Topic: Great Insurance Policy Quote for $15,000 for 'Agreed' Value Coverage

[Jerry Rxman Griffin aka MuthaF'er]

Most insurance is just 'standard' insurance. This is about collector insurance and this may be of interest to some of you guys that have put lots of money into a build/restore/restomod. I went online and received an initial quote of $267 for an annual policy to cover my recent restoration. 100,000/10,000/100,000 with uninsured, underinsured, etc. It asks for agreed upon value and I entered $15,000 which is probably close to what I spent but does not include any time spent. That is labor of love and it's priceless  I did not try any other figures. I have not called them yet but will be doing so. Last I checked regular insurance liability only for a 1975 CB750F was going to cost me ~ $75 but I haven't checked that in a year or so. Can't say how full coverage would cost for 'regular' insurance but for less than $200 more I'll get paid $15,000 when I drop it or some idiot takes me out. Check it out and report back in.

www.condonskelly.com 

[BobbyR]

Read carefully Jerry. There may be tons of exclusions. With some, you can't even park it except in your own garage. Mileage limits. This is very common.

[Mo]

Hmm I'm not sure how much of a deal this is. I'm a 22 yr old grad student and Geico quotes me for $450 annually, with a $10,000 agreed value and 30,000/30,000/30,000 on my CB500. I'm in MI so it could be cheaper due to this?

That's a hell of a lot cheaper than what my new stang costs my in insurance alone 

[Gordon]

What's the deductible?

[Jerry Rxman Griffin aka MuthaF'er]

Gordo, I plugged in $500. You can adjust to different limits. Hows Texas doin?

$450 for 30K/30K/30K? Plug your numbers in to their calculator and see how it turns out and let us know. How close to $10K is your bike really worth? I have $7000+ in my new engine alone. $15,000 is a realistic investment without ANY build labor factored in for mine. I did plug it in as a modified vs stock bike for that calculation. 

Yeah Bobby, it's intended as a Collector Motorcycle Policy vs a daily rider. 15% off for VJMC members on top of that. I need to give them a call. Gotta do something for when it gets on the road. I do have it licensed but not insured.

If my baby goes down it's either totalled or won't get the treatment it originally got. I spent almost 5 years collecting unobtainium parts and not likely to do that again even if I can find more of the last NOS parts in the world which I may have already gotten. Take my money and run vs my previous $75 liability only policy.

[jamesb]

Read carefully Jerry. There may be tons of exclusions. With some, you can't even park it except in your own garage. Mileage limits. This is very common.

Yep read it carefully I have collectors insurance on 2 cars sure I get paid if something happens but they take the car. Plus I'm only supposed to put 2,500 miles a year on it. Keep it garaged all kinds of little read between the lines on those policy's

[Mo]

They quoted me at $95.00 a month, so a little under $1200 a year. In reality, my bike is worth closer to $2,000 in parts, etc , but I always tell them $10,000 because of how obnoxious it would be to replace.

[MRieck]

I thought the vehicle has to have a professional appraisal as well.

[brooze72]

They quoted me at $95.00 a month, so a little under $1200 a year. In reality, my bike is worth closer to $2,000 in parts, etc , but I always tell them $10,000 because of how obnoxious it would be to replace.

I can't speak for insurance companies on your side of the border, but up here they would take your money for the 10G insurance but sure as hell wouldn't pay that out when you went to collect as they would argue that was an unrealistic value vs black book, ebay, etc.  Unless you could prove otherwise, like with an appraisal as stated by MRieck, you would be SOL. Be careful, insurance companys live by loopholes & not paying out.

[Jerry Rxman Griffin aka MuthaF'er]

I thought the vehicle has to have a professional appraisal as well.

OK, OK, I'll call....  Been busy keeping track of Benton today! 

2500 miles/yr, shows, parades, pleasure rides, garaged, etc. Driving record. Other drivers (none). Submit application with the coverage you are seeking. Underwriter uses various guides to determine stated value. As long as it's reasonable. No 'professional appraisal' as such. If they think not then you are able to submit documentation. Mike can vouch that I have $2000 in just one large part of the engine  . For instance I have not kept a log with all receipts but I have many. Plus I have extensive photo documentation and MANY empty Honda parts bags.

Seems pretty straight forward if you have a collector or expensive restoration. 

[jcarthel]

Go for it Jerry!  I have a similar policy on my k2 with American Collectors, but my agreed value is a little lower than yours.   I use Hagerty, with an agreed value of $100,000 on my '69 dodge superbee (426 hemi).  The Hagerty policy only costs about $700 a year.  Try full coverage on a 2013 shelby gt 500 mustang for that price per year; it ca't be done!  Yet, that same Shelby will be seeing my tailights because the bee runs 10.30 in the quarter!  You are on the right track as far as insurance goes, Jerry!  When it comes to vintage insurance, you can have your cake and eat it too!

Justin in Texas