Topic: Anyone had their motorcycle appraised, how much did it cost?

[manjisann]

Has anyone had their bike appraised after doing custom paintwork? I've spent the last few months tearing down, sandblasting, body work, and painting my bike, and now that I'm nearing the end I'm realizing that I'd like to insure it for a little more that what the NADA says it's worth. I've put a few hundred easily into the paint and such, plus all the time and effort, and it would sure make me mad if someone hit me and all I got was the value of an unloved bike.

What I am trying to determine is if it is cost effective to have the bike appraised by someone the insurance companies will pay attention to, and then insure it for that amount. Does anyone have any experience with this kind of thing? I realize realistically since the NADA lists it as $1500 for the top value, I'm gonna be lucky to get it valued at $3k with the work I've done since I am not recognized as a pro but it should still be worth something.

Thanks,

Brandon

[razor02097]

Just remember if you get more insurance you get a higher monthly payment.

[Bonafide]

some companies offer a policy called 'agreed value' for bikes 25 yrs and older. You'll have to submit pictures of the vehicle and they usually put mileage limitations on it and require indoor (locked) storage. Basically, you tell them the dollar amount you want to insure the bike for, how many miles a year you usually ride, and they quote you a yearly price.

[manjisann]

Just remember if you get more insurance you get a higher monthly payment.

That would be the cost benefits ratio I am trying to weigh. I'm seriously beginning to wonder if I should just insure it like normal, and pray no one damages it. ultimately I can repair anything that is repairable.

Brandon

[Tower]

I had my K3 appraised on April 6, by Approved Appraisal Services, out of Brampton Ontario.  They charge $225, or only $150 if you are referred to them by an insurance company (In my case by Dalton-Timmis Insurance).  The insurance company would only provide full coverage insurance with an appraisal – it was worth getting.

From the appraiser, you get a nice folder with pictures of your bike and a letter on their letterhead with "findings" that includes a long list and description of the vehicle’s parts and the condition they're in.  They send a copy to the insurance company that referred you.

I asked that the appraiser to minimize the value he placed on my bike, thinking that would help with the insurance rate.  He appraised my K3 at $4000

I had asked Dalton-Timmis for a quote prior to the appraisal, and again after they received their copy of the appraiser's findings.  Surprisingly (not) the second quote was $75 more expensive, even though the original quote was based on my own, anecdotal appraisal of $4500. (I'll let you decide what that was all about).

I decided against using Dalton-Timmis as a consequence of their revised quote, so I’m out $150, but have a nice document to show for my trouble.

[myhondas]

Progressive has an agreed value policy.  Your premium will be directly reflective on the value that is listed.  My 750K4 is listed for $11,000 and I pay about $190 per yr for it on a multi bike policy.

[manjisann]

Progressive has an agreed value policy.  Your premium will be directly reflective on the value that is listed.  My 750K4 is listed for $11,000 and I pay about $190 per yr for it on a multi bike policy.

Forgot about them. I just ran the quote, with 100/300/100 coverage and 500 decuctible and a 4k agreed upon value it's only $250 a year, I am happy with that rate.

Thanks,

Brandon

[myhondas]

Progressive has an agreed value policy.  Your premium will be directly reflective on the value that is listed.  My 750K4 is listed for $11,000 and I pay about $190 per yr for it on a multi bike policy.

Forgot about them. I just ran the quote, with 100/300/100 coverage and 500 decuctible and a 4k agreed upon value it's only $250 a year, I am happy with that rate.

Thanks,

Brandon

Are you saying forget about Progressive or Dalton-Timmis?  Mine is 100/300/50 and 250 deductable at $190 for $11k coverage.

[razor02097]

Progressive has an agreed value policy.  Your premium will be directly reflective on the value that is listed.  My 750K4 is listed for $11,000 and I pay about $190 per yr for it on a multi bike policy.

Forgot about them. I just ran the quote, with 100/300/100 coverage and 500 decuctible and a 4k agreed upon value it's only $250 a year, I am happy with that rate.

Thanks,

Brandon

Are you saying forget about Progressive or Dalton-Timmis?  Mine is 100/300/50 and 250 deductable at $190 for $11k coverage.

He is in a different state, different age, different family status, and has only 1 bike

[MCRider]

Progressive has an agreed value policy.  Your premium will be directly reflective on the value that is listed.  My 750K4 is listed for $11,000 and I pay about $190 per yr for it on a multi bike policy.

Forgot about them. I just ran the quote, with 100/300/100 coverage and 500 decuctible and a 4k agreed upon value it's only $250 a year, I am happy with that rate.

Thanks,

Brandon

Are you saying forget about Progressive or Dalton-Timmis?  Mine is 100/300/50 and 250 deductable at $190 for $11k coverage.

That's how I read it at first too. But he said "Forgot" not forget, meaing HE forgot about checking with Progressive. Got the quote (from Progressive) at $250 and is happy with that.

Hope I'm not misinterprting again.

[manjisann]

sorry, no I forgot about progressive, I think the rate is quite reasonable for comprehensive and everything. For just liability only I'd be looking at about $150 - $160, so for another hundred a year it's worth it to me. Obviously I'll have to double check everything when I am ready to actually get it and be sure I understand what the coverages are but for an estimate I like it.

Brandon

[MCRider]

sorry, no I forgot about progressive, I think the rate is quite reasonable for comprehensive and everything. For just liability only I'd be looking at about $150 - $160, so for another hundred a year it's worth it to me. Obviously I'll have to double check everything when I am ready to actually get it and be sure I understand what the coverages are but for an estimate I like it.

Brandon

This was a timely thread for me. had never heard of such policy and I'll need one. Soon I hope.

[NitroHunter]

My 750K4 is listed for $11,000

...
 
How did you get an appraiser to recognise the actual value of a restoration or custom???

[myhondas]

No appraiser involved.  Have the actual cost of bike and cost to restore, additional items receipts, and now that I had both Bob Jameson and Bob Hansen sign my gas tank,  I may have to up the value some more....but that will be later in the year after I have the tank clear coated again

[Burnboy]

I use mcgraw insurance, they have the agreed value option as well. I think its like 10 bucks a year for every 1000 dollars you say the bike is worth, so its not too much to over insure your baby

[Old Scrambler]

I might agree with the $11,000 value of the Hot Shot bike.  I stood next to the bike for several hours.  Of course it should have the original sparkcaps and run on all four, but I am just a Certified General Appraiser that might not be recognized as an expert by your insurance company.

[manjisann]

This was a timely thread for me. had never heard of such policy and I'll need one. Soon I hope.

YAY I helped someone else as well 

I use mcgraw insurance, they have the agreed value option as well. I think its like 10 bucks a year for every 1000 dollars you say the bike is worth, so its not too much to over insure your baby

I've put a few hundred easily into paint alone, not to mention all the hours disassembling, sandblasting, patching, sanding, priming, and painting. I don't think it's unreasonable to think it should increase the value of my bike. In all honesty I'm just trying to cut down on the urge to commit several felonies in the event that some jerk in a tin top damages my bike and says "What, it's just a fender." If I know that I'll be reasonably compensated, I can just ignore such ignorance. With any luck I'll never have to make any such claim and I can just go on happily with my life, but insurance is for the unexpected.

I might agree with the $11,000 value of the Hot Shot bike.  I stood next to the bike for several hours.  Of course it should have the original sparkcaps and run on all four, but I am just a Certified General Appraiser that might not be recognized as an expert by your insurance company.

Now I'm confused, are you just fooling or are you really a certified appraiser?

Brandon

[myhondas]

I might agree with the $11,000 value of the Hot Shot bike.  I stood next to the bike for several hours.  Of course it should have the original sparkcaps and run on all four, but I am just a Certified General Appraiser that might not be recognized as an expert by your insurance company.

  hey dennis, I already did that one...put the new nos coil and caps on the other day.....went to bike nite at QS&L  on wed and they had a dyno there.....put on and......

now make sure that after you click on this link, you increase you browser zoom to at least 200-300%.....

Hondaman says that I ahould only be getting 40-45 rwhp....

http://forums.sohc4.net/index.php?topic=56660.msg611434#msg611434

[Burnboy]

the way i see it is that this is my first bike, no amount of money will replace the hours ive put into it. But 8 grand or so will buy me a cherry replacement

[Old Scrambler]

Yes, I really am a Certified General Appraiser.  I am licensed to appraise anything to any value. But, I am only licensed in the State of Wisconsin.  As an appraiser, the principle of substitution is often the best guide for value.  If a very over polished, repainted, rechromed, overly clean bike just like yours sold for $5,000 and several more very much in the same condition also have sold for about that amount of money, then no amount of sweat equity can be argued for more value.......the market, as such, has spoken. If no sales of a very similar bike are known, you probably asked the wrong appraiser, or you own a Marusho.  One rule to remember; Cost does not equal value.  Advice, If you own a very rare model with unobtainium replacement parts, get the opinion of value from several of the auction houses for a bike replacement if it were stolen or lost in a fire.  If you own a common bike with readily available replacement at the next auction or swapmeet, you may want to invest in a few of the hardest parts to get, and hold for replacement in case of damage.     

[manjisann]

the way i see it is that this is my first bike, no amount of money will replace the hours ive put into it. But 8 grand or so will buy me a cherry replacement

With what I've learned and the gear I've amassed I could easily do this over again for half of what it's cost me and do an even better job. Then I'd have the left over money for either more tools or..... another bike

That being said, I'd rather just keep this bike, flaws and all.

Yes, I really am a Certified General Appraiser.  I am licensed to appraise anything to any value. But, I am only licensed in the State of Wisconsin.  As an appraiser, the principle of substitution is often the best guide for value.  If a very over polished, repainted, rechromed, overly clean bike just like yours sold for $5,000 and several more very much in the same condition also have sold for about that amount of money, then no amount of sweat equity can be argued for more value.......the market, as such, has spoken. If no sales of a very similar bike are known, you probably asked the wrong appraiser, or you own a Marusho.  One rule to remember; Cost does not equal value.  Advice, If you own a very rare model with unobtainium replacement parts, get the opinion of value from several of the auction houses for a bike replacement if it were stolen or lost in a fire.  If you own a common bike with readily available replacement at the next auction or swapmeet, you may want to invest in a few of the hardest parts to get, and hold for replacement in case of damage.

Hey thats really cool, real honest advise from a man who knows his stuff. Thanks!! I realize my bike has no specific collectibility value, and that it could conceivably be "replaced" for less than I am insuring it for, but to me the real question is what would it cost to replicate what I have. It'd be hard to find a 80 CB650 with a frame and bits free of rust with multi part paint on it. I just want to ensure that if someone damages it through their own inattentiveness that I am compensated within reason. I'm only gonna try and value it at $3-4K, NADA lists my bike at $1550 in very good condition. But since my paint is "custom" it should command a better price than OEM paint. My understanding of insurance law, is they have to either give you the value of the item, or pay to put it back in the condition before damage. That being said, I'm screwed since the "market" says my bike is only worth a grand and a half. I guess that's where the agreed upon value comes in, I'm willing to pay to insure it as if it is worth more, because to me it is. Lets just hope we never have to find out which side of this line I fall on. Otherwise I may end up as one of the 10%ers, and up till now the worst I've ever had is a speeding ticket.

Brandon

Brandon

[myhondas]

as far as I am concerned, nada has NO idea what they are talking about when it comes to bikes..... they had my 96 magna deluxe valued 2.1k....try to find anyone who would sell at that price....the k4 is about the same as your value...they may be ok for cars...but they have their heads up their azz's when it comes to bikes.

[manjisann]

as far as I am concerned, nada has NO idea what they are talking about whrn it comes to bikes..... they had my 96 magna deluxe valued 2.1k....try to find anyone who would sell at that price....the k4 is about the same as your value...they may be ok for cars...but they have their heads up their azz's when it comes to bikes.

In fairness to NADA, trying to value old bikes is a nightmare I'd imagine. They are pretty spot on when it comes to the market value of my bike, but then again the market doesn't often see my bike after an insane owner puts a lot of time, love and money into bringing it back to life.

Brandon

[Tower]

There is a pretty accurate way to appraise your own bike...as long as you are willing to be honest with yourself.

1)Ask yourself: How much would I sell my bike for?  5K, 9K, 12k, 20K? etc
Whatever your answer - half that amount - would you sell it for that? No? find the middlepoint between your original guess and the halfway amount- how about selling for that middlepoint amount? Think it through before you answer...if still No? Find the new middlepoint and keep doing this middlepoint narrowing until you arrive at your selling amount.
This provides you with an accurate assessment of what you believe your bike is worth.

2)Next, ask yourself: How much would I give some guy, to buy his bike? Assume it is were very close in appearance to yours.  Remember you don't know any of that bike's history, abuses, parts swaps, possible clueless repairs, etc)? 5K, 10K, 15K?, etc.
Whatever the answer - double that amount - would you still buy it for that? No? Find the middlepoint and now, would you buy for that amount? No? Keep finding the new middlepoint until you settle on an amount you would buy for.
This provides you with what you believe a similar bike to yours is worth.

3)Finally, imagine you see an advertisement (on eBay for example) that sold a bike similar to yours, but for a price that was more (or less) than either amount you came up with.  Would you...
 a)immediately revise your estimate?
 b)think the advert amount and buyer was out of line?
This provides you with a confidence level that the amounts you arrived at are accurate.

4)Now....between your final two amounts, where do you think the truthfull amount is? Hint: Its closer to 2) that to 1)