Fully Insure Your Bike.....

Hi Everyone,
Okay so I have finished my restoration on my 1982 XJ550 Maxim.
With a Blue Book price of only around $800 I sure didn't want to take a loss if something would happen. I have State Farm Ins. so I called them to see what could be done as far as insuring the bike for what I have into it.....
They told me that I had really only 2 choices... One is to get the Antique Insurance but then I would only be able to drive it 200 miles a year at the most so I didn't want to do that since I put 10 times that on the bike last year. The other choice was to have a professional appraiser appraise the bike and they would then insure the bike for that amount. I have over $6000 into this bike so I went with taking it to an appraiser. I brought it to a local guy that has been appraising vehicles for over 42 years and he gave me a written appraisal of $6500 for my bike which I thought was fair. I took the appraisal to the insurance company along with photo's of the bike from all four sides, a written list of everything I have done to the bike and I had to have the receipts for all the parts I have put on the bike. This took some time and doing but now my bike is insured for $6500 which covers my investment fully. I feel that this is very important so I wanted to share this with all of you. If something would go down either accident or theft, I would rather walk away with $6500 than only $800. Bottom line is if you take the time to fix up your bike, you might as well take the time to find out what you need to do to cover your investment through your insurance company.

 

Can I ask how much you pay a year for insurance on a $6500 bike. Just speaking from experience, I bought my XJ for 900 bucks and paid $1400 for the first year of insurance here in Ontario, so I don't even want to think about the premium for if I told the insurance company how much I had put into my bike!

 

I have full coverage with a $50 deductible and it is $576 a year or $48 per month. I don't think that is so bad at all.

 

Ugh! I hate ontario insurance...

 

Thanks for the insight oldbikerdude. Will definitely keep that in mind as I slowly put money into mine.

 

Hey Pilot. Ran my numbers for my '82 Seca 750 and the change is only about $200 in insurance costs, changing from 0-1000 value, to 4000-8000 declared value here in Manitoba. Definitely worth the extra insurance. Must keep it in mind when done all upgrades.

 

OBDude.... Thanks! Never even gave that a thought...

 

i just have liabililty and medical on mine, it runs 12 per month, state farm in illinois

 

$99 a year from geico. I couldn't imagine paying $1400. That's more than my bikeis worth.

 

When you have over $6000 invested in a vehicle you should care about the amount you have it insured for. If I had just used it as is then ya, I could see me not bothering with trying to put more insurance on it. If you hendo68 and autosdafe have bikes only worth blue book then hey I wouldn't have them insured more than blue book either but if you have restored them to better than new then I think you would be foolish to not insure them for what they are worth.

 

If I had a sweet custom ride I would definitely insure it for what I put in it too. Mine is all stock and barely worth more than blue.book.

 

now just pay some kid fifty bucks to steal it