vintage bike got stolen ----- insurance question :(

jugglerevan · 06-30-2012, 02:10 AM

Came back from an overnight trip to discover that my 1974 CB360 was missing from the parking lot. Crap.

I'm going to file a police report in the morning, maybe the bike will show up. In the mean time I'll be filing an insurance claim.

When I got insurance on the bike the system didn't have values for a bike that old. He asked me what it was worth when it was new, I had no idea. Blue book value has the bike being worth $900, but there is no way I would be able to find this bike in running condition with a title for $900. I paid $1200 for it, put some work into it, and think it's now worth more like $1,500 in a realistic market... Is there anything I should be doing to demonstrate this to the insurance company? I want to go in prepared...

jones · 06-30-2012, 04:47 AM

I have done very well for myself in gaining value on older vehicles. It is essential that you immediately find at least two similar CB360's. I would even buy a cycle trader, maybe a couple if you can find an example of your bike & the money is good sweet profit can occur, worked for me many times in the past.

Dodsfall · 06-30-2012, 08:33 AM

Quote:

Originally Posted by jones

I have done very well for myself in gaining value on older vehicles. It is essential that you immediately find at least two similar CB360's. I would even buy a cycle trader, maybe a couple if you can find an example of your bike & the money is good sweet profit can occur, worked for me many times in the past.

That's a good idea if they won't use a standard pricing guide.

The insurance companies often use NADA values, which do list the 1974 CB360. The condition will change the actual value quite a bit. In excellent condition, that motorcycle is listed at $1580, but in fair condition, $430.

Kelley Blue Book lists the motorcycle at $910 in excellent condition.

If you have a decent insurance company, they shouldn't balk at paying out such a small claim, regardless.

My brother-in-law recently got into an accident that was another driver's fault. He was unhurt but his car is a mess. They has some fly by night insurance company who sent them a letter saying they "didn't have enough money" to pay the claim, so his insurance should pay for it.

markk53 · 06-30-2012, 08:43 AM

You may find they want to pay book value. Next time set up a named value for your vintage bike - common practice among car owners. A 57 Chevy's book value is either a hundred bucks or non-existent based on depreciation of a car, but we all know even a junk one is probably worth a couple grand and a convertible with all the goodies is over $100,000. Same with bikes.

jones · 06-30-2012, 12:55 PM

Quote:

Originally Posted by Dodsfall

That's a good idea if they won't use a standard pricing guide.

The insurance companies often use NADA values, which do list the 1974 CB360. The condition will change the actual value quite a bit. In excellent condition, that motorcycle is listed at $1580, but in fair condition, $430.

Kelley Blue Book lists the motorcycle at $910 in excellent condition.

If you have a decent insurance company, they shouldn't balk at paying out such a small claim, regardless.

My brother-in-law recently got into an accident that was another driver's fault. He was unhurt but his car is a mess. They has some fly by night insurance company who sent them a letter saying they "didn't have enough money" to pay the claim, so his insurance should pay for it.

Fortunately in arizona excepting the fact that vehical insurance is expensive, the payout up to 10k max (& likely)is covered in the other guy's insurance. That 10k is excepting medical. I'm not a scammer, just an idiot magnet.
I have helped a few other people here in my state & it does work.

jugglerevan · 07-01-2012, 01:23 PM

I'll let you guys know how it works out. I have State Farm insurance, and in the past I've had very good experiences with claims. I hope this isn't an exception; money is a little tight for me this year and I would like to be able to pay for a replacement bike that at least runs when I buy it. sigh

Another really frustrating thing is this, there are so many untitled bikes that get pulled apart for parts out there compared to the number of titled bikes. Theft like this just adds to that discrepancy. I'm really hoping it turns up abandoned someplace and I get it back, even if I just get the frame....

78 750K · 07-17-2012, 08:56 PM

What I have is (agreed) cost clause they require to see it depending on how much. And I have to keep all receipts of parts to increase it as the restore progress.

KB

gcmoto · 09-11-2012, 02:29 PM

Find three recent sold or advertized bikes that are the same as yours online and submit them as samples. Fight them insurance company you will always get more.

RiditAgain · 09-11-2012, 04:30 PM

I've heard of insured getting that book value plus improvements and mods with receipts. Yes even a percentage of the new tires that were on it. This unfortunately was for a mishap but still.

So any outcome yet, it would seem much overdue if not. And if not why not if you don't mind me asking?

06-30-2012, 02:10 AM	#1
jugglerevan Verified Join Date: May 2012 Posts: 31	vintage bike got stolen ----- insurance question :( Came back from an overnight trip to discover that my 1974 CB360 was missing from the parking lot. Crap. I'm going to file a police report in the morning, maybe the bike will show up. In the mean time I'll be filing an insurance claim. When I got insurance on the bike the system didn't have values for a bike that old. He asked me what it was worth when it was new, I had no idea. Blue book value has the bike being worth $900, but there is no way I would be able to find this bike in running condition with a title for $900. I paid $1200 for it, put some work into it, and think it's now worth more like $1,500 in a realistic market... Is there anything I should be doing to demonstrate this to the insurance company? I want to go in prepared...

06-30-2012, 08:43 AM	#4
markk53 Senior Member Join Date: Dec 2009 Location: Delaware, Ohio Posts: 3,232	You may find they want to pay book value. Next time set up a named value for your vintage bike - common practice among car owners. A 57 Chevy's book value is either a hundred bucks or non-existent based on depreciation of a car, but we all know even a junk one is probably worth a couple grand and a convertible with all the goodies is over $100,000. Same with bikes. __________________ KLX650C, Zephyr 550 SR500, Bultaco Sherpa T

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06-30-2012, 04:47 AM	#2
jones Banned Join Date: Jun 2012 Posts: 122	I have done very well for myself in gaining value on older vehicles. It is essential that you immediately find at least two similar CB360's. I would even buy a cycle trader, maybe a couple if you can find an example of your bike & the money is good sweet profit can occur, worked for me many times in the past.

07-01-2012, 01:23 PM	#6
jugglerevan Verified Join Date: May 2012 Posts: 31	I'll let you guys know how it works out. I have State Farm insurance, and in the past I've had very good experiences with claims. I hope this isn't an exception; money is a little tight for me this year and I would like to be able to pay for a replacement bike that at least runs when I buy it. sigh Another really frustrating thing is this, there are so many untitled bikes that get pulled apart for parts out there compared to the number of titled bikes. Theft like this just adds to that discrepancy. I'm really hoping it turns up abandoned someplace and I get it back, even if I just get the frame....

07-17-2012, 08:56 PM	#7
78 750K Verified Join Date: Jul 2012 Location: N.C. Posts: 27	What I have is (agreed) cost clause they require to see it depending on how much. And I have to keep all receipts of parts to increase it as the restore progress. KB

09-11-2012, 02:29 PM	#8
gcmoto Verified Join Date: Sep 2012 Posts: 16	Find three recent sold or advertized bikes that are the same as yours online and submit them as samples. Fight them insurance company you will always get more.

09-11-2012, 04:30 PM	#9
RiditAgain Senior Member Join Date: Jul 2011 Location: Pennsylvania Posts: 1,245	I've heard of insured getting that book value plus improvements and mods with receipts. Yes even a percentage of the new tires that were on it. This unfortunately was for a mishap but still. So any outcome yet, it would seem much overdue if not. And if not why not if you don't mind me asking?