2007-03-13 13:43:16 · 8 answers · asked by ? 1 in Cars & Transportation ➔ Motorcycles
Insurance will pay the Actual Cash Value of the bike less your comprehensive deductible. The amount you owe on the loan is completely irrelevant.
2007-03-13 15:18:50 · answer #1 · answered by Anonymous · 3⤊ 0⤋
As with any insurance, you need to check your policy and see if you have replacement value or current/book value on it. They will only pay what you have on your policy. Remember one important thing. It's a common mistake to think that if your insurance company pays you XXX dollars, that you must replace whatever it is. Wrong. Example...you get hit, and the front wheel and fender get damaged. The insurance company pays you $500, the fair market value of a replacement. You decide to buy a second hand wheel and leave the fender off of it. You pocket the rest. You are legally OK. But, if you owe more than it's worth, and only have current value, that is all they will pay...current value.
2007-03-15 11:46:27 · answer #2 · answered by auditor4u2007 5 · 0⤊ 0⤋
You'll probably get book value of the bike which usually means you will still have a balance to pay on your loan, unless the bike is worth more than 10k. If you have gap insurance, then they'll pay off the balance of your loan.
2007-03-13 21:11:55 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Insurance company willpay blue book value at the time for your bike. Thast what GAP insurance is for to cover the rest.
2007-03-13 22:44:47 · answer #4 · answered by Cyrinos 4 · 1⤊ 1⤋
The insurance company will only pay what the book or loan value is on the bike.
2007-03-13 21:13:02 · answer #5 · answered by Anonymous · 0⤊ 2⤋
Check with your insurance agent to see if you have replacement value or depreciated value. And if you have anything to do with it you'll get 5 to 10 for fraud.
2007-03-13 20:48:44 · answer #6 · answered by Dusie 6 · 2⤊ 0⤋
R u trying to get it stolen so you can get out of it?
Sounds like you are! Otherwise who would care right???
2007-03-15 16:29:12 · answer #7 · answered by jesse w 2 · 0⤊ 0⤋
.I think that would depend on the amount you have your bike insured for. And if you have theft insurance on your bike.
2007-03-13 20:52:15 · answer #8 · answered by shorty 6 · 0⤊ 0⤋