Settlement Types for Motorcycle Insurance
When you own a motorcycle, there are a number of unique responsibilities and policies that come along with it. It’s key to know about certain insurance topics regarding motorcycles such as equipment coverage, trip interruption, and property damage coverage. Certain policies may vary by state, so be sure to read up on your local policy requirements before purchasing coverage. It’s also important to know what kind of specific bikes your insurance covers (if you’re looking for coverage on something like a touring bike, you definitely want to make that known to your agent before buying a policy).
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.
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.
Do you need more information about mutual insurance, motorcycle insurance coverage for sport bikes, or bodily injury coverage? Our agents and customer service representatives are here to help with your motorcycle insurance company needs. Call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. For your convenience, Insurance Navy is open from 8 a.m. to 9 p.m. CST, 7 days a week.
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Lastly, we also have blogs that may help you with any questions you have. Our blogs cover many different topics. From Harley-Davidson’s rider safety courses, to proper steps to take after Godzilla damages your car.