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Author Topic: Insurance - Any Agents Here? Agreed Value Policy for ATV's  (Read 9895 times)

Offline havinnoj

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #15 on: January 29, 2014, 03:51:10 PM »
Quote from: pinned250r;23962
This is good stuff!!!! I have a good friend who is an agent with progressive, I will call him. He may have geico too but I don't believe so.
Havinnoj, why are you wanting liability coverage?

I'm used to having everything covered under an umbrella so I thought I'd want liability [MENTION=85]pinned250r[/MENTION].  Liability coverage is if my ATV does bodily (or property) damage to someone I believe.. seems like something I'd want to have or do you think otherwise?

I did find out that Progressive Direct can only sell the ATV policy.  Their motorcycle policy can also cover ATVs but it falls under Specialized Coverage (since I'd betaking advantage of the up to $30,000 in custom parts) and that can only be purchased from an independent agent/broker.

Quote from: atvmxr;23968
I want coverage to replace my quads and trailer if got stolen, again...

Lots of these policies have trailer coverage and obviously much easier than trying to find an AV policy for quads.

Offline tretimit16

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #16 on: January 29, 2014, 06:51:46 PM »
I also have my enclosed trailer covered but it is under West bend mutual. Its like $28 a year and is covered for $8,000. If the trailer was stolen it would not cover anything inside.

Offline jamieg45

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #17 on: January 29, 2014, 08:57:16 PM »
I will have to check more into my 2 atv policies, both R's are insured for $10k a piece. And I want to know what I get if they get stolen, I mite have to get them appraised as well.
01 Lsr 250r
00 Walsh 250r

Offline jamieg45

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #18 on: January 29, 2014, 08:57:53 PM »
And my insurance is through allstate.
01 Lsr 250r
00 Walsh 250r

Offline Pro-Fab

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #19 on: January 29, 2014, 09:19:35 PM »
Liability is the best coverage you can have. So Bodily injury liability will cover the other party in the event that you cause bodily harm to another person. The property damage Liability is going to cover the damage you cause to another party's property. The comprehensive coverage is going to protect your quad for theft, vandalism, weather related incidents, and just in general things that are out of your control and not related to colliding with anything other than an animal. Your Collision coverage is going to help you repair your quad in the event that you are in a moving collision with another object/ vehicle/ rollover. Most trailers dont require a liability insurance because usually the vehicle insurance is going to cover any trailers attached. The contents of your trailer will likely be covered by your homeowners/ renters/condo insurance, besides vehicles. Keep in mind this is just general information and not guaranteed as insurance laws differ from state to state. These statements are generally the case.

In my opinion most Agreed value policies are not all they are made out to be.  There is fine print that needs to be carefully interpreted to make sure you are buying exactly what you want.

Back on the Liability coverage... the umbrella policy that was mentioned does cover extra general liability and usually from $1mil-$5mil in coverage and is a great option. However, Liability placed on a policy specific to your atv is going to protect you the most because the excluded perils (damage reasons not covered) list is going to be specific to the nature of the coverage and vehicle. Liability insurance is typically very inexpensive too.

I was unable to speak with anyone in our MOAT department for you today just due to the nature of my schedule, but I encourage you to call GEICO just to weigh all of your options. We often have the lowest rates, best coverage, best customer experience and the highest claims satisfaction in the industry with an average of a 24-48 hour claims turn around time.

I encourage everyone to quote their insurance needs with GEICO I have had friends and family switch to GEICO and save over $100/ month with higher liability limits and better service.Give them the code 167149 before you get your quote.

I know most people hate insurance and its just a necessity for them to drive their vehicles but it is really there to protect you.
« Last Edit: January 29, 2014, 09:29:48 PM by Pro-Fab »

Offline tretimit16

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #20 on: January 29, 2014, 10:09:36 PM »
When I got mine I checked with every recognized insurance company I could think of and progressive was the only one I was able to find that offered coverage on an agreed upon coverage. I've had the coverage for along time now so I don't remember the details but I remember they agreed to the value of $15k because I had it appraised by a local shop and they wrote me an appraisal for $15,800 so there is no way progressive can say it is worth less then that. Also to be safe I have an excel spreadsheet with every part on the quad and the price that it would cost to replace. I brought this with me when i had it appraised to help come to value. I keep everything in a folder for each quad along with printed pictures of all angles of the quad and up close of each quad so if in the event it was stolen I have everything organized and ready to hand over. If your going to go this route cover ur bases.

I had to do some digging but this is the letter progressive sent me when I signed up. I believe this is from 2010:


Offline tretimit16

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #21 on: January 29, 2014, 10:11:33 PM »
When I got this I called them and said I didn't have documentation for the purchase of all the parts. That is when they indicated the only way around that is to get it appraised.

Offline havinnoj

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #22 on: January 29, 2014, 10:18:41 PM »
Quote from: Pro-Fab;23989
Back on the Liability coverage... the umbrella policy that was mentioned does cover extra general liability and usually from $1mil-$5mil in coverage and is a great option. However, Liability placed on a policy specific to your atv is going to protect you the most because the excluded perils (damage reasons not covered) list is going to be specific to the nature of the coverage and vehicle. Liability insurance is typically very inexpensive too.

Thanks Profab.  I have GEICO and your code down on my insurance to-do / to-call list.

I can talk to my State Farm agent about this but thought I'd ask in case you knew.  Would there be any benefit to double insure my quads to take advantage of my umbrella coverage (thinking personal injury liability)?  Then I'd buy company X's agreed value policy to cover a major wreck or theft (collision & comprehensive)?

I agree that insurance is a hassle but like most things we pay for.. we'll be happy if we ever need to use it.

Quote from: tretimit16;24001
When I got mine I checked with every recognized insurance company I could think of and progressive was the only one I was able to find that offered coverage on an agreed upon coverage. I've had the coverage for along time now so I don't remember the details but I remember they agreed to the value of $15k because I had it appraised by a local shop and they wrote me an appraisal for $15,800 so there is no way progressive can say it is worth less then that. Also to be safe I have an excel spreadsheet with every part on the quad and the price that it would cost to replace. I brought this with me when i had it appraised to help come to value. I keep everything in a folder for each quad along with printed pictures of all angles of the quad and up close of each quad so if in the event it was stolen I have everything organized and ready to hand over. If your going to go this route cover ur bases.

Thanks for the info and pic.  Did an ATV/cycle shop to the appraisal?  I can't imagine Average Joe Insurance Appraiser would have any idea on one of these.

Offline tretimit16

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #23 on: January 29, 2014, 10:25:19 PM »
It was a motorsports shop. Lets just say I knew someone that worked there :)

Offline Pro-Fab

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #24 on: January 29, 2014, 11:55:03 PM »
The major advantage to having liability on your atv policy is that your umbrella insurance is excess insurance and cover above and beyond after your other policies pay out for claims. Also umbrella underwriters tend to cancel umbrella policies after so many claims (usually one or 2 within a 3 year period depending on the size of claim) The more liability insurance you have specific to each policy usually means the better you are protected for occurrences pertaining to that specific exposure. While an Umbrella may provide you with the protection you need for liability in certain instances it may not. For instance my boat insurance with GEICO is a stated value policy with a value of $20,000, and provides me with 100,000 combined single limit bodily injury liability and 50,000 property damage liability for $220 per year The protection is specific to the liabilities involved in boating and water sports as well as the property associated with the nature of the exposure as well, also it includes perils like oil spills and covers up to 850,000 in liability for oil spill clean up and boat recovery in the instance of my boat capsizing or sinking. My atv insurance costs me about the same for 100/300 and 25,000  with a $100 deductible for comprehensive. My atv policy has my mods listed and would be considered in the adjustment should anything happen to my quad. However, I never asked for an agreed value policy, which we may offer.

Offline havinnoj

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #25 on: January 30, 2014, 08:43:31 AM »
Quote from: tretimit16;24007
It was a motorsports shop. Lets just say I knew someone that worked there :)

Nice. I know a few guys that would be willing to do an appraisal - hoping whatever insurance company I choose will allow them or someone halfway knowledgeable about 250r's/quads.

Quote from: Pro-Fab;24014
The major advantage to having liability on your atv policy is that your umbrella insurance is excess insurance and cover above and beyond after your other policies pay out for claims. Also umbrella underwriters tend to cancel umbrella policies after so many claims (usually one or 2 within a 3 year period depending on the size of claim) The more liability insurance you have specific to each policy usually means the better you are protected for occurrences pertaining to that specific exposure. While an Umbrella may provide you with the protection you need for liability in certain instances it may not. For instance my boat insurance with GEICO is a stated value policy with a value of $20,000, and provides me with 100,000 combined single limit bodily injury liability and 50,000 property damage liability for $220 per year The protection is specific to the liabilities involved in boating and water sports as well as the property associated with the nature of the exposure as well, also it includes perils like oil spills and covers up to 850,000 in liability for oil spill clean up and boat recovery in the instance of my boat capsizing or sinking. My atv insurance costs me about the same for 100/300 and 25,000  with a $100 deductible for comprehensive. My atv policy has my mods listed and would be considered in the adjustment should anything happen to my quad. However, I never asked for an agreed value policy, which we may offer.

Good to know.  I'll discuss options with SF on this.

I looked online and GEICO specifically states "accessory coverage is not currently available for ATVs."  I'll give them a call and see if they have an AV policy.

Offline pinned250r

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #26 on: January 30, 2014, 10:51:35 AM »
Couldnt agree more about liability coverage being a necessity(although i dont run it on my quad). I was asking just simply because i wanted to know if your state requires you to carry it where you ride.

I would be tempted to ask if your umbrella automatically covers your quad if you carry no liability on it. Seems like your HO liability covers everything else, why not this? I never did research that far as to see if my HO liability would cover any loss on my quad. It really is a shame we need to worry about things like this today, getting in an ACCIDENT, regardless of fault, and getting sued over it.

I contacted my progressive guy, and he is doing some digging for me. I will post whatever i discover.
I ride PINNED! Therefore, no bdt in this household.

Offline havinnoj

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #27 on: January 30, 2014, 11:03:55 AM »
Quote from: pinned250r;24055
Couldnt agree more about liability coverage being a necessity(although i dont run it on my quad). I was asking just simply because i wanted to know if your state requires you to carry it where you ride.

I would be tempted to ask if your umbrella automatically covers your quad if you carry no liability on it. Seems like your HO liability covers everything else, why not this? I never did research that far as to see if my HO liability would cover any loss on my quad. It really is a shame we need to worry about things like this today, getting in an ACCIDENT, regardless of fault, and getting sued over it.

I contacted my progressive guy, and he is doing some digging for me. I will post whatever i discover.

Great info RE: HO liability. I'll ask my SF agent.  Thanks for looking into the Progressive options.  I'm curious to see how a seasoned insurance agent interprets their "Agreed Value" and part coverage options.

Offline atvmxr

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #28 on: January 30, 2014, 11:40:46 AM »
Quote from: Pro-Fab;23989
The contents of your trailer will likely be covered by your homeowners/ renters/condo insurance, besides vehicles.
.


Having just dealt with this, I can say this is not always true depending what all is in your trailer.  renters insurance allows for like 1% of the home value for off site loss.  So we have our house insured for $210k,  so I received a check for $2100, which definitely did not cover all the stuff I had in the trailer.  If your house is $100k then you may only be looking at getting $1000
Bunch of race quads that run on premix

Offline pinned250r

Insurance - Any Agents Here? Agreed Value Policy for ATV's
« Reply #29 on: January 30, 2014, 03:07:28 PM »
Got some good news today! I have my HO with Citizens, they have a REC VEHICLE ENDORSEMENT that extends your liability to off premises riding, which would also allow your umbrella to extend! Equaling a lower costs on your quad insurance.

 I am still delving into progressive a little more about the coverage, but i have also sicked one of my personal lines girls on it to see if citizens offers any kind of AGREED VALUE coverage also.
I ride PINNED! Therefore, no bdt in this household.

 

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