Insuring Your Mods

[kevorama]

At some point in time you will probably acquire thousands of dollars in mods for your Spyder. I called my State Farm agent and asked him what I needed to do to be reimbursed for those items in the event that the bike is damaged, or worse, totaled. His reply was that I would need all of my receipts. I'm pretty good about that, usually. I have lost or thrown away at least 75% of my receipts.

I sat down at the computer yesterday and started a Word document that listed all of the vendors, the products purchased from them and the cost. I was shocked to realized that I have almost $7,000 in mods on the Spyder alone! That doesn't include the trailer, hitch and module.

After finishing my Word doc, I called my agent back and told him that I didn't have most of my receipts and that I was sending him the list of what I had in it. He said that he'd keep it on file and send it to the underwriters and charge me accordingly. It looks like it will raise my rates by about $50 a year. I now have the peace of mind that I won't have to do battle if and when the bike is damaged.

I will attach my Word document to this post. Chances are you have quite a few of them. Should you decide to do the same thing, copy and paste from my doc to yours. It will save you the time of going to each vendor site to get the price of the item. This forum won't allow me to attach the newest version of Word, so I have converted it to an older version of Word.

60308

[sonicsix]

I am with Geico and get $2000 extra for add-ons automatically. Since I have none so far, it is not a big deal. Should I exceed that, such as with my van (wheelchair lift inside) I have to let them know the value and pay a little extra.

[Bob Denman]

...American Modern Home here... $3000 worth of accessories coverage is included in the package. I added an extra $2000 for just a couple of bucks. :thumbup:

Kev, You've brought up a VERY good point here. :clap: :firstplace: Since these bikes attract farkles like money attracts politici...:shocked: errr... honey attracts flies, stay on top of what you've got parked in the garage and call your Agent! :thumbup:

[Littlebadwolf]

I'm with Foremost and if I remember right they cover the first 3K...you can increase the amount accordingly...It's definitely worth the money.

[BikerDoc]

Having been the victim of a bad driver who caused the totalling of my 2010 Spyder - and for me to collect over $4000 in mods value in addition to the book on the Spyder I CAN TELL YOU FOR CERTAIN that proper coverage is worth it!!

[ARtraveler]

Thank you for posting this timely information. The dollar value of those mods does tend to sneak up on you if you are not careful. I am not sure what my coverage is for mods so I am going to check with my agent. Mine are mainly custom seat and lots of lighting for the two RT'S's.

In the event of an accident causing damage to the :ani29: it is important that all is covered. Thank you for bringing it to our attention.

[NancysToy]

Just remember that an insurance company will only reimburse you for the depreciated cost of the accessories, which may be a fraction of their original or replacement cost. You may wish to try to secure a replacement cost rider, if available.

[ARtraveler]

:agree: with Scotty about taking depreciated value into account. Ever traded in a highly farkled motorcycle? The dealer always says the accessories are worth little to nothing. When purchasing from a non-dealer--most of the time the farkles are considered to be worth about 50%.

Full replacement value is a good option to consider for sure.

[BLUEKNIGHT911]

I believe it's similar to house insurance standards....i.e. take lots of pictures (close-ups ) of the " MODS " so you can prove what you had .......IMHO....Mike ..:thumbup:

[Littlebadwolf]

Just remember that an insurance company will only reimburse you for the depreciated cost of the accessories, which may be a fraction of their original or replacement cost. You may wish to try to secure a replacement cost rider, if available.

Definitely, without a doubt because the difference doesn't cost that much.

[kevorama]

I was only covered for $2000 in mods. It does give wiggle room in an argument, though. I did most everything myself, but if I get a labor estimate from Len, I'm sure I can recover most of it. I'm hoping it never comes to that.


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[Bob Denman]

I believe it's similar to house insurance standards....i.e. take lots of pictures (close-ups ) of the " MODS " so you can prove what you had .......IMHO....Mike ..:thumbup:

Amen! :2thumbs: :agree:

[kevorama]

Depending on your co. of choice, you should still call and question them about your policy regarding modifications coverage.

[ckiblue]

At some point in time you will probably acquire thousands of dollars in mods for your Spyder. I called my State Farm agent and asked him what I needed to do to be reimbursed for those items in the event that the bike is damaged, or worse, totaled. His reply was that I would need all of my receipts. I'm pretty good about that, usually. I have lost or thrown away at least 75% of my receipts.

I sat down at the computer yesterday and started a Word document that listed all of the vendors, the products purchased from them and the cost. I was shocked to realized that I have almost $7,000 in mods on the Spyder alone! That doesn't include the trailer, hitch and module.

After finishing my Word doc, I called my agent back and told him that I didn't have most of my receipts and that I was sending him the list of what I had in it. He said that he'd keep it on file and send it to the underwriters and charge me accordingly. It looks like it will raise my rates by about $50 a year. I now have the peace of mind that I won't have to do battle if and when the bike is damaged.

I will attach my Word document to this post. Chances are you have quite a few of them. Should you decide to do the same thing, copy and paste from my doc to yours. It will save you the time of going to each vendor site to get the price of the item. This forum won't allow me to attach the newest version of Word, so I have converted it to an older version of Word.

60308



Hey, don't you also have the "swaybar" didn't see that listed.

[kevorama]

I do not have Ron's sway bar at this time.

[ckiblue]

I do not have Ron's sway bar at this time.

I can't believe, with all that other cool stuff & you don't have one of the greatest things out there, sure it's not flashy or nothing but it sure makes those corners fantastic to take at a higher speed. Golly dog, you're missing the boat:firstplace:

[kevorama]

I appreciate your zeal, but Ron's sway bar wasn't available for the RTS at the time. It is still under consideration. I have talked with him on occasion and I know that he's a stand up guy. Even though they weren't listed in my mods, I do have some of his products.