Insurance - Any Agents Here? Agreed Value Policy for ATV's

[Pricecheck]

I haven't read every single post but are y'all saying it's for rec use or race? I tried insuring mine through progressive for $18k (quad and trailer at new) and they wanted about $500 per 6 months. Through progressive my motorcycle insurance is only $12 per month. Why is it so much more?

[Pro-Fab]

So a couple of things here... ATVMXR so you are correct in that usually property insurance only covers a certain percent of your homes main structure. This all depends on your policy. The thing about insurance is that the only true statement is "it depends" each claim is dependent upon the situation, what the policy covers, and what the policy does not cover.

Did a little digging with GEICO and we don't currently have an agreed value policy for motorcycles or atvs. I would look for a specialized or personal lines broker, it sounds like pinned may have a connection with one. However, you will want to make sure they broker is licensed for your state and the underwriting company will even write in your state. Just a few legalities to watch out for. Progressive may be your best bet at this point, but as you stated before, it sounds a little weird how they have that the vehicle and OEM parts are valued with ACV and the listed parts are covered up to a certain amount. I would bet they actually pay acv for the parts too. So they would be valued at new cost minus depreciation.

[havinnoj]

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.

Very cool for you!  Keep me updated with what you find here.. and thanks for looking!

I haven't read every single post but are y'all saying it's for rec use or race? I tried insuring mine through progressive for $18k (quad and trailer at new) and they wanted about $500 per 6 months. Through progressive my motorcycle insurance is only $12 per month. Why is it so much more?

Haven't crossed that bridge yet but mine are for recreational use.  My quote for Progressive's "(pseudo) Agreed Value" of $27,000 was about $1,000/year.  I'd imagine atv's are more expensive because of accident risk.

So a couple of things here... ATVMXR so you are correct in that usually property insurance only covers a certain percent of your homes main structure. This all depends on your policy. The thing about insurance is that the only true statement is "it depends" each claim is dependent upon the situation, what the policy covers, and what the policy does not cover.

Did a little digging with GEICO and we don't currently have an agreed value policy for motorcycles or atvs. I would look for a specialized or personal lines broker, it sounds like pinned may have a connection with one. However, you will want to make sure they broker is licensed for your state and the underwriting company will even write in your state. Just a few legalities to watch out for. Progressive may be your best bet at this point, but as you stated before, it sounds a little weird how they have that the vehicle and OEM parts are valued with ACV and the listed parts are covered up to a certain amount. I would bet they actually pay acv for the parts too. So they would be valued at new cost minus depreciation.

Thanks for looking at GEICO.  As noted earlier, Progressive's Specialized Coverage for custom motorcycle parts (which apparently can cover ATV's as well) reads as follows: "[Progressive] provides dollar for dollar non-depreciated replacement, with no deductibles, up to the limits of liability, for accessories that cannot be repaired."  To me that doesn't sound like ACV or RV for covered custom parts.. sounds like you'd get your money back to buy new replacement parts (if damaged beyond repair).

[Pro-Fab]

It sounds like a viable option through Progressive. I had progressive for a year my only suggestion is to keep an eye on your coverage's. We raised our liability to 100/300/100 which obviously increased our rates. 6 months later I got our renewal and our rates had gone up and to our surprise they never raised or limits to 100/300/100 even though we had the paper work and our rates initially raise. Called them they said they never made the change, and i never called them. I faxed in paper work and they still wouldn't honor it. So we paid an extra $100 for nothing and had a rate increase of $125 upon renewal that they could not explain. I never did make any claims with them so i cant tell you how they are.

[pinned250r]

Any update on this? Progressive is a no go, i've talked to many underwriters about this and it is not possible, even with appraisal.

[havinnoj]

Any update on this? Progressive is a no go, i've talked to many underwriters about this and it is not possible, even with appraisal.

Grundy said they would do an Agreed Value policy but I would have to have a collector vehicle (non-ATV) insured with them as well.  Since I don't have another vehicle I want to insure when them, that won't work.  I may explore moving a car to them if this looks like it's my only option.  Haggerty is also out since they only insure stock ATV's, 1985 and older.

Progressive has been my back up plan but I've been meaning to look into this more.  After talking with a Progressive Direct agent, he assured me that using their Specialized Coverage for Accessory Coverage that it would meet most of my needs.. though I am a bit weary.  

There are a couple of shops that specialize in custom vehicles like choppers that I need to follow up with.

[atvmxr]

I just saw a new Allstate commercial couple days ago for motorcycle ins and it included new bike replacement.  For street bikes, but some of them are $$$. So maybe a new option?


Im still not sure why people are trying to find liability ins for quads?  I just want it covered if stolen.  I've never heard anyone being held liable or sued for crashing into some one.  Probably only a matter of time with our sue happy, money for nothing society....

[pinned250r]

Im still not sure why people are trying to find liability ins for quads?  I just want it covered if stolen.  I've never heard anyone being held liable or sued for crashing into some one.  Probably only a matter of time with our sue happy, money for nothing society....

Bingo, you hit it on the nose. I pay $25/atv for my liability extension from my homeowners(500k). The court system is beyond screwed up, if I were to get in an accident with someone who didn't have any health insurance, guess who's paying their bills? Yep, me, the one who follows the rules and has health insurance and liability on a "hazard" it is complete crap. But gotta protect myself, my family, my home, etc.

[atvmxr]

well on the various forums I know of people being seriously injured and even killed at Little Sahara and Silver Lake - and not once have I heard of any repercussions to the people that hit them...  

but like you said, better to plan ahead just in case

[pinned250r]

well on the various forums I know of people being seriously injured and even killed at Little Sahara and Silver Lake - and not once have I heard of any repercussions to the people that hit them...  

but like you said, better to plan ahead just in case

Right, i havent heard of any real crazy stuff, i know johann(@morse250r) had some issues in his accident at silver, but i think that was more damage done to the other guys vehicle. But eitehr way, for $50/yr im gonna plan on the safe side.

The deaths at silverlake always scare the crap outta my family, im there a few times a week usually and every bad accident we get lectured on how dangerous it is.

[86Rrider]

Late to the discussion here, but I have my 250R insured through State Farm at a agreed value for replacement. Now, since I have had this policy since 1995, I am not exactly sure of all the fine-print details. However, when I set up the policy with my local agent, I provided him with a list of the aftermarket parts I installed on the quad as well as 4 listings of other 1986 250R's for sale at that time. He then wrote me a policy for replacement cost coverage of $5500, based on this information. Then 5 years later (2000) I get a letter from my agent asking me to please provide an update to the replacement cost of my quad. So I did and it was then insured for a replacement cost of $7500, based on buying another used 250R and putting my same modifications to it. This has stayed the same, every 5 years I update the replacement cost on the policy. Over the years, this started out a a cost to me of $85 per year and now it is up to $120 per year. Again, I am not sure what other coverage I have, for I was mainly concern with theft/fire-damage/loss, since before this quad I had a highly modified ATC200X stolen. I do believe that I have liablity and collision coverage on the policy as well now. So I don't know if the policy I have is not worded the same way that Havinnoj is seeking the policy to be worded, but I have "double-checked" with my State Farm Agent a few times over the last couple of years and I am assured that I have the coverage...

[havinnoj]

Late to the discussion here, but I have my 250R insured through State Farm at a agreed value for replacement. Now, since I have had this policy since 1995, I am not exactly sure of all the fine-print details. However, when I set up the policy with my local agent, I provided him with a list of the aftermarket parts I installed on the quad as well as 4 listings of other 1986 250R's for sale at that time. He then wrote me a policy for replacement cost coverage of $5500, based on this information. Then 5 years later (2000) I get a letter from my agent asking me to please provide an update to the replacement cost of my quad. So I did and it was then insured for a replacement cost of $7500, based on buying another used 250R and putting my same modifications to it. This has stayed the same, every 5 years I update the replacement cost on the policy. Over the years, this started out a a cost to me of $85 per year and now it is up to $120 per year. Again, I am not sure what other coverage I have, for I was mainly concern with theft/fire-damage/loss, since before this quad I had a highly modified ATC200X stolen. I do believe that I have liablity and collision coverage on the policy as well now. So I don't know if the policy I have is not worded the same way that Havinnoj is seeking the policy to be worded, but I have "double-checked" with my State Farm Agent a few times over the last couple of years and I am assured that I have the coverage...

Thanks for the feedback.  I'm still trying to track down the best options.

Replacement Cost Value (RCV or RV) or Stated Value is not the same as Agreed Value.  It's my understanding that you can give an insurance company an RCV or Stated Value of $10,000 but when it comes to a claim you will not see that $10,000 since the insurance company will determine what they think the RCV is.  An Agreed Value policy of $10,000 = $10,000, period.

I'd check your policy to see if it has a clause that says something like "we will pay either the RCV or Agreed Value, whichever is less."

[pinned250r]

@86Rider , when this thread first started I was working at State Farm, I was the top producer in my office and really searched up and down for an agreed value policy, but it wasn't possible. They would do replacement cost, but I had to write it as an auto policy and the cost was just ridiculous(like a few hundred a year), and the "value" to them was nomore than $2500.

Now since you started the policy back in 95, you may be grandfathered into some sort of special policy, I wouldn't doubt that, as I saw many customers with Life insurance policies that SF stopped selling 20 years ago. So you could have something like that, however I would ABSOLUTELY check that out.

[86Rrider]

Yeah, with all of the investigation here on this thread into insurance, I definitly will dig deeper into my policy. Like I said, I've not really thoroughly read through it in quite a few years.

[glamy]

Bingo, you hit it on the nose. I pay $25/atv for my liability extension from my homeowners(500k). The court system is beyond screwed up, if I were to get in an accident with someone who didn't have any health insurance, guess who's paying their bills? Yep, me, the one who follows the rules and has health insurance and liability on a "hazard" it is complete crap. But gotta protect myself, my family, my home, etc.

  I got some BDT chrome dog shit to sell ya right here ! Theres an old song by Papa Roach that says when the shit you own winds up owning you......it`s time to GTFO of it ! I love this discussion about as much as paying taxes !:flipping-the-bird::flipping-the-bird::flipping-the-bird: And so you start buying insurance in case you were not insured enough........ and then it`s sorry sir we believe you have NO CLAIM !:flipping-the-bird::flipping-the-bird::flipping-the-bird: I`m sorry sir......i`m insured with the sawed off 410 right here.......so GTF off my property ! And then.......the insurance industry was BIGGER then the Obama Administration ! You guys are the ones that will have to deal with this ! My cost for health insurance (full price) is $1,500 a month......can you guess my age ? I`d rather go to Glamis on off weekends or when johnny pigs not there.......then wait for it,,,,,,,, buy anymore insurance :flipping-the-bird::flipping-the-bird::flipping-the-bird: