Auto club insurance - BMW Luxury Touring Community
 
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post #1 of 7 Old Jan 29th, 2009, 5:38 pm Thread Starter
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Auto club insurance

Hi all I've been reading this forum for a while now I don't say much just listen. Recently I laid my Lt. down on a trip though Death Valley.( Road it home) My insurance company says my bike is worth X amount with no value on my install options. Does anyone have any advice for me. The repair bill and the totaled value are within $500 can I make them repair it or at lest pay me for my options. Thanks Ray

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post #2 of 7 Old Jan 29th, 2009, 9:11 pm
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Re: Auto club insurance

I'm not an insurance expert but it seems to me it would depend on what an "install option" is. Are these options documented with the paperwork at the time of purchase or items added after the bike was insured?

If they were itemized as part of the original purchase I would think you would have some hope at getting reimbursed for optional equipment unless there is some fine print in your policy that excludes them anyway.

If you are talking about farkles added or improvements done after the original purchase and you did not notify your insurance company about the added value to your motorcycle then you should have no reasonable expectation of being reimbursed for them. Some insurance companies require rider policies for anything that is added on after the original purchase. Some would just raise your rates. The bottom line here is if you were not paying to insure the extra value you are not going get reimbursed.

Some policies will cover equipment added after the time of purchase but it will always be limited by some maximum dollar value. You will need to read the terms your policy.


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post #3 of 7 Old Jan 30th, 2009, 6:51 am
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Re: Auto club insurance

I would suggest that if the bike is totaled, that you remove the add on the insurance will not cover and keep them or sell to recoup some of your money

Stevie Shreeve
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post #4 of 7 Old Jan 30th, 2009, 10:49 am Thread Starter
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Re: Auto club insurance

I did remove the items that weren't damage in the fall however my corbin smuggler, j-pegs, BMW chrome passenger floorboards, V-streem windshield and CB were all damage. I just want my bike fix or replace and I can't do it with there low ball appraisal. They even charged me for having 24,000 miles on an 05 said 20,500 was average.
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post #5 of 7 Old Jan 30th, 2009, 11:18 am
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Wink Re: Auto club insurance

I just settled my total of the '05LT last Saturday with Progressive. I had 79,000 on her. The policy automatically has $1,000 for non-factory add-ons. I got $12,800 total(includes the $1,000).

I am waiting for my '08 to get here from CA. I have added $4,000 to my policy for non-factory add-ons(Wilbers, Garmin 276C, PIAAs, etc.). I could have insured my ATGATT.

I am pleased with Progressive.

Benton Blalock
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post #6 of 7 Old Jan 30th, 2009, 11:25 am
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Re: Auto club insurance

It depends on the company and I would guess state laws. When I went down my insurance company paid up to 80% of add ons and 100% with receipt if bought in the last year. But they only covered $3000 worth. If I wanted to cover more I needed to buy more insurance. Remember the price they give you is always low ball. You can fight with them over it. Have them buy you a replacement for the price they are trying to give you. Go out to Ebay, cycletrader and so on and show them what the bike is going for. If you have enough evidence they will raise their price. The goal of the adjuster is to give you as little as possible. That is his job. They then take the bike to auction and sell it. My guess is they will offer to sell it back to you for about 60-80% of the value they give you.

I didn't fight the price much because I was able to make up the difference with the accessories I had put on. But I would say they were at least 1000 to 2000 below going prices.

This is a negotiation. Don't just settle for what they say. Also most companies want to total the bike because of other liability issues that could come up after if something gets missed in the repair.

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post #7 of 7 Old Jan 30th, 2009, 12:11 pm Thread Starter
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Re: Auto club insurance

Thanks I don't really want there money just my bike back or one just like it. I mean I rode this bike home 450+ miles and it was cold, no windshield an open face helmet and still better then any bike I've ever own especially this Honda Rune I did a 550 mile trip last weekend and had to take the week off to recuperate. (I know poor baby)
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