Comprehensive and Collision insurance ordinarily only covers the “stock” fair market value of your vehicle.
A Stock vehicle is a vehicle that has not been modified or accessorized.
Most motorcycle owners tend to add chrome, custom paint, custom engine work, custom pipes, custom grips, etc. If you want these items to be covered by your insurance company in case of a motorcycle accident you must ensure that you add accessory coverage to your policy, otherwise you will only be covered for the stock fair market value of your motorcycle or other motor vehicle in case of an accident.
Some motorcycle insurance companies automatically provide $1,000.00 in accessory coverage and some don’t. I highly recommend that you add up the cost of all of the add-on’s and accessories to your motorcycle, and buy enough accessory coverage to cover the cost of replacing the custom parts.
In the motorcycle world, add-ons and accessories sometimes equal or exceed the entire cost of the stock motorcycle. Make sure you take pictures of your motorcycle after the customization, and keep receipts for all add-on’s and accessories that you have put onto the motorcycle just in case of an accident. You will need to be able to justify the add-on and accessory cost to the insurance company in case of there is damage to your motorcycle for which you need to make a claim to your insurance company.
By Norman Gregory Fernandez, Esq., Copyright 2006
