appraisal to insure custom build?

[lightfall]

I live in Milwaukee, WI, and I would like to insure my custom build. I have a few concerns about this and do not know what to expect. Of note: no signals or gauges.

How much should an appraisal cost? What on earth is my bike even worth? How much should it cost to insure?

Anyone in Milwaukee have any recommendations?

This is my bike: http://www.xs650.com/forum/showthread.php?t=31268

 

[lightfall]

I spent several thousand on parts and did the restoration work myself. The cycle itself cost me about 1250, and the custom parts and such a few thousand more.

 

[osteoderm]

Most insurers offer "agreed value" insurance. You can pretty much assign any arbitrary replacement value to your bike, and get insurance for that amount. You generally don't need to show proof of every dollar or value, but such insurance is pretty scary expensive!

 

[XStretchified650]

Lightfall,

I just went through this same thing myself. I too have a chunk of money and a lot of hours into my bike. I wanted it to be insured for about what $ I have invested, not what an adjuster can find immediately available in the want ads if something were to happen to it. I am no expert on insurance, but this is how it went for me...

I looked into H_____ty Insurance, they advertise toward vintage restorations, custom builds and for 'occasional use vehicles'. I did not type out their name because they wasted my time.

Their application process was a bit over the top. If your 95 year-old granny lives with you will have to provide them with her drivers license number (along with all the other drivers in the household). It doesn't matter if granny does not have a class M license. After you finish all of your submittals and send in photos and proof that you own and insure other vehicles they call you.

My phone call felt a bit like a criminal interrogation and it did not go well. In the end, they were fine with the insured value I wanted but they did not like the fact that I would be riding the bike for pleasure. It was okay to ride it to a club event or a collector show but not okay to just go for a ride. The interviewer was not happy when I said I may put 2,000 miles on the bike in a season. They said that I should re-apply if I were to purchase another motorcycle to be a daily rider. I had told them I would be riding 2,000 miles a year when I filled out the application at the beginning. ...Waste of time.

Then I looked into Progressive Insurance. They had a straightforward online application process and an 'Agreed Value" category for which my motorcycle qualified. For values below $15,000 you are instructed to put together a file with all of your major receipts and four photographs of your bike. Save the file. If at sometime you file a claim you will need the file. An appraisal does become necessary if the agreed value you want hits $15,000. I did not need an appraisal. The insurance became active immediately upon clicking my mouse, (as easy as ordering parts).

All in all I think I have a good insurance package. Anybody out there ever file a claim on 'Agreed Value' with Progressive? ...........

XStretchified

 

[RFLIVES]

I have Progressive and have filed an agreed value claim. I wrecked my sidecar rigs "ran in to a parked van running a little hot around a corner and hit a pothole" anyhow the adjuster was very skeptical on the phone why I had my bike insured for $7500 this was what I insured it for while I was building it and had never raised it. once he came out and looked at the bike he told me I should raise it to at least 12k.
After a little back and forth he let me write my own estimate and do my own repairs after learning the closest place that would touch a sidecar rig was 300 miles away in PA. I gave him a reasonable estimate and he stroked me a check. This has been my only insurance claim with them during my 12 years with them.
Also I just finished my chop and added it with $7500 agreed value my total premium is $258 a year for both bikes!

 

[RFLIVES]

Also I have never had an apraisal

 

[deadchef]

it's going to sway state to state. i put the minimum on my bike today with progressive, which i have other policies with, and it cost $261 for one year. $180 of that is just fees and taxes in michigan. i have zero points on my license.

 

[lightfall]

Perfect, thanks for the heads up. It sounds like I need to put together an agreed upon value estimate with progressive. I asked some appraisal services what was involved and they wanted $300 just to look at it! A few hundred a season for coverage is much more reasonable.