All motorcycles are not created equal. While your neighbor may have an entry-level bike, you own a customized hog with every bell and whistle imaginable. A standard motorcycle insurance policy won’t adequately protect your bike in Woodstock, GA, or wherever your adventures take you. The agents at Peter Laczko Insurance Inc. can guide you on how to insure your two-wheeled beauty properly.
Determine Your Bike’s Value
Before discussing a motorcycle insurance policy, it’s important to determine your bike’s value. Start by consulting your motorcycle dealer or the shop that installed your customized parts. These professionals can provide a fair market value for your bike. Alternatively, you can have your bike appraised or submit receipts for customizations to your prospective insurer. Once you have an accurate figure, you can negotiate a fair level of coverage to protect your investment. If your bike has extensive modifications, you’ll need custom motorcycle insurance. However, for minor additions like saddlebags, a regular motorcycle policy may suffice.
Insurance Policy Considerations
If your bike has minimal customization, you can often purchase add-on coverage for custom parts and equipment (CPE). This provision covers the higher costs associated with custom parts and labor if your motorcycle sustains damage. For custom-built motorcycles with rebuilt frames, engine modifications, or other significant changes, you’ll need a stated-value policy. With this type of coverage, you and the insurance company agree on the motorcycle’s value when you purchase the policy. If the bike is damaged or totaled, the insurer will pay the agreed-upon amount. Stated-value policies are also common for show motorcycles.
Protect your investment in a high-end motorcycle. Contact the professionals at Peter Laczko Insurance Inc., serving Woodstock, GA, to get started on your custom policy today.
