suhawk305
Road warrior
Thread starter
Thank you everyone for your suggestions. I spent the last few days making numerous phone calls, arguing with my insurance company, and talking to people who have knowledge of the insurance claims process. Jim, (tinboatcapt), you nailed it. Will866 and MTC are right, however, my insurance company would not budge! I found out that repair shops considers my insurance a pain in the a$$. Name of the insurance company? Perhaps I should not say. If I were to give a hint, it could be like this: fill in the blanks.... North Dakota is a beautiful _____ in the US. Cows, hayfields, barns are found in a dairy ______.
What I learned, Honda Finance considers my CB total loss and they no longer consider the bike as an asset. They do not care what I do with the CB, however, I have to pay my loan off.
Once my insurance company classified my CB as a total loss, there is no going back regardless of the damages (see Jim's post).
If I salvage the bike, I would be about $6K in the hole after the insurance payment (minus the salvage value of $1.6K) is issued. That is before I do any $ work on the CB. In NYS, I would have to get a special inspection before I can title the CB again. That title is called a "Salvage Title" which would reduce the trade-in value or sale value of the CB. Off course, a few years from now, that decreased book value would not make much of a difference.
If I withdraw my insurance claim, I believe I still have to satisfy my loan balance (I need to verify that).
This is what surprised me: If I let the bike go as a total loss, I would have to come-up with between $1.8K to 2.8K to satisfy the loan. What I originally overlooked; I will get a refund for my Honda Care extended warrantee and a NYS required loan gap coverage. When I finally got someone at Honda Finance who knew what he was talking about, I was told that it is likely I will get at least $1K, probably closer to $2K gap coverage (based on his experience with several total lose claims). When I asked him why the gap does not totally cover the loan balance, he stated gap covers only the bike. Gap does not cover sales tax, dealer fees, accessories I added, NYS registration fees, etc. that were paid for in the loan.
Questions remain whether my dealer can come-up with a reasonable deal for another 2014 CB1100 STD and my wife does not find out I may be putting out more $ for a replacement bike. Of course I will not directly lie to her, but not tell her all for those boring financial details! As long I do not spend our money that is set aside for the final phase of home remolding, she will be happy. BTW, a Honda Dealer in Baltimore, MD had three new 2014 CB1100 STD listed for $6.3K (plus fees I am sure). I called today and they were all sold.
jimgl353: that picture is a post crash photo. It is hard to see damage at that distance. The bike was not that hurt. Here is a closer photo view:
I will report back with the final outcome, hopefully by the end of next week.
What I learned, Honda Finance considers my CB total loss and they no longer consider the bike as an asset. They do not care what I do with the CB, however, I have to pay my loan off.
Once my insurance company classified my CB as a total loss, there is no going back regardless of the damages (see Jim's post).
If I salvage the bike, I would be about $6K in the hole after the insurance payment (minus the salvage value of $1.6K) is issued. That is before I do any $ work on the CB. In NYS, I would have to get a special inspection before I can title the CB again. That title is called a "Salvage Title" which would reduce the trade-in value or sale value of the CB. Off course, a few years from now, that decreased book value would not make much of a difference.
If I withdraw my insurance claim, I believe I still have to satisfy my loan balance (I need to verify that).
This is what surprised me: If I let the bike go as a total loss, I would have to come-up with between $1.8K to 2.8K to satisfy the loan. What I originally overlooked; I will get a refund for my Honda Care extended warrantee and a NYS required loan gap coverage. When I finally got someone at Honda Finance who knew what he was talking about, I was told that it is likely I will get at least $1K, probably closer to $2K gap coverage (based on his experience with several total lose claims). When I asked him why the gap does not totally cover the loan balance, he stated gap covers only the bike. Gap does not cover sales tax, dealer fees, accessories I added, NYS registration fees, etc. that were paid for in the loan.
Questions remain whether my dealer can come-up with a reasonable deal for another 2014 CB1100 STD and my wife does not find out I may be putting out more $ for a replacement bike. Of course I will not directly lie to her, but not tell her all for those boring financial details! As long I do not spend our money that is set aside for the final phase of home remolding, she will be happy. BTW, a Honda Dealer in Baltimore, MD had three new 2014 CB1100 STD listed for $6.3K (plus fees I am sure). I called today and they were all sold.
jimgl353: that picture is a post crash photo. It is hard to see damage at that distance. The bike was not that hurt. Here is a closer photo view:
I will report back with the final outcome, hopefully by the end of next week.
