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Thread: Insuring someone elses bike?

  1. #1
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    Insuring someone elses bike?

    Here's one for you. I have been planning on taking a bike trip with my brother from Vermont to Nova Scotia for several years now. The trip is coming together but as the date gets closer the fellow who offered me the use of his BMW R100RT for the trip is getting a little concerned about insurance. What we figured out was that he has to insure the bike, as the insurance goes with the bike. In other words, I can't buy insurance for his bike because it isn't mine. Trouble is, he feels his bike is worth a whole lot more than blue book and his insurance company won't insure it for more than that. Anyone know of a way around this? I could just let him hold the nine thousand dollars he thinks its worth and retrieve it when I finished the trip with the bike in one piece. Problem with that is that unlike insurance where you only pay a portion of the total I would be paying the full amount for any damage. He's a decent enough fellow, he's just starting to have some concerns as the trip gets closer. This is probably a hint that I should be looking elsewhere for my ride. I'd use my bike but it's a long ways from my place in Washington to Vermont and I don't want to spend my whole vacation just getting to my brothers place.
    Only a Biker knows why a dog sticks his head out of a car window.

  2. #2
    It's a way of life! oldnslow's Avatar
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    Ask your agent if your coverage would cover a borrowed bike. Be upfront with your agent about it. Also, if the owner of the r100 values his bike that much, I don't think I would want to borrow it.
    Mike Davis
    "Old n Slow" It's a way of life!
    1985 K100RT

    1998 R1100RT

  3. #3
    Unfunded content provider tommcgee's Avatar
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    Time to find a different ride, eh?
    Salty Fog Rally 2007, 2009, 2011, 2012, 2014 And DRAT! Missed the last one in 2015!

    -Tom (KA1TOX)

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    OldBMWMaster JDOCKERY132445's Avatar
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    Antique bike

    I had my old airheads insured with Hagerty. The bikes were worth what I said they were worth. I had my R100RT insured for $4000.
    Jerry Dockery
    309 N. 3rd. Ave.
    Kure Beach, NC 28449
    2009 R 1200 RT,1996 R1100RT, 1985 K100RS...too fast to believe.

  5. #5
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    Pay him the premium to insure the bike for "replacement" amount. Any good company/broker can arrange that, they'll need to see the bike and yes premium will be higher than regular policy. When you find out how much, compare that amount to that of renting a bike. If you give him money to buy the replacement value coverage...cancel it at end of trip...you'll get a portion of premium back.

    I'd fly, rent ride and fly back home. Rent a Harley, there pretty much available anywhere. Call Max BMW in NH or Troy, New York and ask them if that know of a BMW rental location...there was one in Vermont last year as they had ad in the ON magazine and their web site is still showing, but isn't coming up right now.

    Good luck.
    MOA #46783

  6. #6
    2011 R1200RT ka5ysy's Avatar
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    i'll put my attorney hat on: the legal problems this arrangement can cause are huge. Lots of issues come to my mind and I would not advise anyone to do this. This is an international trip, in addition, and can cause a whole host of problems you really do not want to deal with.

    If you want to take the trip, get one from a rental agency and go have fun without all the possible problems that can occur borrowing a friends classic bike.
    Doug, 2011 R1200RT Polar Metallic
    MSF #127350, Instructor, Louisiana Dept of Public Safety
    Motorcycle Safety, Awareness & Operator Training Program
    NAUI Instructor #36288, Board Member, Divers Alert Network

  7. #7
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    Careful

    First, I would never take an agents word for it. Get it in writing. I ran into this once and when I asked for the agent to provide written back up for his statement. He called the adjuster and his statement was in error.

    Second, I recently read that many bike insurers insure the owner on his/her own bike. They do not even cover you taking a test ride. Obviously, most dealers carry their own insurance for test rides. If you drop it you usually pay the deductable

    If you are planning to let the owner hold 9K, why not just buy a bike and sell when you return?

  8. #8
    Old man in the mountains osbornk's Avatar
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    Quote Originally Posted by oldnslow View Post
    Ask your agent if your coverage would cover a borrowed bike. Be upfront with your agent about it. Also, if the owner of the r100 values his bike that much, I don't think I would want to borrow it.
    Being an insurance adjuster until I retired, the insurance on your personal motorcycle normally covers a bike you borrow but only in an excess basis and only for the market value of the bike. The insurance on the bike is primary so the collision would only cover the bike if there was no collision insurance on it or for the difference between the deductible if the bike insurance has a higher deductible.

    I wouldn't borrow a classic Airhead from someone that feels it is so special. If you dropped it or broke it, I could see a lot of problems. I would find another bike to ride from someone or a rental agency where it is just another bike. I have loaned both of my bikes to a friend to attend rallies but I only did it because I was with my friend. I would not loan it for a trip were I was not along.
    'You can say what you want about the South, but I almost never hear of anyone wanting to retire to the North.

  9. #9
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    I think the insurance issue is a yellow light as far as a heads up to consider other options. I just did a search for BMWs in the Vermont area and came up with three nice ones. One in particular was a 1996 R100RT for $5000. 31,000 miles, one owner, worked on by the same mechanic and four thousand less than my brother's friend thinks his bike is worth. I'll call my insurance agent Monday and see what he has to say. My brother mentioned buying a bond. Thanks for the in put guys.
    Only a Biker knows why a dog sticks his head out of a car window.

  10. #10
    Registered User arthurdent's Avatar
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    rent

    +1 on rental. A bunch of friends towed six bikes to the east coast, then ferried up to NS for a weeklong ride. their #1 comment was that they would rather have spent more on renting bikes on site than paying for all of the fuel to trailer out there.

    Your friend needs to get real. Airheads in pristine shape go for $4-5k. Sounds like he doesn't want you to use it. Take the hint and find another ride.

  11. #11
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    I'm leaning heavily towards buying a bike. Rental prices for a decent touring bike, Harley or BMW run around $150+ a day. For two weeks that would be two thousand dollars minimum. There are some discounts for multiple day rentals but it doesn't amount to much of a savings.
    Only a Biker knows why a dog sticks his head out of a car window.

  12. #12
    Registered User easy's Avatar
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    Quote Originally Posted by tommcgee View Post
    Time to find a different ride, eh?
    +1


    If he is this much of a headache before the ride begins, you can imagine what kind of a headache he will be if there is a scratch on the bike after the trip.


    E.

  13. #13
    Registered User lmo1131's Avatar
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    I'm leaning heavily towards buying a bike.
    You want to buy a bike for a short trip? Whose history is unknown. From a complete stranger? Out of state?

    Consider what hidden costs might be involved ... i.e. a major component gives up the ghost. Now you're stuck, away from home, with a motorcycle that doesn't run, and you're responsible for it. If everything goes well, you're still stuck with getting it home, transporting it home, selling it, etc.

    I think I'd rent and let someone else bear the responsibility. Of course you're more than likely not going to be able to rent a "classic".
    "It is what you discover, after you know it all, that counts." _ John Wooden
    Lew Morris
    1973 R75/5 - original owner
    1963 Dnepr

  14. #14
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    Two years ago, my brother and I shipped our bikes to Portland, OR. from Indiana and Illinois respectively. We then flew out and picked the bikes up at the BMW dealer who had agreed to accept them. I got there just as the transport pulled in. Anyway, we needed two weeks lead time for the transport to get out there, no bike for two weeks, but all was well coordinated and worth it. Cost us $550.00 each to ship one way. Our airline tickets were less than $300.00 each. So we put out $850.00 each to get our bikes and us there. We would have spent $300 to $400 if we had driven out for gas, food and motels, so not that much more expensive. It was one of our best trips...spent time in NW and took our time getting back home via the bikes. The best part was being fresh when starting the trip, instead of having spent four days getting to our real starting point. For a time and energy saver it was great. At my brothers age of 75, it was much appreciated.
    MOA #46783

  15. #15
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    Sure something could go wrong but things can go wrong with new bikes as well. I trust my judgement of motorcycles and human nature to be able to select a reliable (as can be expected), used bike. For a savings of $2000+ I'm willing to take my chances. I have broken down on the road before and gotten home.
    Only a Biker knows why a dog sticks his head out of a car window.

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