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What Is Agreed Value Motorcycle Insurance Coverage?

What Is Agreed Value Motorcycle Insurance Coverage?

Agreed Value motorcycle insurance is essentially used in the event your bike is damaged beyond repair. If your motorcycle is deemed as “unrecoverable” by an insurance company or “unfixable” you will get full reimbursement for the value that was agreed upon between you and the insurer. In other words, as you set up your policy, you tell your insurance company what your motorcycle is worth to you. Your insurance company may not agree with that price, but you can negotiate with them and select an “agreed upon” value for your motorcycle.

When your bike gets damaged, needs repair, or you need to file a claim, your insurance company will be responsible for paying you in accordance to the agreed upon value of your motorcycle when you initially set up the policy. This type of coverage is typically geared towards individuals that own classic, vintage, collectible, custom, and/or modified motorcycles. This type of coverage comes in handy if you have a vehicle with a lot of sentimental or historical value.

Why Buy Agreed Value Motorcycle Insurance?

If your motorcycle is customized, classic, vintage, etc. and is well maintained, the actual Market Value rate for your bike may not be an accurate reflection of what your bike is really worth. In the event of a “total loss,” you may end up having to settle for an amount that is significantly less than what your bike is really worth. In order to get a fair reimbursement for your bike in the event of a “total loss” – you may need to purchase an Agreed Value policy.

How To Get Agreed Value Coverage for Your Bike

If you own a motorcycle that qualifies for an agreed value policy, it is highly recommended that you obtain this type of coverage. Below are the steps that you’ll need to take in order to get approved for this type of coverage.

1. Own a Non-Standard Motorcycle

In order to get an “agreed value” policy, you will need to own a non-standard motorcycle. This means that your bike must be considered Antique, Classic, Collectible, Vintage, Custom Built, or Modified. It is not up to you to decide whether your bike will meet the criteria for agreed value coverage – insurers will make you apply.

2. Find Companies that Offer Agreed Value Insurance

Included below is a list of companies that offer “actual agreed-value” coverage. This is coverage that allows you to set and lock in an agreed-upon price your insurer. If your motorcycle can’t be replaced or fixed, they will pay you the agreed upon value of your bike. Most of these companies have been reviewed on this website. If you would like to read more into the specifics of their coverage, read the review.

  1. Hagerty: If you own a classic motorcycle, this is a top notch provider to work with for agreed value coverage. This is the highest rated insurer for classic motorcycles.
  2. Progressive: This is among the leading mainstream insurance providers in the United States. If you have a vehicle that needs agreed value coverage, they can work with you.
  3. Allstate: The agreed value policy through this provider is highly touted as well.
  4. Farmers: Another major insurer that will give you an “agreed value” policy if necessary.
  5. Markel American: If you own a motorcycle that qualifies, you can get agree upon its value for your policy.
  6. Grundy: This is another company that specializes in providing coverage for vintage vehicles. However, go get motorcycle coverage with them, you must first insure a classic automobile.
  7. American Modern: Although not highly rated on this website, they do have an “agreed value” plan.

Note: The companies listed above are in accordance to their review ranking on this website. You may want to use the free Zip Code tool around this website to compare quotes. Enter your location, check out the various providers to compare coverage and rates.

3. Complete an Agreed Valuation Form

Once you select a provider, you will be required to complete an Agreed Valuation Form or Application. This will consist of various elements to help prove that the actual value of your bike is what you claim. In other words, if you put a lot of work into installing custom parts, you will need to provide documentation to your insurer that proves it.

  • Photographs: You will usually be required to send photos of your motorcycle to your insurance company. These can be in the form of digital pictures or email-scanned photographs. The greater the value you think your motorcycle, the more detailed the pictures will need to be that you send with your application.
  • Receipts: If you have purchased parts, had customized parts installed, or other work done to your bike, you will need to provide receipts to prove it. These receipts should be as detailed as possible and show the monetary expenses associated with the construction of your motorcycle.
  • Documentation: If you have any other documentation that needs to be sent to prove the value of your motorcycle, be sure to share this with your insurer. Any extra documentation will be useful in the fact that it will help insurers get a more accurate estimate for the value of your bike.
  • Independent Valuation: Certain insurers may have your bike evaluated independently and appraised by an expert. This means you may need to take your bike in for an inspection or various individuals from an owners or specialist club will come check out your bike. This helps your insurance company get an accurate idea of what your bike is really worth.

3. Await Approval from the Insurer

Once you have sent in your insurance application and Agreed Valuation Form, you will need to await a response from your prospective insurer. If your application is approved, you will be able to proceed with getting the coverage that you need. If approved, you may also be issued an “Agreed Valuation Certificate.” If you are turned down for coverage, it likely means that your motorcycle doesn’t fit the criteria of the company to which you sent your application. In the event that you’re application is rejected, try another provider.

4. Agree Upon a Value

Once your application has been accepted, the next step in the process of getting this coverage is to agree on a value for your motorcycle. If the value is over-estimating what the bike is actually worth, the insurance company may negotiate a bit. Eventually you will need to agree with them on an estimated value for your bike. The value that you agree upon will be assigned to a policy if you decide to purchase insurance.

5. Purchase Coverage

Lastly, all you need to do is buy the right coverage for your motorcycle. When you have agreed upon a value, your bike meets the criteria set by the insurance company, and your application has been approved, you just need to decide how much coverage to buy. You may want to review your “state requirements” to determine what you need in your specific location. If you need further assistance finding a provider for your motorcycle, be sure to use one of the free toolbox’s throughout the site by entering your Zip Code! This will allow you to collect free quotes.

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