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Soooo, to make a long story short.... I called my insurance company today and found out they are not going to renew my motorcycle policy because it will be used for racing. I did see an old thread from a year ago, but do not know the validity of the information because Geico would not allow me to insure it as an off-road use vehicle or a personal article. What other options do I have to insure my vehicle from theft and fire without lying to the insurance company about the use of my vehicle?
Good question Tony. None of Brandon's race bikes were covered directly. Wouldn't your home owners insurance cover the theft/fire? If at the track, and the motorcycle was stolen, maybe it would be covered under personal items from your auto insurance from the vehicle that towed the bike there?
BA
St Farm will issue a theft policy if a liter bike, not for 600s. Call it a show bike and don't elaborate. $10 per month.
I tried to get it covered under a personal article policy with my homeowners insurance, and their policy would not allow them to do that. As far as being stollen at the track, my vehicle's insurance wouldn't cover that either. That's how I found out they were canceling my insurance in the first place. I asked a question about if something happened to my bike while it was being towed, and they said it would be covered under my bikes collision insurance.Quote:
Originally Posted by Bryan Altmeyer
I could call and lie or hide the truth, but I am trying to avoid that and just be honest. I know if they found out it was used for racing, they would drop me or refuse to pay for a claim just like my current insurance company.Quote:
Originally Posted by Peyton Inge
So you're JUST trying to cover it for theft/fire? What insurance do you have now?
I've had this same difficulty. No major insurance company will insure a vehicle unless it's tagged.Quote:
Originally Posted by Cody Stewart
I asked my agent how they insured ATVs and Dirt Bikes, and they were unable to answer that question.
I have Geico and full coverage insurance at this moment. I've had it all year long, but they are not going to renew my motorcycle because I am "racing" it. I know I can not get collision coverage for that purpose, but I would just like to get theft and fire. Just in case something happens while the bike is in storage or parked.Quote:
Originally Posted by Cody Stewart
As easy as it sounds, I haven't been able to find a straight answer either. There's a State Farm gun on the motohouston forum that might be able to shed some light on it. Dairyland has good rates and does a lot of ATV theft coverage for 4-wheelers and such. I would think if anyone would do it, they would.
-Cody
I can't remember who I have, but it covers theft and damage while in transport. They didn't ask, but my race bike is registered for the road... and I ride it regularly.
Vaguely recalling an article in RRW that touched on this subject I called the RRW office .... turns out it's a common question and they had the issue date at hand:
Roadracing World Magazine July 2006
If anyone has that issue they can get to Tony perhaps that would be useful even though a bit dated?
Or, call RRW at 951-245-6411 and request the back issue for about $7.
I recently did a recycle run with my old issues so don't have it to offer.
UPDATED INFO - THANKS BRYAN:
Quote:
Originally Posted by Bryan Altmeyer
I've had similar trouble. I've been trying to get my storage unit insured for contens and every insurance company i've talked to says they can't include any motor vehicles under contents. Then when I've tried to get a seperate policy for the bike I can't find anyone that will provide just theft/fire insurance on it. Everyone I've talked to says that to put any insurance on it they have to first provide liability insurance for it which they won't do because it's used for racing.... I can get insurance for my dirt bike, but they again told me that I have to have liability coverage before I can get comprehensive. Has anyone had any luck finding a better way to insure a race bike?
I spoke with my State Farm insurance gal about this and learned that her husband held an AMA 1 plate in hack racing many years ago !
So, she was genuinely interested and sypathetic about the problem ....
She confirmed what has already been said about not getting theft/fire coverage for a racing machine through most 'big name' traditionally street-oriented companies like State Farm:frown: Homeowner policy won't cover vehicles in the garage (special exception for ATV & "mules" :frown: Towing vehicle policy won't cover the trailer/contents :frown:
However, she's sure that some niche company does offer the off-track theft/fire coverage for competition machines. Here's some Google find possibilities that MAY lead to the machine coverage you seek, no experience or 'endorsement' (pardon the pun) here of course ...
http://www.aceinsuranceservices.com/p03.cyclepage.html (see the "off-course and storage policy" blurb)
http://www.hagerty.com/Collector-car...fy/Motorsports
http://www.fernet.com/
http://markelinsuresfun.com/products/motorcycle
Anybody tried "Foremost" since they sponsor Pegram's racing?
HTH
Statefarm will cover any 2 wheel vehicle for theft and fire as long as you have the vehicle titled and its in your name. No title, no coverage.
K&K Insurance offers an off premise liability, theft and contents policy. They specialize in racer insurance.
You select what contents are covered from helmets, tools, generators and even race bikes and they quote your premium. I hope this helps.
Hi Steve, thanks for the info. Along with the title, does the bike have to have continuous registration with the state for public roads? This may sound like a dumb question, but insurance companies aren't always easy to work with when it'a claim time. Thanks again.Quote:
Originally Posted by Steve McNamara
David, they don't care about registrations they just need a title for salvage from a burn situation and to write off the loss in a theft. I normally do not transfer titles on dirt bikes but do now for insurance purposes.
You can insure a vehicle that is not titled in your name. It's going to get tricky should a claim ever have to paid on it, however, as technically the claim would be paid to the registered owner even if the policy is in your name.
I have a former street bike on display in the house. As Steve mentioned, because I have the [blue] title, it is covered by my homeowner's policy (as long as it is in the house or on the premises). However, the 1% home deductible may a bit lopsided should a claim be filed; insuring it on its own policy is far less than the 1% deductible per year and the deductible, at $250, is far less, too. Over the course of multiple years, this cost/deductible number normalizes, meaning that I would pay more for insurance on its own policy over two or three years than the deductible I would pay through homeowners. So if you use motorcycles as furniture or artwork, this can work.
K&K, Dairyland and, at one time, Liberty Mutual, offered coverage for competition motorcycles. I know Ace Insurance Services does as well, and I've met some people who held policies with them.
http://www.aceinsuranceservices.com/p03.cyclepage.html
Here's an independent agent that says he has several carriers with racing divisions that may offer coverage:
Kevan W Harris
Garrett Insurance Agency, Inc
Established 1918
PO Box 291425
Kerrville, TX 78029-1425
830-896-6600 Voice
830-896-1822 Fax
kevan@garrettinsurance.com
www.garrettinsurance.com
Member: Combined Agents of America, LLC
Quote:
Originally Posted by Peyton Inge
Good call Tony, being ethical is important.Quote:
Originally Posted by Tony Ugoh
I've had great success with both options Steve McNamara mentioned, give them a shout.
Thanks everyone for all the information. You all have been very helpful. I will try the different options within the next few days and update you guys on any success.
I looked through my old issues of RRW and found the issue Alan mentioned (volume 16, number7 JULY 2006)
the issue really covers the health part of insurance for a racer, not the bike / gear.
You can insure your race bike with Foremost Insurance. I have mine added on with my three street bikes. Call Cynthia Bourland 832-533-8063. Tell her I sent you.
I learned the hard way that you must have current tags and title. If the insurance company pays out the bike is theirs should it be recovered...and they want a title that they can transfer to a new owner (once they sell it at auction) without any penalties. I let the tag expire on my pit bike and then moved out of state. Since I couldn't do a VIN inspection I couldn't even pay the penalties and get a current title if I wanted to. It took several calls to the DMV and pleading my case to get paid.
Well here is the update. I called every company listed, and no one will insurance motorcycles if they are raced. Well… Looks like I have to go to Plan B. :headshake:
I am not surprised at all. If they did, I would anticipate maximum deniability if a claim was filed.
I did not insure mine for racing. My race bike is insured for theft, fire, storm damage, etc...
I spoke with K&K earlier this week. They will provide motorsports coverage for off-course & storage, but not coverage for on-track incidents. So, they will insure the bikes during storage, transportation, paddock damage, etc, just not anything that happens during a competition. Their basic premium is $1000 a year and provides coverage up to $100K, including items related to racing such as leathers, helmets, generators, the trailer, etc. At least that's the way I understand it. I've got an application from them that I plan to fill out and return.Quote:
Originally Posted by Tony Ugoh
Here's a link to their motorsports off-course & storage page:http://www.kandkinsurance.com/Motors...e-Storage.aspx
If you're looking to find someone who will cover the bike for damage sustained while on track during competition or practice, I don't think you'll have much luck, from what I've found.
No I was just looking for theft, transport and fire damage. But once I told them I raced the motorcycle, the said they couldn't cover me. So does he cover race bikes, or did the race issue not come up? I would hate for something to happen while my bike was at the track and they refuse to cover it because of that reason.Quote:
Originally Posted by Jeremy Harvey
I'm not sure the "he" is that you are referring to...perhaps I'm confused.Quote:
Originally Posted by Tony Ugoh
K&K is the company, who has a division that specializes in motor sports, not an individual. One of the criteria for the off-course & storage that I mentioned is the vehicle cannot licensed or registered for public road use, so yes, the racing is clearly indicated. They just do not cover damage that happens on track.
Did you check the link that I posted? Straight from their website, on that link:
Eligible Operations - Individuals - Sanctioning bodies - Race teams - Show car operations Ineligible for this program: - Vehicles licensed or registered for public road use Coverages Available & Program Highlights
- Written on an admitted basis in all states (no surplus lines - No coinsurance fees or taxes) - Expediting & rental expense coverage included - Valuation of loss based on Agreed Amount of insured - Flood and earthquake coverage while in transit property rather than actual cash value - Worldwide Coverage Available - Coverage extends to competition vehicle under own power for incidental movement
I see Steve had mentioned the same thing, previously in this thread. Give them a call tomorrow. The number is on their website. They'll be able to email you an application. The only experience I have with them is from the 10 minute phone call last week, and they were quite pleasant. But, there was no doubt we were discussing race bikes, because I specifically asked about coverage while the bike is on track during competition, which is not offered, but will cover race bikes during storage and off-course incidents, even in the paddock if I understand it correctly.Quote:
Originally Posted by Steve McNamara
Who's going to be the first to have a tragic paddock incident that wads up a bike? Bike gets backed over, maybe?
Watched a bike fall off a stand Saturday; rearset snapped, fairing stay, windscreen, bent the frame slider and took the engine bolt with it.Quote:
Originally Posted by Tristan Reeves
After 20 plus years of paying insurance and NEVER having a claim paid after any accident, I self insured my bikes...and then promptly crashed my ZX10R at a track day in 2010. It was still cheaper repairing it myself than what the premium was. I figure at this point, even with a total loss on any one of the bikes, I am still ahead.
When you say self insured do you mean liability also to pay for others damage if you're at fault or just damages to your own vehicle?
I pay for liability as required (I believe it's still required for street bikes in Texas). Basically only what I need to for street registration on two bikes.Quote:
Originally Posted by Dennis King
Ohh, I thought you were saying you provide your own liability also. That can get expensive quick.
I can only imagine. LOL.Quote:
Originally Posted by Dennis King