Track Bike Theft Insurance - GSXR.com
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post #1 of 32 (permalink) Old 08-19-2014, 12:57 PM Thread Starter
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Track Bike Theft Insurance

SO I have 3 bikes in my garage and I want to get them covered because someone could get a crazy idea. Apparently State Farm says we do not insure racing bikes for theft coverage. I explained it is not for road use, but I want to be covered while it is in my garage. I even asked if my home owners policy covers a theft.

Who has theft insurance on their track/race bike?

What other coverages do you have?

Who do you go through?

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post #2 of 32 (permalink) Old 08-19-2014, 01:27 PM
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I'm pretty sure GEICO will cover for theft only. My mechanic carries it for his kids race R6 and is only covered for theft, damage (in case building catches on fire or floods or something), and damage while being transported.
Edit: I sent him a message asking, and when he gets back to me, I'll update you.


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post #3 of 32 (permalink) Old 08-19-2014, 01:30 PM
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There ya go Blue.

Nvmd- they'll only do it under a commercial application...but the lady referred me to progressive and said they offer that type of coverage.
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post #4 of 32 (permalink) Old 08-19-2014, 02:07 PM Thread Starter
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I will be getting coverage one way or another. Having 3 bikes sitting around worries my blue ass

I am still arguing with State Farm, whom all my other insurance is covered with.

Their response "So what do you do exactly with the bike. Our policies exclude any track designed primary for racing or high speed driving. "

My response "I am not sure why what I do there matters though. I want theft insurance for when the bike is sitting in my garage. I now have 3 bikes in the garage and 2 are uninsured. My thinking is, I better get protected because that could catch someone's eye. "

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post #5 of 32 (permalink) Old 08-19-2014, 02:21 PM
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I've been through this with no luck also.

If you do find an insurer they will only pay out to the name on the title of the bike, so keep that in mind.

Thefts usually do not want track bikes that are all safety wired and crashed already but I find them enticing.

You can always do what I do. Get a good guard dog for when you are gone and pull the wheels to the bike when it is just sitting.
I keep my wheels and tires inside and the bike is usually apart when I am not on it anyway.
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post #6 of 32 (permalink) Old 08-19-2014, 02:31 PM Thread Starter
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Originally Posted by wrx_02 View Post
I've been through this with no luck also.

If you do find an insurer they will only pay out to the name on the title of the bike, so keep that in mind.

Thefts usually do not want track bikes that are all safety wired and crashed already but I find them enticing.

You can always do what I do. Get a good guard dog for when you are gone and pull the wheels to the bike when it is just sitting.
I keep my wheels and tires inside and the bike is usually apart when I am not on it anyway.
Interesting information. Guard dog, check. I will let you know what else I find out.

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post #7 of 32 (permalink) Old 08-19-2014, 03:55 PM
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Anything that will add minutes to the theft will be left behind.
Moving a bike without wheels is a pain in the ass and takes to many people.
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post #8 of 32 (permalink) Old 08-19-2014, 04:03 PM
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Not only at home but what happens when you are heading to a track, when is it covered.... You think they would have something similar in coverage to a boat, jetski, atv etc. etc.
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post #9 of 32 (permalink) Old 08-19-2014, 05:03 PM
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Don't tell them it is a race bike. Just say you only want comprehensive coverage, not collision. That will cover left. Should be cheap. About $25-$30 a month. If state farm won't do it, get Dairyland Motorcycle Insurance. They are the cheapest anyway.
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post #10 of 32 (permalink) Old 08-19-2014, 06:42 PM
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Not that it would help you during transporting to the track but I would think your home owners would cover it. What was the response from your insurance on that one? The only issue I see they would try to argue would be what the bike was worth. I'm pretty sure if someone steals my lawnmower it would be covered, what's the difference.

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post #11 of 32 (permalink) Old 08-19-2014, 07:09 PM
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I got statefarm and they cover my track bike. Are you talking to an actual agent or just the toll free line? I say talk to an agent and if he doesn't help you find a different one.

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post #12 of 32 (permalink) Old 08-19-2014, 08:52 PM
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Quote:
Originally Posted by donnie73 View Post
Not that it would help you during transporting to the track but I would think your home owners would cover it. What was the response from your insurance on that one? The only issue I see they would try to argue would be what the bike was worth. I'm pretty sure if someone steals my lawnmower it would be covered, what's the difference.
You will find these exclusions in just about all homeowners / renters policies.

Property Not Covered. We do not cover:
1. Articles separately described and specifically
insured in this or other insurance;
2. Animals, birds or fish;
3. Motor vehicles or all other motorized land conveyances.This includes:
a. Their equipment and accessories; or
b. Electronic apparatus that is designed to be
operated solely by use of the power from the
electrical system of motor vehicles or all other
motorized land conveyances. Electronic apparatus
includes:
(1) Accessories or antennas; or
(2) Tapes, wires, records, discs or other media;
for use with any electronic apparatus.
The exclusion of property described in 3.a.
and 3.b. above applies only while the property
is in or upon the vehicle or conveyance.
We do cover vehicles or conveyances not subject
to motor vehicle registration which are:
a. Used to service an "insured's" residence; or
b. Designed for assisting the handicapped;


I spoke to one of my customers who is a claims agent for G.... He strongly suggested to cover the bike with a specialty insurance coverage as you can get the name perils covered and agreed value.

He did not think comp coverage under a standard auto policy would be a good idea for a bike that is not intended for road use.

He mentioned Harleysville as one the carriers that writes specialty coverage.

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Last edited by rv6john; 08-20-2014 at 09:45 AM.
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post #13 of 32 (permalink) Old 08-20-2014, 07:43 AM Thread Starter
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Last question.... Does the bike have to be in my name to get a payout? I have a bill of sale only. Is that good enough?

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post #14 of 32 (permalink) Old 08-20-2014, 07:47 AM
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You must have insurable interest, so they're going to pay out to the owner or lienholder.
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post #15 of 32 (permalink) Old 08-20-2014, 08:01 AM
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Last question.... Does the bike have to be in my name to get a payout? I have a bill of sale only. Is that good enough?
Nope.......
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post #16 of 32 (permalink) Old 08-20-2014, 08:07 AM Thread Starter
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You must have insurable interest, so they're going to pay out to the owner or lienholder.
So a bill of sale isn't proof of ownership? You are saying I should get it titled or something?

Quote:
Originally Posted by wrx_02 View Post
Nope.......
Nope to which question?

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post #17 of 32 (permalink) Old 08-20-2014, 08:20 AM
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post #18 of 32 (permalink) Old 08-20-2014, 08:27 AM Thread Starter
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To both of them.
Are you fawking with me?

It can't be to both.

Does the bike have to be in my name to get a payout? "Nope" Ok Bill of sale is good enough.

I have a bill of sale only. Is that good enough? "Nope" Ok bill of sale isn't good enough


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post #19 of 32 (permalink) Old 08-20-2014, 08:30 AM
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It can't be nope to both. Has to be nope/yep or yep/nope.

I'll ask one of our claims people about the title vs. bill of sale. I'd sure want the title to make sure. The bill of sale is what you use to get the title. Maybe it's good enough to prove ownership so you can insure it; I'll check. Insurance companies pay whomever had a financial loss because of the theft.
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post #20 of 32 (permalink) Old 08-20-2014, 08:34 AM Thread Starter
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It can't be nope to both. Has to be nope/yep or yep/nope.

I'll ask one of our claims people about the title vs. bill of sale. I'd sure want the title to make sure. The bill of sale is what you use to get the title. Maybe it's good enough to prove ownership so you can insure it; I'll check. Insurance companies pay whomever had a financial loss because of the theft.
I'm sure he is reading it a different way or something

Thanks for checking on that, that would be a big help.

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post #21 of 32 (permalink) Old 08-20-2014, 09:05 AM
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Any Tom, Dick or Harry can print up a Bill of Sale and sign it.
I can take a shit in a bag and sign it over to you but it won't mean anything.

The title has to be in your name to get paid by insurance. They will accept your monthly insurance payment for anything you want to cover. If there are 2 names on that title, then the check you get will have 2 names on it. If it is in John Ham's name then that will be on the check you get.

I would think they prefer it to be in someone else's name so the check never gets cashed.
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post #22 of 32 (permalink) Old 08-20-2014, 09:43 AM
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From my person in Claims:

Quote:
the titled owner has to be on a policy. they can get a new car policy i believe with their bill of sale. and have like 30 days or something, but i believe they require the title

some states you can show ownership in other ways as back up, but other states its just who has the title end of story
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post #23 of 32 (permalink) Old 08-20-2014, 09:47 AM
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I edited my previous post regarding covering it for comp only on standard auto policy after talking with a claims agent.

Specialty coverage is the way to go.

Quote:
Originally Posted by Chuckster View Post
If you think reading is tricky, how the hell are you going to follow troubleshooting directions?
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post #24 of 32 (permalink) Old 08-20-2014, 09:48 AM Thread Starter
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Originally Posted by tigerblade View Post
From my person in Claims:
Well another piece of the puzzle then. I will be looking into seeing if I can get a title, so I can insure this beach. Oh this is sure to be fun :beer: will be needed afterwards I am sure.

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post #25 of 32 (permalink) Old 08-20-2014, 11:12 AM
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I edited my previous post regarding covering it for comp only on standard auto policy after talking with a claims agent.

Specialty coverage is the way to go.
Just curious, what is wrong with just comp on an auto policy?
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post #26 of 32 (permalink) Old 08-20-2014, 11:27 AM
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Just curious, what is wrong with just comp on an auto policy?
The adjuster told me that the theft, or loss, of a non-registered bike would throw up lots of red flags.

He also said, while the company may not ask if it is for track use when first covering the bike, that it is a material fact and the company would not likely offer coverage in the first place if it was disclosed. That could lead to denial of claim with refund of the premium.

The second part, if they don't deny the claim, is that it will be settled ACV (Actual Cash Value) which may not be near what the bike is worth. Specialty policies are normally Agreed Value.

Quote:
Originally Posted by Chuckster View Post
If you think reading is tricky, how the hell are you going to follow troubleshooting directions?
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post #27 of 32 (permalink) Old 08-20-2014, 11:56 AM
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The adjuster told me that the theft, or loss, of a non-registered bike would throw up lots of red flags.

He also said, while the company may not ask if it is for track use when first covering the bike, that it is a material fact and the company would not likely offer coverage in the first place if it was disclosed. That could lead to denial of claim with refund of the premium.

The second part, if they don't deny the claim, is that it will be settled ACV (Actual Cash Value) which may not be near what the bike is worth. Specialty policies are normally Agreed Value.
Good to know. Thanks
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post #28 of 32 (permalink) Old 07-14-2016, 07:21 AM
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@BlueNwhiteGSXR what did you end up doing?

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post #29 of 32 (permalink) Old 07-15-2016, 07:11 AM Thread Starter
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Nothing. I built a secret storage area to hide it in and invested in cameras. If it got stolen, the check would go to the title owner. I have no clue who that is or how to get a hold of him.

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post #30 of 32 (permalink) Old 07-15-2016, 08:15 AM
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It may not be possible but:

If you tax/title, register, and inspect your bike then regardless of what you use it for it would not be possible for insurance to prove it was a racing only bike. In the eyes of the county and state its a road use vehicle.

Then comprehensive coverage would be plenty if the bike gets stolen.
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post #31 of 32 (permalink) Old 07-15-2016, 07:46 PM
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post #32 of 32 (permalink) Old 09-29-2016, 05:43 AM
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Not sure what the policy is for State Farm. I use them and have never inquired about insuring my track bike. I would assume that they would insure every thing if you pay extra. My wife's engagement ring requires a rider because it falls out of the norm from what is in the house. If you say you have a motorcycle in your garage that is not on the road I would imagine it could be covered under your homeowners policy if you pay more.

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