Insurance

[George R. Garrison #0857]

I recently sold one of my Yamaha R1's, so today I added one of my CBX's to the policy and removed the R1. It is much easier to retain an existing insurance company than starting over with a new one, at least that has been my experience.

Having done that, I was wondering if anyone in the club has ever approached a few insurance company's to see if one would be interested in extending a discount to the club members for an endorsement from ICOA.

The insurance for the CBX was a lot cheaper than the 2000 Yam R1 I removed, so maybe there's no ground to be gained here,,, but there was that thought.

And on that note! Are there any company's that have given members grief trying to insure the CBX? That would be another item on the "Services?, Buyer Beware" Blog?

George in Delaware.

[harvey]

While I am sure someone from the ICOA may now be looking into an insurance discount you may want to check this site with the AMA:
http://www.ama-cycle.org/joinama/discountslist.asp

This lists the discounts to include a rate discount from Nationwide as well as a number of other discounts. I used the Choice Hotels discount at the Brookville, PA rally and beat the price negotiated by rally hosts. Actually, I think the clerk goofed as she gave me the discount off the negotiated price so I made out like a bandit.

Also you might want to look at the roadside assistance program you can get with your membership in AMA.

[EMS]

The insurance issue comes up every now and then and it is very difficult to point all and everyone in a certain direction. Insurance policies, procedures and rates vary signifivcanlty from state to state and it is almost impossible to compare.
I have both my CBXes on historic plates in Ohio. I carry full insurance with State Farm. They require an estimated value and two pictures of the bike. The premium is $59.-

[CBXRoger]

I have a '82 CBX in Wisconsin and a '81 CBX in Hawaii. Both are insured by the same company, same coverage with the same driver. The rate in Hawaii is twice as high due to the state mandated "No Fault" provisions. Where freedom prevails, prices go down.

[Don]

The insurance for the CBX was a lot cheaper than the 2000 Yam R1 I removed, so maybe there's no ground to be gained here,,, but there was that thought

It's cheaper because if you total it or it's stolen they're going to give you about 1/3 as much money as they would for the Yamaha

A really nice early model CBX with 'full coverage' insurance is going to get you about a $2500 payment from your insurance company if it's damaged beyond repair . . . . unless you do something special along the lines of 'stated value' inssurance . . . . which will cost you more than you were paying for the Yamaha. I have full coverage from Bikeline and if my bike was stolen, the payment would just about cover what I paid for the exhaust . . . . but they do offer a stated value for the exhaust if you elect that option

Don

[Phil]

I just have basic BIPD on mine. Anyone ever price out collector insurance from Hagerty ?

[George R. Garrison #0857]

I suppose I should have mentioned that I only had liabilty and un-insured motorist on the Yamaha R1 as is required in Delaware, no full coverage.

I've never carried full coverage on a bike as I've always paid cash for them and never financed one, the premiums often eat up the value of the bike and the insurers idea of what it worth is very different than what it takes to replace one or the value they place on it.

I'm always very careful about leaving a bike unattended. In otherwords, I never leave them out of sight anyplace any time. But, thats only me.

I placed the same coverage on the '81 CBX with Bikeline and will be getting a nice refund check. Bikeline would not insure the 2007 Yamaha R1 even though they did ensure the 2000 R1, so I went with Dairyland.

I have Nationwide on my home and auto, but there where way out of line in premium on the bikes and State Farm are generally a bunch of pricks.

Seems to me that stated value insurance would be the place to get a company to commit on for the membership. The other coverages will vary with different states and areas. But, I'd think the stated value fee's should make sense across the board regardless of the area. The risk should be the same everywhere. The risk being the stated value.

But, maybe I'm not approaching this with an insurance marketers mind and specific area crime trends.

How many CBX are still out there? How many per owner? How many miles per year per owner, per unit? Seems to me the risk would be rather low and so should the premium if a company gets the majority of the market thru club affiliation.

Again, this is just my way of putting the horse into the barn butt first.

[CBXRoger]

When I bought my first CBX, the '82, The insurance was much cheaper than for the prior bike, a CB 550 Honda Four. I asked the agent for an explanation. The CB 550 Four was considered a 'sport bike' whereas the CBX with faring and bags was a large touring bike.

[Rick Pope]

I have Progressive insurance, and I had to give then photos of the bike and an appraisal by the local Honda dealer. The yellow bike is insured for $4500, full coverage, less collision, for a premium of about $129/yr.

The 'Bird is about $400/yr.

[Ringnalda]

To add to this thread, the ICOA will be playing a part in a meeting with numerous other vintage bike clubs like the Honda 750 clubs, VJMC, Kawasaki triples etc. to discuss ways that the clubs can cooperate and help each other. One of the items on the agenda is to have a discussion on both using a combined resource and numbers to approach some insurance companies and discuss a discount. Secondaly each club has to be able to provide a valuation service which is recognised by the insurance company. So a valuation has to be accurate and documented, in order for an insurance policy actually reimburses the actual replacement value, not a value that a typical 30 year old Honda would have at present, probably close to $10!
The ICOA has a head-start in this program, we have already started(more in the next Xpress) offering a club valuation to ICOA members for insurance purposes. The cost for this will be dependent on travel required, but will be $100 or less and there will be a certificate issued showing all of the details of the bike inspected, who inspected it, a maximum and minimum value, etc.

Cheers, Jan

[Mike Barone #123]

Hi George

I have my CBX insured with JC Taylor. They specialize in custom and antique vehicles/motorcycles. The cost for full coverage is less than $100 per year.

They are in Pennsylvania and might not offer insurance in Deleware, but you could call them to find out -or- worst case they can help you find an agent in your state.

800-345-8290 www.jctaylor.com

If this does not work try this google link for other companies that offer antique motorcycle insurance. http://www.google.com/search?hl=en&sour ... aqi=g1&oq=

Let us know how it all turns out.


Mike

[Will]

I have JC Taylor on my Mustang. A car must be registered HISTORICAL for the lowest rate. I don't know if you can or need to do that with a bike.