State Farm Accessory Coverage?




JPunisher

Registered
So after reading up on some other posts I decided to get a quote for my new (lightly used) 08. Geico had quoted me at about $1200 a year for full coverage. I called State Farm this week and I will be getting full coverage for $375 a year. I asked the agent what the coverage for accessories was, for example: chrome, and she responded saying:

The policy has no limitations on customizations on the motorcycle. So if you added a chrome exhaust, then the policy would pay for the chrome exhaust. With that being said in the event of a loss to the motorcycle, the policy will not pay more than the Actual Cash Value of the motorcycle. So hypothetically if you have a motorcycle valued at $5000.00 and you do $3000.00 worth of upgrades, the actual value of the motorcycle could increase to let’s say $6000.00 or it could stay the same value of $5000.00 in that event the policy still would only pay up to the Actual Cash Value of the motorcycle being the $5000.00 or $6000.00. I hope this answered your question.
From my understanding they will lookup the value in some chart and pay respectively. Has anyone with a custom motorcycle made a claim with State Farm and got their custom parts covered or did they just pay for the value of the stock bike?
 

Lillblack

Registered
:whistle: just make sure you get it in black & white, I went with progressive and had to pay extra for all my extras but not to much
 

outlawbusa

1 wheel up aero testing
Donating Member
Registered
Are they charging you extra for the accessories? How much?

Reason I ask is it does not appear much is provided as far as coverage on the extra items...is it worth up to an extra $1000 of coverage when you start with a $1200 "chrome" exhaust then pay $50 a month for the accessory coverage with a $500 deductable?
 

JPunisher

Registered
frisbee
Re: State Farm Accessory Coverage?
They told me to keep all my reciets
I agree. I keep them for insurance purposes and also in case I get stopped (I don't carry it around with me). The police can confiscate your bike if they believe you have stolen parts and if you can't provide evidence.

Lillblack
Re: State Farm Accessory Coverage?
just make sure you get it in black & white, I went with progressive and had to pay extra for all my extras but not to much
Yeah that's why I'm skeptical and asking around. According to them, I don't need additional coverage for accessories. Geico makes you pay extra.

LCB
Re: State Farm Accessory Coverage?
Before you commit to anything, check with Foremost - I've had them for years and they provide excellent customer service. Haven't had to file a claim so I can't comment on that but it can't hurt to check into their coverage : Motorcycle Insurance | Foremost Insurance Group
I have never heard of these guys. I'll do some research.

outlawbusa
Re: State Farm Accessory Coverage?
Are they charging you extra for the accessories? How much?
Reason I ask is it does not appear much is provided as far as coverage on the extra items...is it worth up to an extra $1000 of coverage when you start with a $1200 "chrome" exhaust then pay $50 a month for the accessory coverage with a $500 deductable?
What I understood is that they do cover individual items but in a total loss they will cover up to the value of the bike at the time. So for example if you have a stock motorcycle that you paid ($9k) and it is valued at $8k (by their books), then you add a $1k full exhaust. If the new exhaust gets damaged in an accident, they will pay for it. Now if you total the bike, you will only get the value of the bike with a custom exhaust which may not be $9k (assuming $8k for the bike + $1k for the exhaust) maybe you just get back $8.5k which would not be enough to completely replace it.

I'm really not sure exactly how it all works and I am hoping that someone who has made a claim with State Farm can tell us about their experience.

Thanks,

JPunisher
 

JPunisher

Registered
So I called State Farm back again to get a better explanation regarding customization and accessories. It's exactly like I mentioned in my previous post. They will pay individual parts but in the case of a total loss, they only pay the book value with accessories. She said that some accessories add value and some don't. If you want to know how much your going to get, you need to provide all of your receipts and they can calculate the value for you. She was very honest and said that if you do something like put $20k into the bike your not going to get that money back. They don't cover things such as a $10k paintjob. She said that if that was the plan she would recommend Progressive or Geico because they offer a customization option (but your going to pay out of your :moon:). Again, for Geico I was quoted $1200 a year with the lowest coverage. Accessories are extra.

JPunisher
 

dadofthree

Seasoned Beef
Donating Member
Registered
Not that it matters, but State Farm told me to remove all my goodies before they picked my total loss '06 up. I was given, from memory $9400.00 on a two year old bike with 36K miles on it.
 

JPunisher

Registered
Not that it matters, but State Farm told me to remove all my goodies before they picked my total loss '06 up. I was given, from memory $9400.00 on a two year old bike with 36K miles on it.
That's good to know. That's one of the reasons I will never buy a new motorcycle. As soon as it leaves the dealership you lose a couple of thousand.

Thanks,

JPunisher
 

dadofthree

Seasoned Beef
Donating Member
Registered
That's good to know. That's one of the reasons I will never buy a new motorcycle. As soon as it leaves the dealership you lose a couple of thousand.

Thanks,

JPunisher
Oh, I only paid 10,200 for my '06 new. I think I paid 12,800 for the '08 new with a Brocks Pipe and PC installed. That was before the dollar went to crap.

And you're right about new vehicles, but I've been screwed over on used a few times, so I prefer new.

What surprised me was them telling me to remove all aftermarket components. Also I was told right or wrong that I could not make a claim as far as my riding gear that was damaged. I thought it was funny.
 

JPunisher

Registered
Oh, I only paid 10,200 for my '06 new. I think I paid 12,800 for the '08 new with a Brocks Pipe and PC installed. That was before the dollar went to crap.

And you're right about new vehicles, but I've been screwed over on used a few times, so I prefer new.

What surprised me was them telling me to remove all aftermarket components. Also I was told right or wrong that I could not make a claim as far as my riding gear that was damaged. I thought it was funny.
That seems like a pretty good deal. I understand your concern on buying used. I bought my car new for that same reason but the thing with bikes is that there are many like new bikes out their for dirt cheap. They just don't hold their value. Some people buy bikes, never ride them and they end up on Craigslist. I will only buy a stock bike with original paint and low miles. If it looks like it has been dropped, for example: missing a fairing sticker I will assume it's been dropped and repainted and walk away.

As for the riding gear, I was told that they do cover the helmet if a helmet is required in your state.

Thanks,

JPunisher
 
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