As soon as possible after the accident, contact your lender and let them know what happened. They will be able to advise you on the next steps you need to take.
Step 2: File a police report.
If you haven't already done so, file a police report about the accident. This will be helpful for your insurance company if you decide to file a claim.
Step 3: Get estimates for repairs.
Once you have filed a police report, you can start getting estimates for repairs. This will help you determine how much it will cost to fix your motorcycle.
Step 4: Decide whether to repair or total your motorcycle.
If the cost of repairs is less than the actual cash value (ACV) of your motorcycle, you will likely have the option to repair it. However, if the cost of repairs is greater than the ACV, your motorcycle will be considered a total loss and your lender will likely require you to pay off the remaining balance on your loan.
Step 5: Negotiate with your lender.
If your motorcycle is totaled, you may be able to negotiate with your lender for a lower payoff amount. You may also be able to get them to agree to a payment plan that works for you.
Step 6: Get a salvage title.
If your motorcycle is totaled, you will need to get a salvage title for it. This will allow you to sell the motorcycle for parts or scrap metal.
Step 7: Move on.
Once you have dealt with the financial aspects of your accident, it's time to move on. This may be difficult, but it's important to remember that you are not alone. There are many people who have been through the same thing and they can offer you support.
