Bike Insurance Question

[maddog]

For those of you that have added expensive additions to your bike - like suspension, wheels or other custom modifications that would cost a lot to replace and didnt originally come on the bike - does your insurance know about them?

Would they be covered for what they're worth if there were an accident?

Would insurance rates go up in proportion to the cost of upgrades if they did know about them?

Anybody have any experience with this or advise to pass along?

[DanST4]

Yes, the value of all modifications needs to be reported. Once a year I get a form from my insurance company listing the replacement value of the base motorcycle, and then the value of the added equipment. They ask me to update the numbers once a year before renewal time.

They specifically ask for the value of the added parts minus the value of the original parts. So a $2500 set of wheels is listed as an addition of about $1300 to the replacement value of the base motorcycle because a set of original wheels from the dealer is about $1200 (estimated).

This way, if your bike is stolen or damaged you get the value of the bike plus the value of the added equipment.

Oh, and if you make a claim they'll need receipts for every added part.

Your insurance company may not require these numbers prior to a loss, but they may balk at covering the parts if you haven't been paying for their coverage.

[Noah]

This typically varies state-by-state, so you're best off asking your insurance agent (and even then, you might not get a straight answer--it's amazing how little insurance agents know about bikes). In the 3 states I've lived in, accessories were always covered. I don't recall having to state their value or having the cost of the policy vary dependent upon them, though. However, you do have to save the receipts of all accessories if you expect to be reimbursed for them come payment of claim time. I have yet to make a claim, so I don't know the exact process. But a buddy recalls getting reimbursed fairly for the mods he had done to a 998 Bostrom he binned in Massachusetts.

[DanST4]

"Accessories" coverage usually has a (fairly low) limit. If you've added $3500 in accessories you're probably fine (with receipts). If you've added $15,000 in accessories or modifications then you better check with your insurance company.

Read your policy. Look for the definition of "accessories" and "value".

[drthompson65]

With Geico if you have the receipts they'll cover it up to $2500 or something like that. For anything over you need a rider on the policy. Didn't cost me much, like 12 dollars more a year.

[maddog]

thanks for the replies- I need to talk to my insurance to make sure the bike is adequately covered and appreciate the input before I talk to them.