Auto Insurance Claims: Motorcycle buy back claim, salvage auction, salvage value

Question
HI i have a question on my motorcycle that I am told is totaled and I want to keep. The adjuster said he will sell it back to me for a pretty high price but my friend said his dad wrecked his motorcycle and argued with his insurance company and they paid him and he kept his bike without having to pay the insurance company. His argument is that he is insuring his bike for damage repair not to buy it from him when wreck. I know that not all he had to do but the was the main point and at this point any help would be great and thanks in advance for your reply.

Answer
Hi Charles,

When any vehicle is totaled by an insurance company they are essentially buying the vehicle from you. At that point they own the vehicle and will sell the vehicle at a salvage auction to recover some of their money. If you want to keep the vehicle, they they will sell it back to you for the amount they think they would have received at auction. However, an insurance company will opften inflate the amount they think the salvage is worth. So if they have quoted you a salvage value, you should request the names and phone numbers of who they received the quotes from so that you can call to verify thay are correct. Like anything else the salvage value is negotiable. Don't be afraid to make a counter offer. However, keep in mind that once they pay you for the bike, they own it and they do not have to sell it back to you at any price.

I hope this helps
Richard Hixenbaugh