Insurance write-off prices

[Coyote]

Does anyone regularly go to auctions and sees what prices insurance write offs go for? For instance later model 600-1000cc sports bikes that are mechanically and structurally good? I'm pretty keen in the nearish future to get one to do up, having learnt my lesson about getting a good looking bike cause I only fall over the day after. Has anyone else done this before? I know N4CR did and spoke with him and it sounds achievable.

[Cibby]

They are only worth what someone will pay for them, www.starinsurance.co.nz list all their wrecks on their site and on trade me as well, and more often than not, it is a real pain for the insurers to get the bike to the auctions so if they have an offer and dont have to deal with it anymore then that is the easiest option for them.

If you find one, make a LOW bid on it, the worst they can do is say no or come back with a counter offer and you will still get a cheap bike. I had a client recently where they had a bike worth $10,000 in value roughly, it was an 'Insurance Write off' which ment it was absolutley fine except for some cosmetic damage and the insurers offered it back to them for about $3,500!!!!!!

Not bad eh:?

Good luck.

[mattimeo]

What are the implications of it being written off? Is it difficult getting it re-vinned or whatever necessary to make it road legal?

[Coyote]

They are only worth what someone will pay for them, www.starinsurance.co.nz list all their wrecks on their site and on trade me as well, and more often than not, it is a real pain for the insurers to get the bike to the auctions so if they have an offer and dont have to deal with it anymore then that is the easiest option for them.

If you find one, make a LOW bid on it, the worst they can do is say no or come back with a counter offer and you will still get a cheap bike. I had a client recently where they had a bike worth $10,000 in value roughly, it was an 'Insurance Write off' which ment it was absolutley fine except for some cosmetic damage and the insurers offered it back to them for about $3,500!!!!!!

Not bad eh:?

Good luck.

I've favourited the page on their site with the links to their auctions: http://www.starinsurance.co.nz/wrecks.htm I regulary check that. Their last R1 was interesting but sold for too much, but a VFR800 sold for real cheap.

So you're saying I should buy a flash bike, take it for a slide, claim insurance, and buy it off my insurance company for cheaper? Hxc did that (though not on purpose).

Cheers

What are the implications of it being written off? Is it difficult getting it re-vinned or whatever necessary to make it road legal?

My above link says this:

De-Registration / RE Registration Process
The bikes are de-registered, for your safety and ours.

However, it is a simple process to re-register the bike.

First you will require a Repair Certification (Land Transport NZ 308), we use a Motorcycle Specialist to issue these (obviously after it passes).

Please call Gil on 021 725717.

Then the bike can be run thru a Testing Station for Compliance, where you will be issued a Number Plate and WOF (again, after passing).

Also, if you have any questions in regards to the process,
please give Gil a call on 021 725 717 (Just mention to him that
you are ringing him after reading this)

N4CR got his ZX10R for $10000, then it cost him around $2000 (from memory) in parts and legal fees to get back onto the road. As far as I know the certification process costs around $700 and the rerego costs $350, so there's a fuckton of money wasted in red tape. He still got the latest model Ninja with low k's minus fairings for $8000 cheaper.

[hXc]

So you're saying I should buy a flash bike, take it for a slide, claim insurance, and buy it off my insurance company for cheaper? Hxc did that (though not on purpose).

Well yeh I kind of did. Bought the Spada for cheap, painted it up nice looking, then a year later, I got hit and bought it back off the insurance company for $100.

That's cheaper than the brand new tyre that was on it 4 days beforehand.

EDIT; and the insurance company paid me out $1200 more than I bought it for.

[Oakie]

Well I guess Mrs Oakie's write off won't go for much. There's just a frame left.

[F5 Dave]

I think there are many pitfalls that the amateur eye may miss making it an expensive exercise if unlucky. Often ins co.s have regular feeders being bike shops, wreckers & serial fixers. If they have pass it by then one has to ask why? if you get lucky & they haven't seen it then you may be onto something. But you have to ask oneself if you have the skill to spot & assess the cost of final project (in the fall did the frame get tweaked? discs get bent?, engine get held wide open?).

But also do you have the skill & motivation to put it all back together? Projects have a habit of taking more time & money than you can imagine. I have a friend with a nice R1 streetfighter project (if there is such a thing) he got with the help of a wrecker friend. It didn't start at the viewing place so was avoided, but turns out the carbs got knocked off in the crash (no one probably looked) so he figured that was likely it would be fine. It was.

Anyway he has been collecting parts & finding the time & motivation to complete it from a 'Doesn't look too bad cosmetic crash'.

Well I can't remember exactly, but it is well over a year.

How long would you take? Really?

[richard l]

As far as I know the certification process costs around $700 and the rerego costs $350, so there's a fuckton of money wasted in red tape. He still got the latest model Ninja with low k's minus fairings for $8000 cheaper.

the certifier i used a few months ago for my kwaka was the guy mentioned above, Gil, and i was super impressed with his service. numbers as above , 021 725717. if you are lucky enough to end up with a good 'write off' give him a yell.
hope that helps.

[Coyote]

the certifier i used a few months ago for my kwaka was the guy mentioned above, Gil, and i was super impressed with his service. numbers as above , 021 725717. if you are lucky enough to end up with a good 'write off' give him a yell.
hope that helps.

It does, good to hear more people with good experiences.

When school is over I'll have the time to check out Turners and see what auctions do pop up and how much they go for. I'll report on here if I do find out anything interesting.