[Kham]

the insurance total the bike and they said i dont have the buy back option because the bank holds the title. is this true? this individual female doesn't seem to know her business. she ask me "do you want us to come pickup the bike?" duh!

[rocker]

They should be paying off what you owe to the bank and you still should have the option to buy it back.

[Kham]

Originally posted by rocker
They should be paying off what you owe to the bank and you still should have the option to buy it back.

that's what i thought, but

[g®eg]

Originally posted by rocker
They should be paying off what you owe to the bank and you still should have the option to buy it back.

well, not necessarily. they will be paying the bank what they feel it's worth.. whether this covers the full amount of the loan is something else.

Why do I have a feeling Kham is gonna get a bill for the difference between what the insurance company thinks the bike is worth, and what he owes on it.... Don't know, it's gonna be close as the bike is the current model year...

Unless, of course, you have GAP insurance....

[Kham]

Originally posted by Mystery Squid

Unless, of course, you have GAP insurance....

what's that?

Originally posted by Kham
what's that?

It covers the "gap" between what the insurance company thinks your bike is worth, and what you have left to pay off on it. Usually, two very different numbers....

For example:

If you owe $10,000 on your bike, and the insurance "totals" it for its **cash value** of $8,000, guess who get's a bill for $2,000?

With GAP insurance, you would need not worry about the $2,000.

[g®eg]

now there's an avatar that suits you Mystery Squid!
you seem to have a problem with authority Mr. Anderson

I checked on the "buy it back" and the insurance company owns it when they pay for it... the bike goes where they want it to go (auction, wreckers, etc)....

looks like you need to start asking some more questions Kham

Originally posted by T-595 Greg
now there's an avatar that suits you Mystery Squid!
you seem to have a problem with authority Mr. Anderson

I checked on the "buy it back" and the insurance company owns it when they pay for it... the bike goes where they want it to go (auction, wreckers, etc)....

looks like you need to start asking some more questions Kham

"I want to share something of a revelation with you, Morpheus. It came to me when I attempted to classify your species, and I realised that you are not actually mammals. You see, every mammal establishes a natural equilibrium with its natural habitat. But you humans do not...you habitate one area and consume all the natural resources before spreading to another area..."

"There is another creature that does this: Do you know what it is? A virus. You humans are a cancer of this planet, you are...plague. Look out that window, Morpheus, you've had your time--the future is our world, the future is our time."

[Kham]

Originally posted by Mystery Squid
"I want to share something of a revelation with you, Morpheus. It came to me when I attempted to classify your species, and I realised that you are not actually mammals. You see, every mammal establishes a natural equilibrium with its natural habitat. But you humans do not...you habitate one area and consume all the natural resources before spreading to another area..."

"There is another creature that does this: Do you know what it is? A virus. You humans are a cancer of this planet, you are...plague. Look out that window, Morpheus, you've had your time--the future is our world, the future is our time."

love it!

[Kham]

Originally posted by Mystery Squid
It covers the "gap" between what the insurance company thinks your bike is worth, and what you have left to pay off on it. Usually, two very different numbers....

For example:

If you owe $10,000 on your bike, and the insurance "totals" it for its **cash value** of $8,000, guess who get's a bill for $2,000?

With GAP insurance, you would need not worry about the $2,000.

i anticipate losing some money but will look forward to an 04 model if i can manage.

[Rye]

When did you crash this time Kham? Did I miss a post or something? Dude! Stick to bicycles!

[Half Squid]

Dam RYE Thats COLD...

Hey CAM That bike is brand new, you should be getting full replacement value and that should pay off your loan in full. Dont let them give you any B/S, mention you will be gettting your Attorney involved and they will probably resolve it quickly. & You should still have the buy back option at that point as well.
Those dam insurance company's are pretty dam sneaky when they want to be... Fuckers..

Give them hell KHAM....

[Kham]

Originally posted by Rye
When did you crash this time Kham? Did I miss a post or something? Dude! Stick to bicycles!

you're very funny.

[Kham]

Originally posted by Half Squid
Dam RYE Thats COLD...

Hey CAM That bike is brand new, you should be getting full replacement value and that should pay off your loan in full. Dont let them give you any B/S, mention you will be gettting your Attorney involved and they will probably resolve it quickly. & You should still have the buy back option at that point as well.
Those dam insurance company's are pretty dam sneaky when they want to be... Fuckers..

Give them hell KHAM....

thanks bro. ill be calling the adjuster tomorrow.

the MA policy specifically says "cash value" for Auto's. I can't imagine it being too different for motorcycles...

"We will pay for each loss up to the actual cash value of the auto..."

So the question is, how much value does a 2003 ZX6R lose over several months and X miles....

I'm willing to be you're going to get a bill Kham, just a matter of how much...

[Kham]

i hope not more than 1g.

[g®eg]

Originally posted by Mystery Squid
the MA policy specifically says "cash value" for Auto's. I can't imagine it being too different for motorcycles...

"We will pay for each loss up to the actual cash value of the auto..."

So the question is, how much value does a 2003 ZX6R lose over several months and X miles....

I'm willing to be you're going to get a bill Kham, just a matter of how much...

Kelly says: Suggested Retail Value $6350 <- not sure if this is the number they use though.

so, what do you owe?