Insurance Premium Same on 2 Wheels or 3 Wheels

[mgwtrike]

I hate to bet a died horse on this subject, but I guess I don't understand how Insurance Co's. policy's work.

I'm having my 2012 Goldwing presently being triked and will be riding it home soon.

I checked with my Insurance agent (twice), and after calling his state office, he claims with my present policy, it doesn't make any difference if my Goldwing is 2 wheels or 3...............

They say my bike is fully insured for any "accessory value added" including a triked unit even though it doubles in value, and my annual premium stays the same..............

Is this possible?

Even my boats are always insured separate for boat, engine, and trailer......

[roadrunner1800]

I read that same thing on other posts but can't remember if it was this Forum or gl1800riders...anyways that sounds like great news for you...what company are you insured by?

In the posts I mentioned above that was the coverage of one or more insurance companies...they considered the conversion kit to be an accessory...just make sure your accessory limits cover the cost of the conversion I would say. I wonder if that also would cost of the labor to do the conversion or just the conversion kit itself.


Allen Serviss

[87Trike1200]

That's pretty much the same thing I was told. Fortunately, I've never had a claim to find out the "hard way"...

[jaxbobg]

I bought a 2012 GW last year and had a Roadsmith conversion done at the Trike Shop in Daytona. I already had it insured as a 2 wheeler, so when I called my agent and asked about trike coverage, he informed me that most insurance companies automatically value the trike add-on at $3,000 and the annual premium really doesn't change except by a few dollars. (At least in Florida. Other states may do it differently.)

Well, of course I wanted the conversion part covered for the $14K plus that it cost me. So the agent asked to see a copy of the invoice from Trike Shop and the company raised the coverage by the value of the Roadsmith "accessories" (that's how the policy reads). The premium went up a little bit but it wasn't significant.

Here is the take away from what I learned. You may never have to make a claim but if you ever get totaled by a Cager or garage fire or whatever, your insurance will pay you NADA on the bike itself and another $3,000 for the "accessories" if you didn't declare the approximate cost of the conversion. That's one big hit in the wallet for most people.

[Tagg]

Great Thread. I just upgraded my Progressive Motorcycle policy from $ 3000 coverage to $ 8000 for the trike coverage and accessories for an extra $ 50 / year.

[mgwtrike]

...what company are you insured by?



Allen Serviss

My Insurance Company is American Family Insurance

[mhgoldwing]

- - -

When I triked my bike in 2011, my agent told me I was automatically covered for $3,000 in added accessories. When I got it triked I simply told them the amount of the increase and a small amount of premium was added to cover the additional $12,000 in the "trike" w/options. Wasn't near as bad as I feared.

[dirtdobber]

I suggest checking with your agent to make sure it will cover over 3,000 or 5,000 worth of accessories. The trike kit is a accessory.
Look at your policy to see the amount for accessories. it ought to have a amount.
I would hate it if it only covered a small amount thinking it was covered and it wasn't. Seen that before.
Mine covered $5,000 normally but I raised it to $16,000 for the trike plus the cost of the bike.
It wasn't bad

[Dale]

When I triked mine, I was told the premium is base on engine size. The underwriter wanted the estimated value of the two wheeler plus the cost of the trike kit and installation. That is what the Trike is insured for. The premium remained the same.
I'm with American Family in Minnesota.

[Lawingnutz]

Three different Geico agents told me the same thing. I requested, and received, a letter from Geico stating the current total NADA value of what they were insuring.

[pcombe]

I switched to Safeco insurance from Dairyland and found the insurance cheaper for my trike than two wheels and added an additional $9,000 coverage and still came out better.

[Duck]

I had a GL1500 trike before I got my 06 1800 trike and the GL1500 was insured as a 1500 bike with $15,000 of accessories to cover the trike kit and raking. After I sold the GL1500 and got the GL1800 trike I was thinking they would add the extra for the trike but they didn’t. When I got my policy in the mail it was listed as an 1800 Goldwing with $3,000 in accessories so you know I was on the phone real fast. They wrote it up as a GL1800 with$ 24,000 worth of accessories (trike kit plus $8,000 worth of chrome and other goodies). Price didn’t go up but about $16 a year after adding that.