I raised my insurance on my 03 Ultra today, the bike was insured for $11,500 (their value) I raised the coverage to $18,500 which is the most they will go without considering the bike a "Custom". I have never had a claim (hopefully never will), my question is if something happened (God Forbid) will these guys require me to have proof of the money I have spent on the bike? It seems that if I am paying for $18,500 in coverage they would pay that amount, no questions ask. The company is "Formost-Farmers" Thanks for any insight into dealing with insurance guys. Gary

 

Probably gonna offer their value and you will have to negotiate to get any additional money for add-ons.

 

Better kept your receipts.

 

A small claim probably no problem. A major claim or a total, better have pics and receipts for proof.

 

...didn't you ask them when you agreed to pay more money for higher insurance?...I would start by calling them and asking just what does this $18,500 mean? Is it the amount they will pay-out in the event it is totaled, or stolen?...that's what I would want to know, because it sure aint the "book-value" on that bike(much less).

 

I have a friend that his bike got stolen and he got some pictures to show them what he had on the bike like: wheels....they paid for it though.

 

I agree about checking what the $18,500 covers. I could insure my 09SG for a million dollars, but they sure are not going to pay that if it is a loss. I have always been told that they pay thier book value for the bike and they can never tell me what that is. I assume if you are getting coverage for add-ons you are going to need to show proof of them. With medical insurance, the best advice is to not get sick, and with bike insurance, the best advice is to not have an accident.

 

Your policy should state EXACTLY what they will pay for and will not pay for. If it ain't in "writing", Ya ain't got chit!--- May not have anyway! You best get it straight RIGHT NOW. After a crash you have got NO bargining power. I've been there, and came out allright because I knew what I had going into negoations. Otherwise, I"d have been screwed!

 

Take some detailed pictures of the bike and accessories. When I wrecked my bike last year I didn't have any problems getting the extra's covered with Progressive, in fact because I did my own work I made out pretty well.

Rick

 

I am in the insurance business. Some companies make you specify the add ons as a separate value. Also, check to see if the gross value you specified is agreed value or stated value coverage. Stated value just means they can pay you "ACV" depreciated value to no more than the stated value limit. Agreed value means if your bike is totaled that the agreed value will be the settlement option.

Ask lots of questions. Try to get answers from the company or agent in writing. Tell your agent/company what you are trying to accomplish and ask them to make a recommendation.

Good luck!