalled by the insurance company, but because the owner chose to keep the scuffed exhaust and do the labor himself, he kept it from being a total on the title.
This may be true in some states but not all. My college-age son "totaled" a 2004-model car last year in an extremely mild, low-speed rear-ender. The car in front had no damage but his car had bumper and hood damage. The estimated cost to repair was over 75% of the vehicle's value, so it was totaled by the insurance company. They gave me blue book for it and I bought it back from them for $400 with a salvage title. Spent less than they gave me having it fixed. I then applied for a "rebuilt" title which admittedly was an onerous exercise in modern American bureaucracy, but at the end of the process the car is once again fully insurable.
Stichill, no doubt you're right about that. 50 states, 50 different policies. Many states do not issue a rebuilt or reconstructed title. Makes you wonder what happens when a "rebuilt" or "reconstructed" title vehicle is sold in a state that only has two options - "clear" or "salvage".
Good question. Does "rebuilt" become "clear" or "salvage"? My guess is...clear.
Title laundering?
