Should I Buy The Salvage Title?

[TheBigB]

At work so I gotta make this quick...

My 2003 naked B12 has been totaled in the eyes of the insurance company. This is largely due to the fact that the engine block and head(er) has been scratched. In reality some new handle bars and the bike is infinitely rideable. The hook is that the insurance company wants $1645 for the buy back. That seems like a lot to me. Total net in my pocket after that would be $3405 - out of that I would have to have  the bike repaired. Repairs I would insist on would be new exhaust can, handle bars, gauge console, back brake lever and head lamp housing and gas tank (small dent).

Final out of pocket at this moment for the bike is $3390 ( this includes the monthly payments I made to finance it plus paying the bike off once I wrecked it - this was done to assure that the insurance company would let me buy it back )

So, I suppose the question is would you pay $3390 plus the cost of repairs for a 2003 naked b12 with less than 8k miles on knowing its history and owner.

The Big B

[dsartwell1]

I would say if you like the bike, take the opportunity to mod it a little and keep it as long as there is no frame damage or other major problems. If you're not planning on keeping it a long time or are looking for something different then go that route. Don't forget the rebuilt/salvage title is going to hurt the resale value if you want to sell or trade it. If you're going to run it til it croaks then that doesn't matter.

[Red01]

Yup, what he said.

[TheBigB]

The intention I had when I bought the bike was just that...this is a bike I will keep forever.

Thanks for the input. I was just making sure nobody got back to me saying something along the lines of how crazy I was for even considering the buy back.

Thanks,
Big B

[B6mick]

Go for it mate.
Both bikes in our shed, are so called insurance write offs.
The fact is they were both far from write offs.
The B6 cost less than 1 gorilla to fix.
And the Rex just shy of 2 gorillas.
Its little wonder we pay so much in insurance when insurance companies write off perfectly repairable machines.
But I guess I shouldn't moan to much cause I have come out the grinner on both bikes.

[Cruisecontrol]

I also own a written off Bandit.
It is an '03 that only owes me $5,500AU which was the cost of the bike and the repairs.

[Runerx]

My Bandit is a rebuild. I did both the crashing and the rebuilding thanks to a deer. As long as you feel you can get the value ou of the bike either monitarily or through riding and you know EXACTLY what you are getting into. I say go for it. Mine is way nicer than when I bought it and there's definately a measure of satisfaction in bringing one back to life.

Dave

[tacoman]

The insurance company charges what they do for the buyback so its not profitable for you to buy, fix, and resell.  This way, people aren't wrecking their bikes to get a deal.  I'd buy it back and keep it for a good runner, have fun making some mods.  Around here (Wash. St), they're allowing buybacks less and less.  Thieves (mainly Russian mafia) are stealing cars, stripping the parts, and letting the car get recovered.  They then buy them back at auctions, reassemble, and sell them.

[Cruisecontrol]

The insurance company charges what they do for the buyback so its not profitable for you to buy, fix, and resell.  This way, people aren't wrecking their bikes to get a deal.  

They can only sell them for what people are prepared to pay. They are damaged goods so it is a buyers market.

[TheBigB]

All good stuff fellas. Thanks. At the very least it reassures me that it's not a mistake. The real final motivator was that my GF insists I keep the bike for sentimental reasons. Gotta love a woman who loves to ride and who feels about bikes like that.

The Big B

[B6mick]

The insurance company charges what they do for the buyback so its not profitable for you to buy, fix, and resell.  This way, people aren't wrecking their bikes to get a deal.  

They can only sell them for what people are prepared to pay. They are damaged goods so it is a buyers market.

Agreed wholeheartedly.
The B6 I bought from a wrecking yard, so in fact the insurance company got money from the sale at auction, and I know for a fact even though the guys at the wrecking yard cut me a deal that they still made a quick buck.
Now the rex, was bought from auction, so the insurance company made a buck, but, the new owner really didn't know what he was looking at, and was unable to do a lot of the work required himself. So by the time he paid for the wreck then got a bike shop to fix up everything it worked out cheaper to buy a new one. He also didn't factor in that the frame was bent. In fact he knew sweat f all about what he was in for. So he ended up offloading the wreck, quite a few bucks short of what he paid for it. Then it ended up going though another set of hands with the price ever decreasing, before I got hold of it. To me 4 gorillas for the bike the fixing and it back on the road was to good to resist.

[TheBigB]

Since we are all here and talking about such things... one of the repairs I want to make is to a dented gas tank. A shop near by said they would suggest fixing it instead of replacing it. How does one go about fixing a dent in a gas tank?

The Big B

[Red01]

Depends on the dent. Many can be pulled by various methods. If it ends up requiring paint and you have to pay someone to do it for you, a new or good used tank may be cheaper.

[snofrog]

around here we have paintless dent removal places that use different shaped rods to get in and pry out on a dent .most around here do a great job

[Red Bandit]

I had a similar experience with an insurance company. They wanted to total my 01B12s because the damages, all cosmetic, exceded the value of the bike. I worked with the insurance company and accepted a settlement for an amount that was just short of total. I assumed all costs for the rest of the repairs.The adjuster worte the original adjustment that included every scratch and little ding that occourred. The prices they qoute are high reatil and you can get new or used parts much cheaper. I was planning on some aftermarket mods anyway, so I repalced the broken stock parts with some aftermarket parts.I was able to obtain the parts and did minor touch up work. I would suggest looking on other Bandit sites like Maximum Suzuki for parts.  My final cost was $900.00 less than the settlement The bike looks great(not showroom but real nice) and I don't have a salvage title. The insurance company will always try to low ball you and scare you into a bad move. Explore your options. My local stealer was a great help, I got most parts at a nice discpunt.