Settlement Types for Motorcycle Insurance
In case of a total loss, there are three types of settlements your insurance provider can offer you. Settlement types depend on the type of motorcycle you own as well as your policy.
Actual cash value
In order to figure out the actual cash value. You need the replacement cost minus the depreciation and deductible. This will determine the actual cash value.
Agreed value or stated amount
The agreed value or stated amount is the value of a motorcycle. This is agreed upon by the insurance provider as well as the policyholder in the contract.
There must be a CPE endorsement on the policy to receive compensation for custom parts.
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