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| *Vultures Knob>>>Bike Insurance |
What is State Farms Totaling Policy? |
A deer hit my motorcycle and the Insurance company said it is totalled what does that mean will happen to my bike? how do they determine if it is totalled? Usually nowadays, car insurance companies will determine a car as being "totalled" if the cost to repair it is greater than the bluebook value of the car. Now re-read that carefully. One would think if a car is totalled, the insurance company will give you enough to then replace said totalled or un-usable vehicle. But, no, this is not the case. They will give you what the value of the car is. So, if it is an older vehicle, odds are you will not get enough to purchase a new or even nicer quality used vehicle. Good luck. Insurance companies are the only buisness that the government says you have to buy their product. Must be nice, huh? To determine whether or not to total it's a very simple formula: If the price to repair is > worth of moto, they will give you the worth of the moto. How they determine worth of moto? Something like NADA or KBB. toe tag is required ! toetags.com 30%of total value to repair the bike Ucan bid on the salvage value of the bike probably more expensive than you think. Or take the check and hope you did not owe anything on the motorcycle. Bank gets paid first you second. I should have said this first I'm glad you weren't killed! Insurance company's will always look out for what is in the best interest of the insurance company so arm your self with receipts of things that are extra on the bike,hope you make out with the adjuster OK. 30 year auto tech There have been a ton of totaled vehicle questions posted in this area, you should check those out. Basically, they will offer you ACV (actual cash value which means what you could get the saem exact bike for in that condition in the market). It is not a figured arrived at by Kelly Blue Book. They will offer you that amount, and you can negotiate the figure. When you come to an agreement, you will sign the bike over to State Farm and they will take it and sell it to a salvage yard. This is not a State Farm practice, it's like this with every insurance company. |
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