Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[jacks-son]

hi guys, my bike that ive had for 2 weeks(fxr2 mint) was stolen monday. i am insured by state farm, when i took out the policy i told them i paid 8250 for it which i did. they said replacement value if it got stolen. my worry is that its stone cold blue and i can only find a couple of them at 10k. what are people experience on how state farm will handle this.

thanks heaps

[OBB]

While I've never had to use a stolen claim with SF. Most of my experiences with them have been outstanding. I've had them for over 25 years. Having said that, I haven't tried other insurance companies so I  don't know how well they compare.

[cvobiker]

hi guys, my bike that ive had for 2 weeks(fxr2 mint) was stolen monday. i am insured by state farm, when i took out the policy i told them i paid 8250 for it which i did. they said replacement value if it got stolen. my worry is that its stone cold blue and i can only find a couple of them at 10k. what are people experience on how state farm will handle this.

thanks heaps

Back in 2002 a friends FXD was stolen from a bike show event. He had about  $1, 500  of options on his bike, as reported to  his SF insurance. Within a week of his theft, SF gave him instructions to get a quote for his bike replacement along with his options. Three days after he pulled that together, he was on his new FXD and he had all his optional on order.  Soon after I switched my insurance from Allocate to State Farm 

[2018_FLTRXSE]

Depending where you are, there may be a wait period before they settle (Here its 21 working days, or basically a month).

Motorcycle thefts are a HUGE hit on the insurance companies, and this helps prevent fraud.

The research your vehicle if it has been up for sale, (you selling it) and what you were trying to get for it.

Being it is a recent purchase, this sometimes draws red flags too.

At any rate... you will usually be paid ACV, not replacement value. (Look up actual cash value and how it is determined.)

Some states require that if a replacement bike is purchased via a dealer the insurance company is responsible also for the tax on the amount paid by them.

[grc]

I'm assuming you're in Texas, so if that isn't the case please ignore the link I've provided and see if your state has something similar.  Texas has a department of insurance that might be able to help you figure out what your rights are before you settle with your insurance company.  This is the link to their website:   

http://www.tdi.texas.gov/pubs/consumer/cb020.html

Read your actual policy and/or talk to your agent about how the value of the bike will be determined.  If the insurance company uses ACV, that usually is determined by consulting one of the used vehicle pricing guides like NADA, Black Book, Kelly Blue Book, etc..  I've never seen a policy for other than a brand new vehicle that pays replacement value, but if yours does it should be spelled out in the policy.

Good luck.

Jerry

[jacks-son]

thanks guys, looks like they will research the exact bike and color on actual bikes for sale . my state farm rep asked me what the bike was worth and i told her 8250 (what i paid for it). i guess i shoud have put down plus taxes and thought
about what another exact one would cost me. (i want the exact one back) looks like they will pay the 8250. as long as they research it fairly.

thanks for all of your help.

dave

[Eagle Eye]

Good luck Dave.  Sorry you lost your bike.  That sucks.

[jacks-son]

hi to everyone and thanks for your thoughts..... good news..... got her back with very little damage, just a bit of hot wiring, screen and locks gone!!!!! so glad to sweetone back!!

[Skillet]

Sweet. Always good to get your bike back.

[jacks-son]

yeah mate i recon , im REAL LUCKY!!!

[MAT]

Glad to hear you have the bike back!   

[spydglide]

hi to everyone and thanks for your thoughts..... good news..... got her back with very little damage, just a bit of hot wiring, screen and locks gone!!!!! so glad to sweetone back!!

That's excellent news.  And esp. since little damage was done.  spyder

[Twolanerider]

What's up with the wiring?  Those are a simple harness so even if badly messed up it's repairable.  Hopefully you don't have much to do.

[Buy early]

Great news! Glad to hear you got it back. Hope they caught the thieves!

[OBB]

That is good news. Glad you got it back.