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Banged Up Member
SETTLEMENT OFFER ON 2010 RT-S
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
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Blazing Member
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 .
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SpyderLovers Founder
sounds like a fair offer
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Very Active Member
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
Rewaco RF-1 GT
Inline 4 cylinder Ford Zetec with multi-port fuel inject, 140 HP
0-60mph: 5.8 seconds
5 speed sync manual with reverse, mechanical dry clutch.
Front suspension: Trapezoidal fork with center spring
Rear suspension: Independent with Bilstein gas shock absorbers
Brake System: Grimeca calipers, linked ventilated discs, with booster
10.57 gallons
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Registered Users
with the above comments about taking the money and also try to buy the totalled one.
** Loving my 5th Can-Am Spyder since 2007! **
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Very Active Member
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.
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Very Active Member
Unless your insurance policy included a full replacement cost loss provision, I'd say the initial offer sounds very fair.
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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!
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Very Active Member
Originally Posted by dancogan
Unless your insurance policy included a full replacement cost loss provision, I'd say the initial offer sounds very fair.
Mike
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The offer is very generous...what insurance company? I may want to change.
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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.?
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This is more than fair what they are giving you.
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Teddys favorite human
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Registered Users
Go for it man !!!!!!
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Very Active Member
I would hire Bernstein and Mc Cauley? But there goes your profit~!
2015 F3 sm6, Custom Dynamics fender lights.
Sea Doo GTI-SE 90 Jet Ski!!
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Very Active Member
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..
220,000 Mile Spyder Ryder, IBA Premier member #59352, Saddlesore 1000 (11), Bun Burner 1500 (3), Saddlesore 2000 (2), Bun Burner Gold, MILEEATER SILVER
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Very Active Member
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..
220,000 Mile Spyder Ryder, IBA Premier member #59352, Saddlesore 1000 (11), Bun Burner 1500 (3), Saddlesore 2000 (2), Bun Burner Gold, MILEEATER SILVER
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Very Active Member
Just have them send the check to Len at Cowtown and I'm sure he'll hook you up with some deals!
Spyder #1 - 2008 GS SM5 Premier Edition #1977. RIP after 80,000 miles.
Spyder #2 - 2012 RT SM5. Traded in after 24,000 miles.
Spyder #3 - 2015 F3 SM6. Put 13,000 miles on and sold it.
Spyder #4 - 2017 F3 SM6. Too good of a deal to pass up!
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Registered Users
Sounds more than fair to me as well...it's typical not to recoup much for extra add-ons or any customisations.
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Very Active Member
INSURANCE RECOVERY
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.....
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Registered Users
Take it and buy a new one
I bought a 2012 RTS SE5 for $26,500.00 I think you should go for it.
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