What do you do for insurance??

04LS6 · Oct 10, 2009

Hey everybody,
This thought just popped in my head, what do you guys do for insurance once you get a bunch of work done to your sled? I mean, a guy buys a $13k or so sled, then tosses another $10k in the form of a turbocharger, and then whatever else a guy adds that costs some nice dough.

I know if you buy a sled from the stealership with all the bells and whistles, then the price won't be an issue and the insurance company will just insure it for the full amount as per the bill of sale. However, if you are like me and bought the sled at one shop, but want another shop to do all of the work in one shot, how do you add the rest without running into issues with the insurance company.

I called mine, and they said that they would want a list and receipts of all the work done on the sled, and if any of it was to enhance the performance of the sled in any way, they want to know why, even then they might not insure it for the full amount and only insure it for the purchase price.

A guy would hate to toss a bunch of money into the sled and have something unfortunate happen and lose all that cash.

What are your thoughts?? Sorry for the long post.

:beer;

TApeX_07 · Oct 10, 2009

I just keep the reciepts. And most companies are willing to help you with them if you lost em if they have your purchase on record.. I lost mine to a fire last year. I got book value plus 60% of all the aftermarkets. It definatly took a while though. MANY calls, emails, and faxes. Worked out well in the end.

Extreme-One · Oct 10, 2009

I bought my sled all done up, I told the insurance agent that the value of the sled was more then nada value and he insured it for what ever dollar amount I gave him... I took pictures of the sled so he knew what was done to it because I didn't have the receipts for all the aftermarket parts... he said pictures were fine.

Pastor · Oct 10, 2009

Call Dan at Met Life

801 748 2900

He has offered me the best prices I have been able to find anywhere and he insures turbo sleds.

colorado yamaha · Oct 11, 2009

Similar scene for us - insur at NADA value or purchase price; then keep track of all of the extra parts or work done. I keep a 3-ring binder with all sled information in an Excel doc, work done, receipts, you name it. When it comes down to a loss, most cases the Adjuster wants you to find a comparible sled - at the time of loss ... for sale if possible as a comp and then the negotiations begin. That can be a tall order for those who run full mod sleds.

If your running a $30k sled you better have back up for those costs, bottom line. We video our sleds at the beginning of each season to include trailers so we always have the most current back up. Also, if you come across a sled that is for sale and similar to yours, print it out and keep it. You can speak with your agent about keeping information with them, but ultimately you will be fighting with an adjuster whose job it is to fight against paying your claim. You can also do your own Risk Assessment ~ depending on many factors which will guide you in the insurable amount (you might insur your sled for stock value or for $25k).

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What do you do for insurance??

04LS6

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TApeX_07

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Extreme-One

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Pastor

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colorado yamaha

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