10-09-2016, 02:18 AM
(10-08-2016, 10:52 PM)The ferret_imp Wrote: the insurance company is responsible to make your bike "whole" in other words just as it was, so they should pay for any accessories and mods as well. They make ask for receipts though and not pay for any you don't have receipts for.(at least that is my understanding)
That is not true. The entire reason some bikes and cars cost more to insure, (besides increased chances of accidents & claims) is increased cost to repair.
They are insuring the bike based on the stock parts. You want more coverage- it will cost more money. Typically then goes to an agreed value policy. You tell them what you think it is worth with paperwork, what the value is you want covered, and they charge you an appropriately increased rate price.
You can't buy a bike for 8k, pay insurance rates for THAT bike, put 3k in mods and expect the insurance company to pay 11k worth.
Not to mention depreciation and what they claim is current value..always a fun argument.
I just paid 8k OTD for my leftover '14 standard in July. Wouldn't surprise me if an insurance company would try to pay out 5k if totaled, and that is for the bike stock. Would I argue? Sure. But the cards are in their hands. It would be a pile of paperwork on my end showing actual used sales, not asking prices..along with many many phone calls I am sure.