It' hard to say if the speedometer is shot or not. The best way to check the speedometer would be to put another speedometer in and see if everything works. If you have a friend that has a touring model bike you may be able to swap out speedo's just long enough to see where the problem is.
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08 FLTR candy red sunglo,with 2015 103 HO, V&H Dresser Duals with Monster Rounds, Power Vision tuner, Willy Shiny Wheels and Forks and a bunch of other stuff.