Archive for the ‘rider’ Tag

Motorcycle Insurance – coverage review   Leave a comment

Motorcycle season

It’s motorcycle season!!

Good morning everyone!

For those in Western PA, motorcycle season is very nearly upon us, and if you’re like me, that’s an exciting and gratifying thing indeed.  Four to five very long months of waiting can get rough on us all.

One thing that tends to sit on the backburner is the motorcycle insurance renewal that almost always also comes through at this time.  As such, now is as good a time as any to give a quick run-down on motorcycle coverage and things to consider.

Some of the coverages on a motorcycle policy will mirror those on your auto policy – bodily injury and property damage liability are good examples.  Liability coverage pays for the medical expenses and damages others suffer, for which you are responsible (in an accident).

Uninsured & underinsured medical provides coverage for you and your passenger’s medical expenses in the event of an accident where someone else is at fault and either doesn’t have sufficient coverage, or any insurance at all, to pay for your bills.  And, of course, you can buy physical damage coverage on your motorcycle itself if it’s stolen or damaged.

Beyond that, though, is where the differences start to appear.  For example, many first party benefits coverages either are unavailable or very expensive to obtain.  These coverages provide protection for you in the event that you are injured in an at-fault accident for things like medical bills, lost income, or funeral expenses.

Roadside assistance and/or trip interruption can function differently on a motorcycle policy – depending on the company you go to, you can get coverage for a flatbed tow (not typically available on regular auto policies) or other motorcycle-specific services.  On occasion, you can even get coverage for unexpected expenses resulting from an accident or breakdown – such as the cost of staying in a hotel.

There is also more readily available coverage for accessories and “carried” contents on your bike.  Several insurance companies provide a small amount of accessory coverage automatically when you buy physical damage coverage on your bike.

If you have done a great deal of modification, have an antique or custom bike, make sure to go over the best way to properly insure your baby – otherwise, you might be in a position where you have to cover most of the cost of those same mods out of pocket in the event of a claim. 

One final thing to consider – keep your safety courses up to date (within the past three years).  This will you provide you with a moderate to major discount on your coverage, and is a great refresher for those safety skills you learned years ago.  For Pennsylvania riders, head to the PA MSF website to find and schedule a class.

Shameless plug – as a licensed rider & Harley owner who is registered to provide motorcycle coverage through multiple insurance companies (like Rider, Progressive, AIC, and more!), I am excited to work with you to provide competitive quotes.  We can re-evaluate your coverage, and potentially get you better coverage for less money.  Do business with someone who knows and understands the passion and dangers involved so you can ride with peace of mind.  The quoting process takes approximately 15-20 minutes.  Please complete the following form, and I will get in touch with you soon to begin the process. 

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Identity Theft, Flood Insurance, and antique coverage – Part Three   Leave a comment

In this final installment of our 3 part mini-series, we are going to review a little bit of information about coverage for antiques and high-value items you may have in your home.

This is a topic that I covered briefly in my post reviewing homeowner’s insurance (HOI) in general.  As discussed there, while most HOI policies provide replacement level coverage for dwelling and contents, there are very specific limitations in place regarding antique, unique, and high value items.  Replacement coverage is defined as “like kind and quality” but does not specify replacing unique items with exact or proximate matches – for example, an antique grandfather clock will typically be replaced with a newer version of the same unless specifically scheduled.

Policies and guidelines will differ from company to company, but in general, HOI policies do not provide adequate coverage for your specialty items:

Antiques:  Typically this is an item that is at least 50 years old, is out of production, and generally can be considered challenging to replace.  It can be just about anything – Griswold Cast Iron Skillets , Seth Thomas Mantel Clocks, or antique jewelry are just a few examples – and will need to be specifically scheduled on the policy to receive the appropriate level of coverage.  An appraisal will almost always be required.

Unique Items & Artwork:   Another broad category of items, this would include collectibles (like Hummel figurines), collections (like baseball cards), and a vast array of artwork – paintings, pottery, statuaries & sculptures, and more.  This coverage typically applies to higher value or difficult to replace items, will need to be specifically schedule, and will require an appraisal.

High Value Items:  This is basically a catch-all for items that don’t fall into one of the first two categories, and most commonly is non-antique jewelry.  Coverage can be placed in two ways: in a blanket format (one total limit for all pieces) for mid-level values (individual pieces typically less than $2500-$3000), or on a scheduled basis (each piece individually listed) for high value items (greater than $3000 each).  For high value scheduled items, an appraisal will be required.

These scheduled items will be covered on a policy form called “Inland Marine.”  I won’t bore you with the history of why it’s called that, but it will provide you with the more detailed and specific coverage you are seeking for your high value and unique/irreplaceable items.  For the amount of coverage purchased, especially since most Inland Marine policies or endorsements carry $0 deductibles, you will pay a relatively minor amount of premium.  I hope that you found this series to be enlightening and informative, and if you have questions, you can always feel free to email me at scott@poleskyagency.com or find me on Facebook!

The Insurance Dogger does not have a great deal of respect for delicate items!!

The Insurance Dogger does not have a great deal of respect for delicate items!!

Not funny, Insurance Dogger!  Not funny!

Not funny, Insurance Dogger! Not funny!

 

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