Settlement Offered on my '09 SM5

Just received the call I was dreading... Allstate has determined that the repair costs for the Spyder was too high, and has offered me $12,600. The amount would have been higher, but I had almost 11k miles on it and I bought it new 10 months or so ago. I owe about 14.5k, but the difference will be covered by my gap insurance. So, I will be out from under the monthly payment, but also out of the great joy I had ryding, working on, modifying, and showing off what I consider a really terrific vehicle. Due to financial considerations, it will probably be a while before I can consider buying another one, but I will buy another one when I am able to do so. I'll give it a few months to see how things pan out before I begin to sell off the stuff I accumulated, just in case something comes my way and I find use for it. While my time in the "Spyder community" was very brief, it was also terrific... I appreciate all the folks who were quick to help me and offer advice on the mods and maintenance I did on mine. I wish you all the very best! PS... if you don't have gap insurance, do yourself a favor... get it...LOL. One last topic, I was informed that I'm not allowed to buy back the damaged vehicle because it is actually the property of the finance company, but if I could, it would cost me $1800.

make an offer to the finance co...they dont want it either....ask em what price they would like and start there...offer em half and go...or PM me the finance co name and I will buy it...:)

Sorry to hear you have to give up :spyder2: for a while. The totaled out price seems low since you bought it new less than a year ago. The gap insurance was a help here. Keep us posted.

Sorry you lost your ride and hope you recovered well from your accident . I don't know but 12,600 for a three model year old RS sound good to me . I would still try and buy the Spyder back from the insurance company and part the RS out, I notice you have the Givi saddle bags as well as there is a market for your tires,rims, belt, seat, etc.

I would at least challenge them to do better than that, I mean lets be honest, you owe more, you bought it new, and that amount for a stock would be low in my opinion.

Whats the worst thing they do, say no? There isnt much to lose here, I would give it heck and go for it, then based of that, and current banking trends I can tell you for sure its the best time in the world to buy something. Trying to find perhaps a slightly used or discount 2011 might be easier than you think, then you would get into a payment similar to what you have.

Just food for thought! Its never easy to have a situation like this happen, the thing I would like to say is best is that you are OK and can still look for more fun in the future.

I ran into a similar situation with my Honda not a Spyder. After the insurance company totaled it out I contacted the adjuster and asked them how much for salvage? They were very upfront with me and said that when they had clear title from the finance co. we would talk. It took a few days and a couple of calls but in the end I was able to buy back the Honda for $395.00. Originally they were asking $1500. Of course I had to pay the storage fee as it was still in the lot where it was dropped off after the accident. Make an offer. They can only say no.

As an insurance guy; :agree:. The claims folks always have to walk a fine line; they don't want ot tick off their customers, but they sure can't give away the farm if they expect to keep their job... :gaah: Give them a reason to sweeten the deal for you and they'll probably do better. Good luck and please let us know how you make out with this stressful time! :thumbup:

IMHO...It's your money but....I would make sure of what the insurance co. was insuring......if they weren't insuring those givi's then they are your's....get them back....and pdxgoldwing should go and bargain for you he's knows his s**t.......find out the true owner of the :ani29: now and deal with them also bargain with the storage people the longer they have it the less likely they will break even on it......Mike....:thumbup::thumbup::thumbup:...PS.. Sorry for your loss and the grief and hassles

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Originally Posted by Bob Denman

As an insurance guy; :agree:. The claims folks always have to walk a fine line; they don't want ot tick off their customers, but they sure can't give away the farm if they expect to keep their job... :gaah: Give them a reason to sweeten the deal for you and they'll probably do better. Good luck and please let us know how you make out with this stressful time! :thumbup:

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Weave2U SORRY FOR THE LOSS OF YOUR RIDE; GLAD YOUR ok AND READY TO RYDE YET AGAIN.

Bob, can you comment and explain to those of us not as insurance savvy what "Gap insurance" is and how you go about purchasing it. Is this a product which would be available in all 50 states?? Thanks in advance:2thumbs:

Gap insurance should of been made available to you when you bought your Spyder. :yikes:

I would never drive any new vehicle off the lot without it. It covers the difference of what

the vehicle is worth and what you actually own on it. For what it costs, it is well worth it.

Without it you could be held responsible for a LOT of money on a wrecked or stolen vehicle.

[QUOTE=JolyStNick;424197]Gap insurance should of been made available to you when you bought your Spyder. :yikes:

I would never drive any new vehicle off the lot without it. It covers the difference of what

the vehicle is worth and what you actually own on it. For what it costs, it is well worth it.

Without it you could be held responsible for a LOT of money on a wrecked or stolen vehicle.
[/QUOTE

Thanks for splaining that Lucy:yes:

Hi Guys & Girls,
Over here in OZ, our insurance system is that you can either insure the vehicles for Market Value (That is if the vehicle is written off, then the market value for the same make, model and mileage in good, average or poor condition, which ever condition yours was in prior to the accident.) or Agreed value (Again if you purchase the Spyder for $25,000 then you can insure it for $25,000. If after a few years and it has low mileage etc, you can still be able to insure it for $25,000 but can cost you a bit more in premium.) Also if you have a good driving/riding record, you can get up to 60% no claim discount for life from all insurance companies on you premiums.
That's us over here...
Regards
Paul...Radar

Well looking at the positives you are OK , and you dont have a payment . But the negative is you dont have a spyder anymore . Sad to hear your leaving the web ( for a while we will be waiting ) . Keep your head up youll have one again my friend.

Here is what I would do. Check with dealers within say 100 miles for price on same model and year. If price is more than you were offered inform ins company. I would get prices from at least three dealers. And don't forget they have to add the tax. I would only mention that after you settle on a price. Good luck!

If he has GAP insurance, then it really won't make any difference what the insurance co. gives him unless it's equal to, or more than, what he owed on the Spyder. Actually, if he wants to buy it back from the insurance co. it would probably be better if they gave him less. Therefore, it should be easier for them to justify charging him less when he buys it back.

Steve, I hope you can get back on a Spyder soon. Good luck to you.

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Originally Posted by Trickie Dick

If he has GAP insurance, then it really won't make any difference what the insurance co. gives him unless it's equal to, or more than, what he owed on the Spyder. Actually, if he wants to buy it back from the insurance co. it would probably be better if they gave him less. Therefore, it should be easier for them to justify charging him less when he buys it back.

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This is really the bottom line. If I were able to get another thousand or fifteen hundred from the insurance, I would get none of it because I would have to get about 2500 more before I started getting into an equity situation. Someone mentioned the GIVI bags, etc., and the insurance told me that anything attached to the MC is considered part of the MC and is therefore covered... however, the value of those additional items isn't much...check kelly bluebook and you may be surprised at how little value they add.

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Originally Posted by JolyStNick

Gap insurance should of been made available to you when you bought your Spyder. :yikes:

I would never drive any new vehicle off the lot without it. It covers the difference of what

the vehicle is worth and what you actually own on it. For what it costs, it is well worth it.

Without it you could be held responsible for a LOT of money on a wrecked or stolen vehicle.

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I have never been offered GAP ins. on any new vehicle that I've purchased, including the spyder.

I'm surprised that the finance folks haven't tried to lock you in with it Wylie. :shocked:
Since I'm Cheaper than CHEEP; I never take it and always hope to not find out that I needed it at a later, inconvenient time! :yikes:
So far...so good! :thumbup:

Insurance & Me:

I never buy any of the extras because:

No extended warranty: If they sell me a lemon--they are going to get it back. I generally don't keep motorcycles beyond three years.

No Credit Life insurance: If I die--that's their problem--not mine.

Gap Insurance: I always have a big enough down payment or trade in so that I am only financeing 50-60% of the MSRP of the bike. I got stuck with that upside down stuff in my earlier years, and it cost me dearly when I had a car that was 6 months old and totaled.

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Originally Posted by wyliec

I have never been offered GAP ins. on any new vehicle that I've purchased, including the spyder.

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Maybe you put money down and if something happened there would be no "gap" to be covered. I just financed 12k on a 2011 RT so not being "upside down" the dealer never offered it to me. If he did I would not take it in this instance.

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Originally Posted by Clicker1944

Maybe you put money down and if something happened there would be no "gap" to be covered. I just financed 12k on a 2011 RT so not being "upside down" the dealer never offered it to me. If he did I would not take it in this instance.

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First Weave2u -- so sorry for your loss ! Hopeyou get back to being an owner sooner then you think.

We put about 12k down on ours as well and were never offered Gap insurance through the dealer but we did take out Total Loss insurance through progressive. Progressive only allows you to carry this for 2 years on new vehicles but is well worth it to get back your total loss on the bike including accessories.( basically gap insurance ) Our accessories including helmets, jackets, are covered for 100 % of their purchase price as long as we provide the receipt for purchase.

Progressive has been wonderful to us even with the total loss of our original RS, and with the purchase of our RS-S only 2 weeks later. We actually got more back then we had paid and ended up being able to upgrade the the 2011 RS-S. We own our RS-S now outright but we still have another years ability to have total loss and we have decided to keep it. We actually just upgraded our accessory insurance to 5000.00 insead of standard 3000.00 :) Too man bells and whistles ..lol !

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Originally Posted by Weave2u

Just received the call I was dreading... Allstate has determined that the repair costs for the Spyder was too high, and has offered me $12,600. The amount would have been higher, but I had almost 11k miles on it and I bought it new 10 months or so ago. I owe about 14.5k, but the difference will be covered by my gap insurance. So, I will be out from under the monthly payment, but also out of the great joy I had ryding, working on, modifying, and showing off what I consider a really terrific vehicle. Due to financial considerations, it will probably be a while before I can consider buying another one, but I will buy another one when I am able to do so. I'll give it a few months to see how things pan out before I begin to sell off the stuff I accumulated, just in case something comes my way and I find use for it. While my time in the "Spyder community" was very brief, it was also terrific... I appreciate all the folks who were quick to help me and offer advice on the mods and maintenance I did on mine. I wish you all the very best! PS... if you don't have gap insurance, do yourself a favor... get it...LOL. One last topic, I was informed that I'm not allowed to buy back the damaged vehicle because it is actually the property of the finance company, but if I could, it would cost me $1800.

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The company total my bike, and offer me $3,700.00 and i did not agree and i ask to give me the money and not total the bike, good a cap my bike and the money, and i had the fix w/ partes only aunder $700.00 dolares and i am very happy rider. But now i am more than happy because i have a spyder for 2 years. not bed.