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]

From personal experience of going from a 2010 to 2011 RT-S

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

​

 

[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: