108_276_70aMotorcycles are part of American history, from the Copeland motorized bicycle in 1884 to modern-day touring motorcycles. Many people enjoy buying, trading, restoring and maintaining older motorcycles.

It’s important to establish an accurate current value for the cycle because it can vary greatly, both over time and from vehicle to vehicle. A recent bill of sale or an appraisal are acceptable ways to establish value. It’s also a good idea to discuss the cycle’s value with your agent at least every three years and to adjust the stated amounts if necessary.

Stated Amount Coverage is available on custom, antique or classic motorcycles with comprehensive and collision coverage. You should be aware, if a total loss occurs the stated amount is not necessarily what you will be paid for the loss.
Typically the limit of liability for comprehensive and collision coverage on a policy will pay the least of the following:
• The actual cash value of the stolen or damaged property,
• The amount necessary to repair or replace the property, or
• The maximum amount limit shown on this stated value.

If the condition of the cycle deteriorates or the market for collector cycles drops between the time you take out the policy and the time of the loss, you may receive less than the stated amount.

To ensure you are properly covered if you have a loss, reevaluate the stated value of your cycle often. Value should based on the current market and the condition of your cycle. Your agent should provide you with credible resources for appraisals and evaluations.

Sherry Flamard,
Sherry Flamard Agency
5140 W Peoria Ave., Ste. 146 • Glendale, AZ 85302
Office: 623-225-7299 • Mobile: 602-614-8736 •

November 29, 2016    Insurance Tips