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You’ve owned a motorcycle for years in or near Silver Spring, MD, but now you’ve finally bought the shiny new bike of your dreams. Protecting and caring for it is a given, but how do you adjust your insurance policy? The professionals at the Renee Oliver Insurance Agency can guide you to a comprehensive motorcycle insurance policy to protect your investment.
What a High-End Motorcycle Policy Should Have
Regular and high-end motorcycle insurance policies differ in several key ways. High-value models offer more power, performance, and customization than standard bikes. Higher purchase prices mean more expensive repairs or replacement, increasing premium costs. If you have purchased a high-performance sports bike, you may also face higher premiums because many insurance carriers consider them more dangerous and more prone to theft. Basic policies do not cover specific customizations and special finishes. You may need an endorsement, such as Custom Parts/Equipment (CPE) coverage. Without higher limits and specific endorsements, you may end up paying out of pocket if your motorcycle is damaged or stolen.
Coverage Options To Consider
Many high-end motorcyclists choose Agreed Upon Value (AVP) to cover costs if their bikes are damaged or totaled. CPE is crucial for bikers who install aftermarket parts on their bikes. Even if you don’t need it at first, ensure you notify your carrier whenever you add customizations. Replacement cost coverage is another essential option. This add-on will fully cover the cost of parts and labor for the repair of high-end motorcycles.
When considering a high-end motorcycle purchase, note that not all carriers will insure such bikes. Some companies that offer standard policies offer performance policies, but you can also check out coverage from luxury insurers.
Learn more about specialized motorcycle insurance that will protect your high-end ride. Contact the Renee Oliver Insurance Agency, serving the Silver Spring, MD area, to get started.