Topic: Bike Appraisals

[Jeff]

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

[cmorgan47]

priceless.  they don't make them anymore, right?

[Uncle Ernie]

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.

[Jeff]

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]

 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]

  My mistake - yours is a 1977 CB550 which is NADA valued at $ 625 for # 3 condition.

[Uncle Ernie]

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!!!

[Pinhead]

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.