I am not an Insurance agent, nor have I ever been one, but I have stayed a more than few Holiday Inns, so I have some expertise and experience in how to properly insure your sidecar rig, as a whole.
This issue comes up because one of our own here, has recently had an accident with his sidecar rig, and the insurance company wants to settle with him for much less than a third of what his sidecar rig is worth.
It all comes down to coverage, and we all know that the Insurance companies are in the business to make money, not lose money.
Rather than go into the entire story of this other persons issues, here is how I make sure that I an fully covered with a sidecar rig.
In most states in the US, a sidecar is nothing more than an "accessory" to your motorcycle, and that is how you want to insure it...as "accessory" coverage.
On all of my 2 wheeled motorcycles, I have full coverage insurance, which automatically includes up to $ 3,000.00 of accessories coverage. I pay nothing extra for that included $ 3,000.00 accessories coverage.
On all of my sidecar rigs, I have ADDED in extra coverage for $ 20,000.00 of accessories coverage, because I know that on top of the cost of my motorcycle, I can prove to any insurance company that to replace any of my sidecars, I will spend close to $ 20,000.00 having my sidecars built, and installed by any of the manufacturers in the US. Anything over and above the actual cost of building and installing the sidecars to my bikes will be included in that $ 20,000.00 "accessories" coverage, for things like helmets, riding gear, equipment in the sidecar, etc.
My Point: Check on your own insurance coverage, and make sure that you have ADDED in some additional "accessories" coverage.
You can add on as much, or as little, as you want to, so if the standard $ 3,000.00 accessories coverage that automatically comes with "most" insurance companies policies is enough for you, then great.
But if you need to have an extra $ 10k, or 15k, or 20k, or....$ 50k....in "accessories" coverage, it costs you nickels and dimes to protect dollars worth of accessories.
Sure, it may seem like money wasted, as most of us don't like paying for insurance, however....IF you need to use it, from an accident, or a Lightning Strike, it sure pays off in the long run.
Also, take 100 pictures of your sidecar rig, and keep them in a file on your computer...and save as many receipts for items you have added to your bike and sidecar, as they are proof of money invested.
Two Million Mile Rider
Exploring the World in Comfort
Hmm I know mine is way under insured.
It was very cheap though and if I lose it?
Not such a big deal.
The main benefit is 3rd party insurance.
Paying for someone else's fancy vehicle possibly would break my bank.
I will look at options again though when it's renewal time.
Mind my cheapest vehicle to own, register and insure is 100yrs old.
Go figure.
I gamble like the insurance Companys. So far good even if I lose one rig now, I still be ahead. Hopefully that day won't come.
My agents have insured my rigs on the basis of “i couldn’t replace it for less than $x” and that becomes the stated value. Might not work for everyone but it’s an option.
Illegitemi non carborundum est!
Hagerty Insurance is a good company; they mainly do classics. There rates are very reasonable and when it comes time to payout no problems.
My agents have insured my rigs on the basis of “i couldn’t replace it for less than $x” and that becomes the stated value. Might not work for everyone but it’s an option.
This is what I did for SYZ. Agreed value policy, plus accessory coverage (bike and riding gear). Interesting on the new Triumph they will do a full replacement value for the first two years. Both policies are pretty reasonable in cost (bundled for deduction).
Need to talk to them about personal injury though. I hadn't considered this as I have a pretty good medical coverage policy. But how they overlap, or don't, could be an issue. Since the Screaming Yellow Zonker is much more important than I am, that was the focus when the policy was purchased. 😉
Hold my keyboard and watch this! 🙃
I insure my rigs as antiques ,as that is what they are registered as. Antique insurance is cheap, but it keeps the horse pigs off my back. It costs about $75 Canadian to insure until Oct 15th, after then it's too cold to ride.
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Being from Canada, how I insure probably has no bering. But here goes.. In BC we have mandatory basic liability insurance by a government run company which is also vehicle registration. It also covers us for personal injury.. I know that because they paid for all of my medical treatment when I crashed my bike in Idaho. Two days there and ten days at home in ICU. My medical coverage and the travel insurance I always get didn't have to kick in. Any ways I usually get 1 million of coverage but lately have dropped that to 200,000 cause I'm cheap and we now have no fault, that might be a mistake. I then insure with a private company for the rest on a declared value policy. We sent in a bunch of pictures so they know they are insuring a fancy sidecar be fore they quoted. Collision, comprehensive, accessaries and gear. Up to 2500.00. I have also used that part as I had all my gear stolen out of the rig. They didn't cover every thing 🙁 but the rest of the claim was seamless. I have both bikes on this policy and it is good for the year, turns into a storage policy when not licensed for the road. Where as the liability is just for the months that I buy to ride.. No point paying if I am not riding. I could buy full insurance from the government company but they don't do declared value and the rig would only be insured for the months I have it licensed for riding.. I would have to buy additional storage insurance. Insurance is a game we all hate until we really need it.
