A motorcycle is an easy target for thieves. If you don’t have a locking mechanism or an alarm, someone can come along with a trailer and take it away in the span of a few minutes.
When your motorcycle is stolen, comprehensive insurance covers that loss.
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Some thieves don’t bother with taking the entire bike. They might spot the modifications you’ve made and want those instead. Someone might wish to use a specific stock part from your make and model because they need to repair their bike, so they decide to take it while you’re not looking.
What insurance coverage do you need when someone takes parts from your bike instead of the entire motorcycle?
Your Coverage Needs Depend on the Parts Stolen
Every claim’s situation is dictated by your insurance coverage. The first place to look if you’re dealing with a theft issue is to see where parts replacement falls.
Comprehensive insurance typically covers stock parts, just like if someone stole the motorcycle. These policies usually pay to replace the items that were taken, repair related damage because of the removal, and the labor required to complete the work.
It’s similar to having a catalytic converter stolen from a vehicle. Although the entire car wasn’t stolen or damaged, it must have the components to become drivable. A comprehensive policy is meant to do that because it covers theft, flood, and fire damage – issues you face without being on the road.
If you’ve made modifications to the motorcycle, you might need custom parts and equipment coverage if those components are stolen. A standard policy doesn’t always protect aftermarket accessories against vandalism or theft.
You might need carried contents or personal belongings coverage for items that aren’t protected by the other two policy options.
Why Are Motorcycles Targeted for Parts Theft?
A motorcycle might become an attractive target for a thief for several reasons. Here are some of the most common issues bike owners face, especially when they have a popular model or expensive modifications.
- Motorcycles are easier to steal than other vehicles.
- Most bikes don’t have an anti-theft device, and some even have remote ignition.
- Thieves can sell the entire motorcycle or break it into parts to generate money.
- Aftermarket parts and accessories often fetch a significant return.
A standard motorcycle insurance policy typically covers the original bike and its parts. Those components are generally not protected if you’ve made expensive or custom additions. That’s when you’d want to look at an additional coverage option to ensure you won’t take a significant financial hit if someone decides to steal your motorcycle parts.
Anyone with saddlebags, electronic additions, or custom handlebars should consider updating motorcycle insurance to safeguard against theft.
How Does the Claim and Payout Process Work?
Filing a claim for stolen parts is like the process followed when you have an accident with your motorcycle. It starts by filing a police report, especially if the value of the loss exceeds a certain threshold.
Even if your loss isn’t much, someone could rack up multiple charges by targeting numerous bikes in the area. This step provides an investigative paper trail.
Your claims adjustor will ask for pictures and documents, especially if custom parts are involved. Comprehensive insurance and add-ons come with a deductible, so that any payout would subtract that amount.
It can take several days or a few weeks to process some claims. Check with your insurer regularly to get updates. If approved, you’ll receive a payout according to the terms and conditions of your policy.
Don’t get caught without the right insurance coverage on your motorcycle! Its job is to offer financial protection when it’s needed the most. Ask for a quote on a comprehensive policy if you don’t have one right now, and remember to ask about custom parts and equipment options.
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