Bike Appraisal and Insurance

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swooshdave

swooshdave

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So as the bike gets closer to streetable I need insurance. Any advice? I currently use Farmers for everything else and they have Foremost underwrite their motorcycles.

From what I gathered from my agent they will just insure for the stated value, no appraisal. Apparently most people will just state what they purchased the bike for. I just threw out $8k to see what would happen.

Thoughts on insurance or appraisals?

I don't mind leaving Farmers for a better deal.
 
I have my BMW R75/5 insured through American Collectors Insurance:
7,500 mile-a-year limit, no "Attendance clause" (watch out for this, it's EVIL!), no appraisal and $126.00 a YEAR for full coverage.

Vince
 
Unclviny said:
I have my BMW R75/5 insured through American Collectors Insurance:
7,500 mile-a-year limit, no "Attendance clause" (watch out for this, it's EVIL!), no appraisal and $126.00 a YEAR for full coverage.

Vince
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Very cool. But what's the replacement value? /5 go for $3-8k or so, right?
 
The "agreed value" is $6,000.00, bear in mind that I live in Harris county, Texas and the rates are HIGH! here.

Vince
 
I asked Lib Mut which insures my cars and it's pretty expensive for liability only, like $300+. Markel will insure for liability only for around $80/yr last time I inquired for VA. Anyplace that would insure for value that I called last autumn wanted an appraisal value and it went from $200 up. I'll call American Collectors tomorrow as I need to get some this week or early next week, but I'm thinking I'm only going to get liability.

Could you explain 'Attendance Clause' please?

Dave
69S
 
Dave,

As we are a couple of hundred miles apart, I can tell you that Foremost (through AARP) is no longer competitive in Washington state. My Brit bikes are now insured with Hagerty (limited to 3000 miles per year or so), and I switched my Harley (hardly a vintage bike and registered as a daily rider) a few months ago from Foremost to SafeCo, saving 25% or so. My advice, assuming that you intend to operate the bike as a daily rider, is to use a local underwriter, who will present several options; Google "motorcycle insurance in Portland". You'll be surprised at the range of quotes. Disclaimer: I've NEVER had a claim in the seven years that I've lived in the PNW, so I have no personal knowledge of the quality of the companies I'm dealing with. See if you can find a forum member in the PNW who has actually had to squeeze a claim out of these guys.

Rick
 
Dave,

Sorry, your question slipped my mind. Hagerty insures vintage bikes at "agreed to " value. You pick the value, they quote the rate. They were substantially less expensive than Foremost's "Vintage" rates, and I wound up moving all of my vintage vehicles to them. Check out prices on their website. Seattle is a high rate area, so there is little advantage in comparing my rates to Portland.

Rick
 
rick in seattle said:
My advice, assuming that you intend to operate the bike as a daily rider
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Almost spit out my beer on this one. A daily driver? It's a Brit bike, in the rainy PNW... if by daily you mean July-September... :mrgreen:

4,500 miles would be generous, if not excessive. Maybe in a year or so once it's sorted I might be able to get some miles on it.
 
Plus one for Hagertys. I think I got a great rate which includes towing. I am very happy with them so far.
 
calbigbird said:
Plus one for Hagertys. I think I got a great rate which includes towing. I am very happy with them so far.
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Has anyone actually had to use their insurance? What is that like?
 
I am using JC Taylor for my vintage bikes. I give them the value I want ($10000.00 for the Commando) and it costs me $64.00 for a year. When I had my accident they paid me the insured value in 2 weeks and my lawyer used the under insured clause to get me some money... So far this is the only insurance I am happy with (I have contracts with Progressive, Farmers, Geico and use to have Allstate...they are all craps compare JC Taylor/Foremost!). The only problem I ever had was the refusal of my value for my Laverda RGS1000...it's cover for only $3000.00!!! My B25 is covered for $4500...go figure!
Philippe
 
DogT said:
Could you explain 'Attendance Clause' please?
Dave
69S
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An Attendance Clause is basically a way out to allow the insurance company to not pay, the bike MUST either be locked in your garage or you MUST be with it (in "attendance") so if you go to a bike show/rally and walk away from it they do not have to pay. In other words you are chained to it!

Vince
 
I use Condon & Skelly:
http://www.condonskelly.com/

$10,000 agreed value with 300K liability cost me $115 a year. It's "classiic" insurance, with a 2500 mile per year limit - just about what I do. I can't ride it to work though, they won't cover daily commuters. I sent them photos as proof of value.

The carrier is Met Life and they handled my claim last year when I dropped the Norton in a slow turn. Superb service, I can't say enough about that. An adjuster came to my house and I had a check a few days later. The renewal this year states the agreed value to be 8200, which is the difference between 10K and the 1800 that they paid me for damages. I need to send in updated photos to prove I've done the repairs. That's understandable.

My brother uses the green lizzard for his 2 bikes and he's been very happy with them too. No limits in useage.
 
Shop around, you may find one or another to be better in your specific case.

Agreed value can be good, but the premium payments will be reflected accordingly. Find a balance you can live with.

I use Progressive liability & uninsured motorist only, About $40 a year per bike. I typically keep 3 - 6 bikes insured (3 to a policy, for whatever odd reason)

I hear more and more good reports of Hagerty, but have yet to get a quote from them. might actually be a huge plus, if I had more of my collection roadworthy and registered on a continual basis.
 
Boy, these prices are all over the chart. I tried Hagerties, but they would not insure just my single bike. I think they had to have a standard car or bike on the policy to insure an antique. Some won't insure unless you have a regular or more modern bikes on the policy with them. I'll have to check out some of these I haven't heard of before, but then maybe they don't deal in my state too. I like that $64/year for 10K coverage. There must be something else going on there. Best I have found so far is Markel for $79/yr for liability only.

I just got quotes from JCTaylor for $81/yr with $8000 value and from American Collectors, $220 for $8000 also.

Dave
69S
 
Because Hagerty only insures vintage vehicles (and boats) with limited annual usage, they require evidence, like a declaration page from another insurance company, that shows that the insured has a full-time vehicle, in addition to the vintage vehicle. For those of us who motor less than 3000 miles per bike per year on old iron, Hagerty is a cost-effective choice.
 
All four of my "old" bikes are insured with Hagerty. I think one of the good points with them, is that you are only paying one liability premium, no matter the number of bikes you have on a a policy. You do have to have the bikes in a locked garage when not in use. Don't know what the fine print on that is, but mine are locked up when I'm not riding, and I discussed that at length with them. I had to send in a couple of photos, but no appraisal was needed. For my usage, what they told me up front all fits into how I use the bikes. I think my current policy is around $225 a year. I need to play around with the agreed values on a couple of mine, but just too busy to mess with it. They are good people. I worry more about a friggin' tornado or fire taking out the whole works, than theft! I know I'll have a least a check coming in the mail if that happens. No, it won't replace things, but it's a good start.
 
Hagerty will not insure a single bike. Otherwise I'm sure they are fine. For me Taylor seems to be the deal, they don't have the attendance clause and they don't have a mileage limit, will insure a single bike. Shouldn't be a problem with me since it's getting registered as an antique anyhow.

Dave
69S
 
DogT said:
Hagerty will not insure a single bike. Otherwise I'm sure they are fine. For me Taylor seems to be the deal, they don't have the attendance clause and they don't have a mileage limit, will insure a single bike. Shouldn't be a problem with me since it's getting registered as an antique anyhow.

Dave
69S
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Did you tell them you had other insured vehicles?
 
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