How important is the GL1000 rear alternator cover?

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Yes, it is important as it gives you access to the stator bolt. The stator bolt is commonly used to turn the engine over manually when setting the timing marks up when doing the timing belts change. That same cover is readily available in a bike salvage yard. You can find plenty of them on the older CB750's valve covers. Just make sure you replace the o-ring in the cap before installing it.

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I have a 77 carcass sitting out here beside the house. I could pull the one off of it if you cant find one elsewhere.

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The cover is still available new.
It's the same one on the final drive.
btw, duct tape works great in a pinch.

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I would suggest that you make certain that the alternator rotor bolt is tight prior to replacing the cap.Sometimes that bolt can loosen and actually come out with such force that it smashes through the access hole cap which may possibly be the reason it is missing. Hopefully the cap just came loose or was inadvertently left off the last time a mechanic or the owner adjusted the valves

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yes GLGREZMONKI is right. If you arent careful this could happen to you.

Check out the thread "Cracked Alternator Housing" back on August 16th. There are pictures of the catastrophic break that can happen. Those are my pictures and now I am waiting for all the parts to arrive before starting the biggest job I've ever attempted on the GW.