Insurance / worth of totaled bike

[gamorg02]

Okay so i'm not starting another thread in what you pay and where you are, however here's a question for you guys' bikes who are modified somewhat or significantly over stock.

In talking to my insurance agent recently I realized my bike is only worth the retail value ($5500 - $6000) if it was totaled. Since I had a buyer at $7500 last yr BEFORE i did another bit of decent mods, I would hope to insure it for around $10k or so. My current agent [Liberty Mutual] doesn't offer insurance over the book value of the bike in that event.

Has anyone else looked into this? I'm thinking of checking out progressive as they have up to I believe $10k in accessory coverage over the book value of the bike but need to confirm.

Thoughts?

 

[SpecOps13]

Garrett: You will probably need a replacement cost appraisal done on the bike to insure it for actual cash value... That will come out to several thousand dollars more than a sale price would be... You will need all receipts to have that done...

Check Dairyland insurance too...

 

[Rollie]

I think some of the classic car specialty insurance companies insure bikes as well . You can negoiate the value with them and pay the premium for replacement / reimbursement value .

 

[gamorg02]

Garrett: You will probably need a replacement cost appraisal done on the bike to insure it for actual cash value... That will come out to several thousand dollars more than a sale price would be... You will need all receipts to have that done...

Check Dairyland insurance too...

yes liberty mutual will take those numbers into consideration unless it is totaled, then its just book value.

I think some of the classic car specialty insurance companies insure bikes as well . You can negoiate the value with them and pay the premium for replacement / reimbursement value .

i wonder how expensive those are, i mean if its $500 more a year thats gonna be tough to swallow too. what have u guys done?

 

[[email protected]]

I noticed in my progressive policy there is up to $3k in addionatal coverage for aftermarket items. It states that you can apply for more coverage for aftermarket items but it is an additional expense.

It they pay that out when the bike is totaled, I have no idea. I guess that doesn't really answer your question :ummm:

 

[dannymax]

i wonder how expensive those are, i mean if its $500 more a year thats gonna be tough to swallow too. what have u guys done?

Only guessing Garrett, but I believe the cost would be steep, as even a small incident could result in a large claim.

 

[gamorg02]

are you guys typically just sticking with normal insurance and hoping to never go down that route? i mean yours (Rollie, danny, mike) bikes are probably in the same ballpark as mine.

 

[4gasem]

are you guys typically just sticking with normal insurance and hoping to never go down that route? i mean yours (Rollie, danny, mike) bikes are probably in the same ballpark as mine.

Yep! Mine is Progressive and has the $3000 "accessory coverage". I'd eat that up pretty fast though with my wheels and exhaust. I have NO idea how it works. I'm guessing they need all the receipts which I'd be lucky to find. :damn angry:

I've never really worried about what happens to the bike. I worry about ME and my WIFE.

I upped the coverage to 100,000/ 300,000 with a 500 deductible.

 

[gamorg02]

Yep! Mine is Progressive and has the $3000 "accessory coverage". I'd eat that up pretty fast though with my wheels and exhaust. I have NO idea how it works. I'm guessing they need all the receipts which I'd be lucky to find. :damn angry:

I've never really worried about what happens to the bike. I worry about ME and my WIFE.

I upped the coverage to 100,000/ 300,000 with a 500 deductible.

did u remember how much the $3k runs ya?

 

[tugla]

if you get a appraisal of the bike that should satisfy the insurance company for value and be able to insure for that value. those places take into considerations alterations to the vehicle and up the value compared to book value. maybe ask your ins agent if that would work.

 

[gamorg02]

if you get a appraisal of the bike that should satisfy the insurance company for value and be able to insure for that value. those places take into considerations alterations to the vehicle and up the value compared to book value. maybe ask your ins agent if that would work.

it would unless the bike was totaled, in which case they would only use book value.

 

[tugla]

thought if evaluated and insured for that value and you had full coverage then thats what you get paid, insured value based on what the bikes worth....... why pay higher premium for higher evaluation if they not going to pay that back in time of claim?

whats it costing you now for insurance? what kind of coverage do you have?

 

[gamorg02]

thought if evaluated and insured for that value and you had full coverage then thats what you get paid, insured value based on what the bikes worth....... why pay higher premium for higher evaluation if they not going to pay that back in time of claim?

whats it costing you now for insurance? what kind of coverage do you have?

i have the max they will cover on a motorcycle and max passenger and its like $350 a yr with a $300 deductible right now.

yea its weird, she feels bad but its 'policy'

i don't have the actual numbers in front me right now.

 

[tugla]

not sure, sounds like a weird ins company, maybe they do things there different across the boarder.
wonder if you shop around you can find one that will insure you for a evaluated value based on mods and condition, there must be independent shops close to you to make that appraisal you can take to them to look at.

 

[gamorg02]

yea i'm gonna start looking around, just wasn't sure what most guys did.

 

[[email protected]]

did u remember how much the $3k runs ya?

3K in accessories is part of my standard package with progressive. It doesn't cost anything extra. If you want to go above the 3K, which they say you can, you have to pay an additional fee if you want to do that.

If you have any specific questions about progressive I can ask my broker. He is a friend of the family and does whatever he can to help out.

 

[gamorg02]

3K in accessories is part of my standard package with progressive. It doesn't cost anything extra. If you want to go above the 3K, which they say you can, you have to pay an additional fee if you want to do that.

If you have any specific questions about progressive I can ask my broker. He is a friend of the family and does whatever he can to help out.

the only question without spcific numbers at this point, is how do you prove your 'accessories' cost what your coverage is for? do you get it appraised, or whatever you pay for you get?

 

[4gasem]

did u remember how much the $3k runs ya?

It's all right here in front of me... It's due next month. lol The 3000 says "included" under the premium column whereas everything else has a price. It was 1000 when I started and went up to 3000. :eusa_dance:

I pay 307 per year if paid in full, which is how I pay it.

 

[gamorg02]

i'll have to do some price comparison wheni get home thnx

 

[dannymax]

I have the bargain basement....just what I need to insure the bike in NY....$77/yr for two bikes....policy from Progressive.

Had this type policy for many, many years....the difference in premiums has probably saved me enough for a low mileage '07 (if I had it all in a pile....which I don't!) :biglaugh:

Oh, I got a refund from Progressive for $1, so it's $76/yr. :eusa_dance: