maz20 Posted January 21, 2021 Share Posted January 21, 2021 (edited) Hi there, My stolen FZ-07 was recovered and declared a "total loss" by my insurer and they've sent me a payout for it. But, by California law, I must also file a "Notice of Release of Liability" with the DMV as well, which requests that I also specify a "selling price" for my bike. Do I just put $0 because there was technically "no sale" ? Or, do I have to estimate what the "salvage value" of my bike was? I certainly wouldn't put the insurance settlement amount for the "selling price", because that amount is based on my bike's "previous condition" and that condition is definitely not what I transferred to my insurer! Edited January 21, 2021 by maz20 Link to comment Share on other sites More sharing options...
Global Moderator mjh937 Posted January 21, 2021 Global Moderator Share Posted January 21, 2021 10 hours ago, maz20 said: Hi there, My stolen FZ-07 was recovered and declared a "total loss" by my insurer and they've sent me a payout for it. But, by California law, I must also file a "Notice of Release of Liability" with the DMV as well, which requests that I also specify a "selling price" for my bike. Do I just put $0 because there was technically "no sale" ? Or, do I have to estimate what the "salvage value" of my bike was? I certainly wouldn't put the insurance settlement amount for the "selling price", because that amount is based on my bike's "previous condition" and that condition is definitely not what I transferred to my insurer! I would ask your insurance agent what to do, they deal with this issue on a daily basis. Sorry to hear about the loss of your bike. What are you planning to do for a replacement? Link to comment Share on other sites More sharing options...
maz20 Posted January 23, 2021 Author Share Posted January 23, 2021 (edited) No plans on getting a replacement soon -- may be doing a bit of travel instead (by airplane, that is! ) soon, so no plans on replacing my daily local commuter at this time... However, I have been curious about Honda's NC750X -- I test-rode an NC700X a while back and while the top-end was lacking I did like that it basically gave you all the power right from idle (pretty useful around town as a commuter with the usual stop-and-go traffic everywhere). Edited January 23, 2021 by maz20 Link to comment Share on other sites More sharing options...
Sunnycalibear Posted January 25, 2021 Share Posted January 25, 2021 I believe you do list the price based off your bikes condition prior to the theft. I think this shouldn't effect you in any way its just for the bike history when searched on Carfax etc. Link to comment Share on other sites More sharing options...
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