Many insurance companies will include some amount of coverage for motorcycle accessories with the base policy, but as you will see it’s very easy to surpass that included amount. Hence, it is vital to know how much accessory protection you require and to ensure your policy will reflect the right total. Here are five tips to ensure your motorcycle accessories are properly covered.
Don’t assume that simply because something was on your bike while purchasing it as a stock item. The dealer or the earlier owner could have added aftermarket items to the bike which could be considered accessories by your insurance coverage.
Your best bet is to find out the specifications of the motorcycle from the website of the manufacturer or catalog so that you know what was on the bike when it came out of the factory.
Then, make a list of anything you find which was not included on the manufacturer’s list of specifications. In addition, do not overlook your riding equipment – leather gear, helmet, boots, and goggles. These are ordinary objects which most of the people forget to inventory and given their cost you want to ensure that they are covered.
Once you complete the list, you will have a clear picture of your motorcycle’s accessories and be prepared to move to the next level. Make another column next to your list of accessories titled “value”.
Now, take a look at various web sites, stores, or purchase receipts for determining the value of each accessory.
An “Agreed Value Policy” is in fact the same insurance policy with a different settlement option for the physical damage coverage of Comprehensive and Collision. With Agreed Value settlement type, the insurance company and the insured equally consent for the cost of the insured bike. That value is the amount paid during a total loss, without deduction against depreciation excluding the tires, batteries, and engine parts. Companies may ask for an appraisal and photographs to determine the insured value.
Now since you are aware of the value of accessories on your motorcycle, take a look at your motorcycle insurance policy. Listed in your policy you will find the amount of accessory coverage which you currently have. Balance that to the price you figured for your bike’s garnishes. Does the sum of coverage equal to or more than the cost of your motorcycle’s accessories? If not, you should contact your insurer for increasing your accessory coverage.
If you are in the market for motorcycle insurance, look no further than Henry Insurance Agency to find the best suitable motorcycle insurance to suit your budget.
