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[Midnight Rider]

I know most of us have added a bunch of stuff to our bikes that pushes the amount invested and the replacement costs WELL over what the bike cost new.  I have a spreadsheet with all of the PARTS I've purchased/installed on my bike, and the total value of my scoot is a LOT more than my insurance company would cover in the event of loss.  I contacted my agent and they have no supplemental policy available unless I have the bike appraised.

I know the bike is constantly depreciating, and never expect full replacement value, but surely there is some compromise.

What, if anything, do others do about this?

[sadunbar]

I know most of us have added a bunch of stuff to our bikes that pushes the amount invested and the replacement costs WELL over what the bike cost new.  I have a spreadsheet with all of the PARTS I've purchased/installed on my bike, and the total value of my scoot is a LOT more than my insurance company would cover in the event of loss.  I contacted my agent and they have no supplemental policy available unless I have the bike appraised.

I know the bike is constantly depreciating, and never expect full replacement value, but surely there is some compromise.

What, if anything, do others do about this?

TC,

  When I totaled my 2004 Orange/Black SEEG in '04 (murder, suicide - deer committed suicide and murdered my bike in the process), I had Progressive Insurance.  The policy was limited to the current value of the bike, plus a max. of $2000 for documented additions to the bike.  Fortunately, (or not), the bike was fairly new and I had not put much more then $2000 into it at the time, so I got full MSRP, which is what I paid for it, plus $2000.  I was lucky and found another identical bike at a dealership in Oklahoma, that I was able to buy for MSRP, so I came out even - except for the aches and pains.

I tried to buy additional coverage from Progressive - and to be honest I don't recall the exact outcome, but it was either not available or it was so crazy expensive it made no financial sense.  Whichever it was, I did not end up with additional coverage.  I did not look into it any further, but I have to believe that someone will sell insurance coverage to cover the value of your bike - if you want to buy it someone will sell it....

Scott

[The Mysterious Q!]

Terry when I had my Fatboy it was a custom built with HDparts and not the frame. I found this out when Progressive dropped me for not having a factory produced motorcycle vs. the composite I had. No carrier would cover it due to the scams that were going on with people insuring only the vin stamped parts as a whole motorcycle and then claiming it was stolen to collect the insurance.
       I found 1 company to insure me it was Markel Insurance better known as Bikeline.com. What they offered me was a value added policy based on the appraised value of the bike with a list of the parts you added with photos. Kinda like what you have now.
       The policy is then priced on your location and the amount of the policy is based on a dollar amount per thousand covered. As you added on things you just upped the amount per thousand you needed to cover loss. I hope this helps.   
                              Later,Q

[BlueFlames]

TC,

The situation can vary from state to state, even with Progressive.  If you tell them the amount you have added, in most states they will add it.  You will have to ask them about the cost, too many variables to try to estimate and in some states it is included automatically. 

Doug

[REGGAB]

I'm in the same boat Terry.  GEICO insures both scoots.  The big bike is insured for ACV plus $5K, so that's all I'll get unless I get it appraised.  The little bike is just ACV at this point.

[SPIDERMAN]

I know most of us have added a bunch of stuff to our bikes that pushes the amount invested and the replacement costs WELL over what the bike cost new.  I have a spreadsheet with all of the PARTS I've purchased/installed on my bike, and the total value of my scoot is a LOT more than my insurance company would cover in the event of loss.  I contacted my agent and they have no supplemental policy available unless I have the bike appraised.

I know the bike is constantly depreciating, and never expect full replacement value, but surely there is some compromise.

What, if anything, do others do about this?

State Farm pays replacement value. When I wrecked my first 03 SERK, I went online and found three for sale. Averaged out the price. Then I showed what I had for extras on the one I wrecked. I got an estimate from my dealer for installing all of the accessories. State Farm paid me the price of the bike, plus the cost of shipping it from back east as there were none for sale out here at the time, plus the cost of the accessories and the labor to install plus the loss of three years of warranty plus what was left over on my registration. Bottom line $37,500 less $500 deductible for an 03 SERK in August of 2005. Beags and the boys think I'm some kinda genius which was nice, but the truth is I had done my homework and to my knowledge, State Farm is the only company offering Replacement Value LD cost me $58 a month to insure and if it gets wrecked or stolen tomorrow, I will get the $35k I've got in it back.

B B

[skreminegul07]

In Mass. they will automatically cover documented (receipts and Pics) additions, custom paint, etc..  There are some exceptions around electornics unless permanently attached.
They pay less of the three: cost to repair, cost to replace, or stated value (if you have a specific appraisal).

[ultrafxr]

It has been my experience and understanding with various autos and bikes that insurance will generally pay actual cash value which means the value of your bike in its condition just before the loss.  This is sort of like cost of your bike new less depreciation.  So if you can find the same model with same mileage in same condition then it would "replace" your bike.  There are some exceptions such as Foremost that have a clause guaranteeing a new bike of same or similar model if your bike is totaled during first 24 months and you purchased it new and insured with them within first 30 days of ownership.  But after that period is over it is actual cash value.  I am not familiar with State Farm's replacement guarantee.

I've queried several companies and most include some value of installed accessories which are not part of the oem package - generally a couple thousand dollars.  And you can purchase additional accessory coverage for additional premium.  But my company, Foremost, has a max on accessory coverage of I think 10k.  If you want more than that you go into custom bike category with agreed amount coverage and this is much, much more expensive.  10k sounds like a lot but I have over 5k in my Bushtec and it is considered an "accessory."  And, like the bike itself the accessories would be covered at acutal cash value after the 24-month period of guaranteed replacement cost.

[Midnight Rider]

State Farm pays replacement value. When I wrecked my first 03 SERK, I went online and found three for sale. Averaged out the price. Then I showed what I had for extras on the one I wrecked. I got an estimate from my dealer for installing all of the accessories. State Farm paid me the price of the bike, plus the cost of shipping it from back east as there were none for sale out here at the time, plus the cost of the accessories and the labor to install plus the loss of three years of warranty plus what was left over on my registration. Bottom line $37,500 less $500 deductible for an 03 SERK in August of 2005. Beags and the boys think I'm some kinda genius which was nice, but the truth is I had done my homework and to my knowledge, State Farm is the only company offering Replacement Value LD cost me $58 a month to insure and if it gets wrecked or stolen tomorrow, I will get the $35k I've got in it back.

B B

State Farm is what I've got, B B...I'll have to call my agent Monday and talk to him about it instead of just his assistant.  He's got everything covered that I own (house, cars..everything), and has had my business for 20 years.  I had a bunch of chit stolen out of my basement a few years ago, and they covered it all at replacement value, but I had to actually replace it and furnish the receipts, otherwise it was just going to be depreciated value.  It's hard to remember everything you've got in a tool box...had to get the craftsman catalog out to remember everything, but ended up with all new stuff.  Took the SOB's that stole my chit about 5 minutes to get 7K worth of things.

State Farm has always treated my losses fairly...I'll have another conversation with them about this to clarify.

[ultrafxr]

State Farm is what I've got, B B...I'll have to call my agent Monday and talk to him about it instead of just his assistant.  He's got everything covered that I own (house, cars..everything), and has had my business for 20 years.  I had a bunch of chit stolen out of my basement a few years ago, and they covered it all at replacement value, but I had to actually replace it and furnish the receipts, otherwise it was just going to be depreciated value.  It's hard to remember everything you've got in a tool box...had to get the craftsman catalog out to remember everything, but ended up with all new stuff.  Took the SOB's that stole my chit about 5 minutes to get 7K worth of things.

State Farm has always treated my losses fairly...I'll have another conversation with them about this to clarify.

Terry, please let us know what your agent says.  If they'll replace a bike several models years old with 000s of miles on the clock with a brand new one of the same model the I'll switch!

Your tools were probably covered under your homeowners policy.  That definitely can have replacement cost built in if you want.  Ever notice how the replacement cost of your home keeps going up and up?  Heck mine is insured for way, way more than its market value, but that is what they say it would cost to rebuild.  Kind of a scam as far as I'm concerned since very, very few homes are totally destroyed.  But they keep jacking up your replacement cost and premium to "protect" you if you have a total loss.

[SPIDERMAN]

I don't know if anyone missed what I posted about having actually collected on a claim for a totaled bike as opposed to discussing what you think your coverage is, but the whole point of my post was I have actually been through the process with several different insurance companies in 40 years of riding and I'm saying State Farm - - - - - - period

All this other talk is pure bullchit

B B

[The Mysterious Q!]

I don't know if anyone missed what I posted about having actually collected on a claim for a totaled bike as opposed to discussing what you think your coverage is, but the whole point of my post was I have actually been through the process with several different insurance companies in 40 years of riding and I'm saying State Farm - - - - - - period

All this other talk is pure bullchit

B B

Let us know what you really think. 

[displacing air]

I went round and round with Progressive...

I am taking BB's advice and going with state farm when this
policy is up.

Our dealer said that State Farm Pays for the Damage...and Progressive
argues about every little thing...I can vouch for that!!!

Barry

[Fired00d]

Let us know what you really think. 

He usually does, only ones that don't hear him are the ones that don't listen.

 
Ride Safe,
Fired00d
 

[JCZ]

I had my 86 Heritage listed in Cycle Trader when it was broad sided and totaled the bike.  Allstate Insurance immediatly contacted me and let me know what they thought it was worth (and probably would have been, if it were stock).  I let them know that I currently had it listed for about $3,000 more than they were offering and gave them a list of mods.  I told them that they could contact the Service Manager at the dealership if they had any questions about the value of my bike or the mods.  He said "let me look into it and I'll get back to you tomorrow". 

He did call the dealership and inquire and called me back the next day to tell me that he would have a check the following day for $500 more than I had it listed for. 

Allstate has since paid two other times on my bikes and no, my premiums haven't gone up.  No hassel, no haggle......pay exactly what the dealership says it'll cost plus any adjustments for unknown items at the time of the appraisal.