Your bike has a vacuum operated petcock. The vacuum diaphram inside the cover set has cracked and is allowing fuel to leak from the vent hole. Unfortunately, you cannot buy just the diaphram, you've got to buy the cover set (#5 in the picture below), P/N 16953-KEA-023, or replace the whole petcock assembly (item #2), P/N 16950-MEM-674.
Testimonial: "i was afraid of that, thanks so much for thge help"
this was very helpful I'm going to go with the cover set first thank you
Me and another biker (Honda owners) just started having this leak as well. Mine is on a 2000 Magna 750. We started using Ethenol free gas about 3 months ago. Would that have any reason to make the diaphram fail? They both started leaking at almost the same time.
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If there was a hole of any size in that area the gas would be doing way more than dripping. The valve works on a vacuum principle meaning it will only let gasoline flow when it is connected to the carburetor via the fuel line. Here are a few things you should check out:
First things first, check the fuel line coming off the petcock, the clamp may be loose or broken.
Second, check the valve itself, turn it from On to Off and from Off to Res then back to Off, see if the drip gets faster, slower or stops altogether.
Third, check the seating of the valve in the tank; is it tight, can you wiggle it with your hand? If so, it is loose and needs to be tightened which would stop the leak if that is where it's coming from.
Last resort is to pull the tank, empty it, pull the valve and replace it, but I think you may just have a loose valve or loose hose.
Testimonial: "thnks for the info- it's a steady drip st idle, more as i throttle, off position it does stop, nothing seemed loose but i'll check again-thx"
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