Insurance

[bobdo]

Can anybody help me with insurance advice?
I have not yet had insurance coverage on an antique motorcycle. I'm close to the point of finally getting my 47 EL on the road, so I contacted our insurance agent. The value they placed on the bike is $30,000. I know it couldn't be replaced for that, so they recommended that I give them some proof of value closer to what its actually worth.
Have any of you gone through this & what did you do to prove value?
Thanks, Bob
AMCA #3756

[Sargehere]

Here's all you need, Bob: www.hagerty.com/

Great folks who cover my bike for stated value (you send them a couple of photos as attachments to your application), including everything and road service, no mileage restrictions (but you must have another registered "everyday" vehicle) for $300 a year.

[bobdo]

Thanks Gerry,
I had hoped to keep it all under one provider, State Farm. They actually gave me a good rate, I just thought the value was low. In order to raise the value, I need to prove it some way. I know I can't replace the bike for $30,000. I can't ride the bike to dealerships for appraisal because I have no insurance yet & they wouldn't know what it is. I'm never going to sell this bike, but I would feel better riding it around knowing if something happened to it I'd at least get a check for its value. Even at its actual value, I couldn't replace it.

[talbot-2]

I second Gerry's suggestion for "Hagerty". I too, tried to keep all of my insurance under one provider, but the underwriter's at State Farm could not find enough documentation to support the value that I and others have placed on my cycles. Insuring vintage vehicles is not in their scope of insurance. The underwriters at Hagerty have much more experience in insuring vintage vehicles and had adequate documentation to support the value that I requested. That's their business.

[bselph]

Hagerty is the only way to go.

[bobdo]

Thanks guys.
I'll definitely look into Hagerty now. State Farm actually had an incredibly cheap rate with alot of coverage. I just think the bike's worth more.
Take a look in my profile if you like, theres a couple pics of it.

[bobdo]

I just got an online quote from Hagerty of $543. for $60,000. coverage. I don't even see anything here on comprehensive coverage.
State Farm quoted $81. for $55,000. coverage with fire & theft with a $500. deductible. I just need to get the underwriters to agree on the value.
That's quite a difference. I tried Progressive also, but they wanted alot of personal info & I bailed.
I'm sure Hagerty is a good provider, I just need to save some cash. I might need to start the policy with State Farm with the coverage being $30,000. Then I'll gather info from Ebay of bikes sold & have them re-evaluate.

[p aiello]

i got jc taylor got 4 bikes insured with them 1 800-345-8290

[tst]

Taylor insures the AMCA
Tim

[redfred84]

I highly recommend Hagerty. Phone them up, and speak in person. Tell them you are with the AMCA.
Hagerty excels all others that I have ever dealt with, and handled a claim I had very well.
RF.

[Bills37]

You can also call Progressive. They have what is called "agreed value" You can insure for any amount (within reason) that you like. I don't know how their rates compare with others.

[rdillon]

HAGERTY IS THE CLEAR AND CORRECT CHOICE. I HAVE STATED VALUE ON ALL MY BIKES WITH THEM. (VALUES HAVE ACTUALLY BEEN RAISED A TIME OR TWO) NO DEDUCTIBLE, GREAT RATES. I HAD AN ACCIDENT A FEW YEARS BACK, THEY PAID WITH NO HESITATION, NO QUESTIONS. BIKE WAS REPAIRED TO EVERY DETAIL. GOOD PEOPLE. I'm sure there's nothing wrong with these other companies, this has just been my experience. Randy

[bobdo]

Thanks everyone with the advice.
Sounds like Hagerty is the place to go for good coverage & experience with old iron. Unfortunately, I'm unemployed & the $81. a year quote sounds pretty good for now. I'll just have to be underinsured for the time being. In the meantime, I'll try to gather proof of value to resubmit. If anyone has proof of the going rate of accurately restored 47 EL's with minimal repop parts that they feel comfortable sharing as a PM, I'd appreciate it.

[Rollo]

Bob,

You have to do what you have to do but I too have a dozen antique bikes insured with Hagerty. You might check the policy differences to see what you are paying for with each. For all 12 bikes I pay about $120 each per year. My state requires state minimum coverage ( pretty significant amounts) on all vehicles so that is what I have plus the agreed to value and on my 47 knuckle it is $30K. I know I should probably raise that because as you say I can't replace it for that but the agreed to value is what is raising your premium. Frankly I don't see how State Farm can cover that bike for $81 with a year with a $30 K agreed to value. Dealing with Hagerty is as easy and simple as stated by others here. Better check your home owners policy regarding this too. A lot of them won't cover this sort of thing if something happens to them in the garage. As suggested I would speak with someone at Hagerty to clarify what they provide. Good Luck!

Tom (Rollo) Hardy
AMCA # 12766

[bobdo]

Thanks Tom,
I only have the one antique bike & a 2005 Softail. I have had my homeowners insurance, 4 cars & the Softail with State Farm for many years. I guess that's why I'm getting a good deal, just like you having all your bikes with Hagerty. If your 47 was valued the same, I guess thats the rate. But, we know we can't replace it. I've never liked insurance. Its like betting on something bad happening.