Insurance Question- Replacement Insurance Coverage

[2BLUE]

I have been looking for replacement insurance for my bike and can't find it anywhere. Whats with that...There's no such thing in alberta?

[CUG]

I'm pretty lost, replacement as in your bike was stolen and needs to be replaced? Or.... I hate my insurance company, so I'm replacing it with another?

Could you elaborate please sir?

[2BLUE]

Replacement insurance as in if the bike is wrote off, stolen, damaged in anyways over 50% of its value I get a new bike.

ICBC calls it replacement insurance.

[Masked Bandit]

Originally posted by 2BLUE
Replacement insurance as in if the bike is wrote off, stolen, damaged in anyways over 50% of its value I get a new bike.

ICBC calls it replacement insurance.

In Alberta it's called the SEF 43R - Waiver of Depreciation. Generally speaking it's only available on PPV (Private Passenger Vehicles) and if you are the original owner. It's valid for the first 30 months. I've never seen it on a recreational vehicle (motorcycle / quad / boat / whatever) but that's not to say it's impossible.

[japan_us]

I asked for this last year, when my bike was new. Basically, I told them that, if anything happens to my bike (accident, stolen..whatever) I want to be able to buy the exact same one. I did this because I got royally screwed when I had to write off a vehicle that was less than 3 months old (I didn't do my homework and didn't check off a particular box. Probably the "replacement insurance" one.)

I was told that they didn't offer such thing at the time, however, was told that this year, there might be that option. My renewal isn't for a couple months, so if you find out if this is available, please share the details. Thanks!

[2BLUE]

I have called everywhere and can't find anyone offering this.

If this is the case talk about a way the insurance companies get out of it once again! Its total bull.

[Masked Bandit]

Primmum MIGHT have something available.

[ExtraSlow]

TD Meloche Monex has that for cars. I have it for the first five years on my 2007 Mazda3. It gets more expensive each year though as the gap between the replacement value and the depreciated cost increases. Still, it's a decent deal.
No idea if that works for bikes also.

[CUG]

Keep the valuation of the bike at the same rate you paid for it? You'll pay a bit higher premium, but you'll remain protected no?

[TC06]

I got my '07 GSXR paid out the full value minus the deductible when I got into an accident, but the accident was in the same year as when I bought my bike. Are you looking for something like that?

[2BLUE]

Originally posted by TC06
I got my '07 GSXR paid out the full value minus the deductible when I got into an accident, but the accident was in the same year as when I bought my bike. Are you looking for something like that?

Yes.

[TC06]

I'm not sure what it was called in the policy but Royal & SunAlliance have it. http://www.rsagroup.ca/royalsun/en/

[2BLUE]

I was insured by them they don't have it.

My insurance broker says only cruiser bikes have replacement insurance.

[Dave P]

Aside from Masked Bandit (cause he is the best broker out there***Now send me business MB haha) , if you want to deal with knowledable brokers on bikes, I would talk to Blue Circle.