Bike Appraisal and Insurance

swooshdave · Apr 27, 2011

DogT said:
That's interesting, Hagarty was real blunt with me, they would not insure my bike alone, end of conversation. All the others I spoke too, was not an issue of going to show so much, but not a daily rider, hobby riding seemed fine. Pretty much like what the antique plate means for a VA driver, occasional use, not for replacing your daily ride, just for pleasure or hobby or "historical" use. Every time the Norton is on the road, it's historical. I understand the police in VA are agreeable to it too and don't hassle you.

Must be different sales people, but you have to go with what feels right.

Dave
69S

They did ask for proof of insurance for my daily driver to show that the bike would not be a daily driver. Perhaps it was just a misunderstanding? I was very careful to ask questions and keep asking questions until both I and they understood what I wanted to know. But you're right, it sometimes is just a matter of talking to the right people.

While you can go with any of them and just say, yes, it's just for display/hobby/club/show I just feel better with someone who does't BS and just understands that you want to go for a ride in the countryside and that's ok. If I get hit in the middle of nowhere I don't want to be lying there trying to think of the nearest museum I should have been at. :mrgreen:

DogT · Apr 28, 2011

Hmmm, I just talked to Hagarty and they didn't have any issues at all with only one bike, just wanted proof of other car insurance for a regular use. I'll have to call Taylor again to see what their policies are, they seemed to have about 1/2 price, but maybe their insurance doesn't cover as much. Hagarty seems to cover it all. I wonder if it wasn't someone else I was talking to? My oldtimers is acting up again.

Dave
69S

calbigbird · Apr 28, 2011

I have an agent who handles all my insurances and they converted me to Hagertys last year. The question of insuring a bike only never came up that I know of.

britbike220 · Apr 28, 2011

I realized paying an insurance company premiums for anything but liability and UM was a waste of my money. I know there are those that like that security, but I am not one that needs an insurance company to provide me with a false sense of security by paying them money. I have had several accidents over the years, two of which I felt filing a claim would be worth it and in both cases I was either dropped immediately (foremost) and or my rates tripled (markel). The average brit bike owner doesn't own a priceless piece of machinery and fixing any damage out of pocket is much easier than hassling with or paying inflated premiums for a just in case scenario. I have liability and UM through dairyland on four bikes and it costs less than 200 dollars a year and I have no limits on the mileage. Now if I owned a vincent, brough or anything hard to replace I'd pay the premiums for full coverage, but not for a basic norton or triumph.

swooshdave · Apr 28, 2011

britbike220 said:
I realized paying an insurance company premiums for anything but liability and UM was a waste of my money. I know there are those that like that security, but I am not one that needs an insurance company to provide me with a false sense of security by paying them money. I have had several accidents over the years, two of which I felt filing a claim would be worth it and in both cases I was either dropped immediately (foremost) and or my rates tripled (markel). The average brit bike owner doesn't own a priceless piece of machinery and fixing any damage out of pocket is much easier than hassling with or paying inflated premiums for a just in case scenario. I have liability and UM through dairyland on four bikes and it costs less than 200 dollars a year and I have no limits on the mileage. Now if I owned a vincent, brough or anything hard to replace I'd pay the premiums for full coverage, but not for a basic norton or triumph.

What about theft?

britbike220 · Apr 28, 2011

swooshdave said:
What about theft?

I have never had a bike stolen in 30 years, so I'll play those odds. :wink:

1up3down · Apr 28, 2011

Yes, I too have been riding my Commando for years now with just liability and UM.

BUT, this year I am getting quotes on also full comp, and this requires an appraisal by a local dealer who charges $80,
and this is acceptable to my insurance agency.

Why? Because of two basic things, one is that if I go down on the highway and my bike is totaled or really badly damaged, I am screwed. Two, if I am hit by someone without insurance, very possible, and again my bike is badly damaged, i am again out a lot.

I have over $15,000 in my Commando, and I am thinking of having the appraisal state that with my receipts.
I have checked, adding full comp adds only about $200 to my annual premium.

Not bad for the peace of mind of a worst case happening.

DogT · Apr 28, 2011

I've got the JC Taylor down to $53 if I drop the collision. They don't seem to have any issue with hobby riding. Not bad. They would probably drop you if you made a claim anyhow, like most would.

Dave
69S

maximini · Apr 28, 2011

I have all of my bikes and antique cars insured with a Hagerty "agreed value" policy. I have used them for several years. They are always friendly and professional and answer questions promptly. They have a fair number of enhancements in the policy. They don't generally require appraisals and fully understand that collectors often have more into their bikes and/or cars than they are worth on the open market which is why the agreed value policy makes sense.

tpeever · Apr 28, 2011

swooshdave said:
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 used American Collectors for a few years but Hagerty's was a lot cheaper, at least for multiple bikes.

bmwbob · Apr 28, 2011

maylar said:
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.

I use them too. $100 a year 0 deductible 3000 mile! Had a spill on diesel that caused $1000 damage, emailed photos and they mailed a check, I did repairs!

DogT · May 5, 2011

It was JC Taylor that wouldn't insure my single bike. I called them today to get started and they said no, had to have more than one. So, next best seems to be condonskelly.

Dave
69S

swooshdave · May 5, 2011

DogT said:
It was JC Taylor that wouldn't insure my single bike. I called them today to get started and they said no, had to have more than one. So, next best seems to be condonskelly.

Dave
69S

What happened to Hagerty?

I tried to get the Vette with them too but it was a no go because my "regular" driver was older than the Vette (78 Chevy pickup). Unfortunately insurance doesn't care that I take public transportation 95% of the time.

So all the cars will get switched to Geico from Farmers and we'll end up saving 50%. So in the end it was a good thing.

I'll still go with Hagerty as they were only about $100/yr (Geico wanted about $200, not that they know what a Norton is, and Dairyland wanted about $100 but no collision).

Bike Appraisal and Insurance

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