Author Topic: Bike Appraisals  (Read 1061 times)

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Offline Jeff

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Bike Appraisals
« on: August 07, 2006, 11:20:00 AM »
I just bought my 77 CB550K on July 29th. In setting up my insurance with Progressive, it turned out adding comprehensive and collision was only $15 more per year than liability only, so I decided to add it. I had to give a value of the bike, so I said $600 since that's what I paid for it.

The other day I received a letter in the mail that in order to do this, I need to get the bike appraised. I called my nearest Honda dealer, and he said since it's older than an '84, it's worth between $200 and $500. He suggested I find a collector. The letter I got said I can also go to an independent appraiser.

My questions are, has anyone else had to do this, and if so, where do you find an independent appraiser?

Thanks,
Jeff

Offline cmorgan47

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Re: Bike Appraisals
« Reply #1 on: August 07, 2006, 11:41:37 AM »
priceless.  they don't make them anymore, right?
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Offline Uncle Ernie

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Re: Bike Appraisals
« Reply #2 on: August 07, 2006, 01:58:10 PM »
I had to to that on my 400 once.  I clipped newspaper ads and printed up online ads from Cycle Trader and Ebay. Naturally, I only used the most expensive ones, but I told them it was worth $1500 and that worked.  BTW- if your bike is in decent shape, it's worth more than you paid for it IMO.
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Offline Jeff

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Re: Bike Appraisals
« Reply #3 on: August 07, 2006, 02:01:47 PM »
Thanks Uncle Ernie!

It's definitely not perfect, but I think it's in pretty decent shape. The price I paid was right in the middle of the range that I had found. Everything in running order on Ebay was a bit more expensive. I'll call Progressive and see if your method will work.

Thanks again,
Jeff

Sterling2

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Re: Bike Appraisals
« Reply #4 on: August 07, 2006, 02:29:10 PM »
 I've done this several times.  You type up the "appraisal" stating that your 1977 CB750 is in number 3 condition with NADA value of $725 , include the frame and engine serial numbers.  You ask your Honda dealer to copy it onto his letterhead and sign it ( which he should do for free ) , then you send it with a  couple photos of your bike.     Haven't had one rejected yet.

Sterling2

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Re: Bike Appraisals
« Reply #5 on: August 07, 2006, 02:31:03 PM »
  My mistake - yours is a 1977 CB550 which is NADA valued at $ 625 for # 3 condition.

Offline Uncle Ernie

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Re: Bike Appraisals
« Reply #6 on: August 07, 2006, 06:49:42 PM »
Sorry, but I disagree. A good looking runner- whether a car or bike- is very often worth more than Blue Book.  Old Falcons and Mustangs are good examples. Also, it varies by region.  In Podunk, Iowa, my 400 might be worth 5 or 600, whereas in SanFransisco it would be worth 15-1800.  Hellsbells, a couple of monthe ago I saw one go for $4500 on Ebay!!!
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Offline Pinhead

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Re: Bike Appraisals
« Reply #7 on: August 07, 2006, 10:06:15 PM »
I think you'd be surprised as to what these old bikes are worth. When I wrecked my '74 CB360 (not nearly as "good" as a 500) the insurance company (insurance companies try to screw you as much as possible, right?) gave me $1500 for it.
Doug

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