Help & FAQs    Search BCF    Members    Groups    Events Calendar
Resend my activation email : Register : Log in 
BCF: Bike Chat Forums


Buying back salvage after a write off

 Reply to topic
Bike Chat Forums Index -> General Bike Chat
View previous topic : View next topic  
Author Message

B5234FT
Brolly Dolly



Joined: 28 Sep 2009
Karma :
PostPosted: 14:12 - 05 May 2016    Post subject: Buying back salvage after a write off Reply with quote
Has anyone done this? In the event of economic write-off you take a cash settlement and then use some of it to buy back the damaged bike to repair it yourself?

What kind of salvage value do they normally assume?

Cheers
 Back to top
View user's profile Send private message You must be logged in to rate posts

P.addy
Formerly known as
P.



Joined: 14 Feb 2008
Karma :
PostPosted: 14:47 - 05 May 2016    Post subject: Reply with quote
Its getting to be quite pricey to buy that shit back now meaning I have to spend more on wreckages Sad

However, they'll try to offer you book value for the whole write off or ask for like 30% of that off the claim price. Can vary wildly though.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

B5234FT
Brolly Dolly



Joined: 28 Sep 2009
Karma :
PostPosted: 14:52 - 05 May 2016    Post subject: Reply with quote
So for argument, a bike worth 4k one might expect to get £2700 plus the bike back?
 Back to top
View user's profile Send private message You must be logged in to rate posts

talkToTheHat
World Chat Champion



Joined: 21 Feb 2012
Karma :
PostPosted: 04:35 - 06 May 2016    Post subject: Reply with quote
I had a rear ending a while back and it scratched up every shiny bit on the exhaust side of my xv535. A new numberplate and ebayed rear light got it roadworthy whilst insureres pissed me around. They were offereing me book value of pittance when an equivalent vehicle would be about 4 times that private sale. I wanted my repair costs covering so i fought them, got market value of vehicle minus book salvage of a few hundred. Of course my luck being my luck the engine lunched itself 18 months later.
____________________
Bandit. does. everything.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

B5234FT
Brolly Dolly



Joined: 28 Sep 2009
Karma :
PostPosted: 08:40 - 06 May 2016    Post subject: Reply with quote
Similar situation, rear ended on a naked so lots of marked bits resulting in a high repair quote, but the bike is perfectly rideable so if it is written off I'd be inclined to buy it back and fix the obvious myself.

Where can one find book values for salvage?
 Back to top
View user's profile Send private message You must be logged in to rate posts

inline4
Nova Slayer



Joined: 20 May 2015
Karma :
PostPosted: 10:10 - 06 May 2016    Post subject: Re: Buying back salvage after a write off Reply with quote
B5234FT wrote:
Has anyone done this? In the event of economic write-off you take a cash settlement and then use some of it to buy back the damaged bike to repair it yourself?

What kind of salvage value do they normally assume?

Cheers


Yep, I did this. I was involved in a smidsy collision back in 2011 when a car driver did not look or did not see me at a junction on a bright sunny morning and drove into the side of my Bandit 1250.

The insurer declared the bike to be a write off and i bought it back from them using some of the money from the cash settlement. The salvage value was around £800 if i remember correctly.

I replaced the front forks, radiator and hoses and the front brake lever. The frame was fine and the bike passed an mot without any problems.

I still have my bandit and use it couple of times a week to commute into London.

It was declared as a Cat D or was it C? i don't remember off the top of my head. Anyway... if you do buy your motorbike back and repair it you'll have to declare to the insurer that it's a Cat D/C/Whatever. As far as i know it hasn't made a difference to my premium.

Hope this helps.

Thought I'd also add that my Bandit at the time was 2 years old and had around 3000 miles on it... so almost new. I was offered £4.5k as a settlement and i used around £800 from the settlement amount to buy it back.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

P.addy
Formerly known as
P.



Joined: 14 Feb 2008
Karma :
PostPosted: 11:06 - 06 May 2016    Post subject: Re: Buying back salvage after a write off Reply with quote
inline4 wrote:
Anyway... if you do buy your motorbike back and repair it you'll have to declare to the insurer that it's a Cat D/C/Whatever. As far as i know it hasn't made a difference to my premium.


You don't have to say anything. Why you would even consider saying something that could change your premium is beyond me. Laughing
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Rogerborg
nimbA



Joined: 26 Oct 2010
Karma :
PostPosted: 11:50 - 06 May 2016    Post subject: Re: Buying back salvage after a write off Reply with quote
inline4 wrote:
you'll have to declare to the insurer that it's a Cat D/C/Whatever.

If they specifically ask, and if you know the answer.

It's not actually in their interest to ask though, in the hope that you value it at full price, pay a higher premium up front, then in the event of a claim they can "discover" that it was written off and limit their liability.

You can try and pre-empt that by declaring it as a lower value in the hope of saving a few £££ on your premium, but you're only guessing as to what they'll value it at.
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike
 Back to top
View user's profile Send private message You must be logged in to rate posts

inline4
Nova Slayer



Joined: 20 May 2015
Karma :
PostPosted: 13:34 - 06 May 2016    Post subject: Re: Buying back salvage after a write off Reply with quote
Rogerborg wrote:
inline4 wrote:
you'll have to declare to the insurer that it's a Cat D/C/Whatever.

If they specifically ask, and if you know the answer.

It's not actually in their interest to ask though, in the hope that you value it at full price, pay a higher premium up front, then in the event of a claim they can "discover" that it was written off and limit their liability.

You can try and pre-empt that by declaring it as a lower value in the hope of saving a few £££ on your premium, but you're only guessing as to what they'll value it at.


That's exactly right isn't it... If one doesn't declare the Cat C/D status when getting insurance it's possible that come claim time the insurer will walk away claiming that they didn't know that it was a Cat C/D bike.

In fact i recall some insurers did not want to insure my Bandit because it was declared a write off; but plenty of other insurers did so it wasn't really a problem in the end.

BikeSure and a few others were fine with it so long as I could provide a valid MOT certificate. So it was quite straightforward.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

M.C
Super Spammer



Joined: 29 Sep 2015
Karma :
PostPosted: 14:12 - 06 May 2016    Post subject: Reply with quote
As Paddy says they seem to be wanting more for salvage now. 2 years ago I paid £400, for a bike they valued at £3300*, and was a Cat D. Spent £350 getting it back on the road, its a little bent and scratched but perfectly useable, and for some reason they didn't record the damage.

* despite declaring the bikes value as what I paid for it (£2350), so insurers refusing to pay out more than the declared value is another new BS thing.
 Back to top
View user's profile Send private message You must be logged in to rate posts

P.addy
Formerly known as
P.



Joined: 14 Feb 2008
Karma :
PostPosted: 14:40 - 06 May 2016    Post subject: Re: Buying back salvage after a write off Reply with quote
inline4 wrote:

That's exactly right isn't it... If one doesn't declare the Cat C/D status when getting insurance it's possible that come claim time the insurer will walk away claiming that they didn't know that it was a Cat C/D bike.


Bullshit. All (95%) of my bikes were cat d or c. I've never let anyone know. I've never had an issue.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Rogerborg
nimbA



Joined: 26 Oct 2010
Karma :
PostPosted: 15:03 - 06 May 2016    Post subject: Re: Buying back salvage after a write off Reply with quote
inline4 wrote:
If one doesn't declare the Cat C/D status when getting insurance it's possible that come claim time the insurer will walk away claiming that they didn't know that it was a Cat C/D bike.

How can you ("you" in this case being someone who's bought a bike without checking its history) be penalised for failing to give them information that you don't have, but which they ("they" being the insurance cartel) already do?

Really, I've never done an HPI check on any vehicle. I honestly don't know.


inline4 wrote:
BikeSure and a few others were fine with it so long as I could provide a valid MOT certificate. So it was quite straightforward.

Eh, there's never been a statutory requirement to have a vehicle re-MOTd after a write off. They're unrelated issues.

They can of course invent any rules that they like, but if they don't specifically ask, then there's no need to tell.
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike
 Back to top
View user's profile Send private message You must be logged in to rate posts

inline4
Nova Slayer



Joined: 20 May 2015
Karma :
PostPosted: 15:06 - 06 May 2016    Post subject: Re: Buying back salvage after a write off Reply with quote
Paddy. wrote:
inline4 wrote:

That's exactly right isn't it... If one doesn't declare the Cat C/D status when getting insurance it's possible that come claim time the insurer will walk away claiming that they didn't know that it was a Cat C/D bike.


Bullshit. All (95%) of my bikes were cat d or c. I've never let anyone know. I've never had an issue.


And all the best to you.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

P.addy
Formerly known as
P.



Joined: 14 Feb 2008
Karma :
PostPosted: 15:11 - 06 May 2016    Post subject: Re: Buying back salvage after a write off Reply with quote
inline4 wrote:
And all the best to you.


I have to use hands and toes to count the claims. Don't think I don't know the process Laughing

You must bend over and take whatever they tell you, I however will fight anything. Wink apart from Ste, we fite.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts
Old Thread Alert!

The last post was made 9 years, 294 days ago. Instead of replying here, would creating a new thread be more useful?
  Display posts from previous:   
This page may contain affiliate links, which means we may earn a small commission if a visitor clicks through and makes a purchase. By clicking on an affiliate link, you accept that third-party cookies will be set.

Post new topic   Reply to topic    Bike Chat Forums Index -> General Bike Chat All times are GMT
Page 1 of 1

 
 You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum

Read the Terms of Use! - Powered by phpBB © phpBB Group
 
Debug Mode: ON - Server: birks (www) - Page Generation Time: 0.20 Sec - Server Load: 0.81 - MySQL Queries: 14 - Page Size: 85.09 Kb