Insurance On Trikes

[mgwtrike]

Sorry trike Buds, I have some more questions if you don't mine.

How much on average does insurance go up when you trike your GL1800?

Also, on resale, what % in price increases the value of the Goldwing down the road?

Cheers!

 

[tfdeputydawg]

Sorry trike Buds, I have some more questions if you don't mine.

How much on average does insurance go up when you trike your GL1800?
Doesn't go up w/many iinsurance companies. State farm is my Co. The conversion is considered an Accessory. Told to take pics and keep receipts!
I know some Co's. limit the coverage on accessories so, check w/your agent on that!

Also, on resale, what % in price increases the value of the Goldwing down the road?
That depends on age, mileage, condition, time of year but, yes a good trike conversion does increase the value considerably.
The problem is a lot of sellers think adding a conversion makes their trikes worth their weight in "Gold". Couldn't be further from the truth! Evidenced by so many ads on E-bay end w/0 bids or reserve not met!!

Cheers!

...........................

 

[SMSgt]

My 06 with a 2012 Roadsmith is insured as a 06 GL 1800. The insurance man I use then added the cost of the conversion on to the book value of the 06 to determine the amount to insure. It really was no big deal. I go to an independent insurance agent so he can shop around to get me the best deal, I hope.
The cost of mine with the conversion added to the blue book price made the value at time of purchase over $32,000. I paid $27,000 for it. It will depreciate as all things do to a point but I didn't buy it as an "investment" I bought it to wear out and start on another one.
This may not answer your question but the best person to ask is your insurance agent.
Good luck and happy triking

 

[jaxbobg]

I also use an independent insurance agent. In the past, when I bought trikes that were converted by previous owners, the insurance company gave a value of $3,000 to the trike body.

However, I bought my current GL1800 as a two wheeler and had a Roadsmith conversion done. The insurance company valued the trike body as "accessories" for $15,000 and the premium only went up by about $100.

I feel better about having a true value assigned to the conversion, otherwise any claim against a bad collision would be way under the market value.

 

[Ayatolla of Rockin' Rolla]

Did the same with progressive on my 1500 roadsmith.with the same dollar coverage & premium increase.

They list it as a acscesory add on.Almost the same way as my insurance on my old 82 harley,but much lower acc.coverage

ThumbUp

 

[FRR]

A lot depends on the insurance company involved. Progressive in Ohio considers a trike as accessory and I added 10 k to give me 13 k worth of coverage. Increased my premium by $112.00 a year. Value of the vehicle nearly doubled.

There must be a dozen threads on this subject that folks have posted over the year. They may be helpful to you.

 

[mgwtrike]

Thanks fellows, I really appreciate your post on trike insurance coverage.
It's something that I'll be dealing with around April or May in 2015, whenever I get the call to pick it up.

 

[Dragonryder]

I ended up going with Allstate because Progressive and a couple other "big name" companies would not insure the full value of the bike with the trike and other niceties added on as accessories. They all had a cap on accessory value. The premium was about $100 more than what I was paying with Progressive.

 

[Golden Dakota]

Re: Insurance On Trikes - IF YOU LIVE IN CANADA.....

I live in Ontario, and getting a trike insured here is a nightmare! At first, only 2 companies of all Insurance companies were interested. The first wanted $1700/yr and the second $1500/yr.
Last month I changed my home and vehicle insurance to Allstate, and asked them if they would insure my trike as well. They said no they didn't insure trikes in Canada.
The agent asked me what my riding record was. I told him that I had been riding for 51 years, never had a ticket, never had an accident, never made a claim (true, and touch wood it will continue!). He did a double take and said that he would like to submit it again with this information to their Head Office to have it looked at. They came back and insured it for $1,060/yr, including a premium of $60 to get the deductible down to $1000 with a total insured value of $49,000. Yes m/cycles in Canada cost a lot more than in the USA! When I gave them all my business, my total insurance costs dropped by $1,560/yr (2 houses, 2 cars, 1 trike). I tell all my friends about Allstate now!!

 

[R and R]

I feel bad even talking about this to the Canada guys.I went to see my State Farm dealer who has coverage on my 09 Gold wing two wheeler he was quite confused about the trike never insured one. I explain the most insurance companies insure the trike is an accessory he looked up coverage on the 08 airbag added $15,000 for extra coverage for $30,000 was $249 .

A few days later I received a check in the mail for $73 with the statement saying that I had overpaid on my premium for the 08 trike.I called my agent and had the receptionist looked up my policy and to tell me the amount I would receive if the bike was totaled. She advised that it would be $30,000 less my $500 deductible.

Haven't had a chance to get back to the agent to find out the exact reason for the reduction in premium cost but suspect it may be due in part to the airbag. Don't really know for sure but as long as I'm covered for 30,000 I'm happy especially at that price.

Rick

 

[FRR]

I think part of the problem with insuring trikes, cars, homes, etc, is the fact that insurance rules and rates vary so much from state to state. Each state has an Insurance Commissioner or someone like that and that state agency sets the rules, along with the state legislatures that affects all policy holders. That is why Allstate may be great in one state and not another, or Progressive is less expensive in a certain state and higher in others. I've had friends move from Ohio to other states and seen their premiums go down in Arizona and higher in Florida. Others have had the exact opposite thing happen.

Canada is a whole other issue.

 

[Lawingnutz]

I have GEICO and spoke with them yesterday regarding this same thing. I will be triking my 2012 with a Hannigan Kit in January. Although the added cost for the kit is $17,000 and the value of the bike/trike increases to nearly $40,000, the insurance premium will not increase. I had heard this from others but didn't believe it until I spoke directly with GEICO.

 

[Veritas44]

Sounds to "good" to be true,,,,,
Especially with Insurance Companies

Read that Policy VERY carefully.
Coverage going Up dramatically without a Premium increase? :xzqxz:

That Dog don't hunt and there is a BIG Devil in those details my Cajun Friend.

 

[mgwtrike]

I hate Insurance Company's.
About the time they tell you your covered, then something happens, you find out your not covered, in the mean time you paid their premiums for years.......

 

[Teal]

in mid south im paying 660/yr with 1000 ded for 1500 trike
how does this compare with you guys? this is thru Grange.

 

[John Luciano]

I was paying Progressive $450 for my trike alone 1997 (value $18,000). I added a 250 CF Moto it went up $150 I added the JP chopper only went up $100. $700 total. I called Geico talked to a rep for 1/2 an hour. ( not 15 min. ) ridding experience 50 years.,no claims,military,advanced Motorcycle training course,multi bike and location. All 3 bikes now $300. I can only ride one at a time. I increased the two motorcycle coverage to include theft,lowered the deductable,and added comprehensive to the motorcycles. Progressive was insured individually. I could ride all 3 at the same time. We'll someone else would have to ride the other 2 ( that ain't happening )

 

[Christo]

I have GEICO and spoke with them yesterday regarding this same thing. I will be triking my 2012 with a Hannigan Kit in January. Although the added cost for the kit is $17,000 and the value of the bike/trike increases to nearly $40,000, the insurance premium will not increase. I had heard this from others but didn't believe it until I spoke directly with GEICO.

I think that some imnsurance companies take into consideration the safety factor and theft factor. it is much harder to steal a trike than a regular motorcycle. Also since a trike is usaually safer to ride and are more visible than a two wheeler there are less accidents and as such the rates are lower so the added value of the trike conversion may be offset by the theft and accident side

 

[DPK]

I'm relatively new to the group.

Fortunately I read this thread and it caused me some vague concern about the insurance coverages on my trike, a '2000 Valkyrie 1500 Lehman Predator Conversion which I purchesed nine months ago with 11,000 miles.

The trike was originally titled in Texas as a new motorcycle / trike / whatever / ( I don't know ) having been converted from new by a Lehman dealer and first sold via Honda certificate of origin using the Honda Valk VIN number.

After reading this thread, just to be sure I didn't have a problem, I e-mailed the issuing agent to be sure there was no problem of this nature with my coverages.

In doing so, I copied and pasted a couple of the most pertinent entries to this thread in this regard and e-mailed same to the Progressive Agency in Heber Springs, AR stating this seemed to sometimes be a problem and requesting assurance that my coverages were in proper order.

To my surprise, there was a problem.

After receiving a couple of seemingly exorbitant quotes, I had used this Progressive agent by referral from my brother-in-law who, over many years, had insured a series of Goldwing motorcycles with the agency with no problems.

In in the course of underwriting the coverages for my trike with Progressive, it was clearly disclosed that I was insuring a trike, not a motorcycle. At the agent's request, I furnished a notarized affidavit from the seller stating the purchase price of the trike together with an itemization of all equipment and / or accessories and the cost thereof which had been added to the trike along with a PICTURE OF THE TRIKE.

Thereupon, I paid the entire annual premium and pushed on thinking all was well until reading this thread of the forum.n

My coverage as underwritten by Progressive even after full disclosure by affidavit and photograph of the trike was in the penal and total sum of the value of a used '2000 Honda Valkyrie motorcycle plus only the additional amount of a thousand or so of scheduled accessories, less depreciation - maybe on a clear and sunny day as much as $6,000.00, although I had paid $14,000.00 as disclosed to the agency at it's request by notarized affidavit.

Bottom line: I had insured only a fifteen year old used Valkyrie motorcycle, not a trike.

The he essence of the problem is that Progressive insures the motorcycle. Anything additional is regarded as an accessory or added equipment covered at an enhanced personal property rate and subject to additional limitations and allowable maximum amounts. It's actually a fascinating scheme as insurance companies go. The cost of the conversion is nowhere covered as best as I can determine. Even as new, Progressive would cover only the cost of the motorcycle and the cost of the conversion kit, excluding the labor, paint and other costs of actually completing a trike.

End of story: For 9 months & 5,000 miles I had been riding around Arkansas, Missouri, Tennessee and Texas with no coverage on the value of the trike or the value of the conversion or the cost of conversion; but only +/- $ 6,000.00 or so for a used Valkyrie motorcycle, ...if I was lucky.

A possible explanation is that some one had simply quoted a low premium in order to capture the business. Another possibility is that I should have paid more attention to my business & actually read the policy when I finally received it. & another possibility is somebody, maybe me, simply screwed up. It really doesn't matter if or when something hits the fan the result will be the same.

I haven't yet had the nerve to inquire as to the liability coverages which were supposed to mesh with my umbrella coverages.

Monday morning I'm calling my business agency to get this right regardless of cost even if I have to place the coverage with The Hartford or their ilk - I seem to have forgotten that there are no free lunches in this world and the lowest price often is the most expensive in the end.

Word to the wise: if at all possible have all your insurance issued by the same agent; auto, homeowners, umbrella, boat, motorcycle, & whatever other toys you have. Do this & if they screw it up you very likely may have recourse on the agent's E&O coverage. I knew better than to use a different carrier, but took a chance - exactly what I meant to avoid.

Needless to say, I'm very grateful for the information available from this most helpful group of people and I look forward to any opportunity to meet members residing near me or wherever I'm fortunate enough to travel or attend any group functions.

In the way of a cautionary note, I would encourage any fellow Arkansans who have Progressive coverages issued through a Heber general agency to carefully review their trike coverages.

It it might be good for everyone to review coverages. I practiced law for 40 years and if corporate evil exists, insurance companies lead the pack.

(In all fairness, I must acknowledge that the agency in question immediately took good faith steps even during the holidays to resolve the problem, although I cannot comprehend how it occurred in the first place given the degree of disclosure made in applying for the coverage.)

I I think it would be very worthwhile for all of us if we as a group named our insurance company and disclosed our annual trike premiums together with a brief description of our rides and the monetary value insured & maybe include zip codes.

Obviously, I trust insurance companies about as much as I do drug companies.

At the end of the day, it is arguable that a Valk is so much fun it's priceless - so long as it's properly insured.

Dan

 

[Veritas44]

Thanks for the Expose' and confirmation of Facts Dan. ThumbUp
Enlightening, Alarming, and Disturbing all at the same time isn't it?
Amazing actually how naïvely assuming most are when it comes to Insurance. Especially so as Coverage is mandated by Law, costs a TON in the short and over the long haul, and the myriad of details, disclosures, disclaimers, and fine print provide a perfect haven for a plethora of "gotchas" & "devils".

Take this to heart People... Protect yourselves and your Stuff. Know what your paying for. Know exactly what you are getting as opposed to what you THINK (or have been mislead to believe) you are getting.
If it "sounds" like a Great Deal in exchange for what "sounds" like a Bargain,,, Best think again. On one End of that equation or both,,, You are probably getting Screwed.
This Tenet applies to ALL.

As dear old Dad always said (and Dan aptly points out and proves);
Ya GET-What ya PAY for.
Meatloaf put it well too:
"There ain't no Coupe Deville hiding at the bottom of a Cracker Jack box"

 

[FRR]

DPK,

As I mentioned earlier, that is how Progressive does it in Ohio also. I insure the bike and Progressive gives me $3000.00 worth of accessory coverage and I buy an additional $10,000 worth of accessory coverage to cover the trike kit. That runs me another $112 a year.

Another point...I never deal with an agent but call the company direct in Cleveland and always get the name and employee number of the person who advises me on coverage. Somehow my policy is credited to some agent in Phoenix, ( I have no idea how THAT happened since I live in Southern Ohio), but I don't care because I only deal with the company. When I triked my first Wing I called Progressive three times and talked to three different reps to make sure I was getting the same story. As I mentioned earlier, every state may do it a little different. So far I've been pleased with my premium, ( haven't received my February renewal yet), maybe it is because I'm old with a good driving record, who knows.

 

[mgwtrike]

Word to the wise: if at all possible have all your insurance issued by the same agent; auto, homeowners, umbrella, boat, motorcycle, & whatever other toys you have.

I do this in my small town I live in but read many times to always check to see if your getting the best price.
If I bundle like you say, it's hard to break free to check on other Co's rates.

It's always nice to deal face to face with a agent you known for years and went to school with. :Shrug:

DPK,


Another point...I never deal with an agent but call the company direct in Cleveland and always get the name and employee number of the person who advises me on coverage.

As mention above, I really feel comfortable dealing/talking with our "home town" agent for ALL policy's but wonder sometimes maybe I should think "outside-the-box".................:Shrug:

 

[R and R]

I too became concerned about my coverage after reading this post and have twice called my agent to conferm my coverage. I now have written confirmation from my agent.

Part of of the reason for my low premium is that I do not have medical coverage on my bikes. My medical is covered by another co.

i don't remember anyone here saying if their premium included medical coverage. Medical greatly increases coverage price.

Just woundering if that's part of some of these more expensive premium cost.

Rick

 

[FRR]

I don't have medical coverage on my Trike but I do have it on my car and truck. Mainly since it cost less than 10 bucks a year for $5000.00 worth of coverage. I don't think medical coverage on a bike would really cause the premium to be increased by much.

 

[DPK]

After the problem with the Progressive insurance as I related earlier in this thread, I cancelled the policy and placed the coverage with Allstate.

I was was very pleasantly surprised with Allstate's rates: $379.00 v. +/- $550.00. ( after annualizing the $89.00 additional premium required to place proper coverage for remainder of policy)

Further, the Allstate policy liability limits were much higher than Progressive - 25/50 v. 100/300. The total value insured with Allstate was > $20,000.00 ( not to exceed actual cash value ) with $1,000.00 deductible. The insured trike is a '2000 Valkyrie / Lehman with 12,000 miles.

The Allstate policy matches the deductable of my personal liability umbrella insurance and also affords coverage for uninsured motorist, med pay, roadside assistance, trip interruption etc.

My recollection of the reason for the absurdly low limits of the Progressive policy is that I was told those limits were the highest available for motorcycles. Aside from stupitity on my part, I have no explanation of why I purchased the policy without looking elsewhere.

End of of the day, I hope this information is of some use to the forum. Bear in mind that rates vary from state to state and that my automobile, homeowners, and liability umbrella insurance is also currently with Allstate. ( I changed from Hartford to Allstate after purchasing the trike )

Dan