accessory coverage
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Seasoned HDF Member
Joined: Feb 2007
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accessory coverage
I am not in need but would like some education.
How does motorcycle accessory coverage work?
For a totaled bike.
Since it does not take much to total an older bike.
For example:
If someone has a Harley that is 20+ years old and they added $3,000 of accessory coverage.
I understand book value for collision and comprehensive but what happens with accessory coverage?
Lets say the bike gets book valued at $7,000 but you have more than $3,000 in bolted-on accessory items (seat, chrome front end, windshield, rider/passenger backrests, chrome stuff, bags, mufflers, tuners etc.)
Are those accessory items valued at current replacement value or is there depreciation since some can be 1+, 5+, 10+ years old?
Does insurance look at labor/installation cost?
Is a list with catalog number and price enough? Some people may not have papers for accessory items if bike was bought second hand or papers were misplaced over many years.
Would the person get a check for $7,000 for bike book value + $3,000 accessory and no labor or are accessory items multiplied by some factor like 0.4 and you get $7,000 + $1,200 and no labor.
Reason: It does not take much to pass $3,000 in accessory items and it can easily make a big difference in payout for an older bike.
How does motorcycle accessory coverage work?
For a totaled bike.
Since it does not take much to total an older bike.
For example:
If someone has a Harley that is 20+ years old and they added $3,000 of accessory coverage.
I understand book value for collision and comprehensive but what happens with accessory coverage?
Lets say the bike gets book valued at $7,000 but you have more than $3,000 in bolted-on accessory items (seat, chrome front end, windshield, rider/passenger backrests, chrome stuff, bags, mufflers, tuners etc.)
Are those accessory items valued at current replacement value or is there depreciation since some can be 1+, 5+, 10+ years old?
Does insurance look at labor/installation cost?
Is a list with catalog number and price enough? Some people may not have papers for accessory items if bike was bought second hand or papers were misplaced over many years.
Would the person get a check for $7,000 for bike book value + $3,000 accessory and no labor or are accessory items multiplied by some factor like 0.4 and you get $7,000 + $1,200 and no labor.
Reason: It does not take much to pass $3,000 in accessory items and it can easily make a big difference in payout for an older bike.
Thread Starter
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Seasoned HDF Member
Joined: Feb 2007
Posts: 6,086
Likes: 1,128
From:
Thank you for sharing experience.
Stellar HDF Member
Joined: Jul 2009
Posts: 2,476
Likes: 193
From: Las Vegas, NV
I've been an insurance agent for 17 years. Most of the companies I work with, and have worked with, indicate that you need to keep receipts for the accessories. Whether or not the adjuster will require them is immaterial. The point is, they can. Usually, on most motorcycle policies, you'll have an average of about $3,000 of accessory coverage. That is, unless you've added more. I suggest you read your entire policy, not just the cover page they give you showing the basic coverages. Read it. Cover to cover. Because in the end, you have a contract with the insurance company, and they're only obligated to pay you what's in that contract. Nothing less nothing more.
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DrPlastic
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