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I've been offered money for my totaled motorcycle by the insurance company. Do I have an option to keep my motorcycle?
Yes, you can “retain salvage” and keep the motorcycle.
If you have been involved in a motorcycle crash and your bike is totaled, you have the option of keeping the bike but the insurance company handling your property damage claim will reduce the payment based on the value of the salvaged motorcycle.
What this means is that you will (1) have to accept a lesser settlement offer based on the salvage value of the motorcycle – i.e., if the owner is keeping the motorcycle and the carrier could have received $500.00 or so for the salvage, so the carrier deducts the $500.00 or so from the actual cash value settlement; and (2) the carrier and/or you have an obligation to notify DMV that the motorcycle’s been salvaged which means that the pink slip on the motorcycle will say “salvaged title” (i.e., the motorcycle’s not worth a whole lot even if it is later fixed).
The Law Offices of Edward A. Smith are experienced motorcycle accident attorneys expert in motorcyclist rules and regulations.
If you have been injured in a motorcycle accident that was not your fault, call us anytime for free, friendly advice. Sacramento 916.921.6400. Or Contact Us Online.