Insurance full coverage or basic

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May 19, 2016 | 05:43 AM

#31

Sorg67

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Joined: May 2016

Posts: 442

Likes: 30

From: Florida

Quote:

Originally Posted by galtjunk

I checked the NADA value on my 95 FLHT.
In excellent condition it is worth $9250.
I may have to go for full coverage.

I would doubt you would get $9,250 it was stolen or totaled. A 95 FLHT in good condition is valued at $2,650 according to NADA. I would bet that is closer to what the insurance company would give you.

If you want to try to justify a higher value, make sure you have good documentation of the condition. Recent pictures and good maintenance records.

If they are putting a low value on your bike and you wreck it, you may have a problem getting it repaired. Let's say you do $2,000 worth of damage to it and you want to repair it. And let's say the insurance company values it at $2,650 in good condition but the wrecked bike has a salvage value of $1,500. The insurance company may give you $2,650 less your deductible and total it out even if you would rather fix it. And you can't keep the bike. If the insurance company totals the bike, they get the salvage value. You can buy it from the insurance company for the salvage value. Let's say you have a $500 deductible, they total it for $2,650, give you a check for $2,150 net of your deductible and then you buy it from the insurance company for the $1,500 salvage value, you now have $650 left towards your $2,000 in repairs.

You may want to talk to your insurance company to see what value they put on it. If it is in excellent condition, you may be able to get the insurance company to agree to a higher value. But if you do so, then your premiums will probably go up proportionally with the increase in value.

If you are going to pay for full coverage, make sure you know exactly how your insurance works or you may be disappointed when you make a claim.

Last edited by Sorg67; May 19, 2016 at 06:19 AM.