anyone gotten their bike stolen while still makin payments?

[greaselightnin]

how does state farm handle stolen bike claims? i just want to understand the process better. im still making payments and want to know if they pay off the bike and give u what the bluebook value is or what? who's been thru this? i know i should ask state farm but i dont want them hearing me ask these questions and if something happens, think that i had it planned or something.

[CaligoneTx]

If you have GAP and FC, you need to consult your loan/title owner.

Otherwise, you are in binding agreement for the financial burden regardless of whether you have possession of the bike or not.

[Helios]

Couple of people that've had a Bike For Sale thread up for a while or broke up with someone all of a sudden have had their bikes stolen too.

I mean... um....

You can prob check all of that info online.
Progressive has everything online.

[xhangyx]

If your bike is stolen, they will only pay off the NADA value of the bike, unless like cali says, you have the GAP insurance as well. In this case, they will pay off the whole note if it happens to be higher than the NADA value of the bike at the time of the claim. Stolen claims do not raise your rates either, and with State Farm, they do not have a deductible you have to meet either. Best thing you can do is find out what kind of coverage you have and if you have the GAP insurance. Go from there with another post to ask any additional questions...

[kdog22]

how does state farm handle stolen bike claims? i just want to understand the process better. im still making payments and want to know if they pay off the bike and give u what the bluebook value is or what? who's been thru this? i know i should ask state farm but i dont want them hearing me ask these questions and if something happens, think that i had it planned or something.

My old 600rr got stolen from my old apartments and I have state farm. They, just like any other insurance company, will give you as little as possible. This means around blue book value. Doesn't matter if you have $2000 in aftermarket crap either. Too bad for me, i owed more than what the bike was valued at and State Farm didn't pay all what i owed...

That shit pissed me off becuase to me, what the hell do i have full coverage for if i'm not fully covered? Idk, that's the only thing about state farm that i don't like.. They are all fuckers just like every other damn insurance company..

Also, i hope you had GAP insurance through your lender. That will cover up to a certain percentage that the insurance company doesn't cover if it comes to that. Might want to check into that.

I still got fucked even though i had GAP as well.

My advice to you, stay on top of your crap. Make sure it gets done right. Try not to settle for less with your insurance company. I don't care who anyone has for insurance, they will try and pay as little as possible. They are all fudgepackers.

[RACER X]

well aftermarket stuff can be insured, but you have to tell the ins. co how much it was and keep receipts and you will prolly end up paying more since your bike is "worth" more.

some co's also allow a certain $ amount of addons allowed as long as you keep receipts.

[cintron.ben]

I have state farm and I claimed a full leather suit, helmet, gloves, and addons I had on the bike and all were covered up to $2000 I believe. If you have full coverage, and didn't get that covered, you got screwed.

[MudBug]

Insurance companies only pay up to retail value plus TT&L.

GAP Insurance can only be bought from the lender and only able to be bought at the time the loan is taken out. It also only covers up to 150% of the value of the bike.

If you owe $2,000 and the Ins. Co gives you $10,000 you pocket $8,000
if you owe $8,000 and they give $2,000 you are left owing $8,000 and if it's not paid it will go against you.

If the bike is worth $2,000 gap will cover upto $3,000.

best thing to do is keep your shit locked up, get lojack, and a alarm.

[MudBug]

Insurance companies only pay up to retail value plus TT&L.

GAP Insurance can only be bought from the lender and only able to be bought at the time the loan is taken out. It also only covers up to 150% of the value of the bike.

If you owe $2,000 and the Ins. Co gives you $10,000 you pocket $8,000
if you owe $8,000 and they give $2,000 you are left owing $8,000 and if it's not paid it will go against you.

If the bike is worth $2,000 gap will cover upto $3,000.

best thing to do is keep your shit locked up, get lojack, and a alarm.

[txferrari]

I had State Farm on my old Fast N Furious car back in the day. You'll never believe this, but they gave me $500 for the stickers I had on the car. I was shocked.

[NgaWhat]

GAP FTMFW!!!!

paid 300 bucks for 5 year cover plan

[kdog22]

how does state farm handle stolen bike claims? i just want to understand the process better. im still making payments and want to know if they pay off the bike and give u what the bluebook value is or what? who's been thru this? i know i should ask state farm but i dont want them hearing me ask these questions and if something happens, think that i had it planned or something.

My old bike got stolen before i even made my 2nd payment on it. I had state farm at the time and still do.

They, like all insurance companies blow hairy nuts when it comes to paying any money. I had full converage on my bike. They only paid what their blue book value on the bike was. Even with all the extras. They don't make the payoff for you. I even had GAP insurance through my loan company but that only pays up to a certain percentage. I was still fucked outta $1,300 in the end.

So really it just depends on how much you owe on the loan as to how much of a problem your looking at.

State Farm has been good to me otherwise but i still hold my middle finger out to them.

[jrfitzny]

I don't have much experience with aftermarket accessories, but aren't a lot of exhaust systems intended for "race only" applications?

Will an insurance company cover your race exhaust if you're using your bike for street use? :shrug:

I doubt it, but some clarification would be helpful :thumb: