In case of a total loss, there are three types of settlements you may be offered by your insurance provider. Settlement types usually depend on the type of motorcycle you own and your policy.
Actual cash value
The actual cash value of your motorcycle is the replacement cost minus the depreciation and the deductible.
Agreed value or stated amount
The agreed value or stated amount is the value of a motorcycle as agreed upon by the insurance provider and the policyholder in the contract.
In order to receive any compensation for custom equipment or accessories, there must be a CPE endorsement on the insurance policy.
Do you need more information about motorcycle insurance? Our agents and customer service representatives are here to help. Call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. For your convenience, Insurance Navy is open from 8 a.m. to 9 p.m. CST, 7 days a week.
*Please review your own policy carefully for details on motorcycle coverage. Settlement types vary by policy