I got full coverage on my bike. Now if it gets stolen or totaled will the insurance company (state farm) give me kbb value for it, or what i owe? I've got a case of beer bet w/ my bro. i say kbb. Whos right!(please let it be me)
They give you the value of the motorcycle at the time it is stolen or totaled. If the motorcycle is worth 8k, but you owe 9k, the insurance company will only give you the 8k. This is why some dealer's sell gap insurance. Gap insurance covers the gap of what the bike is worth and how much you owe on the bike.
The insurance companies have 'insurance adjusters' that review the damage, and if it's totaled, they do research on the actual market value of your bike in the area that you live in, and they give you that, minus your deductible. So a 'totaled' bike is worth more or less in every market, and up north a totaled bike can be worth less in the winter, etc. KBB is a VERY rough estimate...the Insurance adjusters will do as much research as it takes to prove that your bike is worth less than KBB. hehe
While the posters on Kawiforums tend to be a sage group, you probably want to go to your insurance company and ask them all the specific questions. It really will depend on your policy and the specifics, and in my experience they are always happy to walk you through it.
I tailored mine so that my bike is covered for theft, uninsured drivers, third person coverage and anything god does to my bike (flood, fire, asteroid, volcano etc). An appraiser will always determine the value of the bike (see gap insurance) Anything I do to my bike: No coverage.
I am happy to take responsibility for my bike, I just wanted to cover off the rest of the world so I could sleep at night again.
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