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Premium Member
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Discussion Starter · #1 ·
Foremost has explained I have total loss coverage that will pay up to 110% of bike value. It sounds like that is based on bike value pre accident, is this the case? Has any one had to deal with this? Any help thank you very much!!!

David
 

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LOS ANGELES
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1,757 Posts
Haven't heard of it but I think it's a good deal. How does the gap insurance come into that account though? Would the gap insurance pay the gap value less the extra 10%?
 

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Dark Knight
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1,505 Posts
That sounds correct. Typical full coverage insurance covers the value of the bike prior to the accident. Basically, they'll check either KBB or NADA and get a value of the bike plus any factory extras or any extras than you can show a value for. If the bike is totalled, they'll write you a check for that amount. Here comes the big warning, if you owe more than the value of your bike, you will have to cover that cost. GAP insurance can protect you here. GAP covers the cost between what you owe and how much your bike is worth. If Foremost covers 110%, then you've got a pretty good setup.
 

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Color me Gone
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27,333 Posts
I agree GAP is a good thing if you finance your bike these days. With the value dropping fast you can easily find your self out several thousand for a bike you no longer own if something happens.
 

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Cliff
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423 Posts
vrodsweeper said:
Foremost has explained I have total loss coverage that will pay up to 110% of bike value. It sounds like that is based on bike value pre accident, is this the case? Has any one had to deal with this? Any help thank you very much!!!

David
David,

If you purchased the bike "new" Foremost has full replacement cost coverage for up to two years. Otherwise bike as well as cars are settled on a ACV basis, Actual Cash Value. Different companies may use different sources to determine the value of your vehicle. As explained in some of the other post the GAP coverage will cover the difference between what you owe and what the vehicle is worth, typically up to 20% of the value of the vehicle.

Here is a load of info from Foremost:

Highlights of the Foremost program include:

(All products and coverages may not be available in all areas)
1. Important Coverages A Foremost motorcycle policy offers important coverages such as Collision, Other Than Collision, UM and UIM, Liability and Medical Payments coverage.

2. Annual policies Year-round coverage with no lay-up period, whenever the road is calling, the bike is covered. No extra phone calls, no hassles!

3. Towing and Roadside Assistance Provides help when a bike is disabled and can't be ridden. AND, we will cover all reasonable and necessary expenses. With the purchase of Towing and Roadside Assistance, we provide Trip Interruption coverage at no extra charge, which covers meals, lodging and transportation up to $500 if the bike is in a collision 100 miles or more from home.

4. Replacement Cost Total Loss Settlement Coverage When a bike is purchased new from a dealer and insured with Foremost within 30 days, we will replace the bike if it is a total loss in the first two years. This coverage is for bikes with an MSRP below $35,000 and does not apply to Custom or Classic bikes. Collision and/or Comprehensive coverage must be purchased and maintained.

5. Safety Apparel Coverage Provides $1,500 in coverage for collision damage to clothing designed to minimize damage from an accident, including helmets and leathers.

6. Optional Equipment Coverage Provides $3,500, depending on the state, to cover most permanently attached accessories such as parts, decorations, custom painting, chroming, side cars or other items that were not originally provided by the manufacturer as standard equipment. Additional coverage is available.

7. Money-Saving Discounts May include multi-unit, multi-policy, preferred driver, safety course, prior insurance, mature driver and affinity group discounts. Not all discounts are available in all states.

8. Broad Coverage No matter what type of motorcycle you're riding, chances are Foremost will insure it. Foremost will cover a wide range of cycles including touring bikes, sport bikes and trike conversions, as well as custom and classic cycles.

9. Expertise and Experience Our claim staff specializes in handling motorcycle claims. It's not one of the things they do, it's all they do.
10. 24-Hour Claims Reporting Our toll-free claims line is available by simply calling 1-800-527-3907. Or claims can be reported online at www.Foremost.com.

11. A Wide Range of Discounts Including Multi-Unit, Multi-Policy, Prior Insurance, Renewal and Motorcycle Safety Course discounts may be available.

12. A Choice of Deductibles Foremost motorcycle policies offer more limits and more deductible choices.

13. Flexible Payment Plans Foremost offers one, three or six-pay options!
 

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Cliff
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423 Posts
louballs said:
Hmmm i dont think i have gap insurance. Can i still get it even though ive had the bike for a year??
If the company you are insured with offers the endorsement. Most will only write it up to 30 days from the date of financing....but then they are all different as well. Check with your agent.
 

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----->
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7,589 Posts
((I can't stress the importance of Gap insurance.)) I personally used it and came out $1900.00 over what I paid for it. I was in a accident a few months after I bought a 03 vrod and it was totalled. Had it not been for the GAP insurance I'd still be paying the loan to value difference.
 

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Cliff
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423 Posts
Anytime you get upside down in a vehicle it is a good idea. Cost a lot less from your insurance company typically then from the dealer also.
 
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