Downtown T. Brown
PR Member
Can you get something insured for full value? If I only get $3k for a $6k bike it doesn't seem worth it?
Insurance help.
- Thread starter JGreen
- Start date
hershey
PR Elite
Yes, I jusst tell my agent how much I want to insure it for. Plus I buy an extra rider to cover accessories added, I have 5k in wheels and suspension added.
MX099
PR Addict
Extra Rider! That must be who's on the bike when it's up front. And when you forgot to pay him at BC he got mad and crapped on your trailer. In time everything has a way of coming out.
GeorgiePorgie
PR Founding Father
You don't need comprehension and collision. Sometimes you're talking to people who don't know Ohio law. Explain to them in Ohio you don't need that coverage. To reduce your loss through depreciation, Add accessory coverage, keep receipts of all parts. Sorockets. Graphics. Etc. it all pays. I've heard of people having collision and hitting a tree and they total the dirtbike and pay. Some super low deductibles too.
TwentyThreeMX
PR Founding Father
a lot of carriers include up to a certain amount of accessories, i believe off hand progressive is 3k
and correct you dont need comp and collission but you can, i've stories of ppl making a claim for their bike they wrecked, getting lots of new parts and even new gear and such from it too (cant re wear that helmet that hit the ground)
now i dont know that id personally want to make a collision claim for a small amount and have that possibly affect rates in the future for everything i insure, but i guess the optionn is there if you really wad the thing up.
JBrown118
PR Addict
I've been an agent for over 20+ years now and use Progressive for my own. As far as their motorcycle polices go, I've never seen or had any issues within our agency. I have even made a couple claims for myself with them in past for medical payments for when I've been hurt (not while racing). However, all companies have exclusions in their policies for racing whether it is insured with your autos on an auto policy or on a stand alone cycle policy like Progressive. ( I attached snippet of the exclusion in Grange's Auto policy and then on their Motorcycle policy.) However, some companies, like Progressive will make an exception and insure the bike knowing that you race. Even with an exception, coverage for liability, medpay, UM, comp and collision are still excluded while at a race track. Some policies go as far as saying while practicing for an event. That there alone leaves a big gray area. Say you go to Malvern this week to get ready for the upcoming area qualifier. Your bike is stolen. Would there be coverage? Would they look at it as you are practicing for an event? Possibly...
If any agent tells you otherwise, I would suggest getting it in writing from them. That way you will have some recourse when a claim is denied by the company with the agents E&O policy.
I'd be happy to help anyone that needs it.
Here's exclusion in Grange's Auto Policy:
the exclusion in their motorcycle policy:
If any agent tells you otherwise, I would suggest getting it in writing from them. That way you will have some recourse when a claim is denied by the company with the agents E&O policy.
I'd be happy to help anyone that needs it.
Here's exclusion in Grange's Auto Policy:
the exclusion in their motorcycle policy:
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GeorgiePorgie
PR Founding Father
4. Worries me. So if I ride in the street and get mugged, I'm covered?
premix
PR Member
Lots of misconceptions in this thread. I've worked for both Progressive and Grange previously.
1. No major company is going to write you a stated value policy for 100 bucks a year. What you're buying is an ACV policy. So no, just because you stuck 6k in your 10 year old smoker (and yes, I'm guilty of this
), you're not getting 6k back, you will get the market value of that vehicle. Any additional accessories, you better make sure you have the appropriate additional coverage for, receipts, and pictures of them on your actual bike.
2. Lying to your agent or insurance company about the fact that you race is probably the dumbest thing you can do. With modern social media, all we have to do is google your name, find a picture of you racing, and you're done. Remember nothing on the internet ever disappears.
3. If you're buying anything other than comprehensive coverage for your dirt bike, you're wasting your money.
4. Don't assume because your uncles brother on pitracer got paid, you will too.
1. No major company is going to write you a stated value policy for 100 bucks a year. What you're buying is an ACV policy. So no, just because you stuck 6k in your 10 year old smoker (and yes, I'm guilty of this
), you're not getting 6k back, you will get the market value of that vehicle. Any additional accessories, you better make sure you have the appropriate additional coverage for, receipts, and pictures of them on your actual bike.2. Lying to your agent or insurance company about the fact that you race is probably the dumbest thing you can do. With modern social media, all we have to do is google your name, find a picture of you racing, and you're done. Remember nothing on the internet ever disappears.
3. If you're buying anything other than comprehensive coverage for your dirt bike, you're wasting your money.
4. Don't assume because your uncles brother on pitracer got paid, you will too.
GeorgiePorgie
PR Founding Father
Premix is right. My adjustor was real angry when he asked about pictures of me racing at dirtworld on the same looking bike that was stolen the week before. But it was my 125. Guy was real mad I didn't tell him about my 126 that I had no policy on. Anyway they will google you. And they'll call tracks and ask for information. They called malvern and asked them if I crashed my bike beyond repair. They do their homework....
Bill480
PR Addict
How does that work? I injured myself practicing last year (in august 2015) on an insured bike. Worth pursuing anything now?
John250
PR Founding Father
Unless you had a huge claim, I am not sure I would do that. I would claim on my health insurance. Usually the motorcycle and he health policy are not going to both pay.
Bill480
PR Addict
I did.. 5k deductible max out of pocket for the year was 6250 and I blew past that before I even made it to PT.
BUT I didn't have medical coverage on my policy.. added that last night for another $20/year
premix
PR Member
Keep in mind your med pay portion of your motorcycle claim will once again be denied if found you are racing. So if you were transported from the track or the company your are insured with finds this out, you will be S.O.L. Also any past claims, can't be applied to the coverage you just added as it wasn't in force on the date of your accident. I would suggest looking into your plans at work and having a readily available HSA fund.
GeorgiePorgie
PR Founding Father
Sounds like your insurance would deny you too. Theyd demand a coordination of benefits. Can't double dip on medical insurance.
Bill480
PR Addict
Once again? I never opened a claim. And I don't race. The health insurance through my work is a joke. I have the top tier plan, and it still carries a 5k deductible. The 1k HSA (not even really an HSA imo) was gone before I even hurt my knee.
In Ohio it sounds like it is supplemental to your health insurance.
from DMV.org, the most reliable source on the internets:
Keep in mind that this insurance isn't meant to replace your health insurance; instead, you should view it as supplemental coverage.
Example:
You have a $5,000 medical payments coverage limit on your motorcycle policy.
- You're injured in an accident and require a hospital stay.
- Your health insurance carries a $3,000 deductible, plus co-pays.
Also found this nice piece in the progressive contract:
PART II - MOTORCYCLE MEDICAL PAYMENTS COVERAGE
Coverage under this Part II will not apply to bodily injury:
5. bodily injury or property damage resulting from, or sustained during practice or preparation for:
a. any pre-arranged or organized:
(i) racing;
(ii) stunting;
(iii)
speed or demolition contest or activity; or
b. any riding activity conducted on a permanent or temporary racetrack, racecourse, or during any closed course event.
So the word 'practice' seems like it won't work anymore. You were just riding in a yard.
premix
PR Member
If you're only carrying 1k in you HSA, you might need to revaluate that. I would keep no less than my deductible at a minimim.
Depending on the insurers policy the med pay coverage you're describing could be secondary or it could be primary in many instances.
And my understanding from your previous posts was you were going to open a claim for previously sustained injuries after purchasing coverage a year later. If thats not the case, I apologize for the misunderstanding.
Depending on the insurers policy the med pay coverage you're describing could be secondary or it could be primary in many instances.
And my understanding from your previous posts was you were going to open a claim for previously sustained injuries after purchasing coverage a year later. If thats not the case, I apologize for the misunderstanding.
John250
PR Founding Father
b. any riding activity conducted on a permanent or temporary racetrack, racecourse, or during any closed course event.
This is the line the ticks me off these days. If I want coverage, than take it back to underwriting and price it out for me to be covered. But don't deny a claim on me, when I have been paying premiums. For example on my current personal life insurance policy, I had to answer a bunch of questions about racing. How many races a year, etc. Cincinnati Insurance surcharges my policy for the racing, but at least I am covered if something happens on he racetrack.
This is the line the ticks me off these days. If I want coverage, than take it back to underwriting and price it out for me to be covered. But don't deny a claim on me, when I have been paying premiums. For example on my current personal life insurance policy, I had to answer a bunch of questions about racing. How many races a year, etc. Cincinnati Insurance surcharges my policy for the racing, but at least I am covered if something happens on he racetrack.
Bill480
PR Addict
I was stating that as I realized it after my bright idea to try and get paid after the fact. Turns out with progressive you have 36 months to open a claim however so I would of been within the window if I did have the coverage.
I cannot pay into my HSA. I don't understand why they even call it an HSA because it is not treated like one at all.