Sport Bikes banner

1 - 13 of 13 Posts

·
Registered
Joined
·
48 Posts
Discussion Starter · #1 ·
Hello all,

I've question about insurance beyond the full coverage, cover for actual value. Many of us have spent a lot of money on our bike, and many more are about too, and full coverage doesn't actually cover the amount we've invested.
Let's say a guy has gone bananas and replaced OEM bodywork with carbon fiber and has through another $6K into the engine and gone all out with ohlins suspension and brake tech carbon fiber rotors and such. You know, bananas.
Has anyone found an insurance company will to cover the actual value of their bike?


Thanks in advance, cheers mates
 

·
Registered
Joined
·
3,498 Posts
I have Progressive. When my Yamaha FZ1 was totaled, they paid me full price for every mod I did to the bike. The adjuster just told me to send him receipts or links. Handlebars, risers, bar ends, brake lines, Givi side cases and mounts, aftermarket levers. Everything was paid back to me at full retail value. They did the same thing with my helmet, boots, pants, and jacket that were damaged in the wreck. All this for only about $400 a year.

I think there may be a limit on accessory coverage though, whatever it was though, I didn't reach it. And they paid me about $3k for all of that, including another $7k or so for the bike itself.

Sent from Motorcycle.com Free App
 

·
Registered
Joined
·
21,263 Posts
Progressive has a limit on the accessory coverage that you get, unless you add the option to have a higher coverage. That will raise your premium a bit, but generally not a whole lot.
 

·
Registered
Joined
·
3,123 Posts
Your best bet is to ask your agent instead of taking advice on here that may or may not be correct. I am sure every company is different.
 

·
After Me Lucky Charms
Joined
·
5,281 Posts
I have Progressive. When my Yamaha FZ1 was totaled, they paid me full price for every mod I did to the bike. The adjuster just told me to send him receipts or links. Handlebars, risers, bar ends, brake lines, Givi side cases and mounts, aftermarket levers. Everything was paid back to me at full retail value. They did the same thing with my helmet, boots, pants, and jacket that were damaged in the wreck. All this for only about $400 a year.

I think there may be a limit on accessory coverage though, whatever it was though, I didn't reach it. And they paid me about $3k for all of that, including another $7k or so for the bike itself.

Sent from Motorcycle.com Free App
Funny you should say that. Progressive is the ONLY one that ONLY goes by value, and don't offer GAP insurance (at least what I was told).

My buddy bought a Focus ST recently, and he had progressive. The dealer suggested dropping them, because if he left the lot with the new car, value drops to 25%. If he wrecked, he would be left owing that 25% payment.

But if bike is paid for, it's great.
 

·
Human After All
Joined
·
4,687 Posts
Funny you should say that. Progressive is the ONLY one that ONLY goes by value, and don't offer GAP insurance (at least what I was told).

My buddy bought a Focus ST recently, and he had progressive. The dealer suggested dropping them, because if he left the lot with the new car, value drops to 25%. If he wrecked, he would be left owing that 25% payment.

But if bike is paid for, it's great.
I like hearsay, because it's generally wrong. Progressive absolutely offers gap insurance.
 

·
Super Moderator
Joined
·
18,634 Posts

·
Human After All
Joined
·
4,687 Posts
Interesting. I could have sworn there was a line that literally said gap coverage when I was changing my coverage recently. Oh well.

Not my first time being dead wrong!
 

·
After Me Lucky Charms
Joined
·
5,281 Posts
You know what they say about reading comprehension.

Knowing is half the battle.

GO JOE!
 

·
Registered
Joined
·
9,600 Posts
If you are going to go "hog wild" in mods to your bike and want actual coverage, you will need to have all the mods and their costs listed and a current appraisal of the actual value of the bike to present to the company.

I have my '69 Mach I insured by Hagerty because the "regular" insurance companies wanted to cover it as an "old car" and the total loss payout wasn't even 1/10th of the actual value.

Talk to your insurance agent and know what you are buying
 

·
Registered
Joined
·
825 Posts
Keep in mind that insurance differs state to state. A lot of insurance companies offer what is called stated value as extra coverage. Keep in mind that you are going to show the value. Engine mods are going to be hard to calm.

Any coverage you get that is not in the standard policy READ! There will be hidden limitations.
 
1 - 13 of 13 Posts
Top