Topic: how many of you go for appraised value insurance?

[750K2]

howdy all - the topic of antique plates got me wondering about the insurance value of these bikes.  since i got mine, they've been raising in value like hot wheels and beanie babies.  the NADA value on mine ('72 750) is $3,600.00   but who knows what the market value is.  so all of you guys with the rare bikes....what do you do?   thanks!

[Sweep]

I was thinking the same thing.  I have basic insurance for mine but it's worth at least 10k to me since I rebuilt it so I'm going to have to get good coverage.

[JLeather]

Yeah, I gotta update mine.  As of this summer my CB chop will have over $2k in frame work, a spankin' rebuilt 836, fresh paint, new tires, bascially a whole new bike.  I don't think the $3k value my insurer thinks it has is gonna cut it anymore.  First step for any kind of modified coverage is an appraisal.  I'm taking mine to a good local bike shop, the kind that works on old stuff, with a fistful of receipts and let them appraise it.  Then you call your insurance company and tell them it has been apparaised at $XX,XXX value and ask how you get it insured as such.  If they tell you they can't do it, find another insurance company.

[RRRToolSolutions]

All of my vintage bikes and Corvette are through Condon and Shelly and stated value. They are a part of Met Life and offer collector car and motorcycle insurance. On stated value, I had to either show an appraisal or the receipts for each restoration. Mine is super cheap and offeres $500,000 liability (required since I'm self employed and have an umbrella), comprehensive, theft and fire. I've got 18 and a vintage Vette all covered for under $800 per year - really a fantastic rate.

Gordon

[bgfootball67]

Man Gordon that is an awesome price to all those bikes and the Vette!

I got my Hellcat appraised and then took it to my local insurer so we could agree upon an insurable amount.  Sorta a pain in the rear, but worth it.  Probably will do the same thing with the cafe when she is finished....

[Tim.]

I pay $550 a year for liability-only coverage on my 1975 BMW R75/6.  Not covered at all for collision, theft, vandalism etc.  Just the bare bones insurance I need to keep it on the road.  No appraisal is required for this.

Not sure what I'd be looking at for full coverage - should look into it seeing as the bike is in mint condition and it would cost a pretty penny to replace.

[RRRToolSolutions]

I was paying $700 each per year "per bike" for the same coverage 5-6 years ago. My wife is a licensed agent and found this for me. It really is something all of you should consider.

I will get on my soapbox for just a moment - I've heard some say "I can't afford insurance". Well I say you can't afford to be without it. Remember, if you hurt someone or cause personal or vehicle damage - you are responsible. You can lose your house, your car, your family can be sued, and they can attach future earnings. - No ride is worth that to me. I've worked for 40 years to survive, raise a family, and have a few things in my old age. Just now when the funds I was spending on the kids can go to my bike collecting, I be darn if I'm going to let an accident take it away carelessly. I may lose the battel with the car, truck, or whatever - but I'm not giving it away -

Look up Condon and Skelly on Google - call them.


Regards,
Gordon

[JLeather]

I pay $550 a year for liability-only coverage on my 1975 BMW R75/6.  Not covered at all for collision, theft, vandalism etc.  Just the bare bones insurance I need to keep it on the road.  No appraisal is required for this.

Not sure what I'd be looking at for full coverage - should look into it seeing as the bike is in mint condition and it would cost a pretty penny to replace.

Tintin, I don't have collision on my bike either.  But, if someone else hits you you ought to have an appraisal so their insurance company doesn't lowball you on the settlement.

[Sweep]

Actually Gordon brings up a good point.  I have a '98 Porsche (inherited from a friend that passed away) that I insure as a classic car with Leyland West.  I only pay 350 per year and have to keep the mileage below 5k.  I'll see if they can insure my bike.

[750K2]

here in massachusetts my insurance options are limited.  most national companies refuse to write policies here but at least i've learned it's possible to do an appraised value.  i'm curious to know if once a bike gets appraised there are restrictions placed on riding...i.e, classic, antique, show, etc.  not sure what the limitations of riding are yet...not even sure if it's the insurer or the dmv that lays out the guidelines.  right now i'm looking at $415 for theft, collision, and fixing my broken bones. this stuff just confuses the hell out of me.

[RRRToolSolutions]

I'll tell you how my mileage is set-up. My rates are based on the stated value of the bike and how many miles I say it will be driven annually. On some of the more rare and collectable models, I will put 500 miles while others (like the CB750) I'll put 3,000 miles. still covered, still a bargain. I will say too that they require a full frontal and 2 side view high -res photos be on file for each bike. They also require them to be stored inside under locked facilites. How they know? They don't no one has ever come to inspect.

Now for the Antique Vehicle plates, those come with all kinds of restrictions in my state. I am always going "to or from" a vintage event, or I'm parading, or tuning/testing in preperation of a vintage event 

Hope this is of some help.

[newcbguy]

You guys should check out progressive insurance. I have my bike insured with them with full coverage and 6k agree'd value for about 30 bucks a month.

[Gordon]

The way I do it, any vehicle of mine has to be worth at least $5,000 before I'll carry anything more than liability, and sine I've never owned a vehicle that was worth that much, it has yet to happen.

Maybe in a few years the K1 will reach that point, but until then it's liability all the way.

[Tim.]

In Ontario Canada we have another option for classic bikes, which provides for full coverage but limits your riding to club events, shows etc.  Requires an appraisal of course as well.

I ride my bike all the time during the season, including trips to my office etc.  This sort of coverage is no good to me.  I also make sure I'm wearing correct gear etc. while riding, because I know the insurance companies do a full investigation into every major claim.  If I kill myself and am not wearing an approved helmet or am riding a heavily modified bike - i.e. hardtailed frame etc. that is still licensed as a stock bike, my family is screwed and won't see a dime.

With so much $ wrapped up in life insurance (mortgage gets paid off + 2.5 years salary from work) I can hardly make the excuse to ride with a 30 year old helmet or hard tail my XS650 into a bobber.  Got a wife and 6 year old daughter who need to be taken care of when I get creamed on the highway someday.

[Soos]

You guys should check out progressive insurance. I have my bike insured with them with full coverage and 6k agree'd value for about 30 bucks a month.

Be careful with "agreed value".... if it was verbal, it's about as useful as teats on a boar after an accident.
Make sure they are willing to put IN WRITING the amout they are willing to pay out in the case of a complete total of your bike.
If they will not put it in writing, it's not worth what they said.
I trust lawyers just a little more than I trust a insurance salesperson.

l8r