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!