NADA, please put down the pipe!

Discussion in 'Airheads' started by tennessee thumper, Jan 24, 2013.

  1. tennessee thumper

    tennessee thumper Don't Text Me Bro

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    Traded a 73 75/5 for a 92 GSPD in 2010. I got the good end of the deal I think. Markel was the only company I could find, after much research, that would write an agreed value policy for the bike. I got an apprasial from Mark at RePsycle back in 2010 on the PD for $5,800. Seemed reasonable.

    I'm having some issues with Markel on rates and tried to shop around again today, with little satisfaction. I will continue with Markel for the time being.

    The real fly in the pudding here is NADA and their value assesment. All the insurance providers I spoke with today only valued the PD at $1300 for a total loss replacement value. The PD is in the "nebulus" not yet a classic but not a modern bike. Hagarty and othe classic vehicle providers do not offer agreed value on bikes that are not yet 25 yrs old.
    NADA is the only way the insurance providers can and will value a motorcycle for a non agreed value policy. The NADA value of these and similar bikes is way off and to me indicated they are not doing their due diligence(sp?) with this and other models.

    See NADA posting of the PD below.

    http://www.nadaguides.com/Motorcycles/1992/BMW/R100G-S-PARIS-DAKAR/Values

    My tounge and fingers are not able to express in word how silly this is and what a disservice NADA is to the m/c market when it comes to this and some other bikes.

    If any of you feel as strongly as I do please write a note to NADA with your opinion. I did. Link below.

    http://www.nadaguides.com/Contact
    #1
  2. Airhead Wrangler

    Airhead Wrangler Adios Mexico

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    Kelly blue book lists a trade-in value of $3380 and a retail of $5385 for a '92 PD which I'd say is pretty much right on.
    #2
  3. Solo Lobo

    Solo Lobo airhead or nothing

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    The problem with both NADA and KBB is that they pull their data from two sources, dealers and the very, very limited number of "reported" sales each year.

    The data is to some extent worthless, and in the car game is heavily massaged by dealer reporting to ensure they can buy used vehciles for what they consider to be a good price.

    That said, NADA on line provides the values below for a '92 GSPD

    <TABLE id=ctl00_ctl01_ucValues_tblSummary cellSpacing=1 cellPadding=1><TBODY><TR class=vdpvintagepricerow><TD class=vdpvintagepricetypes>Excellent</TD><TD class=vdpvintagepricevalue>$3265</TD><TD></TD></TR><TR class=vdpvintagepricerow><TD class=vdpvintagepricetypes>Very Good</TD><TD class=vdpvintagepricevalue>$2105</TD><TD></TD></TR><TR class=vdpvintagepricerow><TD class=vdpvintagepricetypes>Good</TD><TD class=vdpvintagepricevalue>$1375</TD><TD></TD></TR><TR class=vdpvintagepricerow><TD class=vdpvintagepricetypes>Fair</TD><TD class=vdpvintagepricevalue>$730</TD><TD></TD></TR><TR class=vdpvintagepricerow><TD class=vdpvintagepricetypes>Poor</TD><TD class=vdpvintagepricevalue>N/A</TD><TD></TD></TR></TBODY></TABLE>

    KBB on-line says:

    Excellent Condition $5,385
    #3
  4. benthic

    benthic glutton 4 punishment

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    I've never heard of NADA, but when I had a claim on my '78 R80/7, Statefarm said they don't rely on KBB or similar, they do searches to see what similar bikes are selling for. (and my agent is my cousin so he wasn't lying;) ).
    #4
  5. goatroper

    goatroper Been here awhile

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    In my experience, an agreed value policy specifies the value of the insured item for a specified period.
    If you don't agree on the value of the bike, go elsewhere, there is a market for this. Expect an appraisal.

    It is just like betting.
    #5
  6. Cogswell

    Cogswell Spudly Adventurer

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    If you insure with Hagerty, you can declare the value you want it insured for and all they require is a picture and basic description of the bike and work done to it.


    Mike
    #6
  7. Airhead Wrangler

    Airhead Wrangler Adios Mexico

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    IIRC, hagerty won't give you an agreed value policy on vehicles less than either 25 or 30 years old, which doesn't quite cover the newest airheads yet.
    #7
  8. Cogswell

    Cogswell Spudly Adventurer

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    Yeah, one minor detail I forgot about.:norton Also supposed to be limited use as well, so would not work for a daily rider.


    Mike
    #8
  9. bpeckm

    bpeckm Grin!

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    NADA uses original pricing and an algorithm... sorta like the weatherman who doesn't look out the window!

    Don't get me started on NADA in my field of yacht brokerage... people come in pointing to NADA and I just tell them that, if they can find that boat at that price, they ought to buy it, sight unseen. TOTALLY unrealistic (they are off by hundreds of thousands, at least 25%!)

    Ok, rant over....

    :evil
    #9
  10. chollo9

    chollo9 Screwed the Pooch

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    Insurance. Scam. Period.
    #10
  11. patrkbukly

    patrkbukly 52 Weeks of warm

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    I would absolutely LOVE to love insurance companies but I own a business and live on earth so... tough to do.
    #11
  12. goatroper

    goatroper Been here awhile

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    You might also ask your agent or broker to look for stated value insurance. I have no experience with it and don't know how it differs technically from agreed value insurance but it seems that the big underwriters feature it.
    #12