WaltH
Senior Member
Just to clarify some carryover questions: I have notified the NHTSA of the fire. BRP has not contacted me, although I know they are informed. As far as I know, no one has conducted a physical examination of the burned motorcycle.
On May 15th, I took delivery of a red 2009 SM5. This motorcycle is brand new (zero miles), but it has been in a crate for six months. My dealer has several of these. Spyder sales are slow where I live.
My insurance carrier (Foremost - $305 per year) has been very fair. I have what they call “replacement cost” coverage. This means they would reimburse me for the cost of a new Spyder (same model and features), but not to exceed 110 percent of the cost of the old Spyder. You get the lesser of the two amounts. Accessories that are added to the stock motorcycle are treated separately. The base policy includes coverage of $3,500 (plus sales tax) for accessories. More coverage is available. My actual cost for accessories and modifications was $5,150 plus some sales tax and labor. I will have out-of-pocket cost in this area.
When I ordered Spyder #1 (12/07), the MSRP was $15,300 for yellow, and when I took delivery (02/08) it was higher. I paid $14,300 plus additional fees to the dealer of $700. These fees were what they called “assembly” ($500) and a phony “services” fee ($200). The pass-through fees for the State of Florida were $950 (sales tax, and tag and title fees). My out-the-door cost was $15,950.
The insurance company rejected the phony services fee, and so my recognized dealer cost was $14,800. They added 10 percent to this plus an amount for sales taxes and title transfer. The result was $17,300. From this they subtracted my deductible of $1,000. I received $16,300 in reimbursement for the loss of Spyder #1. In addition to this I received $3,700 ($3,500 plus sales tax) for the loss of accessories and modifications.
The MSRP for Spyder #2 was $16,500. I paid $15,000 plus the phony services fee of $200. This time there was no assembly fee, or any other fees to the dealer. The dealer got a total of $15,200. The pass-through fees to the State of Florida were just under $1,000 (sales tax and tag and title fess). My out-the-door cost was $16,200.
The insurance company’s calculation of replacement cost is based on the MSRP and not what I actually paid for Spyder #2. I was under no obligation to replace Spyder #1. The replacement cost calculation would have yielded a reimbursement amount which was slightly higher than the 110 percent of old cost method. I got the lesser of the two methods.
I came out pretty good on this because I was able to buy Spyder #2 for a little less than my reimbursement for the loss of Spyder #1, and I ended up with $3,800 to spend on accessories and modifications. I will spend more than this, but I am not complaining. I had 36,500 miles on Spyder #1.
This closes the chapter on the fire. Now I will concentrate on getting Spyder #2 ready for the touring season.
On May 15th, I took delivery of a red 2009 SM5. This motorcycle is brand new (zero miles), but it has been in a crate for six months. My dealer has several of these. Spyder sales are slow where I live.
My insurance carrier (Foremost - $305 per year) has been very fair. I have what they call “replacement cost” coverage. This means they would reimburse me for the cost of a new Spyder (same model and features), but not to exceed 110 percent of the cost of the old Spyder. You get the lesser of the two amounts. Accessories that are added to the stock motorcycle are treated separately. The base policy includes coverage of $3,500 (plus sales tax) for accessories. More coverage is available. My actual cost for accessories and modifications was $5,150 plus some sales tax and labor. I will have out-of-pocket cost in this area.
When I ordered Spyder #1 (12/07), the MSRP was $15,300 for yellow, and when I took delivery (02/08) it was higher. I paid $14,300 plus additional fees to the dealer of $700. These fees were what they called “assembly” ($500) and a phony “services” fee ($200). The pass-through fees for the State of Florida were $950 (sales tax, and tag and title fees). My out-the-door cost was $15,950.
The insurance company rejected the phony services fee, and so my recognized dealer cost was $14,800. They added 10 percent to this plus an amount for sales taxes and title transfer. The result was $17,300. From this they subtracted my deductible of $1,000. I received $16,300 in reimbursement for the loss of Spyder #1. In addition to this I received $3,700 ($3,500 plus sales tax) for the loss of accessories and modifications.
The MSRP for Spyder #2 was $16,500. I paid $15,000 plus the phony services fee of $200. This time there was no assembly fee, or any other fees to the dealer. The dealer got a total of $15,200. The pass-through fees to the State of Florida were just under $1,000 (sales tax and tag and title fess). My out-the-door cost was $16,200.
The insurance company’s calculation of replacement cost is based on the MSRP and not what I actually paid for Spyder #2. I was under no obligation to replace Spyder #1. The replacement cost calculation would have yielded a reimbursement amount which was slightly higher than the 110 percent of old cost method. I got the lesser of the two methods.
I came out pretty good on this because I was able to buy Spyder #2 for a little less than my reimbursement for the loss of Spyder #1, and I ended up with $3,800 to spend on accessories and modifications. I will spend more than this, but I am not complaining. I had 36,500 miles on Spyder #1.
This closes the chapter on the fire. Now I will concentrate on getting Spyder #2 ready for the touring season.
