Anybody have this on their racebike?
I spent the last few hours arguing with my insurance company over it, and they flat out won't do it, and claim that likely no other insurance co will either...
Jeez, I can insure ANYTHING else in my posession against theft, except this bike...
My dirt bike and race bike are both covered on a comprehensive only policy. If the bikes are stolen or burn they are both covered and I think I pay about 74 bucks a year for both. I'm using Country Companies if that's of any help.
That's the risk we take with our race bike too. Anything else we can cover with our homeowner's insurance, but the bike - because it is a motorized vehicle - is not covered. Auto insurance does not want to cover it because it is used for racing.
So..... If your bike is wrecked or stolen, you are SOL.
Dawn :-/
http://aceinsuranceservices.com/
I've seen ads that they do this. Looks like they'd do bikes and trailer, and maybe even accs like wheels, generator, warmers, etc.
hell, the trailer, spares, generator and everything ELSE is covered! I just can't get coverage for the bike itself.
I argued and argued...
them "It has a motor, it must be insured as a vehicle"
me "so does my lawnmower, but it's coverd"
them "but your lawnmower isn't capable of being registered and driven as a street vehicle"
me "neither does my racebike"
them "it must be insured as a vehicle, end of story, and we will not insure this type of vehicle".
me "you people suck"
click
I have basic liability and theft. The basic liability is very cheap, and will never be used on the race bike, but it's req'd so I can get the theft coverage.
I also upped the theft coverage to add on "aftermarket accessories" to the tune of $3K. That should cover not only replacing the bike but the shock, fork work, etc. I think the whole thing is around $300 a year from Progressive.
I don't think anyone will offer collision on a racebike without charging you an arm and both legs.
- Eric Arnold
AM #25 Pac
That's my deal. I don't want collision, and don't expect it. I don't need liability, but would pay it to get theft. And the ONE question that is asked at the onset of every new policy is "is this vehicle used in any type of racing"...
And as for everything else, if the bike disappears, every thing else will simply be "parts stolen" and will be covered under my home owners policy including all prep work and after market parts...
I just got off the phone with my "friendly State Farm agent".
If you already have stuff insured with them, you can purchase a comprehensive-only policy for around a hundred bucks.
HOWEVER
If you have a claim and they find out the bike was used for racing, you're screwed.
I spoke with Ace Insurance back in the beginning of the year. They'll cover all your stuff (bike, tools, trailer) but IT AIN'T CHEAP. On the other hand, they will cover almost any off-course incident (damage in the pits, etc)
The logic in this completely eludes me... I wish I could understand how I can insure anything EXCEPT the bike...
I'm not sure what makes it any different from my gas grill, trailer, lawn mower or my wife's jewelry (all of which is insured)...
It makes about as much sense as having to purchase liability insurance for every vehicle you own.
Example:
I am one person.
I own three cars.
Nobody else drives my vehicles.
I am only capable of operating one car at any given moment in time.
Why can't I simply purchase a personal liability policy to cover ME when I drive, period... no matter WHAT I drive?
Like I said above, my insurance company had no problem insuring my race bike and my dirt bike. My brother had his dirt bike stolen and was issued a check for it without much hassle in a timely manner. It looks like you may want to shop around for a different insurance company...
My SF agent said they can cover racebikes/cars for theft only. Still yet to get a quotes for it. Lots of people locally have their racecars insured against theft. Being theres 5-6 tracks within a 75mile radius, race car theft is not uncommon around here.
There are companies that will write a policy for the trailer, equipment and bikes for when you are traveling to and from the track. When on the track it doesn't apply. If there is a crash on the way to or from a race, or if you get home and are too tired to unload the trailer, to wake up and find it stolen... it's covered.
Not eapensive either. ;)
If you plan to rely on Homeowners Insurance to cover "the rest of the stuff" you might be in for a disappointment. I know from personal experience. Here is the short version of the story:
In October of last year, I left my truck unlocked in my driveway and someone helped themselves to my gearbag, cell phone and a few other things. Luckily my leathers were not in there but I lost my helmet, gloves, boots, etc. It was about $1800 worth of stuff. I called my State Farm Insurance agent (aka my father-in-law) and told him about the theft. He entered all the info into his computer, got a claim number and told me I'd be getting a call from the "regional office". The call came and a package was mailed to me. It needed receipts and pictures of everything along with dates of purchase for everything because the price is pro-rated for items over a few months old. For instance, my $400 Arai helmet that was 1 yr old probably would have only been worth $200.
Well, since my cell phone was covered under a insurance policy through the service provider, and my deductible was $500, and everything was going to be pro-rated to near 50% of its retail value, I figured the $600 or $700 I would get was not worth the claim, so I closed the claim with no money paid out to me.
A month later in November, the third satll of my garage was broken into when someone used a pry-bar to open the overhead door. They stole my air compressor, a new set of GSXR race bodywork, a new My-Chron 3+, a few tools, a set of take-off dirtbike tires, a folding ramp, some new dirtbike parts in a box (grips, piston kit, etc). They left two Ducati 996 streetbikes, a stack of roadrace tires and rims, lots of high prices tools and other high price items (it was obviously neighborhood kids). The loss this time was over $4000, so I called my father-in-law again and he said, "We can make the claim, but State Farm will immediately drop you". I was stuck and he was right. Two theft loss claims in a month would mean no more insurance and difficulty finding anyone to write a new policy since all insurance companies are hooked to the same nationwide database. Also, State Farm and a few other companies are not even writing new policies in this region of the country even for claim-free applicants!
The moral of the story is that 1) insurance companies are the biggest crooks around, 2) you are at their mercy, 3) you will never get back what the item was worth, and finally 4) a claim follows you for about 5 years and makes it difficult to get new policies. Forget about trying to get money for "all prep work". Never going to happen!
I got nothing from my homeowners insurance after being claim free with about 7 vehicles, several life insurance policies, several jewelry policies and all my other insurance needs in their control even though I had losses of about $6000 total.
I've got State Farm and I've never had a problem insuring my racebikes as "theft only." Heck, as a matter of fact, on my dirtbike ('02 CR250), I had full coverage on it! (Had a loan out on it, and my credit union required it....) Once I paid it off, I dropped it down to "theft only" without any issues. But my racebike was (until I put it back on the street last week) covered as "theft only". Didn't have any problems.
I have my racebike fully insured. Get this though.
The insurance company tells me that if the bike is being trailered, it is collision insurance on the bike that would get it fixed, not comprehensive....Hmmm? And thus the bike requires liability insurance, in case it hit someone else while being trailered! And to top it off, my company just started a high performance surcharge! What, a trailered GSXR is any more high perfromance than a trailered Harley? WTF?!?
QuoteWhat, a trailered GSXR is any more high perfromance than a trailered Harley? WTF?!?
A GSXR mouse pad is more high performance than a trailered Harley...