Insurance Alert

[2006gold]

Doing my periodic insurance checkup on the house, cages, and scooters looking for the same or better coverage at a reduced cost. Came across something that surprised me. Our scooter insurance is with Foremost and while looking that over I finally (belatedly - like brain dead belatedly) realized the actual cash value for total replacement was limited to a maximum of $25,000!?!?!?

We have a 2009 Stallion, for which this amount is adequate, but we also have a 2016 Motor Trike Prowler, and therein lies the problem. Just looking at the Motor Trike website and totaling up the numbers. The base conversion kit is listed at $7995, and I think that includes $1000 off, but the add-ons mount up pretty quick from there. Long story short the one we have was bumping $12,000 without installation, and the accessories that have been added at purchase and since add even more to the total. This is in addition to the cost of the Goldwing itself. Now, I realize that this is MSRP pricing, and a dealer will most likely want to make a sale and adjust the final cost somewhat, but not enough to compensate for what could easily amount to a personal hit of $15,000 or more in the event of a total loss.

Might be worth a look.

[peteg59]

Is the 25K per vehicle maximum, or for both, in case of a loss of both together?

[David357]

Make sure you have the Insurance Rider for Accessory Upgrades.

This can add up to big bucks real quick if a claim needs to be filed.

[FuzzyWuzHe]

Most insurance companies consider the trike conversion kit an "accessory", at least the ones that I talked to. For example, Geico lets you tell them what you estimate the value at or what you want to insure the "accessories" for. You just need to provide the receipts with a claim. Of course, the premiums will go up or down based on the value you put down.

So if you have $18k in the conversion, and $5k on add ons, you can declare the accessory value anything from 0-$23k. The insured value of the bike part would determined by what ever method they use for a two wheeler. NADA, KBB, whatever.

[ultrafxr]

Wonder if the policy is different for conversions. I too have Foremost for insurance on my Tri-Glide and it just calls it a 'motorcycle.' Part D - Damage to my Vehicle is shown as:

Collision ACV (actual cash value) less my deductible amount

Other than Collision (what was called comprehensive) ACV (actual cash value) less my deductible amount

There is no mention anywhere regarding a limit to the amount of coverage. And I recall they did ask me what I paid for the TG at the time I insured it.

In any case good advice given by others. I've been with Foremost since 2002 or 2003 and have shopped them several times but never ever found any other company that could beat them. Some came very close but it would have to be a large amount saved to get me to switch.

[MDO]

I switched to MARKEL Insurance last summer. I got better insurance for way less (had Progressive).

I figured I would keep replacement cost coverage for the 1st 3 years. I tacked on roadside assistance for $25 extra.

I saved over $250.

[ultrafxr]

I switched to MARKEL Insurance last summer. I got better insurance for way less (had Progressive).

I figured I would keep replacement cost coverage for the 1st 3 years. I tacked on roadside assistance for $25 extra.

I saved over $250.

I had Progressive (and Dairyland also) for one year each back in the 1990s. Upon renewal (with no claims for either) the premium shot through the roof. And when I've shopped since then I've not received decent quotes from either. Your experience may differ of course.

And I simply cannot stand to see or hear Flo in the Progressive commercials and ads. It may have been cute and funny when it started but they've 'jumped the shark' with it for sure imo.

[MDO]

I got Progressive when I was at the HD dealership in CA. I called about HD insurance, but it was written by Progressive.

I didn't know about Markel, but I am glad I found them. They are motorcycle only. The also do the vanishing deductible, where every year it goes down by 25%.

[2006gold]

Make sure you have the Insurance Rider for Accessory Upgrades.

This can add up to big bucks real quick if a claim needs to be filed.

Did finally see that, but it is limited to $8000 for all accessories. Barely covers the kit much less any other add-ons. This is further reduced by the deductable. Still could take a significant ($8000+) hit for a total out.

The agent I'm working with is researching other companies to see if better coverage is available.

[Lee H. Mann]

I have had Dairyland, Geico, Ryder and now Nationwide over the past 25 years. I would probably still have Ryder but they stopped writing policies in West Virginia several years ago because of soooo many un-insured drivers in West Virginia.

My present motorcycle that I converted in 2017 was a 25 year old motorcycle. Up until the conversion they regarded the replacement value of the motorcycle and accessories for a make and model year similar to mine. When I converted it, I wanted to increase the value in case of a total loss.

I supplied pictures of before and after and determined an Agreed Value which the insurance company signed onto. At the same time I increased my Liability coverage in case I hit a Ferrari.

I immediately got a $199.00 refund for my current policy premium and just renewed for 2019-2020 for less than $125.00 a year.

I don't know if any other companies underwrite such a policy but I am really pleased with Nationwide.