How much will I get for my bike?

How much you will get paid if someone steals your bike depends on a few factors. Are we talking a motorcycle or a bicycle? A bicycle is insured under your home policy. You can set up a valued amount with a reduced deductible if the bike is quite expensive. If you have not done this then there can be a limitation, e.g. $1000 for bicycle replacement.

If we are dealing with a motorcycle then this is under an automobile policy or a recreational vehicle policy. First, how did you insure it?

Did you insure for a valued amount? The SEF 19 endorsement states that no more then a certain amount will be paid for a vehicle. This does not mean that the insurance company will pay you that much, it just means that is their "top dollar". An appraiser could depreciate from that amount and a deductible still could be applied.

The SEF 19a endorsement is an agreed upon amount of that value. So if you have agreed to $10,000 and your bike is written off then you will be paid that $10,000 but no more, even if the bike had appreciated significantly. So the onus is on you to keep an accurate appraisal on file.

The insurance company will look up your bike and rate it based on the Blue Book value. This is where depreciation starts. The mileage, the general condition and the market value is considered when you do not have a stated amount.

With motorcycles, ATVs and snowmobiles there is an offering of different physical damage coverage. Understand the difference and the deductibles. Ask questions and do not be afraid to shop for the best pricing. Talk to your broker or agent about what they have available.