Preventive action - Stolen Bikes

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2/9/2016 8:38 AM
Edited Date/Time: 2/9/2016 9:48 AM

With all the criminals in the world and the recent increase in these types of thefts, why don't people insure their bikes? Progressive offers very good rates for a piece of mind. People spend all their money on upgrades for their bikes but don't insure them. Thieves are never going to stop taking whats not theirs so why not take some action before it happens to you? You pay insurance on your car, life, and house, correct?

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2/9/2016 9:11 AM

I'm curious, how well does insurance pay out in the event that something did happen to your bike? Also, how long does the process take?

I ask because I have never insured a bike before, and for over $300 a year I want to be dam sure I'm getting everything I think I'm paying for. The reason I haven't insured mine yet is everywhere I've called basically treats it like a road bike, I need full road coverage to get anything in the event something happens to it in the back of my truck, then on top of that I would need fire and theft protection as well. The thing that really drives up the cost is the personal liability coverage (essentially if I ran into someone and they got hurt), which isn't really applicable to an off-road bike, that drives the premium up over $100 for something I don't need. If I didn't have to pay for that I'd probably pull the trigger, I don't understand why you can't custom fit a policy to cover exactly what you need.

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Make Hillclimb Great Again

Ratbeach Racing

Instagram / YouTube: @485Josh

3dpmoto.com



2/9/2016 9:12 AM
Edited Date/Time: 2/9/2016 9:19 AM

I have 4 bikes insured theoufg progressive for 212 a year. One of which is a victory kingpin 8ball cruiser at full coverage.

96 cr250 -
$36 a year. Plus 5000 accessory aftermarket coverage for $8 more.
06 yz 125 -
$71 a year $8000 aftermarket accessory coverage
08 yz 125-
$48 a year $3000 aftermarket coverage included.

My 06 and cr have a lot of restore and mod work so that's why i cover them for 5000 and 8000. The 08 yz is basically stock. I don't have 3000 in recent parts anyway.

I've made a claim with progressive before. Of course it's a hassle at first but 30 days after your claim they cut you a check. And if you buy a new unit within 30 days from the check, they cut you another check for the taxes on the new unit. 1 claim will pay your premiums for years and years. I was paid out 6500 on my 08 yz250 in 2012. (Accessories/after markets covered up to 5,000) they valued my bike at 1500. So 1500+5000 = 6500. You need receipts to back up your accessories. But if you have them they pay!

CLAIMS DO NOT PAY IF STOLEN FROM A SANCTIONED RACING OR SWAP MEET EVENT. So, make sure you know that. I still lock my bikes up at the track when I walk away. I trust nobody anymore.

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GP740
Since 1987

2/9/2016 9:28 AM

Down here we need life insurance as well.

We just had a kid get shot and killed off his brand new Raptor 700 he bought the day before and took it to the local wheelie boy drag race hang out location. They shot him, left him on the street and took his brand new Raptor. Right in front of a bunch of people.

That next day I was driving home on a major road in the city and had 4 wheelie boys pass me doing wheelies and there were 3 Troopers on the side of the road and they did absolutely nothing. These guys are all thieves. They kill and steal, or they go on Craigslist and look at your bike and go back the next day and steal your bike out of your garage or they might even kill you on the spot.

Miami, see it like a Native.

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2013 CRF450R Factory Connection revalve, All stock.

2/9/2016 9:46 AM

No need for insurance, the irresponsible will set up a go fund me account, , insure your shit., if you can afford a dirt bike you can afford insurance.

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2/9/2016 9:47 AM

JM485 wrote:

I'm curious, how well does insurance pay out in the event that something did happen to your bike? Also, how long does the ...more

Jm i got progressive for 75/ a year. That is theft,and fire. I don't know about the other stuff you're talking about, liability , why would you want that? Also i have 3k in upgrades covered under this policy its for an 08 Rm 250.
At these rates why would anyone not have theft ins. in this day and age.

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2/9/2016 9:56 AM

big locks and a good alarm..

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2/9/2016 10:01 AM

Alarm getting installed in my trailer this afternoon

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2/9/2016 10:08 AM

JM485 wrote:

I'm curious, how well does insurance pay out in the event that something did happen to your bike? Also, how long does the ...more

Trav138 wrote:

Jm i got progressive for 75/ a year. That is theft,and fire. I don't know about the other stuff you're talking about, ...more

X2,_

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2/9/2016 10:16 AM

Canadad wrote:

Alarm getting installed in my trailer this afternoon

We installed one of those in our trailer. We used it for about a year and then never used it again. It would go off at random times and you would always need the key fob to disarm it which was annoying. The battery was also always dying which made it a pain. We eventually ran a cable through the floor of the trailer to the frame in which we can lock the bikes to through the wheels or frame.

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2/9/2016 10:24 AM

Canadad wrote:

Alarm getting installed in my trailer this afternoon

What the hell do alarms do? Thieves are in and out in less than two minutes.

Just like home security systems by the time the company calls the police and they respond Thieves are long gone.

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GP740
Since 1987

2/9/2016 11:01 AM
Edited Date/Time: 2/9/2016 11:05 AM

Pull your ECU out.. The thieves can push it around and have their friends hold them up so it looks like they are wheeling. Unless the goal is to part it out.

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2/9/2016 11:03 AM
Edited Date/Time: 2/9/2016 11:05 AM

Or, pull one of the wheels for the evening. I would think the rear would be best as the forks would try and dance in all different directions while they try and drag it away. A what, 5 minute job if your axles are greased on the regular.

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2/9/2016 11:07 AM

Progressive and everyone else i have ever read the underwriting on do not insure race bikes. They will simply take your money and when it comes up missing if they can prove you raced it or used it in preparation to race your insurance is null and void. If you only trail ride and only do open practice days and have no numbers, they will go as far as they need to go to prove it was raced just a fyi (facebook pictures, district results, reginal LL results ect) That's why people don't insure them.

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2/9/2016 11:16 AM

Foremost Insurance. They specialize in bikes and specialty items. They pay their claims too. My 2016 KTM 450SXF is $160/year. Not bad if you ask me for $9k bike. $250 deductible. I take the minimum liability coverages as it is required on the policy and you'll never use it. Now if you are racing and trash your bike, you are likely going to get denied with any company.

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2/9/2016 11:17 AM

You guys are wrong they don't insure them while you are racing. However for theft, fire, if it's destroyed while in a car crash it's covered. The liability stuff is mandated by the state. There are plenty of companies that cover them but they all exclude racing which is not what most of us buy it for anyway. It's just stupid to have a 10k bike and no insurance.

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2/9/2016 11:18 AM

Front wheels always off when transported in a trailer. Or stored at home.

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" Things I learned on vital ralph sucks emig sucks ricky sucks pieck sucks stewart sucks dungey sucks canard sucks female floor reporters suck ktm sucks everything sucks. This is a forum for people who hate motocross. " - Reefer Sutherland.

2/9/2016 11:26 AM

Trav138 wrote:

Jm i got progressive for 75/ a year. That is theft,and fire. I don't know about the other stuff you're talking about, ...more

They essentially told me it is split into two parts, fire/theft and comprehensive coverage. The fire/theft alone would be about half as much, but then I was told that my bike wouldn't be covered if it was damaged in an accident (such as if I was rear ended driving to the track), and to get coverage for that personal liability has to be built in. That is what drove the cost up so much.

I don't know how some of you guys are getting such low rates though, is age a factor in theft insurance as well for some reason? I can see from a personal liability standpoint, but for theft how does someone's age make any difference? I'll check out the company someone else mentioned, I'm tired of the others just treating it like a damn road bike.

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Make Hillclimb Great Again

Ratbeach Racing

Instagram / YouTube: @485Josh

3dpmoto.com



2/9/2016 11:30 AM
Edited Date/Time: 2/9/2016 11:31 AM

Fire/theft is comprehensive. Foremost won't be the cheapest but there is coverage there they have an off road specific policy. There are a few guys in that office that know bikes decent. What you will get paid is for what you could reasonably sell your bike for. What it's actually worth if you were to sell it.

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2/9/2016 11:32 AM

I better research my policy. I do know we discussed that my bike was for closed course competition only and i was told it was covered. So if you race the bike once its not covered ever again? I wouldn t doubt it with the way these scumbags operate, but i'm going to make sure.
I could see while you are at a sanctioned event not being covered.

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2/9/2016 11:35 AM

kaptkaos wrote:

Down here we need life insurance as well.

We just had a kid get shot and killed off his brand new Raptor 700 he bought the ...more

That just makes me sad for our society as well as the kid. This country is becoming like Mexico in terms of security. WTF??

There is a riding area near here in Maryland where some people showed up with automatic weapons and took the bikes, then got in a highway shootout with police. That was a few years back.

Why is there no GPS security system for bikes, similar to Lojak? It would be easy enough to do!

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2/9/2016 11:40 AM
Edited Date/Time: 2/9/2016 11:44 AM

racerx217 wrote:

Progressive and everyone else i have ever read the underwriting on do not insure race bikes. They will simply take your money ...more

True story. My adjuster asked me why I was racing the next weekend on the same bike ? I told him it was my 125 that looked identical. Which it was. They called malvern Mx park and asked them if I ever crashed my 250 beyond repair. There job is NOT to pay, and boy do they do their research. They haggled me and threatened to get me for fraud. But at the end they had to pay. Bike was stolen from my garage. Not at a RACE event. My bike isn't exclusively a race bike. I usually practice and ride on public land but sometimes would race the machine, but not for money. Progressive even said it was bulkshit becuse the police report said no forced entry. Which was bullshit because cop filled report out wrong. So I had to fix everything. Apparently they won't pay a claim if your door is unlocked or garage door left up. Must be forced entry? That the only reason I can figure out why they hounded me over that! But looking through my claim literature I couldn't find anything that mandated a theft be through forced entry.

What worked for me was pictures of my broken window, and where my bike used to sit. If your stuff is stolen take a lot of pics and cover your ass from the get go.

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GP740
Since 1987

2/9/2016 11:42 AM

They can only not cover it while you are actually racing. By scumbags I hope you are referring to agents because they are the ones that make promises on stuff that is wrong. Then when it comes down to it guys like me and fisher725 can only write a check for what the policy allows. There isn't an adjuster that doesn't want to write a big check and make people happy that have had something bad happen. Little advice though be nice to your adjuster. Adjusters have some leeway on what they can do a nicer person will get the benefit of doubt. Someone that is a dick usually gets to the letter of what the policy allows and nothing else. It literally pays to be nice in that situation.

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2/9/2016 11:44 AM

Someone mentioned small GPS trackers that were stored inside of your airbox and could last up to a few days, in a thread on here a few months ago. I can't find it now but I've been wanting to get something like this.

My bikes arent insured and I worry everyday that they will get stolen. I did an online progressive quote but it was only giving me options for road legal stuff so I got pissed and gave up. I want to go to an office and actually talk to an agent so I don;t have to speculate about the coverage.

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2/9/2016 11:46 AM

racerx217 wrote:

Progressive and everyone else i have ever read the underwriting on do not insure race bikes. They will simply take your money ...more

GeorgiePorgie wrote:

True story. My adjuster asked me why I was racing the next weekend on the same bike ? I told him it was my 125 that looked ...more

No it's our job to pay. When questions come up about some things and we get some indicators it's our job to make sure we aren't paying fraudulent stuff. So much fraud happens it makes it worse on everyone honest. We have to do our jobs and cover ourselves investigating stuff or else we won't have jobs. It's just the way the world is there are so many people that try and cheat the system.

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2/9/2016 11:46 AM

GeorgiePorgie wrote:

I have 4 bikes insured theoufg progressive for 212 a year. One of which is a victory kingpin 8ball cruiser at full coverage.
...more

Tried to add my 02 YZ125 to my R6's progressive policy. "Did not provide insurance" or something like that. Surprised you could insure the 96.

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2/9/2016 12:04 PM

Trav138 wrote:

I better research my policy. I do know we discussed that my bike was for closed course competition only and i was told it was ...more

This attitude is what is frustrating as an adjuster. The policy specifically states what it will and will not pay. Often I pay for something that could be denied. I can't speak for all companies but we try to find coverage to pay our claims.

Progressive spends a ton on advertising and are probably the most known for bike insurance. There are other companies out there (better ones imo). I would suggest Foremost and you can go into any Farmers Insurance agency and talk to an agent about coverages. I'm biased as I have them and work for Farmers. I worked too hard to pay for my bike only to get it stolen and left with nothing.

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2/9/2016 12:14 PM

Insurance company's are just scam artists. I pay what I have to as required by law and the law does what the insurance company's tell them to do. Fucking bullshit. Why offer insurance and take money for that insurance when they won't pay because a race bike has been raced.

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2/9/2016 12:16 PM
Edited Date/Time: 2/9/2016 12:32 PM

No i'm talking about ins adjusters. If you guys are adjusters then cool their needs to be more honest ones around. Or maybe its my luck but the one time i had a claim. i had to deal with corporate scum. It was a simple claim that should of been handled very easily but once the manufactures ins companys adjusters got involved i got shit on. But i don't take getting shit on very well, long story short i got taken care of on a settlement out of court but it shouldn't have gone to that but the outrageous claims to deny something that the dealership was so sure of being covered they had half the motor tore out when the corporate scum showed up to deny. I know they were only acting on what they were instructed to do, but they are part of the problem.
Now if i didn't have the means, the time, connections and energy like many people don't to fight the lies, then they would of got away with robbery.
Being nice had nothing to do with it, as i never even met the adjusters. The whole deal was a mess. They had my claim denied before i even talked to them. And they deny hoping you just crawl in your little hole and go away

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2/9/2016 12:25 PM

I look at it this way, lets say you pay $8k for a new bike (or used plus extras). If insurance is $160 a year, that's 2% of the cost of the bike. Do you think there is a 2% chance your bike will be stolen in the first year?

For me, I don't think theft is even at the 1% range and I'm not that risk averse that I'd pay for insurance to cover that chance. This is unlike health insurance risk aversion where I will definitely pay to avoid the small chance of paying a lot of money.

Then again, I live in WI. Obviously different decision for other places.

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