Bonneville America Forums Forums Off Topic Discussion Forums Lounge Insurance 101

For those of you who haven't had the joy of totaling your beloved motorycle, let me share(Oh how I hate that little statement)what the deal is.
First of all I've got insurance through Progressive $147 year. Standard 100/500/100 no collision Dec. thru Feb.
First of all it seems they prefer to total rather than figure out parts etc. They start their figuring with NADA
Avg. retail. They will pay down from avg. but not up as they think your bike will probably be as good as possible.
'02 TBA $4415 Avg. retail
+ 1000 accs
$5415
- 1082 20% buy back (he said 50% for HD)
- 250 deductable

$4083 to rebuild.
First thing I noticed was I was short easily another $1000 for Accs. You might check with your agent and see what the limits and cost for additional coverage. If you set down and figure out what new pipes, seats,luggage, sunglasses,helmets ,and shiny things, youll discover how quick $1000 goes.
Now for the bunged parts list
Handle bars , Right mirror , Front brake resevoir/throttle assy. R drivers foot peg (busted in TWO!!), gas tank , rear brake cyl. assy / R headlight bar light / rear fender / lic. plate/ turn signal assy. Thats it. Toatled for that little list!!
First thing I'mm going to do is take to local dealer and have him check frame and forks to make sure everything is kosher. Then set down with parts guy and order all the parts and put them on. I'm hoping that not paying dealer $60/hr will allow me to slip on a new set of rubber.
So take a minute to look over your insurance policy and ask how much more for additional acc. coverage is.
Class is dismissed.
ModelMaker

Good point on the accessories coverage.

On the overall economics though, what you're saying is that it is cheaper to buy a used bike in good shape that to buy a badly damaged one and fix it up like new. For any of us that have restored vehicles, that's a truism! The reward for fixing up your bike would have to be emotional rather than financial - you might also be able to get "exactly what you want" this time around.

I have Progressive but pay quite a bit more - about $500. year. I pay for 100K/300K with stacked UM 100K/300K. The UM is what is so expensive, but statistics show that someone else will cause the accident (a car) and be responsible. If they don't have enough or no insurance, you're screwed if you don't have uninsured motorists coverage. Stacking allows you to add other policies (like your car) UM coverage to your bike coverage. I effectively have 200K/600K. By the way, Progressive includes $1000. worth of accessories free if you have Comprehensive or Collision coverage. I found out that to bring it up to $2500. worth of accessories was only an additional $17./year.