Insurance Coverage on Bikes in Storage or Not Riding

[guyver60]

I am interested in those who have insurance coverage on bikes that are old, sentimental, collector bikes, in storage, or not being ridden for whatever reason. Even though a bike may not be plated and ridden, there are a variety of reasons for having coverage in case of theft or damage. The reason I ask is that State Farm apparently doesn't like to cover a bike that is safely tucked away in a garage and not exposed to to more risks of being on the road and parked out in various locations.

l have an 88 Honda Magna that is in great shape except the carbs (all 4) need to be cleaned. It's one of those things I haven't gotten to, so I dropped coverage down to comprehensive. For the past few years, the State Farm underwriters have inquired once or twice a year about the status of this bike. Recently they gave me an ultimatum to either put full coverage on it or drop all coverage. I don't get it. I have an old car that I don't drive, but have only comprehensive coverage on it. I kept this car and cover it, because it's cheaper to do this and receive a multicar discount than not have a second vehicle. The agent suggested this and the underwriters are apparently fine with it, but they really have a problem with covering an old motorcycle that is not being ridden.

The local agent and company have been good to me over the years, and I have quite a few various items covered through them. However, I'm looking to switch companies, since they have such an issue providing comprehensive coverage on an old bike.

If you have coverage on bikes not being ridden, I would like to hear what company you are with. Thanks!

 

[Bounce]

Rental/Homeowners insurance would be the easiest. Just add it to the detailed inventory and explain to your insurer what and why. See what they say.

 

[Pterodactyl]

Hagerty and Grundy specialize in insuring old, vintage, antique vehicles. Worth checking with them.

 

[Steel_Gin]

I use the same insurance company and little surprised, but it's an insurance company and they basically do whatever the hell they want. I bought a 250 Virago early fall last year and stored it on a friends garage for several months. I called my agent, told them where I was storing it and if it's stolen or the garage burns down I didn't want him on the hook for it. She told me no problem, what's the VIN. Granted I wasn't insuring a parked bike for years but I never had the impression there was a time limit on that. Pretty interesting they are jerking you around on this and basically saying we don't want your money.

 

[BkerChuck]

I had a bad experience with State Farm several years ago regarding bike insurance and while they still cover my home and truck they will NEVER again get my bike business.Consider Progressive, Geico, or one of the companies that pushes bike insurance as a specialty. If the bike is not currently plated that might be a part of the problem. Can you plate the bike as an antique in your state? My Honda CB400F is plated like that here in PA and the insurance rates are much cheaper that way.

 

[philter]

I don't know anything about insurance, but I keep seeing ads on TV that claim Liberty Insurance will "sell you only what you need". or some such thing.

They are doing TONS of ads rlike that right now, at least here in South Carolina.

My insurance friend says the big companies will drop their rates in a certain area, take most anything that comes their way to raise their "market share" and then slowly raise their rates over time till their "market share" drops and then drop their prices again.

State Farm has been so good to me, I won't leave them. JMO

 

[dcarver]

Hagerty and Grundy specialize in insuring old, vintage, antique vehicles. Worth checking with them.

Hagerty ROCKS. My CBX and BMW's are with them. But Hagerty tends to cover more vintage bikes.

Your bike may be to 'new'...

Still, a quick internet quote never hurts...

 

[guyver60]

Thanks for the replies. I was planning to get an antique plate for the bike after I got it back on the road. Maybe I will go ahead and get a plate and be done with it.

 

[hppants]

If the bike in question is being stored at your home, then it should be covered under your homeowner's policy. Even if you have a separate "barn" or storage facility, as long as that structure is declared on your H/O policy, then it should be covered. You can even get "replacement" coverage for it (as opposed to Actual Cash Value), provided the replacement coverage falls within the Personal Property Endorsement. Your homeowner's policy agent should be able to work through the details on this. You may have coverage for this already.

If the bike is being stored at a "store-n-lock" facility, or similar, then you can purchase a renter's policy that provides these coverages as well, but quite frankly, the renter's policy will likely be as much (or more) as a traditional m/c policy.

in either case (Property Casualty policy, homeowners or Renters), your coverage is dependent on an insurable loss (Fire, Theft, Vandalism, etc. - whatever the declarations state).

Hope this helps.

 

[Bounce]

Thanks for going into the needed, additional detail of post #2.