Overview and explanation of accesory coverage

1647 Willow Pass Rd, Suite 347, Concord, CA 94520
Phone Toll free in California 800-7-CYCLES
California's Largest Motorcycle Insurance Agency

THUNDER PRESS
MIKE FELDER'S INSURANCE COLUMN
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Mike Felder Insurance Column Thunder Press ACCESSORY COVERAGE It safe to say that the initial purchase of a Harley was one of the most enjoyable things we ever did. Matter of fact, we all found it so pleasing that we kept going back into the stores to buy more stuff for it. First it may be some new pipes or tips, then some bags, a couple of pieces of chrome, maybe a derby cover emblem, a backrest, another emblem or two, and so on. Before we know it, there is a couple of thousand bucks of "stuff" on our bikes. We seldom think about the total amount spent until that one awful day. That day could be the day our pride and joy is either stolen or seriously damaged in a traffic mishap. All of a sudden, we are very aware of the total amount of money we had invested in "stuff"! Sad to say, that also is the day that we find out about our accessory coverage...or lack of it. Most insurance policies written in California are covering the cycle as the stock, factorybuilt unit. Any custom work done by the dealer prior to you purchasing the cycle is not stock, and therefore not covered. Likewise, any custom work you do (adding accessories) is not stock and therefore not covered. The insurance policy that was mailed to you (translated to mean accepted by you) has a clause somewhere on page 58, paragraph R, subsection 12 that reads something like....."no accessory coverage is afforded under this policy unless specifically listed and a fee is paid." The meat and potatoes part of that statement is the fee part. It also means that an afterthefact appraisal form of the bike's value with all that "stuff" on it means nothing to the insurance company. They were only covering the cycle since no fee was paid, as per the accepted document you received in the mail. Most insurance companies have some sort of accessory coverage option. The way insurance companies approach accessory coverage are as diverse as can be imagined. Pricing can run from less than $2 per $100 of stated accessory value, to as high as $18 per $100 of stated value. Some companies will accept engine modifications as accessories while a great majority of them will not. (The premise being that if they cannot see those $700 pistons, they must not exist!) Most of them will limit the amount of accessory coverage. That range goes anywhere from a low of 10% of the cycle's blue book value to as much as 50%. If you do opt for accessory coverage, plan on either taking a couple of pictures of the cycle for the company's file. In some cases, it may be required that the agent see the cycle. The key to all this is knowing what is and what isn't covered before something happens. Drop a call to your agent and ask if your accessories are covered. If they are not, ask for rates on accessory coverage. Find about little "tricks" to help keep the cost down. Example: If you purchased $400 bags with another $75 going for mounting brackets, get a value of $475 in accessory coverage. On the other hand, if you purchased a $500 custom seat, ask if you can just add the difference in value between the custom seat and the "already insured stock seat" that needed to come off. Since your policy already covers the stock seat for a certain value, just add the increase in value between the two seats. That same "trick" can work with tailpipes and a whole host of other "stuff" we stick on the cycle. You may have to educate your agent on that "trick", but it will be worth it. Bottom line....know your policy! You have paid a certain premium for your insurance. Make sure what you purchased is what you want...or may need someday! Safe cycling!!

Information in this article is probably correct as of the date it was written. Please check with your insurance agent or call Mike at 800-729-2537 before you make any life changing decisions based on what you read here. Comments are always welcome.