Find Cheap Motorcycle Insurance Quotes in Your Area
Motorcycle blue book value is an indication of how much a preowned motorcycle is worth between private parties. While there are many resources that you could use to find a motorcycle's private party value, Kelley Blue Book and the National Automobile Dealers Association (NADA) have become the industry leaders. Knowing a motorcycle's blue book value is advantageous for buyers, sellers and for motorcycle riders negotiating with their insurance companies after a total loss.
- What Is Motorcycle Blue Book Value?
- Why You Should Know Your Motorcycle's Blue Book Value
- What's My Motorcycle Worth?
What Is Motorcycle Blue Book Value?
Motorcycle blue book value is an indication of how much a motorcycle is worth in the private market. In other words, if you're looking to sell or buy a motorcycle, a motorcycle's blue book value is how much you should expect to either pay or receive in a transaction. The term "blue book value" was popularized by Kelley Blue Book, an automotive research company. However, today, motorcycle blue book is a generic phrase, meaning most people who use it are simply referring to a vehicle's value. Each company that provides blue book values for motorcycles has their own methodology for doing so.
Why You Should Know Your Motorcycle's Blue Book Value
Knowing a motorcycle's blue book value can be helpful to a lot of motorcycle riders, particularly those negotiating with their insurance companies for a higher claim payout. One of the more popular options when purchasing full coverage motorcycle insurance is to opt for actual cash value coverage. Say you bought your Harley Davidson motorcycle for $25,000, but it has depreciated to $15,000. If it's totaled, your insurance company would give you $15,000 (the current market price) minus your deductible. This is in stark contrast to replacement cost, which would reimburse you for the cost of a new Harley Davidson motorcycle. You'll want your insurance company to use the most accurate value.
If you feel the settlement your motorcycle insurance company offering you is low, we recommend negotiating with your insurance company. One approach that you can take is to compare what your insurance company claims the market value for your motorcycle is to the motorcycle blue book value for your Harley Davidson. If your motorcycle's blue book value is more than what your insurance company is offering you, you'll want to point this out to your insurer.
Keep in mind that there are other ways to negotiate with your insurance company after an accident that don't require you to research your motorcycle's blue book value. For instance, you could hire an independent appraiser to calculate a value for your used motorcycle and then present this figure to your insurance company.
Anyone who is looking to either buy or sell a motorcycle would also benefit from knowing a motorcycle's private party value. For example, if you're attempting to sell your vintage motorcycle, how would you know what price to list? One popular method is to list it at or around its motorcycle blue book value. This would ensure you're receiving a fair amount for your vintage motorcycle. Whether your transaction involves a vintage Harley Davidson motorcycle or a used dirt bike, we recommend checking the motorcycle's blue book value.
What's My Motorcycle Worth? Finding the Blue Book Value on Motorcycles
To find out what a motorcycle is worth, we recommend checking out Kelley Blue Book and NADA. Both companies offer free values, which you can check on their respective websites, and both use sales transactions when calculating a used motorcycle's value. But each company uses a different methodology, so you'll likely get a different blue book value from each.
Kelley Blue Book and NADA's sites are easy to navigate. To obtain a NADA bike value, all you need is a used motorcycle's make, model, year and your ZIP code. NADA's site even allows you to select customized equipment. Kelley Blue Book's site only requires a used motorcycle's make, model and year in order to get a blue book value. Kelley Blue Book allows its users to check a used motorcycle's accident history by entering its vehicle identification number (VIN) into an optional box. This "VIN check" can provide used motorcycle buyers with reassurance during the transaction that a seller is being honest about a motorcycle's previous accidents.
We recommend taking both figures into account when selling, buying or negotiating with your insurance company, and using the blue book value that most benefits you. For instance, let's say Kelley Blue Book claims your used motorcycle's blue book value is $10,000, but NADA estimates that it's $9,000. In this scenario, anyone selling their motorcycle or negotiating with their insurance company should point to the $10,000 blue book value from Kelley Blue Book. On the other hand, buyers will want to highlight the $9,000 blue book value from NADA. Below, we outline how each organization arrives at its blue book values for motorcycles.
Kelley Blue Book Motorcycle Values
The motorcycle blue book values that Kelley Blue Book gives its users are based on several data points, including sales transactions and auction prices. Kelley Blue Book accounts for seasonality and market trends in its blue book values. Furthermore, its values reflect local conditions and are updated constantly. This means someone looking for a motorcycle blue book value in Florida is likely to get a different value than someone searching for one in Washington.
NADA Blue Book Motorcycle Values
NADA is the largest publisher of vehicle pricing information. To arrive at NADA blue book values, NADA's editors review more than 1 million sales transactions each month. The sales that are reviewed include retail and wholesale figures. NADA's blue book values take into account a motorcycle's overall condition, mileage, history, and the local supply and demand.