Author Topic: Agreed Value Motorcycle Coverage for Kbikes and others over 25 years old.  (Read 249 times)

Online Rcgreaves

  • ^ SuperNatural Motobricker
  • Posts: 843
  • "I'd rather be flying, but this will do nicely"
About 2015 my #2 son Josh was assigned an online finance course that addressed insurance etc. He suggested we shop "Agreed Valuation" coverage and went with Progressive Insurance...yes, Flo on TV..... It was a really fruitful and reasonably priced recommendation you should consider....

While I won't bore you with definitions I'll just get to the point that:

- National vendors such as Progressive and Geico, both of whom have paid my claims, offer coverage on vintage bikes older than 25 for a cash value YOU set.  My $2500 valuations are in the insurance scheme of things "chump change" and thusly the premiums are agreeably low.  I don't have, nor wish a high buck ride.... but I would much prefer holding onto a known machine.
- In today's Covid business climate, claims adjusters don't necessarily inspect the damaged vehicle in person.  By supplying copious photos from all angles, the vin plate, odometer, etc. results are surprisingly fast with electronic payment in a few days.

Given the scarcity of parts on say my 87 K75s, sending it to a shop that traffics in swapping out parts, it didn't take a tall stack of damaged Fibron fairing  to have them "total", or write off as a total loss, my cherished Brick..  On the GL I described the possibility of scrabled eggs underneath the fairing where an antler entered, end of discussion.... On the Interceptor low sides are very common and the availability of spares new near zero.

- I've been riding since age 7 which even for Johnny's brain.... at my current age of 57 adds to a Horicon Marsh full of black birds in late August "pile o mileage".    Ive had 3 shunts in 4 years all of which paid out in full.  about $6000.  Proceeds from K parts sold to you all are above and beyond.
-  All three bikes returned to my shop for resto or dismantling for prices ranging from $600 for my K75S, $300 for my Interceptor 750F and a whopping $275 for my 85 Goldwing.  The K75 crash was significant while the other two during today's  Covid madness are nothing more than cosmetic, parts replacement totaling maybe $300 for both current patients. Both recent incidents were 100% injury free BTW.  My new Shoei was christened, but that's what its there for!

Its a buyers market today, and generally the valuations I've seen, and purchase offers have hardly matched my expectations and certainly can't account for the care in maintenance applied to each machine.

Here's a 2 second definition via Google search of collision insurance (protects the machine itself):

Collision insurance is a coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object, such as a fence or a tree. ... If your car is paid off, collision is an optional coverage on your car insurance policy.


So example: one in 2016 an 87 K75S agreed value $2500, deductible $375, buy back $325ish, net $1800.  Example two Honda Goldwing GL1200A , agreed valuation, $2500 (total invested $1300) $375 deductible $275 buy back, Interceptor is only 24 years old and primo with low mileage.  I documented the 18000 miles and perfect plastics prior to high siding recently on gravel and netted $2175 through conventional valuation NADA blue book etc.

The moral of the story is in a three week span I found myself with an extra $4k in my play account and both damaged bikes 100% restoreable.  I spose someone will comment on my new scam tactic and I'll admit the thought crossed my mind, but as a premium paying customer, this type of program suits my needs.

PS: there is a "silver lining"  to these examples, or whatever it represents to you- In our case the lining is Honda Blue Apollo Pearl.  The proceeds from these claims covered a remarkable upgrade:

I was borrowing my son's 1200 GoldWing when a buck decided to charge me as I passed him at zero dark thirty en route work.  He scrunched a few fairing bits and left an antler as a souvenir.  but all in all- Only a flesh wound for us both..  We have been talking of doing a winter resto and repaint in this blue, but instead the claim covered an upgraded ride.  He graduated college last June, so the insurance proceeds covered his gift, a near perfect 2001 GL1800 loaded with accessories, 75k miles and looking as good as new.  $4300 is a bit below the average sale according to an online source ($4,900) but with Covid, this waaay better than average ride started at $7500 and with no offers shrank to an ask of $4500.

Back to insurance- This is the type of outcome you pay for, but in our case you can still often retain the bike and a reasonable opportunity to restore it completely.  Ive been burned by insurance companies.  Here's an instance where you can come out of a bad situation smelling like a rose.

Ive coveted an 1800 ever since they came to market. Generally, beyond my financial means.  Gravel and Bambis big burly brother made it happen, but also this agreed valuation type of policy.  Cheers!







  • Livingston, SW WI. USA-"With the good earth all around."
  • 94' K75S , 85' Goldwing Aspencade,96' Honda Interceptor VFR750F, 2001 Honda Goldwing GL1800 restoring: 1995 K1100RS,
Doing “better than I deserve”

Offline The Mighty Gryphon

  • ^ Quintessential Motobricker
  • Posts: 5376
Since 2014 I have been putting all my bikes on a Progressive motorcycle policy.  I have a pretty complete package including bikes, accessories, riding gear and medical.  I pass on the towing because I have AAA RV+.  I ride 10,000+ miles a year and all three bikes cost about $308 a year for coverage.

Two years ago I had an accident that totalled my '92 16V K100RS with over 100k miles.  Progressive gave me over $6k for the bike and my gear + $7500 for medical expenses(fully covered).  They let me keep my totalled bike for $200.  I was able to completely rebuild it to better than before the accident AND buy a '91 K100RS with 32k miles as well as replace my damaged gear and still have enough left over to pay the next year's premium. 

If I ever meet Flo, I think I'll give her a kiss.
  • In my garage in Marilla, NY
  • '94 K75RT Mystic Red, '91K100RS White/Blue, '89 K100RS Special edition White/Blue
Current:
'94 K75RT "Ilsa, She Wolf of the SS"
'91 K100RS "Moby Brick Too
'89 K100RS SE

Offline stokester

  • ^ SuperNatural Motobricker
  • Posts: 677
I use Progressive on all my bikes.  USAA uses them for motorcycle coverage.
  • Yorktown, Virginia
  • '94 K75S Dakar Yellow - '93 K75S Seiden Blau - '91 R100RT Bermuda Blue- '78 R100S Smoke Red

Offline rbm

  • ^ Quintessential Motobricker
  • Posts: 1989
No such luxuries in Ontario.  Bikes older than 25 years can be registered as Classic Motorcycles, specially plated and provided the opportunity to get covered by Classic Motorcycle insurance.  However, the valuation of the bike has to be done by an independent assessor sanctioned by the insurance company and the Provincial government.  The insurance is very limited; Classic motorcycle coverage only includes approved rallies, historic runs, public parades and other sanctioned group events.  No other type of riding is permitted.

Otherwise, our only insurance choice is standard coverage and our premiums are nowhere near as low as has been quoted here.  I'm an older driver with a good record and driving a low risk bike yet I'm paying over $900 per year.  Glad I'm not a young rider on a sport bike.  If I was a young rider, my premiums would be through the roof, if I could get insurance coverage at all.
  • Regards, Robert
Toronto, Ontario

1987 K75 - Build Blog @http://k75retro.blogspot.ca/

Offline Scott_

  • Forum Moderator
  • ^ Quintessential Motobricker
  • Posts: 2069
I guess I'll find out real soon how good Progressive is.... My '97LT(55k miles) took a tumble a couple of weeks ago from that massive derecho wind storm, the initial repair estimate is just under 3500. They are now waiting for a market evaluation to determine if it's totaled or not.
Either way I think I'm going to part it out, for both my '95LT(115k miles) and my new to me '97R1100RT(48k miles). Remaining parts I may sell, yet to be determined.
  • My Garage
1997 K1100LT 0302488 (R.I.P.)
1995 K1100LT 0302044
1997 R1100RT ZC62149
"One who does not ask questions is ashamed to learn" Danish proverb

Online Rcgreaves

  • ^ SuperNatural Motobricker
  • Posts: 843
  • "I'd rather be flying, but this will do nicely"
Scott-Sorry to hear about your deluge troubles.   Right up 151 Im no worse for wear, what a mess you all have to pick up. Sucks.

Lots of votes for Progressive....interesting.  Clearly those bikes will generally yield more in parts than the insurance valuation, though I'd be interested to know if you specifically set an agreed value. Did you? I'm reminded their terms say the bike must be minimum 25 years old.  My Interceptor faired well, but in fair or high mileage condition perhaps I wouldn't have faired as well.  Gryph appears to have set his valuation well above mine and yielded a far greater return with presumably a much higher premium.  Be that as it may: we all have our personal threshold of pain as far as premium cost.

When I parted my 87K75S in 2016-it was plane that for Motobrickers I was performing a community service in every sense of the word. Though I have no return for the time and diligence necessary to box, ship etc ( USPS in my mailbox, FED Ground drop off at the local hardware store), it certainly afforded me the opportunity to dialogue with asylum residents enough to call them more than acquaintances.  I get more than half my Brick pleasure in the garage so dismantling was a fun exercise with little downside risk in digging deep into its bowels....

VFR plastics repair is progressing today and my 85 GW desperately needs fresh rubber before rolling to Door County for sailing the Great Lakes.  If you come to ride the hollows in Wisco, please look me up.  Sign me in a corner of Wisco not on fire......Idiots.  knife in you possession, you go for it and resist arrest?? Prepare to meet your maker.  End of discussion.
  • Livingston, SW WI. USA-"With the good earth all around."
  • 94' K75S , 85' Goldwing Aspencade,96' Honda Interceptor VFR750F, 2001 Honda Goldwing GL1800 restoring: 1995 K1100RS,
Doing “better than I deserve”

Offline The Mighty Gryphon

  • ^ Quintessential Motobricker
  • Posts: 5376
I don't think My bikes are insured for agreed value.  I just had our insurance guy get a policy for me.  He took care of all our insurance for nearly 50 years, so I assume he did right by me.

The adjusters who handled my accident worked off a list I gave them of the stuff damaged in the accident.  As I recall, I think they used the Kelly book value of the bike less my deductible.  The Kelly book is pretty generous.  Plus they added for my GPS, driving lights, and trakgorbs.  They covered my gear, including riding pants, jacket, boots and helmet.  I still use the jacket, helmet and boots to this day.  I still can't believe how willing they were to cover everything.  I can remember them asking me if there was anything I was forgetting!!!

And after all that, they didn't increase my premium!  Of course, my wife and I have had Progressive policies on our cars for the last 20-25 years, maybe longer, and have a pretty clean claim history.
  • In my garage in Marilla, NY
  • '94 K75RT Mystic Red, '91K100RS White/Blue, '89 K100RS Special edition White/Blue
Current:
'94 K75RT "Ilsa, She Wolf of the SS"
'91 K100RS "Moby Brick Too
'89 K100RS SE

Online Rcgreaves

  • ^ SuperNatural Motobricker
  • Posts: 843
  • "I'd rather be flying, but this will do nicely"
That's really impressive Gryph.   My adjuster referenced NADA book value.CHeers.
  • Livingston, SW WI. USA-"With the good earth all around."
  • 94' K75S , 85' Goldwing Aspencade,96' Honda Interceptor VFR750F, 2001 Honda Goldwing GL1800 restoring: 1995 K1100RS,
Doing “better than I deserve”

Offline natalena

  • ^ SuperNatural Motobricker
  • Posts: 556
I use Progressive on all my bikes.  USAA uses them for motorcycle coverage.
Likewise have USAA, and their affiliation with Progressive keeps the customer service high caliber. The use of "agreed value" has provided great peace of mind, regarding both MC's and caged vehicles (low deductible and high valuation.) Have had only 1 injury accident in just over 40yrs, when an old dude ran my 600 Pantah over with me on it, his insurance paid (Wawanesa) zero hassles. Pathfinder was stolen in SD, and USAA had a check in the mail, zero hassles.
Still, if the brick get's a total write-off, the check will easily cover a new ride.
  • MST
  • 1987 K75s #0919, '05 Sportster 1200C
We don't need no stinkin' moly.

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