I've had insurance with progressive for 7 months, when my policy first started it had 18K worth of additional custom parts and equipment, the came out to the house about 2 weeks after I signed the policy and had somebody take pics of everything "im assuming this was to know I had what I said I had". Over the last 2 months I've spend another 6K which brought it up to 24K in custom parts, I asked if they need to come take pics again and they said no. Honestly that sounded weird and I don't trust them, should I get an independent appraisal. They keep saying agreed upon value but after the pics they took I never heard from them again so How do I know what is the agreed upon value. My declaration page on my policy shows 24K but we all know how the snake ass insurance companies can get " they could say ughh we deny your claim or drop you because your bike is painted black and uhhh we don't insure black bikes as of 18 minutes ago so your outta luck piss off". What can I do as an insured to protect my investment the best?
insurance agreed upon value and policy
- Thread starter Destin07
- Start date
state farm scrwed me over on a "stated value" policy of only $8k.
when it was ripped they only gave me $6700
the girl on the phone told me "you coulda removed those items before it was stolen"???
thats cool, i bettered them this last go-round
haha WTF so "you coulda removed those items before it was stolen" means everytime I park my bike I should tear down my turbo motor, take off the 30lbs of electronics on it and remove my wheel kit, swingarm ect.....and then put it back on when i ride later in the day
what does "stated value" mean? I'm assuming its differnet than agreed upon value?I've never even had to deal with an insurance company reason I don't trust them is that state farm cancelled my brothers policy on his twin turbo corvette 2 days before hurricane Katrina and he didn't even know it. A storage shed get smashed into it and caused 7k worth of damage and state farm said "oh wow looks like we cancelled your insurance 4 days ago when you fix your car we will be glad to be a good neighbor and reinsure you". Needless to say my brother "had a personal meeting with his claim adjuster and a socket wrench" resulted in an attempted charge of assaullt with a deadly weapon. I hope nothing ever happens to anything i possess because I like my lower rates like they are but I def wanna protect myself after seeing how big of a slime ball these people can be.
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given some past experience, i support your brother.
ALL Insurance companies are crooks... They should just insure us for a specific value , not each vehicle.. I'm a real good driver but still can only drive 1 at a time.. Its called Lobbycrooks. And they're getting part of the 700Billion we pay in.. No wonder people go postal
UNLESS you have something that specifically states "replacement value" you are going to get a check for what ever the book is on the bike when it was stolen... You need a policy that is more or less designed for collectors or special vehicle coverage.. You are also going to need photos, reciepts and a lot of luck when it comes to collecting..
rdd102781
Registered
Hey guys. Every since college I have wanted to start a non profit insurance company, This would ensure that rates were as low as they possibly could be, but still provide excellent coverage. Who's on board? 
Naw, I researched it and would not be feasible unless I had a deep pocket investor backing me.
Naw, I researched it and would not be feasible unless I had a deep pocket investor backing me.Well Hopefully I never have to collect anything, but the insurance company did come take pictures and I do have reciepts and my declaration page shows 24K in additional parts as part of my contract. It just didn't make any sense when I added another 6K that they didn't care about coming out to take pics. I'm gonna go by their office today and and make sure my policy as an "agreed upon value policy" I've done some research this morning and this seems to be what what need to be done in order to protect my investment. My insurance cost another $800 a year just to have the extra 24K insured so i better damn be covered
Buying insurance is easy. Collecting is the difficult part!
I had a claim back in the eighties and it took me four years to collect all the money from Safeco. However, they were my best friend and showed up on my doorstep when the $55K annual premium was due.
Insurance companies are in the business of making money, and they won't give it up easily in most cases.
I had a claim back in the eighties and it took me four years to collect all the money from Safeco. However, they were my best friend and showed up on my doorstep when the $55K annual premium was due.
Insurance companies are in the business of making money, and they won't give it up easily in most cases.
I have alot of receipts but I bought my bike partially built and this is where some of the money already came from. Like you said it is in my policy the total amount this is why I should probably get an appraise. I'm about to go get an update from my agent, lets see what they say, im going to demand for another person to come out and take pics for documentation.
craigntx
Registered
it was my understanding they use stated value to determine your rate, but obviously it's not what you get paid.
is that a bi-nomial screw-fest or what?
Even with it in your policy the small print will say Receipt or NO coverage for the item. Paint, chrome, wheels etc. NO PERFORMANCE ITEMS
Yeah I went by and talked to my agent today and he "assured me I was insured for what I had" I even asked them to send the people out again to come take pictures of my bike and he said that progressive had not requested it. I'm def getting appraisal, i read the fine print in my rule book and it states "custom parts, custom plating, electronics, objects permanentyl attached to the bike are covered but not limited too....ect... which alter the performance or appearance of the bike.
My bike is covered for $25k, here's there link!
Ill tell you you get what you pay for!
Bike Insurance | Fischer Specialty Insurance | BikersIns.com
Ill tell you you get what you pay for!
Bike Insurance | Fischer Specialty Insurance | BikersIns.com
awesome link! what do you think makes this coverage better than mine if any?
My bike is an cash value policy, and i know for a fact that they pay with no BS.
Its not cheap, its piece of mind!
Should be called premeditated robbery...ALL Insurance companies are crooks... They should just insure us for a specific value , not each vehicle.. I'm a real good driver but still can only drive 1 at a time.. Its called Lobbycrooks. And they're getting part of the 700Billion we pay in.. No wonder people go postal
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