The water getting in is corroding the electrical contact from the speed sensor's wire, situated on the transmission. This can occur at both ends: either at the sensor or at the indicator.
You will have to find out which by looking at the sensor connector: If it's corroded then clean it thoroughly, crimp it a little more then insert it firmly and insulate it further with some hot glue. If the connector there is in good working order then follow the wiring up to the instrument panel; - check for wires with broken insulation and repair that. Finally if all the wires are correct then the fault is at the indicator: take it out, clean it and insulate both the connector and the instrument panel itself - the water might seep in and short the electronics board.
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Thanks Azraelsrl. Can you tell me how to locate the sensor wire on the transmission and on the speedo, on this 2006 BV500?
Thank you for the manual. It is, unfortunately, not searchable, so I skimmed through it, but I could not find any reference to the wire/function you mention. Do you know where it is discussed in the manual?
The only relevant odometer reference I found was on page TIME-43 - 44 (last chapter; refers to the front wheel, not the transmission)
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