Massachusetts Trike Owners - Insurance Question

[frankj]

Hi, once you had the conversion done how did your insurance company determine the value of your trike? Was it the book value of the motorcycle you had converted plus the cost of the kit?

Did you have to have an appraisal done by them?

I know the bike depreciates each year so they must estimate some kind of depreciation for the kit, I ask because my bike is a 1999, the kit I'm getting is going to be 2018.

Thanks

Frank

[Burnerboy]

Hi, once you had the conversion done how did your insurance company determine the value of your trike? Was it the book value of the motorcycle you had converted plus the cost of the kit?

Did you have to have an appraisal done by them?

I know the bike depreciates each year so they must estimate some kind of depreciation for the kit, I ask because my bike is a 1999, the kit I'm getting is going to be 2018.

Thanks

Frank

Hi frank, great question here, when I converted my wing 2010 last season, I called my company, and if memories is correct, my policy quote did not go up at all.. I sent the Ins. company, a copy of my trike conversion receipt's , what I had done, plus the exact costs of everything, so they have all my extra costs proof's to have it converted.. I can check more into it for you if you'd like ok...

Ronnie

[frankj]

Hi frank, great question here, when I converted my wing 2010 last season, I called my company, and if memories is correct, my policy quote did not go up at all.. I sent the Ins. company, a copy of my trike conversion receipt's , what I had done, plus the exact costs of everything, so they have all my extra costs proof's to have it converted.. I can check more into it for you if you'd like ok...

Ronnie

Thanks Ronnie, I was thinking the rates would go up because it's based on the value of the vehicle, right now my 99 Valkyrie probably is worth around $4,500 and the insurance rate is based on the coverage I have, if my trike kit cost $10,000. that makes the replacement around $14-15k, BUT to your point, you've supplied the conversion receipts and your rates haven't changed so it may be that the kit is considered an accessory, my insurance company told me in the past as long as I had receipts for accessories I added they would cover them.

I had contacted my insurance company and they left me a message that when I have the conversion done to call them and they would have an appraisal done, seems weird. It's funny the agent I talked to recently didn't know what a trike was. Anyways I'll find out soon

Who do you have for insurance?, I have Commerce

Thanks

Frank

[Burnerboy]

Frank,

I actually forgot, (maybe it's age) let me go out to my garage and see my registration ..

I just pay my ins. costs, in the beginning of the season all in full, so my memory is lacking..

I have Progressive insurance, and soo far I have been happy with then, BUT then again, I have not had to request any claims either

Ronnie

[frankj]

Frank,

I actually forgot, (maybe it's age) let me go out to my garage and see my registration ..

I just pay my ins. costs, in the beginning of the season all in full, so my memory is lacking..

I have Progressive insurance, and soo far I have been happy with then, BUT then again, I have not had to request any claims either

Ronnie

I did a advanced search on this site, topic was Insurance and found coverage and rates varied immensely from different insurance carriers.

Best way to find out how good your insurance coverage is, and what they will pay is to find out before you need it, call your insurance company and ask them will you pay the full replacement cost of the trike kit? The bike will be paid out at the current book value.

Frank

[Burnerboy]

I did a advanced search on this site, topic was Insurance and found coverage and rates varied immensely from different insurance carriers.

Best way to find out how good your insurance coverage is, and what they will pay is to find out before you need it, call your insurance company and ask them will you pay the full replacement cost of the trike kit? The bike will be paid out at the current book value.

Frank

Excellent idea there, Frank, thank you, I'm calling tomorrow morning!

Hey when we go to Scotties (restaurant) golf course (just past Look park) for a lunch ride (I don't golf) would you be interested in meeting, love to put a face to a name, and maybe take a ride, you probable know that area much better then I...We go maybe once or twice a month, again, for lunch ride,

Ronnie

[frankj]

Excellent idea there, Frank, thank you, I'm calling tomorrow morning!

Hey when we go to Scotties (restaurant) golf course (just past Look park) for a lunch ride (I don't golf) would you be interested in meeting, love to put a face to a name, and maybe take a ride, you probable know that area much better then I...We go maybe once or twice a month, again, for lunch ride,

Ronnie

Yes, could do that Ronnie, but I'll need to get back to you, I have winters off, but go back to work (actually tomorrow!) in the spring, do landscaping at a private park, so most of my riding is after work, hours vary week to week, but I can take an afternoon off now and then once we get the park squared away.

Frank

[frankj]

Excellent idea there, Frank, thank you, I'm calling tomorrow morning!

Hey when we go to Scotties (restaurant) golf course (just past Look park) for a lunch ride (I don't golf) would you be interested in meeting, love to put a face to a name, and maybe take a ride, you probable know that area much better then I...We go maybe once or twice a month, again, for lunch ride,

Ronnie

Did you call your agent, I know you said after triking your insurance didn't go up, but it may be because of what I found on Progressive's website:

Accessories and custom parts/equipment

You’ll get the exact amount needed to re-customize or restore your bike. We’ll automatically include $3,000 of coverage with comprehensive & collision to pay for upgrades, customizations, equipment and your accessories, helmets, leathers and gloves. If that’s not good enough, you can purchase up to $30,000 in coverage.

They cover up to $3,000. for accessories, so if your kit, not including installation, was $11,000. and your trike is totaled (which will never happen!!) you would only get 3k back and be out 8k unless you purchase additional coverage.

Let me know what they say and the cost of the additional coverage. I may be looking for a new insurance company especially if I'm wrong and they do cover it all at no additional cost

Frank

[56Elwood]

Guys, don't know if this helps. When I got my trike back in 2015 I contacted Liberty Mutual since I've had them as a carrier for over 30 years. I was told that they didn't cover trikes so after some shopping I went with Geico. I bundled two bikes and my car and got great rates. Actually cost me slightly less to cover a bike and the trike with Geico than just the bike alone with LM. I've only had to use them for a claim one time (with the car) and I couldn't be happier with how I was treated. I highly recommend them.

[frankj]

Guys, don't know if this helps. When I got my trike back in 2015 I contacted Liberty Mutual since I've had them as a carrier for over 30 years. I was told that they didn't cover trikes so after some shopping I went with Geico. I bundled two bikes and my car and got great rates. Actually cost me slightly less to cover a bike and the trike with Geico than just the bike alone with LM. I've only had to use them for a claim one time (with the car) and I couldn't be happier with how I was treated. I highly recommend them.

Thanks this does help, what I now need to do is shop around and find what's good for me, meaning finding a new insurance agent. I've been with my local carrier for 50 years and dealt with the same agent for almost 30 years, problem now is I've dealt with 3 different agents in the last 6 weeks. The latest episode is I'm having my trike conversion done in NC which is about 800 miles from me, I'm going to fly down and ride it home, my agent says it is considered an accessory, but they need one of their people to come and do an appraisal of the trike before insuring it. I asked what are they going to appraise, I have the receipts for what it consists of and the cost.

I then said, so I'm going to ride 800 miles and not have any insurance on the trike conversion until you see it, correct? and she said sorry, but yes. What I've learned about this experience is, ask and the agent how long have you been working there, how many trikes have you personally insured.

Frank

[Burnerboy]

Ouch! Frank, you may have just opened up a "very large can of worms" here, BUT in a very good way, interesting thought(s) here.. looks like a phone call to my Ins Company, will be in order, BEFORE anything does happen... and were left out in the cold, with very high maintenance costs ......Hmmmmmmmmmmmmm thank you!

Ronnie

[56Elwood]

Thanks this does help, what I now need to do is shop around and find what's good for me, meaning finding a new insurance agent. I've been with my local carrier for 50 years and dealt with the same agent for almost 30 years, problem now is I've dealt with 3 different agents in the last 6 weeks. The latest episode is I'm having my trike conversion done in NC which is about 800 miles from me, I'm going to fly down and ride it home, my agent says it is considered an accessory, but they need one of their people to come and do an appraisal of the trike before insuring it. I asked what are they going to appraise, I have the receipts for what it consists of and the cost.

I then said, so I'm going to ride 800 miles and not have any insurance on the trike conversion until you see it, correct? and she said sorry, but yes. What I've learned about this experience is, ask and the agent how long have you been working there, how many trikes have you personally insured.

Frank

Not to sound like a shill for Geico but everything with them was seamless. I was on the computer at the time of my phone conversation with the rep from Geico and it was all done in real time. They actually had the Hannigan information on their end, don't know if it was from previous customers or not. They e-mailed me all the documentation right then and there I didn't even have to visit the RMV. (thank God because in Massachusetts that's like a death sentence, right Ronnie?) Swapped the plate from my Softail and the rest has been pure joy.

[frankj]

Not to sound like a shill for Geico but everything with them was seamless. I was on the computer at the time of my phone conversation with the rep from Geico and it was all done in real time. They actually had the Hannigan information on their end, don't know if it was from previous customers or not. They e-mailed me all the documentation right then and there I didn't even have to visit the RMV. (thank God because in Massachusetts that's like a death sentence, right Ronnie?) Swapped the plate from my Softail and the rest has been pure joy.

Well I had an appointment with a new insurance company and agent a friend recommended, gave her the year model and make of my bike and a copy of my insurance coverage from the agency I'm leaving, gave her a copy of the invoice for the Roadsmith kit, she punched in the numbers on her computer and within 30 seconds quoted me $270 to insure the bike, $90. to insure the $11k trike kit, had to take all of 5 minutes.

[Marc H]

Insurance varies from state to state.Coverages,differences in offering from companies,ie a company may insure a product in one state but not in another.With that said if your agent says your ins is not going up when your adding a $12-15k accessory you better be asking questions.With my agent in my state a motorcycle policy has includes x amount for accessories whether you have any or not.The trike is counted as an accessory so you have to raise that amount by enough to cover it otherwise your getting your base amount and whatever they give for your bike.

[frankj]

Insurance varies from state to state.Coverages,differences in offering from companies,ie a company may insure a product in one state but not in another.With that said if your agent says your ins is not going up when your adding a $12-15k accessory you better be asking questions.With my agent in my state a motorcycle policy has includes x amount for accessories whether you have any or not.The trike is counted as an accessory so you have to raise that amount by enough to cover it otherwise your getting your base amount and whatever they give for your bike.

Hi Marc, you are correct, thanks for the info, actually my insurance is going up, current rate is $212., it will now be $360., $270 for my 1999 Honda Valkyrie Standard, that increase is because this is with a different insurance carrier, and the $90 is for the price of the Roadsmith kit, $11,100. I gave her a copy of the Roadsmith invoice and she input the value of my Valkyrie and then there was a section for accessories and she put in the amount of the kit and the total came to $360.

I'll know for sure on Monday when we review the policy, this is the first agency I went to in person, I have contacted three others in the area and will meet with them in person, as I'm price shopping, but in phone conversations they are all pretty close.

[frankj]

Ouch! Frank, you may have just opened up a "very large can of worms" here, BUT in a very good way, interesting thought(s) here.. looks like a phone call to my Ins Company, will be in order, BEFORE anything does happen... and were left out in the cold, with very high maintenance costs ......Hmmmmmmmmmmmmm thank you!

Ronnie

Anxiously waiting to see what Ronnie found out regarding any additional premium cost for his Roadsmith kit "accessory" !!!!

[Burnerboy]

Thanks this does help, what I now need to do is shop around and find what's good for me, meaning finding a new insurance agent. I've been with my local carrier for 50 years and dealt with the same agent for almost 30 years, problem now is I've dealt with 3 different agents in the last 6 weeks. The latest episode is I'm having my trike conversion done in NC which is about 800 miles from me, I'm going to fly down and ride it home, my agent says it is considered an accessory, but they need one of their people to come and do an appraisal of the trike before insuring it. I asked what are they going to appraise, I have the receipts for what it consists of and the cost.

I then said, so I'm going to ride 800 miles and not have any insurance on the trike conversion until you see it, correct? and she said sorry, but yes. What I've learned about this experience is, ask and the agent how long have you been working there, how many trikes have you personally insured.

Frank

Frank, I'll see what I can (do/find out) for you....excellent questions/concerns here>....

Ronnie

[frankj]

Frank, I'll see what I can (do/find out) for you....excellent questions/concerns here>....

Ronnie

I'm all set, my question and concerns have been taken care of! see my post a couple messages above, you weren't sure that your kit was covered for full replacement value and if so what the cost would be, or is for that additional coverage