In case of a total loss, there are three types of settlements your insurance provider can offer. Settlement types usually depend on the type of motorcycle you own and your policy.
Actual cash value
The replacement cost minus the depreciation and deductible 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 and 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 motorcycle insurance? Our agents and customer service representatives are here to help. 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.
*Please review your own policy carefully for details on motorcycle coverage. Settlement types vary by policy