Your motorcycle is valuable. Does your insurance company know how valuable?

We’re not sure if it’s the thrill of the open road or the short and sweet riding season, but motorcycles and their owners tend to have a special relationship. 

“For many of our customers, their motorcycle is their baby. It’s often their passion project and something they’ve had for a long time and put a lot of work into,” said Ryan Vellenga, a claims adjuster at Aviva who specializes in motorcycles. 

When the unexpected happens and their bike needs to be repaired or replaced, some riders are surprised that the value of their upgrades, accessories and gear isn’t reflected in their claim payout. 

“It’s so important to have the right endorsements on your policy to make sure that the things you value most are protected,” said Vellenga. 

Here are four additional endorsements every motorcycle owner should consider adding to their policy.

1. Agreed Value

It’s common for avid riders to tinker with their bikes over time, putting on new additions and features like upgraded handlebars, seats or exhaust systems. 

“It’s not unusual for a rider to buy a bike and, over many years, put in an extra $5,000 or $10,000 in upgrades. If you don’t tell your insurer about the money you’ve put into it, you won’t be covered for that additional value,” said Vellenga.

“We recommend adding an Agreed Value endorsement on any motorcycle policy so there are no surprises when you make a claim. This is something you can talk to your broker about anytime to ensure you’re on the same page about the value of your bike.”

An Agreed Value endorsement helps ensure you and your insurer agree on the value of your motorcycle, so that if there’s a total loss, you will know how much coverage your policy may provide. 

2. Equipment and Accessories

Have you invested in equipment like a side car, new windshield, footrests, exhausts, saddle bags and seat back extensions since you last insured your bike? If so, they may not be covered under your existing policy. 

“You can purchase a motorcycle equipment and accessories endorsement that will cover damage to additional accessories and equipment,” said Vellenga.

This is especially useful protection to add to your policy if you like to customize your bike beyond the condition provided by the original equipment manufacturer. This complements an Agreed Value endorsement that captures any increases in value from additional equipment being attached to the bike. 

3. Personal Effects Usual to a Motorcycle (aka riding gear)

Riding gear like motorcycle jackets, boots, gloves, helmets and vests can add up over time. If you’ve invested in clothing and accessories that make using your motorcycle safer and more comfortable, you may consider adding the Personal Effects Usual to a Motorcycle endorsement to your coverage. 

“When you have this endorsement, it allows us to replace or pay out a proper value for your gear. It’s something that not a lot of riders take advantage of and it’s a huge miss,” said Vellenga.

General coverage usually includes $2,500 per occurrence with no deductible.

4. Waiver of Depreciation

Want to make sure you get the highest replacement value out of your newer motorcycle in case of a total loss? Add the Waiver of Depreciation endorsement. 

This endorsement is ideal for bikes that are 5 years old and under. It ensures that your insurer is liable for the lesser of three possible outcomes in case of a total loss:

  • The original purchase price
  • The current manufacturer’s suggested retail price (MSRP)
  • The cost to replace the motorcycle with a brand new one, similarly equipped

“When you have a Waiver of Depreciation, it puts you in the same financial position you were in the moment you bought the bike. It removes our right to depreciate it, so you get every bit of value out of it,” said Vellenga.

Looking for information about motorcycle insurance?

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