As a proud motorcycle owner, you likely aim to safeguard your entire bike, encompassing any chrome or customizations you’ve incorporated.
PHOTO Courtesy | FREEPIK
Although standard motorcycle insurance might not encompass aftermarket accessories, optional motorcycle accessory coverage can reimburse for repairing or replacing the enhancements you’ve installed on your bike, as well as your equipment.
Typically, motorcycle accessory coverage necessitates comprehensive coverage, or both comprehensive and collision coverage, on your motorcycle policy before being added.
What is a Motorcycle Accessory
Before delving into how to insure your motorcycle accessories, let’s clarify what qualifies as an accessory. While each insurance company may interpret accessories differently, a broad, generic definition of a motorcycle accessory encompasses anything that wasn’t originally part of the bike when it left the factory. This can encompass items such as:
– Saddlebags (the bags themselves, excluding contents)
– Fairings
– Windshields
– Light bars
– Helmets
– Riding apparel
– Luggage racks
– Sissy bars
– Safety guards
– Highway pegs
– CB radio
– AM/FM radio
– Cruise control
– GPS (if permanently mounted, not handheld)
– Custom paint
– Custom chrome
How to Insure Motorcycle Accessory
Insurance companies treat your bike’s accessories as distinct from the motorcycle itself, consequently providing separate coverage for them. In the event of a claim, only accessory coverage will be utilized to cover the costs of your bike’s accessories.
This implies that upon filing a claim, you may receive a response such as, “I regret to inform you that your coverage for accessories is limited to $500.
Therefore, expenses related to your saddlebags, riding gear, helmet, radio, GPS, custom paint, fairing, and sissy bars will not be covered.”
Steps to Ensure Motorcycle Accessories are Covered Properly
Determine the Original Specifications of your Motorcycle.
Do not presume that everything present on your bike at the time of purchase is standard. The dealership or previous owner might have added aftermarket components classified as accessories by insurance policies.
To clarify, consult the manufacturer’s website or catalog to ascertain the bike’s original features.
Inspect your Motorcycle Against the Manufacturer’s Specifications.
With the manufacturer’s specifications in hand, scrutinize your motorcycle. Are there any components not listed in the specifications? Refer to the provided list for examples of items to examine.
Utilize our motorcycle accessory checklist to record any additional items not mentioned in the manufacturer’s specification list.
Don’t overlook your riding gear—leathers, helmet, riding boots, goggles/glasses (if exclusively used for riding). These frequently overlooked items are significant investments, so ensure they’re accounted for.
Once you’ve compiled the list, you’ll have a comprehensive overview of your motorcycle’s accessories, preparing you for the subsequent steps.
Assign Values to Each Accessory on your Motorcycle.
Refer to various sources such as websites, stores, or purchase receipts to determine the value of each accessory. Factor in depreciation when assessing the value of each item.
Record these values alongside each accessory in the “Value” column of your motorcycle accessory checklist. Additionally, note the source of the value for future reference.
Calculate the Total Value of your Motorcycle’s Accessories
Sum up the values of all accessories. Depending on the number of accessories present, this sum could be substantial.
If you find that the total value of all accessories exceeds 50% of the bike’s total value, consider discussing an agreed value policy with your insurer to ensure adequate protection.
Review your Current Motorcycle Accessory Coverage and Adjust as Necessary
Now that you have determined the value of your motorcycle’s accessories, review your motorcycle insurance policy. On your policy, likely located on the declarations page, you’ll find the current amount of accessory coverage.
Compare this amount to the calculated value of your motorcycle’s accessories. Is the coverage amount equal to or greater than the accessories’ value? If not, contact your insurer to increase your accessory coverage.
The cost of increasing your accessory coverage is minimal compared to the expense of replacing those accessories without adequate coverage.
Since these items are not covered by any other insurance, insufficient accessory coverage means they won’t be reimbursed in the event of a claim.
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