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Discussion Starter #1
General question and maybe some help needed please. I crashed my street bike a couple of weeks ago. It's a modern, non-cafe bike. Anyhow, I took out a loan to pay for it. So there's a lienholder involved. Geico was real good about coming out to look over the bike and give me an estimate on getting it fixed. I've got no complaints. They were quoting 100% list price on all parts. I can get them on the internet for a lot less. The work isn't hard at all, in fact I've already taken the broken parts off in anticipation of putting the new stuff back on. There's no paintwork involved in this, all the bodywork pops off and back on in about a half hr. Here's the catch, the check from Geico is made out to me and the lienholder. The lienholder needs to have a licensed body shop do the repairs. They won't allow me to do the repairs. And if I do it they tell me that they won't sign off on the check. If I take it to a body shop I'm assuming I'm back to list price on all the parts plus my $500 deductable makes it so I'm gonna be out a chunk of money.

So anybody delt with this? If so how did you handle it so you were able to do the work? Or does anyone know a licensed repair shop that could "do" the work?

Thanks,
Craig
 

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yeah it sucks, but most commercial loans will have this clause in it and it is really tough to get out of. I'd read over your loan agreement real well one more time just to check...but usually these provisions are lock solid, from a legal point of view.

Yeller'
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Ask not what the wanker can do for you, but what you can do for your wanker!
 

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Craig, yep that's the way it is, the banks don't want people pocketing the check and not fixing the bike. That's why they have to sign off on it.
However...there are some shops that will work with you to cover some of the deductible...in other words, they charge you full price on the estimate, but then actually charge you less for the work, which cover some or all of the deductible. But if the bank has it's own list of repair shops it works with, then it can be more difficult.

I once had someone hit my truck, totalled their car, but only damaged my bumper...my buddy that owns a body shop gave me a $700 estimate, my deductible was $250, the bumper cost $170. I actually made money on that one... yes that makes me an asshole...but not as much of an asshole as the person that hit my parked truck.
JohnnyB
 

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When you take out a loan for any vehicle you are not the owner of that vehicle until you pay off the loan. That being said the lending institution has a vested interest in protecting the value of the collateral (i.e. the bike) until you pay it off.

I wish I could tell you that there was a way to circumvent the lender's requirements but really, it is an agreement, you signed it, and it is not a contract of adhesion or something else that is blatently unenforcable, so you may be stuck.

did you negotiate the value of the damage with the insurance company or just accept their offer? A good but sneaky shop can sometimes pad their own estimate to include the deductable, also you may actuall have more damage than the insurance company noticed. Ins companies love dealing with private individuals because they bend over a lot easier than shops do.

Let me ask you this, did you buy the bike brand new? What is wrong with going to the dealer and trading the crashed bike + the check from the insurance company for a new bike. Usually the dealer or the new lender will pay off the old bike and put you into the new financing and then the original lender will love it because they are off the hook without having to worry about the bike being fixed and will likely sign the check. The dealer can have the bike fixed cheaper so they win, and you get a new bike (sure you now have a little more to pay off but you are not out the money up front). If you bought the bike used it may not be worth this trouble however.
 

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Discussion Starter #5
Geeto,

I haven't negotiated anything with Geico. The estimate they gave me was a little low on labor costs, e.g. $42.00 per hr. But was very reasonable on parts costs, incuding what they would pay for. They estimated a Suzuki trunk replacement for a Givi aftermarket trunk I picked up off of ebay. And the trunk only has a single scratch that was probably there when I bought it on ebay so I really didn't intend to replace that. I picked up the bike used last fall. It's a 2003 so trading it in, even including the check, wasn't something I wanted to do.

Though if the Ducati models are going as cheap as you said....

Craig
 

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quote:
Geeto,

I haven't negotiated anything with Geico. The estimate they gave me was a little low on labor costs, e.g. $42.00 per hr. But was very reasonable on parts costs, incuding what they would pay for. They estimated a Suzuki trunk replacement for a Givi aftermarket trunk I picked up off of ebay. And the trunk only has a single scratch that was probably there when I bought it on ebay so I really didn't intend to replace that. I picked up the bike used last fall. It's a 2003 so trading it in, even including the check, wasn't something I wanted to do.

Though if the Ducati models are going as cheap as you said....

Craig
completely understandible. Considering the amount of vehicles I have had to put through the insurance process in the last couple of years (let's just say my girlfriend likes that metal on metal sound, oh yeah plus my cb750 thanks to the 40 year old camel humping 7-11 counter jockey that though it was oh so important to fight with his wife rather than drive), and the fact that I kinda sorta used to do insurance defense work I am just trying to help you out.

When it comes to paying claims, geico tends not to be as bad as some others. However don't accept until you are really sure that your only out of pocket costs are going to be the deductable (or less if you try to go through the shops).

understood about the trade-in route too, just trying to throw out some suggestions.

As for the ducatis, never hurts to check it out.
 

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Craig,

Do you know anyone at a licensed body shop? I've been able to team up with one in the past where they sign off saying they're doing the repairs for the insurance price but gave me a big break on the actual price. I would think you should be able to work some deal out where you provide the parts to the body shop and save some money there too.

Mike O.
 

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Discussion Starter #8
Update. So I went this afternoon and talked to a human at the credit union I deal with. This is a very small branch. One teller and one loan officer sitting at a desk. In a building smaller than a drive up coffee shop. I explained the situation to the person at the desk, she makes about a half dozen phone calls trying to get an answer. Finally comes up with a solution that I buy the parts from wherever. Make the repairs. Bring the bike and the receipts for the parts back to the credit union and they would sign over the check. There only concern was they wanted to see the work done before they gave up the check. I had no problem with that. So the Ducati idea is back on the shelf.

Craig
 

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huh. we had a jackass hit the saturn a few years ago. we still had a note to pay. statefarm came out, did the estimate, then cut us a check for the work. I used some rubbing compound and took all the plastic smudge off the rear quarter from the offending truck. looks like new. youd never have a clue it was hit. made 800 bucks on the deal. im sure the paint shop would have done the same exact thing. this of course was in maryland, so maybe the law is different. and it was like a 3 year old car.

the bug was a total wreck to have work done on. white paint with black bead. the insurance company went nuts when we insisted the fender had to be pulled off to paint it. they wouldnt pay for it, and the body shop that had it refused to do it. the next time it got bonked, we ordered a new fender and i shaved it and had it shot up then installed it myself.

jc
 

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My owns a body shop, your situation comes up all the time. Find a body shop that is willing to do you a bill as if they fixed it and then refund you the money. The shop will need a percentage of the check because it'll go on their books as income so they have to pay the tax on it.
 
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