Bike enthusiasts, have you ever thought about buying a salvage motorcycle? If you are a fan or love to repair and resell stuff, purchasing a damaged motorcycle can be a safe bet for you. The repairable salvage motorcycles for sale usually cost just a fraction of their normal market value.
To be considered a salvage motorcycle, the bike would need repairs that exceed a percentage of the motorcycle’s fair market value. The actual percentage varies from state to state. It usually ranges from 75% to 90% of the motorcycle’s normal listing value in good condition.
In other words, a damage would occur, the owner files for insurance and then the insurance company will calculate the average repair cost. If the repair cost exceeds their threshold – not worth for them to fix it -, it will be declared “totaled”. After that, a salvage company buys the bike and then registers it as “salvaged”. It’s vital to know that the motorcycle salvage status is permanent in many states, even if the motorcycle has been completely rebuilt.
So Now What? I Want To Put My New Salvage Motorcycles For Sale On The Road
The motorcycle must undergo a series of inspections by a government agency. The DMV or the police department usually does this whenever it’s titled “salvage”. This is the only way it can be allowed back on the road. The agency needs to make sure the motorcycle is in good shape to roam on the streets.
For instance, the agency will evaluate if the motorcycle is working properly. In other words, check if it has proper braking, functioning turn signals, taillights and headlights, and other criteria may vary by region.
The motorcycle may also be tested on things like emissions and frame integrity.
In addition, when your bike passes all the evaluations required by law, it’s time to get insurance. Like every vehicle on the road, repaired salvage motorcycles also require mandatory liability insurance. This includes damage to property and bodily harm coverages. You will probably need to shop around to find the best insurance for you, for many insurance companies can’t accurately assess the real value of a salvaged bike.
If you are curious to know how much those bikes cost, click here.