1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

PSA.. insure your stuff.

Discussion in 'General' started by MELK-MAN, May 2, 2018.

  1. aftriathlete

    aftriathlete Well-Known Member

    Just talked to John. He was a cool dude, but it sounds like not having a title is a non-starter in all but 4 states — FL, AR, MT, and WA.
     
    MELK-MAN likes this.
  2. MELK-MAN

    MELK-MAN The Dude abides...

    ahh.. sorry. missed the no title part.
     
  3. Mongo

    Mongo Administrator

    hotnail, noles19 and Shenanigans like this.
  4. MELK-MAN

    MELK-MAN The Dude abides...

    got a phone # ? assume they would do contents of a race trailer, not just trailer and bikes
     
  5. Mongo

    Mongo Administrator

    Yep they do. Bump this middle of next week and I'll get the info from the boss and find out if they'll do racers. Other than that whoever you've got your homeowners with most likely sells that kind of policy too. Along with other oddball things like a general liability policy which is nice if you do anything someone could possibly sue you for. I don't know if Inland Marine is only for businesses but your racing hobby could still qualify. I know K&K at one point offered an off track and storage policy that was the same thing. Covered race vehicles, trailers and all the contents.
     
    MELK-MAN likes this.
  6. Rich

    Rich Well-Known Member

    After reading the follow up, it sounds like the reason Melka was successful and I got canceled is because he lives in an obscure state.
    Exactly what happened to me. Perhaps it's a State Farm thing, but it makes sense. If Melkas new bike gets jacked, his insurance pays out, and it gets recovered a month later - they have something they can't sell as part of the claim process includes signing the title over.

    I asked this very question (how to get race bike insurance with a junk title ) here on the Beeb about five years ago. I checked into all of the recommendations including the inland marine policy and basically gave up after 500 phone calls. The only policies I could find were more expensive than my bike.
     
    MELK-MAN likes this.
  7. hotnail

    hotnail Well-Known Member

    Feel free to give me a call if in Texas regarding inland marine policies. I would be happy to help. IM policies can cover tools, equipment, non-highway use vehicles etc. Most have a $500 minimum premium but cover assets upwards of 50k plus for that $500 minimum premium. Mongo did mention Liberty Mutual...many of the IM policies I write are with Liberty.

    Mongo was correct when he mentioned commercial agents vs personal lines agents....big difference all the way around.

    Feel free to call me at 936-235-3973
     
  8. MELK-MAN

    MELK-MAN The Dude abides...

    Liberty mutual is who i have my auto policies with, as well as coverage on my 2 trailers (but no contents). After a few calls to them regarding dirt bikes, on this last call, someone did know to transfer me to Safeco (who the guy i spoke with, says was bought by LM). I'll give ya a call next week as it would be handy to have contents covered, as well as multiple bikes and trailers, under 1 policy..
     
  9. Mike Dillon

    Mike Dillon Well-Known Member

    The no VIN problem stymies me on the framed flattrack bikes every time. Then I give up. The inland marine stuff I've dug up was comically expensive, and required a huge minimum amount of value. Any tips on who you use would be appreciated. Thanks!
     
  10. MELK-MAN

    MELK-MAN The Dude abides...

    see 2 posts above.. but i just saw he mentioned "If in Texas"
     
    hotnail likes this.
  11. Robin172

    Robin172 Well-Known Member

    My homeowners covers everything in my workshop, except the bike. The bike is a tricky one, I have never had a title for it as it was bought as a racing basket case in the early 90's, it was probably made up from a couple of different bikes. I have replaced the frame with a lightweight replica, I have however stamped the original frame number on the current one. No one I've spoken to has ever known how to approach this.
     
  12. aftriathlete

    aftriathlete Well-Known Member

    I looked at K&K’s Motorsports insurance a bit last night. I haven’t contacted them, so just from what I see on their site it looks like they have a $500 minimum premium, so it’s probably not the right thing for a single-bike motorcycle club racer kind of guy. I would assume they have the same requirements for a title as everyone else I’ve found as well. The little bit of googling I did last night on inland marine policies it appears they are all geared towards businesses — every site I saw had the word business in their coverage overviews.

    I’m waiting to hear back from ACE Insurance services now, they look like they do Motorsports coverage.
     
  13. Mongo

    Mongo Administrator

    500 minimum to insure all your stuff doesn't seem high to me.
     
    aftriathlete likes this.
  14. MELK-MAN

    MELK-MAN The Dude abides...

    that's why i'm calling him as well, i am paying close to that to ensure 6 bikes and a zuma scooter. Trailers are another $100 a year each through liberty mutual, but no contents coverage. But, i did see his comment about "if you are in Texas".. wondering if he's only able to cover stuff in TX ?

    EDIT: i called him, and there are only certain states he can write ins in (FL not being one of em), but, he's gonna get back to me as he may be able to find another associate agent that does.
    So worth a call to him for those interested in a policy that is more inclusive for lots more "stuff"
     
    Last edited: May 4, 2018
    TurboBlew likes this.
  15. aftriathlete

    aftriathlete Well-Known Member

    It’s all relative I guess. These Motorsports coverage options I’ve seen, including K&K, are all geared towards race teams, as they include stuff like crew member workers compensation and business facility and income coverages . And $500 min premium for a guy that only wants theft coverage on a no-title, 12 year old race bike, is, to me, a bit much. Again, relative to what I think I need for my situation. Especially when I consider that I already have coverage on some of the other aspects involved like my trailer and the contents of my trailer other than the bike.
     
  16. Mongo

    Mongo Administrator

    Yeah it is a lot for one bike, totally understand that. K&K was working on doing a setup that was a set amount per year for a set amount of coverage - not positive but something like $50 per $2k.

    Some trailer contents can be covered by homeowners but not all of it so it's good to double check that kind of thing too - make sure you are covered and if you get some sort of policy make sure you're not paying twice for the same coverage.
     
  17. hotnail

    hotnail Well-Known Member

    Hey guys.....sorry for the delay.

    To clear some things up here....Liberty Mutual and Safeco are essentially the same company. Different names but under the same umbrella. Safeco handles more of the personal line stuff and Liberty Mutual hands more of the commercial lines. I write ALOT of commercial insurance, with a primary focus in the energy sector and transportation. Bear with me and I will make all of this crystal clear for all of you. I have a call into my underwriter at Liberty Mutual and will offer clarity and hopefully eliminate "opinions".

    Rest assured an inland marine policy is the best and likely the only true way to protect the type of assets we are referring to here. I just want to speak to my commercial underwriter before spit balling how and what we racing type equipment can be covered and more importantly what elements need to be in place to do so.

    I will post back up soon.
    Thanks,
    Bill
     
    tecknojoe likes this.
  18. hotnail

    hotnail Well-Known Member

    Yes it can be perceived as a lot for one bike. As it sounds like Mongo knows and is very familiar with commercial insurance, no commercial entity is going to take the time to write a policy with anything less than a $500 annual premium. That minimum premium of $500 will hold up until about $50-60,000 in assets (typically anyhow). FYI....insurance has changed significantly and credit scores now matter in many cases.....almost always matter in personal lines such as home and auto. If your credit sucks, your rate likely will too.
     
  19. hotnail

    hotnail Well-Known Member

    My agency is licensed to write in Texas, New Mexico, Oklahoma, and Louisiana. If your in a different area, I will be happy to help find an agency or you can find a list on their websites as well. First and foremost I want to clear up the details for everyone.
     
    MELK-MAN likes this.
  20. hotnail

    hotnail Well-Known Member

    Ok gang.....sorry for the late reply.

    Truth is.....there are very few carriers that actually write the type of risk y'all are looking to cover. There may be agents that are creatively writing these policies with the likes of Safeco, Liberty Mutual, and Travelers, etc...but the truth is, when you speak with the underwriters at these carriers, you will find that they do NOT cover racing risks even if its just a basic fire/theft policy.

    The great news is...I found a solution and the premiums seem very fair. The carrier is Hagerty. They actually specialize in muscle cars, race cars, and motorcycles. They also write equipment policies as well. It is important to note that their polices all cover your bikes and equipment while in transit. That is a gap in most plans. All the polices written through Hagerty are written on a stated value and rated accordingly. Most of the equipment polices will be a blanket coverage policy as well that usually starts at about $1500.

    Please let me know if I can help. You can call me at 936-235-3973. My email is [email protected]

    Once again, sorry for the delay. I wanted to be certain to find a real solution for y'all.
     
    MELK-MAN and pscook like this.

Share This Page