[fireblade1]

For any of you who may buy a Salvage titled bike either in Missouri or live in Missouri. I found out today that Progressive will definately give you the full coverage insurance upon your request provided the bike passes a safety inspection.

Unfortunately, here in Missouri, any bike that has had a previous salvage title and/or has a rebuild or repair that exceeds the value of the bike will always be a salvage title in Missouri, even if it's rebuilt and cleared for safety by the Highway Patrol. Sure you can get the bike insured, sure you can get some bikes cheap that way, so here's the drawback to it all.
Since Missouri "brands" their salvage titles permanently and does a forced prior salvage background investigation on a vehicle, they will eventually find out. This means that your insurance company will AUTOMATICALLY deduct 50% of the NADA value of your ride due to the Salvage title.

For example, I'm looking at a 2003 gixxer 1000 with 1300 miles that was a theft recovery and has nothing wrong with it, but has a salvage title due to the theft. The seller is asking $4500 for the bike and NADA is around $8k which would automatically be valued at no more than $4k to an insurance company on a total loss claim. Moral of the story is beware of purchasing a salvage bike in Missouri unless you know you're paying less than 1/2 of NADA or you intend to use it as a track bike.

 

[md2lgyk]

Don't know about Missouri, and I'm not a lawyer, but this is similar to something I've heard about and over which several insurance companies have been sued (and they have lost). It may even be illegal in some places. The concept is a bit convoluted so bear with me:

The issue is something called "intrinsic value." Let's say you own a car worth $10,000. You are involved in an accident that does $5,000 worth of damage to it. The insurance company pays to fix your car, and it looks, runs, and is just as safe as it was before the accident. End of story, right? Not quite.

Now you want to sell the car outright or trade it in. To any perspective buyer, the car will be perceived as being worth less than blue book simply because of the fact it has been in a serious accident! It doesn't matter that the car has been fully repaired. Thus, such a vehicle has a lower intrinsic value than an identical one that has never been wrecked.

Your insurance company will say it's not their problem, they lived up to their policy and repaired your car for you. But it's now worth less than if it had never been wrecked.

The solution? Sue the insurance company to reimburse you for the difference in intrinsic value. Sounds crazy, but that's what has sometimes happened.

 

[themeatmanlandry]

Here's my salvage title story:

My truck was totalled for cosmetic damages that it received on 11/4/04. I bought it back from the insurance company because it is still driveable, it just has a few dents in it. I have to apply for a salvage title because I bought the truck back after it was totalled. When I went to get hte salvage title, I was told that it was a two-part process, and that they were out of the paperwork for the second part. They said I should do the first part and then come back after I hear back from the state.

I did the first part, and now have a Salvage Certificate. I go to do the second part and renew my tags (y'see where this is goin' . . huh?? ;-) ) yesterday and the lady tells me that I can't renew my tags because I have a Salvage Certificate.

I have to do part two, hear back from the state (again), go see her, and then I can renew my tags. They expire on December 31, 2004 . . . in eight freaking days.

Nice.