Be very aware of the wording in your bike Policy Declaration

[Britman]

Bike Honda ST1300 total loss August 16th, 2015

My finding about American Modern motorcycle insurance.

If your Policy Declaration (don't be lazy - READ IT ALL) has the words "published price guides" be very aware that this can mean the guide published by CCV Valuescope.

You NEED to check with your insurance agent/company right now.

If your company uses this guide you will get payment at less than 20% of the actual cash value of each accessory fitted to your bike. As is happening to me.

BE AWARE

If this is the case now you need to ask how many $ the "endorsement" is for actual full value replacement.

The front page of my policy has $3,000 for accessories. Don't be fooled by this if yours is similar.

Don't be lazy. Read your Policy Declaration in FULL.

Seems this practice has been around for a long time. This is the first I've known about CCV Valuescope.


More info here.

http://www.insurancejournal.com/news...7/15/57309.htm

BE AWARE of what is in your insurance policy.

https://paulfdavis.wordpress.com/200...orney-general/

http://www.ripoffreport.com/r/USAA-a...claims-1136899

[wjduke]

Bike Honda ST1300 total loss August 16th, 2015

My finding about American Modern motorcycle insurance.

If your Policy Declaration (don't be lazy - READ IT ALL) has the words "published price guides" be very aware that this can mean the guide published by CCV Valuescope.

You NEED to check with your insurance agent/company right now.

If your company uses this guide you will get payment at less than 20% of the actual cash value of each accessory fitted to your bike. As is happening to me.

BE AWARE

If this is the case now you need to ask how many $ the "endorsement" is for actual full value replacement.

The front page of my policy has $3,000 for accessories. Don't be fooled by this if yours is similar.

Don't be lazy. Read your Policy Declaration in FULL.

Seems this practice has been around for a long time. This is the first I've known about CCV Valuescope.


More info here.

http://www.insurancejournal.com/news...7/15/57309.htm

BE AWARE of what is in your insurance policy.

https://paulfdavis.wordpress.com/200...orney-general/

http://www.ripoffreport.com/r/USAA-a...claims-1136899

Fully agree having been in an accident last year where I got hit by a car. A lot of lessons learned about what's covered and not. More so on medical than my totalled bike. My insurance treated me well.

[Wing'n it]

I pay extra and up the loss to "replacement value" and accessories is upped to $5k. The value loss on motorcycles is so great that if you finance it for more then 3 years you will most likely get screwed if it get's totaled within that 3 years because the finance cost is added to the bike.

[Old Ryder]

I found out a while back that if it is in an accident on a trailer, that is not the same as an accident while you are riding and you need to add that to the policy. Doesn't matter to me since mine never rides on a trailer. Just saying the Ins companies--- and Progressive and Geico are the worst--- really are good at covering themselves with what IS NOT SAID!

[wjduke]

I hear a lot about Progressive, but that was my company when I got hit. They came to my bedside, asked questions about the bike, what I had for extra's, no receipts, word of mouth. Had a check within 2 weeks, and after 20,000 miles and 2 seasons, I only lost $1,500 from what I paid. I thought that was very fair.

[Old Ryder]

I hear a lot about Progressive, but that was my company when I got hit. They came to my bedside, asked questions about the bike, what I had for extra's, no receipts, word of mouth. Had a check within 2 weeks, and after 20,000 miles and 2 seasons, I only lost $1,500 from what I paid. I thought that was very fair.

I had a claim with them on my VTX about 6 years ago. They were great on the claim. I have a deal with Flo down to this day. Not knocking the company.

What I was talking about is what the OP says. Check what is in the policy. Over the phone, they tell you what they cover----they say nothing about what they do not cover and we all know what happens when you assume something. Over the years I have trailered bikes all over the southeast from Florida to New Jersey thinking that if it fell off or I was in an accident the bike would be fully covered. WHILE IT MAY BE COVERED on your auto policy that is attached to the trailer, the bike is not. I would have been a lot more nervous if I had know that back then. Let me also add that is the policy I have in place and did not know about that fact until the last few months.

[wjduke]

I had a claim with them on my VTX about 6 years ago. They were great on the claim. I have a deal with Flo down to this day. Not knocking the company.

What I was talking about is what the OP says. Check what is in the policy. Over the phone, they tell you what they cover----they say nothing about what they do not cover and we all know what happens when you assume something. Over the years I have trailered bikes all over the southeast from Florida to New Jersey thinking that if it fell off or I was in an accident the bike would be fully covered. WHILE IT MAY BE COVERED on your auto policy that is attached to the trailer, the bike is not. I would have been a lot more nervous if I had know that back then.

Got you....I had this happen, talking about medical/damages. Other guy had 40,000 coverage. I had 100,000-300,000 underinsured coverage. Here's the kicker...they will only pay out up to the maximum of the other insured. We got 50 out of him, and that's all I could get from mine. I think that covers "small print" you don't know about.

[Old Ryder]

Let me add a few more things I have learned from a few lawyers. My wife has been involved in a personal injury suit with Geico for almost 2 years now. We tried very hard to settle out of court with 3 different adjusters, but they would not have it that way. The one thing that ALL of the lawyers agreed on, is that if it were Allstate, Farmers, Nationwide or a host of other companies, they would have written us a check within days. Progressive and Geico will fight you every step of the way in personal injury cases. Again, that is what was told me by the lawyers who deal with them on a day to day basis, and from my single experience with Geico, I tend to agree with them. The fact that I am agreeing with a lawyer should say something in itself.