Are you Sure Your Trike is properly Insured

[mgwtrike]

When I moved out of state and insured my Goldwing trike (Roadsmith) I checked for insurance.

I thought my premiums would be altered by value which triking it increase value at lest 35-40% approx.

The way my agent explain it to me my policy premiums is base on a two wheeled Goldwing and any

accessories added later are automatically insured. :Shrug:

Does this makes sense to anyone?

 

[Jack Klarich]

Not to me

2 different classes of vehicles

I would challenge that , call the DMV and get a clarification on what a trike is

JMO

 

[paws]

Yes....this is the way Allstate insures trikes...the current value of the Gold Wing plus the value of the trike kit. The trike kit is considered an “accessory”. We insured the “accessory” at the cost of what it would be to replace the trike kit.

 

[Smilam]

On my insurance coverage the trike kit is considered an accessory BUT the standard accessory coverage didn’t come anywhere near enough to cover the cost of the kit. I increased the accessory coverage amount by paying extra. I am now paying for enough coverage to cover the trike kit plus the other extras that I have added like the rake kit, different seat, safety chrome, extra lights, etc.

My insurance if with Farmers Insurance Company for what it’s worth. Farmers covers the triglide as a trike because it is manufactured as such. All others are covered as motorcycles with trike kits as an accessory.

 

[Gold Rush]

When I moved out of state and insured my Goldwing trike (Roadsmith) I checked for insurance.

I thought my premiums would be altered by value which triking it increase value at lest 35-40% approx.

The way my agent explain it to me my policy premiums is base on a two wheeled Goldwing and any

accessories added later are automatically insured. :Shrug:

Does this makes sense to anyone?

I would not take the word of any local agent when my gut screams "SOMETHING DOESN'T SOUND RIGHT"!!

I'd get it in writing signed by the head of the claims department for what ever insurance company you are dealing with. I would also ask them to state outright that all accessories (to include the trike conversion kit and install cost) will be covered at the stated "two wheeled Goldwing and any accessories added later are automatically insured" information. If they do indeed write their policy let them put it in print and sign their name to it.

 

[hogcowboy]

Unless your brand of bike actually makes a trike it's the only way they can insure a converted trike. It is just an accessory. So make sure you have all your receipts. You will need proof of the accessory which in this case is a trike conversion(kit) should you have an accident or claim.:Shrug:

 

[3FOR2]

In addition to trying to ensure you have insured your trike properly - there is Agreed Value, by the way, it seems most people skimp on insuring themselves. Please read the following...

http://www.motorcycle-usa.com/2010/12/article/how-much-motorcycle-insurance-is-enough/

 

[Burnerboy]

Hi Mike,

When I triked out my Goldwing, I called the ins. company, and they just told me to send them the paid receipt, and parts list and cost of the investment to have it built... My ins premium has not gone up at all, (that I know of)

Ronnie

 

[mgwtrike]

In addition to trying to ensure you have insured your trike properly - there is Agreed Value, by the way, it seems most people skimp on insuring themselves. Please read the following...

http://www.motorcycle-usa.com/2010/12/article/how-much-motorcycle-insurance-is-enough/

Good Read.This confers what I always thought about Politicians, taxes, and insurance Co's. they all SUCK ,

until of course, we have to deal with them.

Ex:

Tragically, people often don’t realize they’re not covered by the right type and amount of insurance until after an accident, when it’s too late to change their policy to cover the damages from that accident. That’s when the lawyers get involved and see all the bad stuff that inadequate insurance “creates”—or perhaps more accurately—“fails to correct.” ​

 

[1dn5up]

Most of us , and I’m one of them , take policy’s for granted. But there are 2 pages of what’s covered and 20 pages as to what is not.

Ask your agent to explain what does no make sence to you. It can get modified at any time. You must keep all receipts for all accessories! If a authorized MC dealer brand does not have a Trike in there line up, then it’s considered a accessory.

I think :Shrug:

 

[mhgoldwing]

My insurance company insured the trike kit as an accessory and I had the amount raised to the max to cover most of the kit and accessories.

It doesn't matter what classification the DMV calls it, it was added by someone other than the bike mfg. Therefore, by definition it is an accessory; an add on. However, insurance companies and individual state regulations govern what they can and can't do. So one solution does not fit all problems.

A friend of mine was in a wreck and the insurance company gave him a fair settlement for the trike and other accessories and he replaced it

 

[B25bsaboy]

When I moved out of state and insured my Goldwing trike (Roadsmith) I checked for insurance.

I thought my premiums would be altered by value which triking it increase value at lest 35-40% approx.

The way my agent explain it to me my policy premiums is base on a two wheeled Goldwing and any

accessories added later are automatically insured. :Shrug:

Does this makes sense to anyone?

Hello,

I am an accredited motorcycle appraiser that does only motorcycles here in Alberta, Canada. Placing a correct value on any trike is a real hornets nest at best and over the past several years my organization has put together a document that is straight forward and the insurance industry understands, that this is not a just a motorcycle.

The biggest issue with the insurance industry is the lack of knowledge and understanding motorcycles especially trikes.

Two factors come into play when placing a value on a trike and that is the replacement cost of the motorcycle prior to being trikes and the cost of the unit being retrofitted to becoming a trike.

The other issue is in asking your insurance agent with the presentation of an appraisal, can the insurance carrier provide an endorsement called a 19a, meaning that the trike with an appraisal is covered for the full appraised value, less your deductible. Chances are when the time comes for a settlement of a the adjuster more often than not is only looking at the motorcycle and not the added trike kit.

My best advise is when you get your motorcycle converted to a trike, get a detailed build cost and put it in a safe place. Get the trike appraised and keep a record of any add on' such as chrome, upgraded rear wheels etc.

if there is any questions, be more than happy to answer them for you!

Rick MacPherson

Rick's Motorcycle Appraisals

www.ricksmotorcycleappraisals.ca

 

[mgwtrike]

My Insurance Company just called me after I asked tons of questions about the total replavement value

on my complete Goldwing trike.

They said: "Keep the original receipt of the bill of sale on the added conversion and yes, it is a accessory to any two wheeler."

 

[FRR]

I've posted this response several times. How your trike is covered is going to depend on the state you live in and the company that insures it. Each state sets their own rules and companies who do business in that state must follow. There is no "one answer" to that question.

 

[Marc H]

Fred is spot on.I am with Allstate and mine is insured as an accessory.My standard policy included 1k in accessory coverage.I was told thats how it was and no getting around it on my nomad.Anyway I added enough cover the conversion in additional accessory coverage.I think someone on this forum got bit a few years ago.The insurance company paid off and covered the trike to the the policy allowed which was 1k or so.If my agent told me they giving me an additional 10-15 k in coverage and not charging me for it I would be asking some serious questions.Probably to the home office.

 

[keepinon]

Like Paws & Marc, I have Allstate insurance (well, esurance by Allstate). When I insured the trike and additional accessories, they asked for pictures of the ride, to show what the excess amount of insurance was for. They got the pics by email (I kept the sent receipt) we agreed on the price and deductible. I know there's no way they can claim ignorance...

 

[hogcowboy]

Sounds like this has been a timely thread for some. Being under insured is normally found out when it's too late, after an accident. You don't want to be in one in the first place but getting hit a second time by not being able to fix or replace your rig would hurt too. You don't get something for nothing but in most cases it doesn't cost much more to get extra coverage. We take a very high deductible to begin with so getting hit again would kill us.

 

[B25bsaboy]

Sounds like this has been a timely thread for some. Being under insured is normally found out when it's too late, after an accident. You don't want to be in one in the first place but getting hit a second time by not being able to fix or replace your rig would hurt too. You don't get something for nothing but in most cases it doesn't cost much more to get extra coverage. We take a very high deductible to begin with so getting hit again would kill us.

Agree!

 

[Ozarkryder]

Seems in the majority of places most conversion trikes are insured as a motorcycle, the the trike kit is an accessory.

I went over our current trike with a list of what came stock on that year and model of Gold Wing and looked up the extra stuff in a couple of aftermarket catalogs. Not including the trike kit, in less than an hour I came up with over $4500 in aftermarket additions like the custom seat, footboards with heel/toe shifter, Ring of Fire, driving lights,extra chrome, pinstriping, highway pegs, Baker wing, etc. It all adds up surprisingly quickly. All is covered in what my insurance calls a "customization" rider.

The bad news: the motorcycle portion of your trike most likely isn't worth what you think it is. Add the accessory of the trike kit, many parts are usually sold off or discarded. The motorcycle portion is now without the rear wheel, driveline components, fender, saddlebags and the frame may have been altered. All this is taken into consideration , so without those parts the motorcyle portion is worth much less that an unaltered bike.

 

[1dn5up]

Seems in the majority of places most conversion trikes are insured as a motorcycle, the the trike kit is an accessory.

I went over our current trike with a list of what came stock on that year and model of Gold Wing and looked up the extra stuff in a couple of aftermarket catalogs. Not including the trike kit, in less than an hour I came up with over $4500 in aftermarket additions like the custom seat, footboards with heel/toe shifter, Ring of Fire, driving lights,extra chrome, pinstriping, highway pegs, Baker wing, etc. It all adds up surprisingly quickly. All is covered in what my insurance calls a "customization" rider.

The bad news: the motorcycle portion of your trike most likely isn't worth what you think it is. Add the accessory of the trike kit, many parts are usually sold off or discarded. The motorcycle portion is now without the rear wheel, driveline components, fender, saddlebags and the frame may have been altered. All this is taken into consideration , so without those parts the motorcyle portion is worth much less that an unaltered bike.

I sure hope no one has to find out ! Ride safe.

 

[Ozarkryder]

I sure hope no one has to find out ! Ride safe.

Unfortunately, I found out. The thread of losing our '94 GL1500 Motor Trike is here if anyone is interested: https://www.triketalk.com/forum/threads/8720-A-tale-to-tell?highlight=a+tale+to+tell

On the motorcycle part, the insurance only covered about 3/4 of the amount we would have gotten if it had been a 2 wheel 'Wing. The salvage was reduced a lot without the original parts that were taken off the motorcycle to make it a trike. I had enough of an accessory coverage rider to receive all of what we paid for the trike 7 years prior. I had every add on documented and priced according to the catalog, and the trike kit included installation and paint as listed on the kit maker's website. I don't know if it is an insurance company or a Missouri thing, but the accessory coverage was paid at the current (at the time) prices up to 100% of the coverage rider.

Something else to consider: When Gloria was applying for the title for our current GL1800 Champion conversion a check was put in the box on the title application for "trike". (All the laws and regulations on bikes in Missouri say "motorcycles and motortricycles") As this was formerly a 2 wheeler and now is an altered vehicle the application came back and had to be inspected by the Missouri State Police. The inspecting office said it is a motorcycle with an accessory and under the Dept. of Revenue guidelines wasn't altered enough to change anything. Some bureaucrat thought otherwise, and the trike was issued a "Special Construction" title and assigned a new VIN by the state. I don't know if all Missouri bike-to-trike conversions are actually supposed to be like this or if this is an isolated incident.

We now carry Agreed Value coverage and every few years I get more coverage due to inflation on the replacement of the trike kit and accessories. The cost of coverage has remained constant for the trike and hasn't gone up with the added accessory coverage. But, unlike our other bikes and cars, the cost hasn't gone down as they age, either.

 

[B25bsaboy]

Unfortunately, I found out. The thread of losing our '94 GL1500 Motor Trike is here if anyone is interested: https://www.triketalk.com/forum/threads/8720-A-tale-to-tell?highlight=a+tale+to+tell

On the motorcycle part, the insurance only covered about 3/4 of the amount we would have gotten if it had been a 2 wheel 'Wing. The salvage was reduced a lot without the original parts that were taken off the motorcycle to make it a trike. I had enough of an accessory coverage rider to receive all of what we paid for the trike 7 years prior. I had every add on documented and priced according to the catalog, and the trike kit included installation and paint as listed on the kit maker's website. I don't know if it is an insurance company or a Missouri thing, but the accessory coverage was paid at the current (at the time) prices up to 100% of the coverage rider.

Something else to consider: When Gloria was applying for the title for our current GL1800 Champion conversion a check was put in the box on the title application for "trike". (All the laws and regulations on bikes in Missouri say "motorcycles and motortricycles") As this was formerly a 2 wheeler and now is an altered vehicle the application came back and had to be inspected by the Missouri State Police. The inspecting office said it is a motorcycle with an accessory and under the Dept. of Revenue guidelines wasn't altered enough to change anything. Some bureaucrat thought otherwise, and the trike was issued a "Special Construction" title and assigned a new VIN by the state. I don't know if all Missouri bike-to-trike conversions are actually supposed to be like this or if this is an isolated incident.

We now carry Agreed Value coverage and every few years I get more coverage due to inflation on the replacement of the trike kit and accessories. The cost of coverage has remained constant for the trike and hasn't gone up with the added accessory coverage. But, unlike our other bikes and cars, the cost hasn't gone down as they age, either.

This is a hard lesson to learn and here in Alberta Canada, we have insurance companies that require an appraisal for a trike to qualify for the endorsement 19a clause which is an agreed amount in the event of an accident, fire or theft. In order to keep the policy in force with the current values, these insurance companies require an appraisal every so many years, but the end game is that you are fully protected in the case of a lose!(Smile)