SETTLEMENT OFFER ON 2010 RT-S

[MouthPiece]

As many of you know I was involved in an accident which totalled my spyder. It was a 2010 RT-S (limited edition) and back then "out the door" cost me roughly $28,000.00.

After purchasing my spyder, I made upgrades which included XM radio and GPS (roughly $2,000.00 which includes wiring harness and labor), Elka Stage 1 front shocks, (roughly $700.00 including installation) and a Corbin Saddle with armrests which cost roughly $1,700.00.

I've been made an offer by the insurance company to settle in the amount of $26,600.00. My question is whether this offer is in the "ball park"? Any suggestions or advice would certainly be appreciated.

Thanks.

Chris

[fastfraser]

Man I would take the money and run . I would also try and buy your totaled RT and try and salvage the XM, GPS. Corbin , Elkas ,belt, rims, tires and what ever else you can. If you where to trade your old RT even with the mods you would be hard pressed to get 20-22 grand .

[Bob Denman]

:agree::agree::agree::agree::agree:

[Lamonster]

:agree: sounds like a fair offer

[spyder3]

Chris,

Thats sounds like a pretty good deal. But that shouldn't stop you for going for more. Try for the seat and shock expense at the very least.

JMO

john

[spyder-dude]

:agree: with the above comments about taking the money and also try to buy the totalled one.

[Hawk Eye]

As a ex insurance adjuster, go for it.

Hawk Eye :yes: :yes: :doorag: :doorag:

[ARtraveler]

Bottom Line: I would take the money and run. The suggestion to buy back the other machine for parts and salvage is also a good one.

RE: Farkles--unfortunately, they are worth 50% or less than what you paid for them.

Let us know what happens.

[dancogan]

Unless your insurance policy included a full replacement cost loss provision, I'd say the initial offer sounds very fair.

[zrc]

Well lets look at it here:

Out the Door: $28,000.00
Add-ons: $4,400.00
Total "Invested": $32,400.00

Insurance Offer: $26,600.00

Difference: $5,800.00

I guess I would attack this from the following perspective, Call a couple of dealers. Choose 3 lets say and make them, your local dealer you have a relationship with, a national dealer you trust, and a completely unknown and perhaps hungry dealer that someone you know has had good experiences with.

I would call all 3, tell them you are looking for a 2011 / 2012 with the following options (XM, GPS, Elkas, and a Corbin Seat) and let them price that out for you. Now obviously we have not introduced depreciation into this mathmatical hodgepodge I have thrown out here, but it is kind of a starting place. (Usually brand new items take a 10% to 20% from Brand new to you drove it 1 mile ~ [$28,000.00 * .2 = $5,600.00] Dropping the value to $22,400.00 by the time you get home) take this number add your 4,400 (Total $26,800.00) from earlier and $26,600.00 is just 200 off.

Then hit ebay / craigslist / the WTS here (I think we had a 2010 RT booking at $17,000.00 from a lady recently). If the dealers arent far off the mark, and you could find a replacement for around 17,000 to 18,000 heck you could roll at an $8,600.00 profit which is lots of sparkles.

While the bike was a total loss, is the radio, gps, shocks or Seat Recoverable in your opinion? and if so do you have a chance to take them? I would hazard a guess it wouldnt change the insurances point of view.

Anyhow, just throwing out some math, figures and ideas for you sir. I am glad you are getting better, and that a spyder might be in your future, I hope it all turns out very well!

[MikeinGA]

Unless your insurance policy included a full replacement cost loss provision, I'd say the initial offer sounds very fair.

:agree:


Mike

[SPYD1]

The offer is very generous...what insurance company? I may want to change.

[boborgera]

Sounds like a fair offer.
Also most insurance co Won't let you buy it back.
Some policy's [Foremost] have full replacement, And added accessories usually at a set figure.
But i assume you looked into that already.?

[arntufun]

This is more than fair what they are giving you.

[CyncySpyder]

:agree: Yup, this is a very good settlement price:agree:

41424

[hrbeta]

Go for it man !!!!!!


Sent from my iPad using Tapatalk HD

[Sarge707]

I would hire Bernstein and Mc Cauley? But there goes your profit~!:roflblack:

[BikerDoc]

Chris

My 2010 RTS SM5 cost me $25000 plus I put on about $2000 in mods (I had accessory coverage separate).. At any rate bike was totaled and Progressive paid me $26850 later to reimbursed by Travelers (had 21000 miles on it) no replacement cost coverage.
You can draw your own conclusions from that but I think they could do a little better..

[BikerDoc]

PS I also negotiated some pain and suffering and loss of use money even though my injury was quarter inch cut on one knuckle.. yours was clearly worth much more.. I assume you will pursue that separately..

[Marker]

Man I would take the money and run . I would also try and buy your totaled RT and try and salvage the XM, GPS. Corbin , Elkas ,belt, rims, tires and what ever else you can. If you where to trade your old RT even with the mods you would be hard pressed to get 20-22 grand .

:agree::agree:

[arntufun]

PS I also negotiated some pain and suffering and loss of use money even though my injury was quarter inch cut on one knuckle.. yours was clearly worth much more.. I assume you will pursue that separately..


Remind me never to let you on my property. :roflblack:
:roflblack:

[Firefly]

Just have them send the check to Len at Cowtown and I'm sure he'll hook you up with some deals! :thumbup:nojoke

[GLRange]

Sounds more than fair to me as well...it's typical not to recoup much for extra add-ons or any customisations.

[BLUEKNIGHT911]

I totally agree with ZRC if the insuranc co. didn't insure your mods i'd try and recover them, at least the easy ones and give ins. co the stuff you don't want....If you're spyder didn't come equipped with the thing the ins.co. has no claim to to it IMHO.......The pri ce they are offering does sound good too.....Mike....good luck.....this is way better than having it repaired.....

[Grandpa Spyder]

I bought a 2012 RTS SE5 for $26,500.00 I think you should go for it.

[pro10is]

Well lets look at it here:

Out the Door: $28,000.00
Add-ons: $4,400.00
Total "Invested": $32,400.00

Insurance Offer: $26,600.00

Difference: $5,800.00

I guess I would attack this from the following perspective, Call a couple of dealers. Choose 3 lets say and make them, your local dealer you have a relationship with, a national dealer you trust, and a completely unknown and perhaps hungry dealer that someone you know has had good experiences with.

I would call all 3, tell them you are looking for a 2011 / 2012 with the following options (XM, GPS, Elkas, and a Corbin Seat) and let them price that out for you. Now obviously we have not introduced depreciation into this mathmatical hodgepodge I have thrown out here, but it is kind of a starting place. (Usually brand new items take a 10% to 20% from Brand new to you drove it 1 mile ~ [$28,000.00 * .2 = $5,600.00] Dropping the value to $22,400.00 by the time you get home) take this number add your 4,400 (Total $26,800.00) from earlier and $26,600.00 is just 200 off.

Then hit ebay / craigslist / the WTS here (I think we had a 2010 RT booking at $17,000.00 from a lady recently). If the dealers arent far off the mark, and you could find a replacement for around 17,000 to 18,000 heck you could roll at an $8,600.00 profit which is lots of sparkles.

While the bike was a total loss, is the radio, gps, shocks or Seat Recoverable in your opinion? and if so do you have a chance to take them? I would hazard a guess it wouldn't change the insurances point of view.

Anyhow, just throwing out some math, figures and ideas for you sir. I am glad you are getting better, and that a spyder might be in your future, I hope it all turns out very well!

:agree:

Since when is an offer of $26,600 on a $32,400 investment fair and generous? I've never taken the first offer on an insurance settlement and I've always ended up with more. They're not going to give you their best offer up front. They're going to see what you'll settle for, that's just smart business. But you have to look after yourself. Listen to zrc and BLUEKNIGHT911. Do your homework. Read your policy very carefully. See if you have a replacement clause for your add ons. I do. Find out exactly what the retail NADA Blue book value of your RT is. You should get at least that including the accessory values listed. If the accident wasn't your fault don't settle for less than NADA retail and see if you can salvage any of your add ons as part of the deal. When you have this knowledge -then- you can decide if their offer was fair. Best of luck.

[NancysToy]

Find the depepricated (used) value of the Spyder at NADA Guides or Kelley Blue Book. From there addhalf the cost of your accessories. That is the market value of your Spyder. If the insurance does better than that, you are sitting pretty well, if worse, you have the tools to negotiate. Few of us carry replacement cost insurance. Our Spyders are not worth what we paid for them...no matter what we think.

[MouthPiece]

Thanks everyone. Everyone's advice has been good. One of the things that I feel is the "up side" about all this is that the spyder seems to hold it's value. The "base value" that they gave me credit for was $23,500.00. I think that's pretty dad gum good for a 2 year old spyder with 25,500 miles on it and cost "out the door/tax tag title, extended warranty, $28,000.00.

Again, my thanks to all.

Chris

[arntufun]

Thanks everyone. Everyone's advice has been good. One of the things that I feel is the "up side" about all this is that the spyder seems to hold it's value. The "base value" that they gave me credit for was $23,500.00. I think that's pretty dad gum good for a 2 year old spyder with 25,500 miles on it and cost "out the door/tax tag title, extended warranty, $28,000.00.

Again, my thanks to all.

Chris



It makes me wonder why more people arn't wrecking thier Spyders on purpose every couple of years. If your getting that much from the insurance, why the heck not !!!

The Dealer would never give you even close to that number your getting if you were going to trade it in. You made out very well. :thumbup:

[spyder3]

It makes me wonder why more people arn't wrecking thier Spyders on purpose every couple of years. If your getting that much from the insurance, why the heck not !!!

The Dealer would never give you even close to that number your getting if you were going to trade it in. You made out very well. :thumbup:


But the dealer will try to resell it for that amount, no doubtnojoke

[boborgera]

But the dealer will try to resell it for that amount, no doubtnojoke




Yea, Lousy dealer trying to make a profit and pay his rent and employees salaries,They should all go out of business'
Who needs dealers anyway. We can buy direct from the factory and do all warranty work our self.

[gbouten]

[QUOTE=MouthPiece;422322]As many of you know I was involved in an accident which totalled my spyder. It was a 2010 RT-S (limited edition) and back then "out the door" cost me roughly $28,000.00.

In my state the ownder has first rights to purchase for scrap. Normally you can buy back the machine for pennys on the dollar.

[SpyderGirl]

It is difficult to take a loss on your enhancements, however this offer seems very fair.

[ARtraveler]

RE: trade in value: This is going to be way less than what an insurance company will offer you for a totaled vehicle--It still sounds like you received a very fair deal from the insurance company.

I am guessing that my 2010 RTS premier edition with about $2K in farkles and 21,000 miles would be worth about $20k on a trade in on a new 2012 top of the line RT.

I have not asked, or shopped around, because I am not buying a 2012 Spyder. Not enough changes to make it worth my while. I had to have one of the first (2008) one of the first SE5 (2009) and one of the first RT's (2010). Looking back, I spent a LOT of money and kind of got the shaft with trade in value changing from 2008 to 2010. The 2009 is still being ridden by the ex.

BRP has a couple years max to restyle, come up with a bigger engine, etc. and then it will be to late for me to make another major purchase like that. Don't get me wrong, I like my 2010 RTS and it has most everything on it. But: I am also the guy who had a new motorcycle pretty much every other year.