Topic: Insuring our projects

[CharlieT]

Searched here and couldn't find a lot. Many of our restored and customized bikes are worth considerably more than what a Bluebook value would be, especially the more highly customized ones.

Have any of you had any experience getting an agreed upon value or a formal appraisal done on your custom projects?? I looked on-line and there were several on-line appraisal services available in the $170-200 range. Are these valid and accepted by insurance companies?? Are certain insurance companies more "friendly" to insuring custom bikes??

[strangedaze39]

Here's a lil info I found online. It talks about choppers, but I'm sure it would work for any custom bike.

How does custom chopper insurance work...

Not all carriers insure custom choppers. The primary reason for this is that custom choppers, especially kit choppers, often lack established bluebook values. Custom bikes from older shops with name recognition are more insurable as these companies' bikes often have historical-pricing data.

Some carriers avoid custom choppers because of their high replacement cost. Simply put, insurers do not want to pay the high cost of replacing these bikes if they are stolen or damaged.

Some insurers just sell liability insurance for custom choppers and Special Constructions, denying custom chopper riders collision or comprehensive coverage.


Here's some stats from progressive (maybe they released this because they insure customs? Might be worth a phone call)
When it comes to a custom (or customized) motorcycle, do you know if your insurance policy provides adequate coverage?

According to a Progressive survey, many owners do not have adequate coverage for the customizations. According to the study:

56 percent of all those surveyed don’t know what coverage for their bike’s custom parts and accessories comes with their physical damage coverage
44 percent of those surveyed had more than $3,000 in custom parts and accessories, of which 51 percent did not purchase additional coverage.

Here's the whole article.
http://www.motorcycleinsurancequotes.us/customchoppers.html

Hope that helps. If I find anything else I'll be sure to check back in.
-SD