When you had your bikes triked did any body have a problem getting their insurance company to cover their trike kit ?
Trike Insurance
- Thread starter poppajim
- Start date
My insurance company just listed mine as optional add ons. My bike has $19.000 in add ons. No problem.
- Moderator
- #3
Most insurance insure the conversion as an accessory. Up your accessory coverage to cover the cost of the conversion.
Just so you know, most insurance companies value the trike body at $3,000, so tell them that your bike has $10,000+ worth of accessories so you get full value coverage. The extra premium is minimal and really worth it if a cager T-bones your trike.
I'm on a road trip right now and would have to check my policy, but seems to me it was only an extra $50 or $75 per year. Worth it to me just to have the extended coverage.
From State Farm, listed as an accessory. No increase in premiums. Keep all receipts and take pictures.
Progressive wanted to jack mine up $250+.... looking for other insurance.
Wow, that's a lot. Progressive here in Florida didn't do that to me. Did they reclassify the bike somehow? Mine is still a motorcycle with a lot of accessories.
Veritas44
Pawn In The Game Of Life
http://www.triketalk.com/forum/threads/23598-Insurance-On-Trikes?highlight=insurance
http://www.triketalk.com/forum/threads/19910-Trike-insurance?highlight=insurance
IF anyone honestly thinks and actually believes that you can add over $10,000 worth of "Accessory" to your Bike and subsequently your Insurance Policy & Coverage for little or nothing,,,,
Well, best of luck to ya in your "bliss" ThumbUp
http://www.triketalk.com/forum/threads/19910-Trike-insurance?highlight=insurance
IF anyone honestly thinks and actually believes that you can add over $10,000 worth of "Accessory" to your Bike and subsequently your Insurance Policy & Coverage for little or nothing,,,,
Well, best of luck to ya in your "bliss" ThumbUp
Well, looks like most riders who responded to these insurance questions saw an increase of about $100/year for "accessories". Since most bikes only get out about 500 to 1,000 miles a year, that expectation may influence the underwriters and they probably think the "accessories" depreciate at the same rate as the vehicle itself. If a 2005 bike gets a 2015 conversion, is the "accessory" package automatically assumed to be 10 years old also?
Veritas44
Pawn In The Game Of Life
No.
Two ways to insure a Trike Conversion on an existing Motorcycle Policy.
1. Add additional "Accessory" Coverage to the existing/standard Accessory Section that comes with every Bike Policy.
2. Add a Stated Component Rider to the Policy.
Accessory Coverage
This is considered a "Blanket Policy" as it will cover any Add-On Item to Bike (Chrome, Comm, Wings, Shields, Bling, Seats, etc.) or Rider/Occupant (Gear, Leathers, Boots, Helmets, etc) UP TO the Maximum stated Coverage amount. The Industry Standard (automatically included in Policy) for Accessory Coverage on a Bike Policy is $3000 with few exceptions and even then usually no more than $3500. The Items themselves do not need to be declared individually in the Policy. You do have the Burden of Proof should a Loss occur and Claim ever need be filed on each of these Items/Accessories.
However, that Coverage and the Insurance Company's liability ENDS once the Items add up to or beyond that maximum stated Limit.
So, should you have Items damaged or destroyed that totals $5000, the Policy will still only be bound to pay the Max which in most cases only $3000. The rest-So sorry and you are SOL....
Accessory Coverage is most always "Replacement Cost Coverage" and does not take into account or effected by Depreciation.
If you choose this method of adding the Conversion to your existing Policy, be sure it is for an amount that covers the entire amount of the Conversion PLUS the total amount of other Accessories added to Bike PLUS the total amount of any and all your "Gear" MINUS the Standard Accessory Coverage included by default in the Policy.
for example (hypothetically but prob. close to averages):
Trike Conversion total Cost: $15,500
Bike Add-Ons total Cost: $3,800
Total Rider & Occupant Gear total Cost: $2000
Total: $21,300
Minus Standard Accessory Coverage included in Policy: $3,000
Total additional Accessory Coverage needed: $18,300
This Method is how most Companies and Agents prefer to provide the Coverage as it is easier for them and you in most aspects including original Paperwork, Documentation, and Claim processing. Also this Method does not require you amend the Policy/Coverage any and every time you add, amend, change, or subtract "stuff". It is also usually a cheaper add on than the other Method as it provides "wiggle-room" for them as to their Liability should a Loss occur and Claim be filed.
This is also better for those of us that live in States where Property Tax is levied each year on our Vehicles. This does not trigger the State that the Unit has been modified and now has a higher "Book Value" which in turn will allow them to confiscate more of your Cash by upping it's Market Value and assessing Tax accordingly.
Stated Component Rider
This Method is less popular as it requires specific Documentation and Proof up front and is more complicated to originate for the Agent and the Client. Also, it is more "ironclad" and "escape-proof" if a Loss ever occurs and Claim made against it. The Insurance Companies hands are tied and their Liability to you is set in stone. Insurance Companies avoid these "traps" of Responsibility like the Plague.
This Method of adding Coverage requires you to provide them with a very specific and detailed description and Proof of the Conversion. Then, this Stated Component (in this case-the Trike Add-On) is attached in its own Section of the Bike Policy and you are covered for and they bound to the Entire Cost of the Conversion specifically in part and in total.
This is usually undesirable for those of us that live in States where Property Tax is levied each year on our Vehicles. This can trigger the State that the Unit has been modified and now has a higher "Book Value" which in turn will allow them to confiscate more of your Cash by upping it's Market Value and assessing Tax accordingly. Don't think that the Revenue Division of the Property Tax States don't routinely audit Insurance Policies against their Evaluations. They Do!
You can set both Methods up in three ways as to how the Company will pay-off in case of a loss...
Appreciating Replacement Cost: In event of loss, they will pay you to return the Trike back to its original condition no matter if or regardless of the cost of doing so has risen since original date and amount paid. BEST for you.
Replacement Cost: Same as above with maximum Payout being the Total Cost originally at time of Conversion.
Market Value at time of Loss: In event of loss, they are only liable for the Value of the Conversion in detail UP TO the current Market Value of that Conversion and/or the pieces thereof at the time of loss taking age and Depreciation into consideration.
The last Method is the least desirable for the Client and the most desirable for the Agent/Company.
It gives them an "Out" to limit their Responsibility by introducing Subjective Evaluation and 3rd Party involvement. Depending on the Agent/Adjuster/Company, this Method of Evaluation can lead to you getting screwed or settling for less than your true loss unless you opt for Arbitration which in itself is a nightmare and very time consuming and delaying.
Those three Methods of Loss Evaluation also apply to the Motorcycle Policy/Coverage as well. Review your Policy to be sure of what you have and that you are "OK" with the Method stated and contracted.
The Insurance Game is quite complicated (on purpose) and the Odds and the Caveats stacked high and firmly on the side of the Companies. Insurance Companies are ALWAYS in the top of most Profitable Companies in all of Industry. There is a reason for that. That Reason sure ain't because they are magnanimous, fair, selfless, and place you the Client above their interests or that of their Shareholders.
Don't misconstrue, no basher of Capitalism here and Profit is NOT a dirty Word or Sin.
However, looking at Insurance Company's P&L Sheets, it is very clear to anyone to easily see exactly where their allegiances lie and just how successful they are in receiving a Helluva Lot more than they give or promise.
One more thing to ponder and mull around in the Common Sense Rooms of your Mind,,,,
As stated in previous Post, does anyone REALLY for one millisecond even think that the most profitable Companies in the World are going to give you MORE for THE SAME? :Shrug:
Seriously now.... THINK about that. REALLY Think
Agent Friendly of the Fair & Equitable Insurance Company is going to add $10000-$15000 worth of Goodies TO You that come FROM Them and ask for NOTHING (or very Little) FROM You.... :laugh:
He's going to increase his Liability from $3000 to $13000-$18000 (etc.) and get Nada or Chump Change in return?
Two ways to insure a Trike Conversion on an existing Motorcycle Policy.
1. Add additional "Accessory" Coverage to the existing/standard Accessory Section that comes with every Bike Policy.
2. Add a Stated Component Rider to the Policy.
Accessory Coverage
This is considered a "Blanket Policy" as it will cover any Add-On Item to Bike (Chrome, Comm, Wings, Shields, Bling, Seats, etc.) or Rider/Occupant (Gear, Leathers, Boots, Helmets, etc) UP TO the Maximum stated Coverage amount. The Industry Standard (automatically included in Policy) for Accessory Coverage on a Bike Policy is $3000 with few exceptions and even then usually no more than $3500. The Items themselves do not need to be declared individually in the Policy. You do have the Burden of Proof should a Loss occur and Claim ever need be filed on each of these Items/Accessories.
However, that Coverage and the Insurance Company's liability ENDS once the Items add up to or beyond that maximum stated Limit.
So, should you have Items damaged or destroyed that totals $5000, the Policy will still only be bound to pay the Max which in most cases only $3000. The rest-So sorry and you are SOL....
Accessory Coverage is most always "Replacement Cost Coverage" and does not take into account or effected by Depreciation.
If you choose this method of adding the Conversion to your existing Policy, be sure it is for an amount that covers the entire amount of the Conversion PLUS the total amount of other Accessories added to Bike PLUS the total amount of any and all your "Gear" MINUS the Standard Accessory Coverage included by default in the Policy.
for example (hypothetically but prob. close to averages):
Trike Conversion total Cost: $15,500
Bike Add-Ons total Cost: $3,800
Total Rider & Occupant Gear total Cost: $2000
Total: $21,300
Minus Standard Accessory Coverage included in Policy: $3,000
Total additional Accessory Coverage needed: $18,300
This Method is how most Companies and Agents prefer to provide the Coverage as it is easier for them and you in most aspects including original Paperwork, Documentation, and Claim processing. Also this Method does not require you amend the Policy/Coverage any and every time you add, amend, change, or subtract "stuff". It is also usually a cheaper add on than the other Method as it provides "wiggle-room" for them as to their Liability should a Loss occur and Claim be filed.
This is also better for those of us that live in States where Property Tax is levied each year on our Vehicles. This does not trigger the State that the Unit has been modified and now has a higher "Book Value" which in turn will allow them to confiscate more of your Cash by upping it's Market Value and assessing Tax accordingly.
Stated Component Rider
This Method is less popular as it requires specific Documentation and Proof up front and is more complicated to originate for the Agent and the Client. Also, it is more "ironclad" and "escape-proof" if a Loss ever occurs and Claim made against it. The Insurance Companies hands are tied and their Liability to you is set in stone. Insurance Companies avoid these "traps" of Responsibility like the Plague.
This Method of adding Coverage requires you to provide them with a very specific and detailed description and Proof of the Conversion. Then, this Stated Component (in this case-the Trike Add-On) is attached in its own Section of the Bike Policy and you are covered for and they bound to the Entire Cost of the Conversion specifically in part and in total.
This is usually undesirable for those of us that live in States where Property Tax is levied each year on our Vehicles. This can trigger the State that the Unit has been modified and now has a higher "Book Value" which in turn will allow them to confiscate more of your Cash by upping it's Market Value and assessing Tax accordingly. Don't think that the Revenue Division of the Property Tax States don't routinely audit Insurance Policies against their Evaluations. They Do!
You can set both Methods up in three ways as to how the Company will pay-off in case of a loss...
Appreciating Replacement Cost: In event of loss, they will pay you to return the Trike back to its original condition no matter if or regardless of the cost of doing so has risen since original date and amount paid. BEST for you.
Replacement Cost: Same as above with maximum Payout being the Total Cost originally at time of Conversion.
Market Value at time of Loss: In event of loss, they are only liable for the Value of the Conversion in detail UP TO the current Market Value of that Conversion and/or the pieces thereof at the time of loss taking age and Depreciation into consideration.
The last Method is the least desirable for the Client and the most desirable for the Agent/Company.
It gives them an "Out" to limit their Responsibility by introducing Subjective Evaluation and 3rd Party involvement. Depending on the Agent/Adjuster/Company, this Method of Evaluation can lead to you getting screwed or settling for less than your true loss unless you opt for Arbitration which in itself is a nightmare and very time consuming and delaying.
Those three Methods of Loss Evaluation also apply to the Motorcycle Policy/Coverage as well. Review your Policy to be sure of what you have and that you are "OK" with the Method stated and contracted.
The Insurance Game is quite complicated (on purpose) and the Odds and the Caveats stacked high and firmly on the side of the Companies. Insurance Companies are ALWAYS in the top of most Profitable Companies in all of Industry. There is a reason for that. That Reason sure ain't because they are magnanimous, fair, selfless, and place you the Client above their interests or that of their Shareholders.
Don't misconstrue, no basher of Capitalism here and Profit is NOT a dirty Word or Sin.
However, looking at Insurance Company's P&L Sheets, it is very clear to anyone to easily see exactly where their allegiances lie and just how successful they are in receiving a Helluva Lot more than they give or promise.
One more thing to ponder and mull around in the Common Sense Rooms of your Mind,,,,
As stated in previous Post, does anyone REALLY for one millisecond even think that the most profitable Companies in the World are going to give you MORE for THE SAME? :Shrug:
Seriously now.... THINK about that. REALLY Think
Agent Friendly of the Fair & Equitable Insurance Company is going to add $10000-$15000 worth of Goodies TO You that come FROM Them and ask for NOTHING (or very Little) FROM You.... :laugh:
He's going to increase his Liability from $3000 to $13000-$18000 (etc.) and get Nada or Chump Change in return?
One more thing to ponder and mull around in the Common Sense Rooms of your Mind,,,,
As stated in previous Post, does anyone REALLY for one millisecond even think that the most profitable Companies in the World are going to give you MORE for THE SAME? :Shrug:
Seriously now.... THINK about that. REALLY Think
Agent Friendly of the Fair & Equitable Insurance Company is going to add $10000-$15000 worth of Goodies TO You that come FROM Them and ask for NOTHING (or very Little) FROM You.... :laugh:
He's going to increase his Liability from $3000 to $13000-$18000 (etc.) and get Nada or Chump Change in return?
I can only speak for State Farm in Indiana, where my wife worked for an agent for many years.
When I converted, I was told, "No change in premium, conversation is considered an accessory, take pictures and keep all receipts".
Being astonished at this, I visited my agent and had him call the "home office" and I asked, "You mean there is no increase in my premium even though I have basically doubled the value of my bike?"
The answer was, again, we consider the conversion an accessory. Take pics and keep all receipts!
No problems insuring my Trike with Markel American.
Veritas44
Pawn In The Game Of Life
No argument regarding the Conversion being considered an "Accessory". Not the/my Point.
Contained in writing within your Policy (in the Accessory Coverage Section) the MAXIMUM Amount of Accessory Coverage is very Specifically and Inarguably stated. That Specifically Stated Maximum Amount is by sheer Definition the MAXIMUM Accessory Coverage you are bound for as well as the MAXIMUM Amount they are liable for and they will pay. All the Receipts, Affidavits, Agent Assurances, Opinions, and/or Warm-Fuzzies and secret handshakes matter not.
They are liable ONLY Up To that Maximum Stated Amount of Accessory Coverage as written in the Policy.
Period.
You MAY (ahem) truly have IN WRITING and SPECIFICALLY STATED additional Accessory Insurance Coverage that specifically in writing provides you with additional Monetary Protection from Loss on the Trike above and beyond the Standard Accessory Coverage.
AND, You MAY (ahem) truly be getting this "GIFT" for no additional Premium or consideration from your pocketbook.
But, gonna need more than an Assumption and Rhetoric to prove that Unicorn.
If it ain't Written-It ainta gonna happen. Insurance Contracts are quite "literal" in nature and not subjective one iota in regard to assumptions, opinions, or erroneous misinterpretations.
Naïve Ignorance of the Facts won't get ya a cent or any Consolation Prize.
Take a peek at that Specifically Stated Maximum Amount. For your own sake and security. Then determine and decide for yourself what you ARE and ARE NOT actually getting for your Same Money....
Like Pharoah to Moses; so let it be Written-so let it be Done
Get Informed don't Be Informed.
Just urging People to review the Facts for themselves. To get Educated and Informed as opposed to Obfuscated and Misinformed. Nothing more or less.
Please feel free to disagree and/or disregard.
Neither changes the Facts of the Matter as they truly exist.
Fully within your Rights to remain "Blissful"
P.s. for what it's worth (not much to me in retrospect but none the less), I Held both Property & Casualty as well as Life & Health Insurance Licenses in the Commonwealth of Kentucky and the State of Indiana from 1989-1994 and did practice both the origination and administration of such Policies.
Some BORING yet HIGHLY Lucrative Stuff indeed ThumbUp
Eventually,,, the Boring outweighed the Lucre
Contained in writing within your Policy (in the Accessory Coverage Section) the MAXIMUM Amount of Accessory Coverage is very Specifically and Inarguably stated. That Specifically Stated Maximum Amount is by sheer Definition the MAXIMUM Accessory Coverage you are bound for as well as the MAXIMUM Amount they are liable for and they will pay. All the Receipts, Affidavits, Agent Assurances, Opinions, and/or Warm-Fuzzies and secret handshakes matter not.
They are liable ONLY Up To that Maximum Stated Amount of Accessory Coverage as written in the Policy.
Period.
You MAY (ahem) truly have IN WRITING and SPECIFICALLY STATED additional Accessory Insurance Coverage that specifically in writing provides you with additional Monetary Protection from Loss on the Trike above and beyond the Standard Accessory Coverage.
AND, You MAY (ahem) truly be getting this "GIFT" for no additional Premium or consideration from your pocketbook.
But, gonna need more than an Assumption and Rhetoric to prove that Unicorn.
If it ain't Written-It ainta gonna happen. Insurance Contracts are quite "literal" in nature and not subjective one iota in regard to assumptions, opinions, or erroneous misinterpretations.
Naïve Ignorance of the Facts won't get ya a cent or any Consolation Prize.
Take a peek at that Specifically Stated Maximum Amount. For your own sake and security. Then determine and decide for yourself what you ARE and ARE NOT actually getting for your Same Money....
Like Pharoah to Moses; so let it be Written-so let it be Done
Get Informed don't Be Informed.
Just urging People to review the Facts for themselves. To get Educated and Informed as opposed to Obfuscated and Misinformed. Nothing more or less.
Please feel free to disagree and/or disregard.
Neither changes the Facts of the Matter as they truly exist.
Fully within your Rights to remain "Blissful"
P.s. for what it's worth (not much to me in retrospect but none the less), I Held both Property & Casualty as well as Life & Health Insurance Licenses in the Commonwealth of Kentucky and the State of Indiana from 1989-1994 and did practice both the origination and administration of such Policies.
Some BORING yet HIGHLY Lucrative Stuff indeed ThumbUp
Eventually,,, the Boring outweighed the Lucre
We have $5000 with our comprehensive insurance for "customization" - That's anything that didn't come on the bike from the factory. It took me less than 45 minutes to come up with over $4500 of non-stock accessories already on the trike when we bought it that came from the Kuryakyn, Big Bike and show Chrome catalogs. Added the trike kit and labor for the kit and accessories, we added $17000 to the $5000 "customization" on the existing policy coverage for $103/year.
We also get discounts for insuring the other 2 bikes and cars with the same company.
A few things to consider on additional coverage.
>Anything that didn't come stock is an accessory. If you converted a GW1800 with the comfort package that came with heated seats and CB, you'e covered under the base policy. If you got the basic Wing and added a CB, that CB is an accessory and that $600 or so it cost needs to be added in to the accessory coverage.
>The original motorcycle is now almost worthless. It has no rear drivetrain, saddlebags, fender, rear wheel, or suspension. The wire harness and brake lines have been changed, and on some modles the frame is altered. I would guess more than 75% of the value of a trike insurance wise is in the accessories, not the original motorcycle.
I always recommend going through the rig and documenting everything from the trike kit right down to the chrome radio knobs that can be considered an accessory and get the extra coverage for it. If you can under yor policy, add helmets, jackets, raingear, the trailer or camper etc. (With some companies this last stuff is another rider, but probably worth it.) add a few thousand for installation/labor and have the peace of mind you're covered.
We also get discounts for insuring the other 2 bikes and cars with the same company.
A few things to consider on additional coverage.
>Anything that didn't come stock is an accessory. If you converted a GW1800 with the comfort package that came with heated seats and CB, you'e covered under the base policy. If you got the basic Wing and added a CB, that CB is an accessory and that $600 or so it cost needs to be added in to the accessory coverage.
>The original motorcycle is now almost worthless. It has no rear drivetrain, saddlebags, fender, rear wheel, or suspension. The wire harness and brake lines have been changed, and on some modles the frame is altered. I would guess more than 75% of the value of a trike insurance wise is in the accessories, not the original motorcycle.
I always recommend going through the rig and documenting everything from the trike kit right down to the chrome radio knobs that can be considered an accessory and get the extra coverage for it. If you can under yor policy, add helmets, jackets, raingear, the trailer or camper etc. (With some companies this last stuff is another rider, but probably worth it.) add a few thousand for installation/labor and have the peace of mind you're covered.
Okay, I just checked my policy and declarations, etc. My situation was a little confusing, because I had a 2009 BMW Hannigan trike, then added coverage for 2012 Goldwing 2 wheeler, so the premium went up about $300 for the partial year coverage.
But then I sold the BMW, got a premium rebate, then had the Roadsmith conversion on the Wing and declared $16,000 in accessories.
All in all, it looks like the accessories coverage is costing me $164 per year. I don't know why $100 was stuck in my head. Must be getting old.
:xszpv:
But then I sold the BMW, got a premium rebate, then had the Roadsmith conversion on the Wing and declared $16,000 in accessories.
All in all, it looks like the accessories coverage is costing me $164 per year. I don't know why $100 was stuck in my head. Must be getting old.
:xszpv:
Veritass44 you are always on top of it. I am glad there are a few of you guys on here I can trust to always tell it like is and know what they are saying. Thanks. I checked with my agent and made sure all is well on my policy.
- Thread starter
- #19
Thanks every one
"We make assumptions when we don't fully understand a situation. It is a natural reaction to immediately fill in any missing information by making up our own story. We do this because we like to try to make sense of people and situations. The problem with this is that most of the time our story is incorrect which causes all kinds of complications. The fact is, we don't know what the truth is unless we ask."
--- Stephanie Ward, M.A.
Of course, I could be wrong. Maybe. :laugh:
--- Stephanie Ward, M.A.
Of course, I could be wrong. Maybe. :laugh:
Lawingnutz
Banned
A letter I received from GEICO regarding coverage of my trike states....
If you carry Physical Damages coverage and should incur a covered loss, our professional claims department will estimate the damage to your vehicle to determine the cost to repair your vehicle to its pre-loss condition. It is possible, depending on the amount of the cost of repair as it relates to the vehicle’s actual cash value, the vehicle may be deemed a total loss.
If the vehicle is deemed a total loss, we will determine the vehicle’s actual cash value. A total loss settlement is the vehicle’s actual cash value less your deductible. We do not offer a stated amount or a stated value policy so we are unable to provide a total loss settlement value prior to a loss.
That value is determined at the time of the loss and includes adjustments for items such as depreciation, betterment and for the physical condition of the property including such things as mileage and age to name a few. Depreciation is the decrease in value because of use, disuse, physical wear and tear, age, out datedness, or other causes. Additionally you have reported the customization of a trike conversion kit. Additional consideration will be given for a trike conversion kit, but will be adjusted for depreciation in accordance with the base model motorcycle.
What at does that mean???
If you carry Physical Damages coverage and should incur a covered loss, our professional claims department will estimate the damage to your vehicle to determine the cost to repair your vehicle to its pre-loss condition. It is possible, depending on the amount of the cost of repair as it relates to the vehicle’s actual cash value, the vehicle may be deemed a total loss.
If the vehicle is deemed a total loss, we will determine the vehicle’s actual cash value. A total loss settlement is the vehicle’s actual cash value less your deductible. We do not offer a stated amount or a stated value policy so we are unable to provide a total loss settlement value prior to a loss.
That value is determined at the time of the loss and includes adjustments for items such as depreciation, betterment and for the physical condition of the property including such things as mileage and age to name a few. Depreciation is the decrease in value because of use, disuse, physical wear and tear, age, out datedness, or other causes. Additionally you have reported the customization of a trike conversion kit. Additional consideration will be given for a trike conversion kit, but will be adjusted for depreciation in accordance with the base model motorcycle.
What at does that mean???
Veritas44
Pawn In The Game Of Life
Ask them (Insurance Company/Agent) the following;
Is there a Stated Component Rider Addendum to my Policy which specifically covers the Trike Conversion/Add-on?
If Yes,,, What is the Maximum Amount of Stated Component Coverage and is that Replacement or Depreciating? Is this amount (coupled with the Standard Accessory Coverage) sufficient to cover all the Bike Add-Ones and your Gear and the Trike Conversion cost?
If No,,, ask them;
Do I have Additional Accessory Coverage (above and beyond the Standard amount) on my Policy which covers the Trike Conversion/Add-On?
If Yes,,, What is the Maximum Amount of Additional Accessory Coverage? Is this amount sufficient to cover all the Bike Add-Ones and your Gear and the Trike Conversion cost?
If No (and No to the 1st question as well),,, Get one of the above ASAP as your Trike is Not Covered.
If they "dance" around the Answer or Explanation and do not address your specific questions with specific and clear answers,,,, keep pushing till they do or find another Company/Agent.
It should be real easy and simple for them to answer the above with straight forward concrete information. They should also be ready, willing, and able to back up that Answer in writing or point you to such in your Policy.
You should either have received or can access online your complete Long-Form Policy.
Take a look at it and review thoroughly. To be sure of their Answers, ask them to point out in the Long-Form Policy where it specifically states the Answer and Amounts.
That Mumbo Jumbo Song & Dance Obfuscation they sent you in answer to your question does NOT address your Trike "Accessory". Physical Damage is another term for the Collision portion of your Policy. As the Trike is not a Factory Installed Part, it (as with any non-OEM installed part or piece) is NOT covered under that Section/Schedule Coverage at all.
The "additional consideration given" is the Accessory Coverage section and subject to and limited by the stated Maximum Amount. When that Max is reached, their "consideration" is over and done.
Is there a Stated Component Rider Addendum to my Policy which specifically covers the Trike Conversion/Add-on?
If Yes,,, What is the Maximum Amount of Stated Component Coverage and is that Replacement or Depreciating? Is this amount (coupled with the Standard Accessory Coverage) sufficient to cover all the Bike Add-Ones and your Gear and the Trike Conversion cost?
If No,,, ask them;
Do I have Additional Accessory Coverage (above and beyond the Standard amount) on my Policy which covers the Trike Conversion/Add-On?
If Yes,,, What is the Maximum Amount of Additional Accessory Coverage? Is this amount sufficient to cover all the Bike Add-Ones and your Gear and the Trike Conversion cost?
If No (and No to the 1st question as well),,, Get one of the above ASAP as your Trike is Not Covered.
If they "dance" around the Answer or Explanation and do not address your specific questions with specific and clear answers,,,, keep pushing till they do or find another Company/Agent.
It should be real easy and simple for them to answer the above with straight forward concrete information. They should also be ready, willing, and able to back up that Answer in writing or point you to such in your Policy.
You should either have received or can access online your complete Long-Form Policy.
Take a look at it and review thoroughly. To be sure of their Answers, ask them to point out in the Long-Form Policy where it specifically states the Answer and Amounts.
That Mumbo Jumbo Song & Dance Obfuscation they sent you in answer to your question does NOT address your Trike "Accessory". Physical Damage is another term for the Collision portion of your Policy. As the Trike is not a Factory Installed Part, it (as with any non-OEM installed part or piece) is NOT covered under that Section/Schedule Coverage at all.
The "additional consideration given" is the Accessory Coverage section and subject to and limited by the stated Maximum Amount. When that Max is reached, their "consideration" is over and done.
No.
Two ways to insure a Trike Conversion on an existing Motorcycle Policy.
1. Add additional "Accessory" Coverage to the existing/standard Accessory Section that comes with every Bike Policy.
2. Add a Stated Component Rider to the Policy.
Accessory Coverage
This is considered a "Blanket Policy" as it will cover any Add-On Item to Bike (Chrome, Comm, Wings, Shields, Bling, Seats, etc.) or Rider/Occupant (Gear, Leathers, Boots, Helmets, etc) UP TO the Maximum stated Coverage amount. The Industry Standard (automatically included in Policy) for Accessory Coverage on a Bike Policy is $3000 with few exceptions and even then usually no more than $3500. The Items themselves do not need to be declared individually in the Policy. You do have the Burden of Proof should a Loss occur and Claim ever need be filed on each of these Items/Accessories.
However, that Coverage and the Insurance Company's liability ENDS once the Items add up to or beyond that maximum stated Limit.
So, should you have Items damaged or destroyed that totals $5000, the Policy will still only be bound to pay the Max which in most cases only $3000. The rest-So sorry and you are SOL....
Accessory Coverage is most always "Replacement Cost Coverage" and does not take into account or effected by Depreciation.
If you choose this method of adding the Conversion to your existing Policy, be sure it is for an amount that covers the entire amount of the Conversion PLUS the total amount of other Accessories added to Bike PLUS the total amount of any and all your "Gear" MINUS the Standard Accessory Coverage included by default in the Policy.
for example (hypothetically but prob. close to averages):
Trike Conversion total Cost: $15,500
Bike Add-Ons total Cost: $3,800
Total Rider & Occupant Gear total Cost: $2000
Total: $21,300
Minus Standard Accessory Coverage included in Policy: $3,000
Total additional Accessory Coverage needed: $18,300
This Method is how most Companies and Agents prefer to provide the Coverage as it is easier for them and you in most aspects including original Paperwork, Documentation, and Claim processing. Also this Method does not require you amend the Policy/Coverage any and every time you add, amend, change, or subtract "stuff". It is also usually a cheaper add on than the other Method as it provides "wiggle-room" for them as to their Liability should a Loss occur and Claim be filed.
This is also better for those of us that live in States where Property Tax is levied each year on our Vehicles. This does not trigger the State that the Unit has been modified and now has a higher "Book Value" which in turn will allow them to confiscate more of your Cash by upping it's Market Value and assessing Tax accordingly.
Stated Component Rider
This Method is less popular as it requires specific Documentation and Proof up front and is more complicated to originate for the Agent and the Client. Also, it is more "ironclad" and "escape-proof" if a Loss ever occurs and Claim made against it. The Insurance Companies hands are tied and their Liability to you is set in stone. Insurance Companies avoid these "traps" of Responsibility like the Plague.
This Method of adding Coverage requires you to provide them with a very specific and detailed description and Proof of the Conversion. Then, this Stated Component (in this case-the Trike Add-On) is attached in its own Section of the Bike Policy and you are covered for and they bound to the Entire Cost of the Conversion specifically in part and in total.
This is usually undesirable for those of us that live in States where Property Tax is levied each year on our Vehicles. This can trigger the State that the Unit has been modified and now has a higher "Book Value" which in turn will allow them to confiscate more of your Cash by upping it's Market Value and assessing Tax accordingly. Don't think that the Revenue Division of the Property Tax States don't routinely audit Insurance Policies against their Evaluations. They Do!
You can set both Methods up in three ways as to how the Company will pay-off in case of a loss...
Appreciating Replacement Cost: In event of loss, they will pay you to return the Trike back to its original condition no matter if or regardless of the cost of doing so has risen since original date and amount paid. BEST for you.
Replacement Cost: Same as above with maximum Payout being the Total Cost originally at time of Conversion.
Market Value at time of Loss: In event of loss, they are only liable for the Value of the Conversion in detail UP TO the current Market Value of that Conversion and/or the pieces thereof at the time of loss taking age and Depreciation into consideration.
The last Method is the least desirable for the Client and the most desirable for the Agent/Company.
It gives them an "Out" to limit their Responsibility by introducing Subjective Evaluation and 3rd Party involvement. Depending on the Agent/Adjuster/Company, this Method of Evaluation can lead to you getting screwed or settling for less than your true loss unless you opt for Arbitration which in itself is a nightmare and very time consuming and delaying.
Those three Methods of Loss Evaluation also apply to the Motorcycle Policy/Coverage as well. Review your Policy to be sure of what you have and that you are "OK" with the Method stated and contracted.
The Insurance Game is quite complicated (on purpose) and the Odds and the Caveats stacked high and firmly on the side of the Companies. Insurance Companies are ALWAYS in the top of most Profitable Companies in all of Industry. There is a reason for that. That Reason sure ain't because they are magnanimous, fair, selfless, and place you the Client above their interests or that of their Shareholders.
Don't misconstrue, no basher of Capitalism here and Profit is NOT a dirty Word or Sin.
However, looking at Insurance Company's P&L Sheets, it is very clear to anyone to easily see exactly where their allegiances lie and just how successful they are in receiving a Helluva Lot more than they give or promise.
One more thing to ponder and mull around in the Common Sense Rooms of your Mind,,,,
As stated in previous Post, does anyone REALLY for one millisecond even think that the most profitable Companies in the World are going to give you MORE for THE SAME? :Shrug:
Seriously now.... THINK about that. REALLY Think
Agent Friendly of the Fair & Equitable Insurance Company is going to add $10000-$15000 worth of Goodies TO You that come FROM Them and ask for NOTHING (or very Little) FROM You.... :laugh:
He's going to increase his Liability from $3000 to $13000-$18000 (etc.) and get Nada or Chump Change in return?
I have one other question. If the trike kit is added as an "accessory" Does that particular coverage also cover the labor to reinstall the accessories?
Veritas44
Pawn In The Game Of Life
Yes.
IF,,, you have the itemized Receipt/Invoice showing the "Accessory" was not self-installed originally (shows where and how much you paid a Professional to install it).
AND,,, of course you have enough Accessory Coverage to foot the Install Charge as well as the cost of the Accessory itself.
Thank You. Lot's to think about. My conversion is not taking place until first or second week in July so we are going un-triked on a +/-3500 mile ride in June. We are planning to go to the Wing Ding with the trike in September so I need to make sure I have the correct insurance. Waaaaay too much of an investment not to. I guess the best way to go is to add it as an accessory and make sure I itemize and keep all receipts. I am also going to ask about any kind of replacement policy.
In Kansas, car and motorcycle insurance is different.
There is medical insurance rolled into your car policy
On a motorcycle or trike, the medical coverage has to be
added on.
So, liability on the 1977 vw trike is $7 whole dollars a month during the winter
Then I add on the medical coverage, when it warms up.
Yes, it annoys State Farm...............
There is medical insurance rolled into your car policy
On a motorcycle or trike, the medical coverage has to be
added on.
So, liability on the 1977 vw trike is $7 whole dollars a month during the winter
Then I add on the medical coverage, when it warms up.
Yes, it annoys State Farm...............
- Thread starter
- #27
After sending in my paperwork to State Farm with my Roadsmith conversion details 6 weeks ago they just informed me today they will not cover my conversion. Their stupid answer was that I altered my motorcycle. They only insure factory trikes ( Harley). Assholes
- Thread starter
- #28
After State Farm let me down I did go with Rider Insurance. If they do not have your conversion listed they will only consider your conversion a accessory and will only cover up to $8000 . Since my Roadsmith is listed they cover my bike as a trike and is covered up to $45,000.
I'm going to my Allstate guy today and see what my options are. I'm curious if they offer a "replacement policy" I would hate to be paying for a bike and trike add-on then if something happens and the bike it totaled I do not get enough to replace it still be paying for it. Like Isaid before. My conversion is not happening until July but I want to have all my duck in a row before hand so all I need to do is make a call. I don't want to be driving around without the proper coverage when I go to pick it up. It's 4 hours away.
- Thread starter
- #30
What kit are you having put on? Check Rider
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