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R60/6 value for insurance

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drpetemurray
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Re: R60/6 value for insurance

Post by drpetemurray »

vfiori wrote:
Thu Jan 26, 2023 11:26 am
I ended up just going with an estimated value of $10,000. It's going to need a rebuild in the near future due to old seals. But I'll run it like Harley until it gets bad. Then I'll be future-proofing this thing.
What seals are leaking?
Most common and visible without teardown are the pushrod seals. Others would be noted upon teardown final drive, rear main seal, and transmission input seal.
PeteM
Stroudsburg,Pa
73 R75/5 , 1014 RTW, IBA 359

weh8127
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Re: R60/6 value for insurance

Post by weh8127 »

...I usually place an over-value on my bikes to cover the potential inconvenience of finding a suitable replacement, having it shipped, going to pick it up, wasting time etc etc....

The problem with that is, from the insurance companies point of view, it is impossible to do more than $10k worth of damage to a bike that is only worth $10k, even if its insured for more. Its very important that the insurance company accept the stated value of the bike up front. if you put in a claim for more than they think the bike is worth they won't pay any more than that regardless the limits on the limits on the policy.
Bill Husted
Barre, MA USA
1963 R60/2 w/ 1955 Steib S500
1973 R75/5

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srankin
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Location: Spencerport, NY USA
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Re: R60/6 value for insurance

Post by srankin »

If a person puts a $10K value on a bike, and the bike looks like it is $10K value, most likely they will not have a problem at time of a total write off claiming the $10K. Same applies to restorations, if you have a documented restoration history, and an insurance company insures the bike, they will pay out the full amount. This is something you have to discuss with your insurance company in depth.

Unless they get a real jerk of an adjuster, most insurance adjusters I know will go to the place where the bike is to be repaired and discuss the damage. A honest adjuster knows now the approximate costs of rebuilding a bike, how much to replace or repair a fairing for example. Maybe they don't know the cost of a BMW airhead fairing but they most likely know the cost of OM fairings, and some of those are not cheap.

In my case, I had my 78RS, restored and insured for $10K. I sent at time of insurance pictures to the agent, who sent them to file. So, I had proof the bike looked like a $10K bike along with the spreadsheet of restoration cost. After the accident, the adjuster discussed the cost of repairs with the shop the bike was taken to. There was no argument as to the value of the bike and I was paid the full amount plus state sales tax. I was then offered the bike as parts which I bought for $400, and then sold to my airhead shop.

So the moral of the story is, LOL, don't insure a rat bike for $10K, and expect to get that, also don't over value your bike, just because it is a BMW doesn't mean it is worth a ton of money. be honest and 99% of the time you will get reasonable insurance rate and God forbid you have to make a claim a fair price for the bike if repairs are needed or it is totaled.

If you have a VERY rare or limited edition BMW bike, the only way to insure is to have the bike appraised and insured by a relevant collector company. In reality, the only bikes in this category are the very early /2 or pre war bikes. Just because someone sold at auction an R90S or other model, for an enormous amount of money doesn't mean all R90S or other bikes are valued that high. Most auctions are not true indicators of a particular bikes worth.

To be honest, if the frame had not been bent on my RS, I would have been happy to get the money to rebuild it as damage was easily repairable by me or my friend's shop. Trying to figure out what to do about the bent frame totaled the bike. St.
Owner of a 84, R80RT and 78, R100RS

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vfiori
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Location: Yardley, PA

Re: R60/6 value for insurance

Post by vfiori »

drpetemurray wrote:
Sat Jan 28, 2023 7:10 am
vfiori wrote:
Thu Jan 26, 2023 11:26 am
I ended up just going with an estimated value of $10,000. It's going to need a rebuild in the near future due to old seals. But I'll run it like Harley until it gets bad. Then I'll be future-proofing this thing.
What seals are leaking?
Most common and visible without teardown are the pushrod seals. Others would be noted upon teardown final drive, rear main seal, and transmission input seal.
No significant leak yet...fingers are crossed. The oil pan gasket occasionally has a few drops visible after a drive. I also find a few drops of transmission oil at the rear of the transmission. Trans fluid is also visible from the shifter shaft. Pushrod seals aren't leaking but a friend of mine had told me to expect them to leak. It's also got a transmission issue that I'll be starting a new thread about.

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