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May 14, 2021Home Insurance Quotes
May 26, 2021What Is the Blue Book Value of My Motorcycle?
The blue book value of a motorcycle is an indicator of how much a used motorcycle is worth amongst private parties. Although there are numerous tools for determining the private party worth of a motorcycle, Kelley Blue Book and the National Automobile Dealers Association (NADA) have emerged as industry leaders.
Knowing the blue book value of a motorcycle is useful for buyers, sellers, and motorcycle riders negotiating with their insurance providers after a complete loss.
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What is the blue book worth of a motorcycle?
The blue book value of a motorcycle is an indicator of how much it is worth in the private sector.
In other words, if you want to sell or purchase a motorcycle, the blue book value is the amount you can expect to pay or obtain in a deal.
Kelley Blue Book, an automotive consulting firm, popularized the word "blue book worth." Today, however, motorcycle blue book is a common term, which means that most people who use it are actually referring to the value of a bike. Each company that provides blue book values for motorcycles uses their own system.
Why should you be aware of your motorcycle's blue book value?
Many motorcycle riders would benefit from knowing a motorcycle's blue book worth, particularly if they are negotiating with their insurance company for a higher claim payout. If you believe the settlement offered by your motorcycle insurance firm is inadequate, we suggest negotiating with your insurer.
You should equate what your insurance provider says is the market value of your motorcycle to the motorcycle blue book value for your bike. If the blue book value of your motorcycle is higher than what your insurance provider is giving you, you can notify your insurer.
"You paid $25,000 for your Harley Davidson motorcycle, but your insurer claims it has depreciated to $15,000. If you totaled it, you'd be reimbursed for $15,000 (the existing market price) less the deductible. You would be able to get a better settlement if the blue book value was higher."
There are other options to bargain with the insurance firm following an accident that do not necessitate researching the blue book worth of your motorcycle. You may, for example, employ an independent appraiser to determine the value of your used motorcycle and then present that figure to your insurance provider.
Additionally, someone trying to purchase or sell a motorcycle will profit from understanding the blue book worth of a motorcycle. If you're trying to sell your antique motorcycle, for example, you can get an idea of your selling price by consulting the motorcycle blue book value to ensure you get a good price in a deal.
What is the value of my motorcycle?
You may get the blue book value of a motorcycle from various sources, but each company would use a different approach, resulting in different blue book values.
We suggest checking out Kelley Blue Book and NADA to determine the value of a motorcycle. Both companies have free valuations, which you can find on their respective websites, and both use sales transactions to determine the worth of a used motorcycle.
The websites of Kelley Blue Book and NADA are easy to use. All you need to get a NADA bike value is the make, model, year, and ZIP code of your used motorcycle. NADA's site even allows you to select customized equipment.
Only the make, model and year of a used motorcycle are permitted on the Kelley Blue Book website for a blue book value. Users of Kelley Blue Book are able to scan the history of their accident by inserting a used vehicle identification number (VIN) into the optional package. This "VIN hunt" would reassure motorcycle buyers that a seller is true to the previous accidents of a motorcycle during the transaction.
We recommend that you choose the blue-book benefit that most protects you when you sell, buy or negotiate with your insurance company. Suppose, for example, Kelley Blue Book has an estimate of 10,000$ for your Blue Book on your used motorcycle, but NADA has an estimate of 9,000$.
When it comes to selling their motorcycle, one can use the $10,000 number from Kelley's Blue Book. in contrast, buyers will like to put more weight on the $9,000 NADA Blue Book blue book value.
Motorcycle qualities according to Kelley Blue Book
Kelley Blue Book's motorcycle blue book values are based on a variety of data points, including sales transactions and auction rates. In its blue book principles, Kelley Blue Book takes seasonality and industry dynamics into account.
Furthermore, its values represent local conditions and are continuously updated. This means that someone looking for a motorcycle blue book value in Florida would definitely get a different value than someone looking in Washington.
Motorcycle qualities from the NADA Blue Book
In terms of car prices, NADA (the National Automobile Dealers Association) publishes the most comprehensive statistics. An additional million transactions each month are processed by NADA editors for the purpose of arriving at NADA blue book prices. Retail and wholesale sales revenue estimates were considered in the projections. Prices in the NADA blue book consider the motorcycle's condition, mileage, and where the market is.
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