Insurance Verbage...What does it mean???

[GolfVenture]

"""The policy limit is $3500.00 less your $250.00 deductible."""

 

Does this mean that the MOST I can receive is $3250.00.

 

Or

 

Does it mean that after the value of the bike is determined with all its accessories then the $250.00 is applied from the total value of the bike. If after the deductable value is subtracted and the value is still greater than $3500.00, then the most I can receive is $3500.00?

 

Any insurance Professionals out there?

[Rick Haywood]

I am thinking the most you will receive is $3250

[Yammer Dan]

By no means a Insurance pro but think you are right. They take deductable from total. Not sure how I did it and it was against his ins. He had bare min. to allow him on road. But they offered me 700 bucks for my 83 in 2006 and I went nuts on them. Every chance I got. Ended up with 3000 bucks but it was a fight and I convinced them I was nuts and somebody was going to get hurt. Not sure if it was worth it but when they offered 700 for a bike I loved that much I may have been nuts!! If you don't have to be in a hurry works for you. They like to settle by the deadlines.

[Black Owl]

In a word "Yes". If the policy limit is $3,500.00, that is the maximum amount the insurer is legally obligated to pay.

If you are the claimant, and the other party only has a $3,500.00 policy limit, and your loss is greater than the stated policy limit, you can then file a claim for the difference under your under insured insurance.

[Cougar]

Why would one get such a low amount when they insured there bike in the first place?

 

I myself have mine insured for 25K with a $50.00 Ded.

[Aimhigh]

Why would one get such a low amount when they insured there bike in the first place?

 

I myself have mine insured for 25K with a $50.00 Ded.

 

 

Is the the liability amount (25k)?...I'm pretty sure the insurance company is not going to pay for more than the vehicle is worth...they will total it first.

[Cougar]

My Coverage is for the Hannigan Trike Kit , the Bike and Trailer together.

now looking I just noticed the it was and older first gen tho.

not sure what the value is for an older year.

 

My liability amount is much higher then that.. wife is an insurance agent

and tells me what to get LOL to cover our ass.