Appraised
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Supporter
Joined: May 2006
Posts: 1,752
Likes: 2
From: Indianapolis
Appraised
Just finishing up building my custom touring, a buddy came by and told me I'd better get the bike appraised then show it to my I surname agent and get it Insured for the appraised amount, otherwise you'll get screwed is something happens, and you file a claim. How much should I pay for an appraisal?
How much will the premium cost on $30,000 just throwing this figure out there?
How much will the premium cost on $30,000 just throwing this figure out there?
Elite HDF Member
Joined: Sep 2007
Posts: 4,928
Likes: 69
From: Near Myrtle Beach, SC
I've put a lot of bux in my bike as well (as have many, many others). Unfortunately, these "investments" were only for my taste and satisfaction. They rarely have any individual value over stock. Sometimes, insurance companies will allow up to a certain amount for add-ons, chrome, etc., such as Progressive where I have 7K tacked on in addition to the book value of the basic bike. Certainly 7K extra won't come close to touching the extras, but it is what it is. These things are by in large, pleasure cycles.
But you may have an agent that will snuggle-up to an appraisal, and if so, all the better. Will be interesting to see what you find out.
Individual premiums can vary so much for the same coverage dependant upon your driving history, uninsured motorist coverage in your state, underinsured motorist coverage in your state, laws concerning comprehensive coverage, the amount of liability coverage you choose, whether or not you choose to purchase medical coverage, the chrome and add on coverage I mentioned, etc. So there is no interchangeable figure between riders and between states.
But you may have an agent that will snuggle-up to an appraisal, and if so, all the better. Will be interesting to see what you find out.
Individual premiums can vary so much for the same coverage dependant upon your driving history, uninsured motorist coverage in your state, underinsured motorist coverage in your state, laws concerning comprehensive coverage, the amount of liability coverage you choose, whether or not you choose to purchase medical coverage, the chrome and add on coverage I mentioned, etc. So there is no interchangeable figure between riders and between states.
Last edited by Lowcountry Joe; May 12, 2013 at 05:20 AM.
Road Warrior
Joined: Dec 2006
Posts: 1,321
Likes: 12
From: Shorewood IL
Agreed, it would be different if my bike was stolen. When my bike was totaled I had a regular policy, no rider of any kind. My insurance company let me take all my add on's off and and replace them with stock. They gave me a check for the value of a stock bike and I gave them a mostly stock bike.
Outstanding HDF Member
Joined: Aug 2008
Posts: 2,090
Likes: 7
I am insured by state farm. I have asked them many times, 'what about all the extras I have added to my bike, are they covered?' I have always been told the same thing, receipts or pictures. If I have pictures that show what I have added, they will cover them with no extra charge. I told them that we are talking about thousands of dollars. They said 'take lots of pictures'
Cruiser
Joined: Sep 2011
Posts: 237
Likes: 1
From: FL
The bikes have a retail value range based on the condition. When the 01 was totaled the Gecco appraiser called with a dollar amount, but also asked if there was anything on the bike he couldn't see. Alarm system, custom paint, all the chrome that I'm sure I paid for at some point. He added a chrome package to the amount. I ended up with $300 less then the high retail value. One thing you will never get reimbursed for is all time it took install the goods. Some will offer full replacement coverage, but not sure if that's just for stock stuff.
Seasoned HDF Member
Joined: Apr 2006
Posts: 10,675
Likes: 95
From: Billings,Mt.
I am insured by state farm. I have asked them many times, 'what about all the extras I have added to my bike, are they covered?' I have always been told the same thing, receipts or pictures. If I have pictures that show what I have added, they will cover them with no extra charge. I told them that we are talking about thousands of dollars. They said 'take lots of pictures'
Dont know if other companies would do the same.
Road Warrior
Joined: Apr 2010
Posts: 1,833
Likes: 35
From: Southern Maryland
i have progressive and they insure the extras....i had an instance where my zumo 665 came out of the mount and fell off the bike and got run over by a couple of cars before i could get to it. they gave me $$ to include shipping to replace it. they got my vote, at least for the bike.
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Stellar HDF Member
Joined: Feb 2011
Posts: 3,111
Likes: 1,766
From: Atlanta, GA
+1 on Progressive. Totalled my Dyna last Nov 3rd. I did have the coverage on extras. They paid for everything that was on the bike, and all our riding gear.
My dealer was cool too. They let me go in and take off anything I wanted before the carcass was hauled away. Put the stock stuff back on. Saved me about $600 in parts. I bought the Services guys a couple of pizzas to say Thanks.
My dealer was cool too. They let me go in and take off anything I wanted before the carcass was hauled away. Put the stock stuff back on. Saved me about $600 in parts. I bought the Services guys a couple of pizzas to say Thanks.
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Ultimate HDF Member
Joined: May 2008
Posts: 6,508
Likes: 169
From: WPB, FL
For a basic insurance policy this fairly accurate! What you need to find is a carrier that will insure the bike for an ASSIGNED VALUE for the bike. Most insurance companies that would write an assigned value policy would use their own or their own approved appraiser to help set a dollar figure. Start with a company or agent and go from there!
Supporter
Joined: Dec 2006
Posts: 6,726
Likes: 237
From: Altoona, Pa.
Once you have the basic insurance to cover your bike adding on extra amounts for accessories's is not all that expensive. I think for my Ultra I got a extra $3000 in coverage for only $10 a year. And they already had $3000 included with the basic price. And it is very important to document and keep receipts and take as many pictures of your bike as possible for future reference