Motorcycle stolen and wrecked

[kerrfunk]

This didn't happen to me, but it happened to a friend of mine who lives a few blocks up the street.


Last week my friend and his wife drove down to Tennesee for a vacation. They either trailered or trucked his Harley down. I don't know if they brought hers. (really there's a lot I don't know... where they went, how they got there, whether the bike was locked or whatever... I heard the story second hand through her mom and I haven't yet talked to my buddy)

Apparently they woke up at their hotel and his bike was gone.
And later that day it was found wrecked some 50 miles away.
I think the guy who stole it was caught and is going back to jail.

I think my buddy was able to trailer or truck his bike back home, and has an estimate of $2,500 to repair. Proper police reports all the way, so he doesn't even have to pay deductible.


Anyway, I called my insurance agent to ask "What if my bike were stolen and wrecked? What would my insurance do?" And the agent told me if it were stolen or totalled and the proper police reporting was done, I'd get replacement value, based on Kelley Blue Book. Which for my bike is about $875.

Hm.


I should talk to my buddy, find out more details

[mighty13d]

that's lame. (yes that was probably the understatement of the week)

[tkent02]

KBB is notoriously low on these bikes.
$900 for a skunk?
We get screwed.

[kerrfunk]

KBB is notoriously low on these bikes.
$900 for a skunk?
We get screwed.

Yeah. Is there a way to get a bike appraised by your insurance company, I wonder?

[mighty13d]

Yeah. Is there a way to get a bike appraised by your insurance company, I wonder?

I had an agreed upon value of my bike with my company. my 850 I think i said like 2k and they agreed with it. they asked me what the value of the bike was instead of telling me. Had it been newer, they might have just told me.

[Big T]

Yeah. Is there a way to get a bike appraised by your insurance company, I wonder?

First, you're mixing terms

Replacement cost is what something of like kind and quality costs new

Actual Cash Value is what something is (supposedly) worth. That's what we're talking about here. KBB is a guideline for ACV, comps are what count.

My buddy just had his powerboat smashed up in the Texas floods in June. KBB on it was $6,500. He searched Craigslist and found 5 comps nationwide (it's a 20 year old boat). He got $8,700 for it

Actual Cash Value varies by location, and by what the comps are

Your friend got more for his HD because it's worth more money than your GS

[SqDancerLynn1]

I only have liability and un/under insured coverage...So it wouldn't matter. Your buddy's bike wasn't totaled
so $2500 in damages was paid by insurance Co under his comprehensive coverage

[ddaniels]

Holy crap! My heart fluttered for a moment when I opened this thread and saw your face Kerry. Whew! Glad it wasn't yours (mine - ours...whatever)

[frosty5011]

I only have liability and un/under insured coverage...So it wouldn't matter. Your buddy's bike wasn't totaled
so $2500 in damages was paid by insurance Co under his comprehensive coverage

I'm like you, that's all I ever had on any of mine too.



What is the going rate nowadays anyway for those of you that have full/theft coverage on your bikes? I've never asked my insurance agent, thinking that the additional cost wouldn't be worth it for a sub-3K value bike.

[dardoonk]

Yeah. Is there a way to get a bike appraised by your insurance company, I wonder?

I just changed from State Farm to Nationwide because they were willing to provide stated values for both my GS & KZ. The cost was less than actually less than putting collision on them & there's no deductible.

They would cover the 77 GS750 to $2500 & my 82 KZ1100 to $5000. By comparison, they would have paid $850 & $1275, respectively, for a total loss if I had insured them under a comp/collision provision.

[Maddog209]

KBB is notoriously low on these bikes.
$900 for a skunk?
We get screwed.

You can buy a "stated value" policy that will pay you the amount stated on the policy at the time the policy is written and purchased. The higher the stated value the higher the premiums. But, At least you recover a fair amount to replace your bike.

[midnightcafe]

Just check my insurance policy. Progressive insurance, only costs me $84 yearly (!), with an agreed bike value of $5000 (just to be sure, I've invested maybe close to 2 grand in it including purchase price). $1000 deductible for comprehensive and collision, though

[Mysuzyq]

Yeah. Is there a way to get a bike appraised by your insurance company, I wonder?

Some companies here will insist on getting a high-value bike appraised before generating a quote....this usually applies to the Harley custom bikes etc., that often have over $30,000 invested. A high appraisal cuts both ways though....premiums will be commensurately higher, so not sure how much sense it makes for our older bikes. IMHO, best to go with lower KBB rates for the lower premiums, and take all measures possible, to prevent theft.

[82Shafty]

I run an agreed value through State Farm on one of my Mustangs. It comes with a catch; less than 5000 miles a year and I am not allowed to take it to work.

[kerrfunk]

So I talked to my friend today, got the whole story.
(he helped me out of a jam today too but that's a whole nother story)

Pete and his wife drove down to Gatlinburg, TN, for a vacation. Put his Harley in the back of their pickup so they could ride around when they got there. Got to their hotel, unpacked, rode the bike to supper, came back to the hotel. Parked the bike so that it was nearly touching the wall, and then parked the bike in with the truck. Bike's ignition lock was engaged, and I think its steering lock was too. Key was in Pete's pocket. There were vehicles parked on both sides of Pete's truck.

Midnight, all is well.

Three a.m. the bike is gone.
The other three bikes in the parking lot are untouched ("jap bikes").

Three days later the cops contact Pete and say his bike was found 50 miles away. A bike thief stole the bike and delivered it to a seller, who stupidly did not remove the license plate, and who also stupidly dropped the bike... didn't wreck it, but scratched up the right side a teeny bit (exhaust, right floorboard thing, brake handle... not a whole lot of damage, actually). Somehow got caught. The bike thief had gotten out of federal prison ten weeks earlier for bike thieving. And he's on his way back.

So. Pete's bike is back from the Harley dealership, good as new.