Just opened my mail today to find that my insurance premium for my '76 CB550 went from roughly $300 dollars up to $2,800.00 per year effective immediately. I figured it had to be a typo as there was no recent change in my license status/driving/accident history and called to see what the error was.
The answer I got was far from expected and I figured i'd pass on the info in case it's of use to anyone else having to make a decision as to post an insurance claim for a hit and run or pony up the cash for minor repairs on one's own.
A bit of backstory:
My bike was hit while parked in November, and after working with my claims adjuster, I was offered a settlement of around 1400.00. They declared the bike a total loss as it would cost more in parts and labor to repair than replace the bike in the eyes of the insurance company. I was told accepting their offer would not effect the status of the title or my rates moving fwd since it was a non moving accident that I had no involvement in.
It was my choice to repair the bike on my own with the alloted money, the bike being declared a total loss, or to accept a few hundred more, forfeit the bike to a salvage company, and find a new bike.
I decided on a rebuild over the winter and am around 95% done with the project. A little paint, carb reassembly, new chain, and a tune up and she's ready to go.
Here's a link to the rebuild and progress reports:
http://forums.sohc4.net/index.php?topic=62368.0 I just got off the phone with an insurance agent who informed me if I'd like to continue my policy with Geico, my rate for the same amount of coverage would be close to 3000 a year as the company now has my bike recorded as a total loss vehicle.
Had I known making a claim and receiving a meager payout would have resulted in the most rediculous premium hike I've ever experienced, I surely would have opted to part the bike out or at least reconsidered investing another 1500 on the rebuild.
I'm not to sure anyone in their right mind would accept a 1400.00 payout only to turn around and give the insurance company twice that amount each year to cover said bike. Really wish I'd have had more info in writing from the claims adjuster while going through the process of reporting the damage and settling on the claim. Live and learn I suppose....
Looks like my options now are to move everything over to the 72 CB500 frame I just picked up or see how things go with the new insurance carrier I just signed with. Their quote for my 68 CB450 and 76 CB550 was quite reasonable- just hoping nothing comes back when they verify the title info on the 550. We'll see how it goes.
