i finally got motorcycle insurance for my ’84 shadow that’s been sitting out in my garage so i can get plates for it (stoked to finally start riding it…legally :p)
You're reading: r/motorcycles – Good tip for moto insurance for new riders
i got this bike for cheap off craigslist (less than $600), so the insurance guy said i’ll probably only want liability insurance. makes sense, because the bike is cheap and the insurance ain’t.
but soon, i want to start modding the bike, adding a new seat, maybe some new handlebars, speedo…you get the idea. i asked him: “hey, if i make a bunch of mods to it, should i call you back and upgrade to collision insurance?”
he told me something interesting that i thought new riders might want to know: some insurance companies won’t listen to “stated value” for bikes after a certain year.
who is, they’ll go to kelly blue book and see how much the book value is for your bike, and give you
who. so if you put $5000 worth of work into a bike that kbb says is only worth $1100, you can kiss
who money goodbye if it’s an older model.
if you get a newer bike (presumably one
who’s not 30 years old), insurance companies will accept stated value. so, if you have a new bike and throw a nice $500 seat on it, the insurance company will pay you more money than what it would for a stock version if you keep all the receipts for your mods.
so, for all you guys who might want to restore an old 70’s or 80’s bike, just keep this in mind when getting insurance.
thought i’d share!
tl;dr: depending on the age of your bike, collision insurance may not cover the full value of your modifications. if you’ve got a newer bike, you should be good!
(in case you don’t know: liability insurance, as opposed to collision insurance, basically means the insurance company won’t cover your own vehicle, just the other guy’s vehicle and/or property damage).
edit: phrasing & clarification, thanks /u/pooraudiophile