..Sparkling Diamond..:  I've recently had a similar problem but the opposite way round! With engine damage worth more than the bike you are best off selling it to a breaker who would give you a more than reasonable price for it and it would save you a lot of trouble trying to sell all the parts yourself! Any insurance claim would up your premium and you would get a small (very small) pay out and not bike. My advise... Sell the whole thing to a break and make some dosh while getting it of your hands!! Good Luck.
2009-07-14 16:27:20

william s:  1) Fix it yourself. Repairing the engine may be beyond your mechanical abilities, but it's not all that hard to just drop a working one in. Being a sportbike, you should be able to find one wrecked for salvage and pull the engine. 2) Get an estimate somewhere else. Dealerships are pricey for repairs, try smaller shops. 3) Sell it for scrap and buy another one.
2009-07-14 16:35:45

Rod Knocker:  Sell it for parts. Insure it and burn it up Find an engine on ebay or craigslist
2009-07-14 16:49:10

The Freak Show:  A good running engine in drop-in condition is going to run you between $1,000 and $1,500 depending on the bike you have. There are TONS of low mileage engines out there for sport bikes, and if you look around and you are patient, you can get one even cheaper than the prices I gave you. Try ebay for some price quotes and work from there. Or... Find out what the bike actually needs and try to do it yourself. I started wrenching on motorcycles because of exactly the situation you described. Now I do nearly every repair the bike needs myself. It's a good skill to have if you are going to be a rider for the rest of your life.
2009-07-14 19:28:59