Ducati.ms - The Ultimate Ducati Forum banner

1 - 16 of 16 Posts

·
Registered
Joined
·
902 Posts
Discussion Starter #1 (Edited)
I am in the process of getting my Paul Smart ready to ride this season for the first time in over three years. I plan on getting the valves checked and the belts replaced. But, on to my question.

I called my insurance agency (AllState) and was going through the process. After giving her my VIN # she asked me was it a GT 1000. I told her no, that it is a Paul Smart. She said that it comes up as a GT 1000 - 992ST and that is all she can pull up. Everything is greyed out. I then gave her my 2007 1000s VIN # and she pulls it up and it says the same thing. A GT 1000-992. I asked her how much it is covered for but it did not have a value. She is looking into this.

Anyone ever run into this before or might know what is going on. The difference in prices between a GT and PS is quite significant. Mine also has the Race Fairings as well as Termi's.

Thanks.
 

·
Registered
Joined
·
902 Posts
Discussion Starter #3
Same thing when I just insured my (new) 08 biposto, Geico policy reads GT 1000. 🤷‍♂️
Good to know. I just want to make sure I am covered for a Paul Smart and not a GT in a worst-case scenario. Since she couldn't tell me what value my bike is covered for, I am waiting on her to get some answers.
 

·
Registered
Joined
·
853 Posts
Geico has listed my S1K as a PS. 🤔
 

·
Registered
Joined
·
853 Posts
It's... ambiguous. I think they use NADA Guide values. Nothing is stated in the policy.

And I'd rather not find out how/what they think it's worth especially with the "goodies" we all have installed. Certainly I think it's more valuable than they do but it's hard to find agreed value insurance. No claim is the best "policy".
 

·
Registered
Joined
·
1,779 Posts
The way to go if you want to be completely covered is to have a stated value policy --But that normally requires the bike to be over 25 years old -------As for a normal insurance policy with lets say State Farm, Geico, Progressive, Allstate etc the bike is only worth what book value shows---That $5000.00. of aftermarket goodies you purchased and installed means jack shit to the value --Without a stated value policy book value is all you will get
 

·
Registered
Joined
·
536 Posts
Thanks, StraDuc. You didn't happen to see what they were valuing it for, did you? The 1000 is better than a GT......No offense GT owners. :cool:

1002686



Sounds like they only have so many models in their "pull downs".
Depending on what you hear back, I would probably still check with some other insurers to see what they have to offer.

For grins, I just checked with Hagerty, who I have my old cars insured with, and for their motorcycle policies they do list the Paul Smart and 1000 Sport. I was able to put in my own estimated value for quote purposes. Not sure what their agreed value would be. I'm sure it's worth much less than a GT1000... :LOL::ROFLMAO:. Might be worth checking with them as well as Foremost, among others that I'm sure folks can recommend.
 

·
Registered
Joined
·
902 Posts
Discussion Starter #10
Thanks for the responses, everyone.

I will wait to see what my agent has to say. She used to work for Hagerty and is calling them to ask questions. I agree with your point Rennsportmotorrad that a stated value policy is the way to get a better understanding of what you might get if the bike was totaled or stolen.

As for you Metman. We'll have to settle this on the track, mano a mano or better yet, moto a moto. 🏍....................
 

·
Registered
Joined
·
853 Posts
Love that dude's riding "boots". At least he IS wearing a mask...
 

·
Registered
Joined
·
902 Posts
Discussion Starter #14
Talked with my agent today. She said that if I totaled my bike, Statefarm adjusters would pull the VIN and it would read it as a GT 1000. So, I would get a payoff for the value of a GT 1000 which she said would be around $11k. Since I have add-ons totaling $5k, I would get close to $16k. I actually find this sort of high for a GT model, but I think that was what the NADA Bluebook value was around as well.
 

·
Registered
Joined
·
853 Posts
Talked with my agent today... I would get a payoff for the value of a GT 1000 which she said would be around $11k. Since I have add-ons totaling $5k, I would get close to $16k...
I know I was unhappy when I found the insurance industry likes NADA. It's easy to check the NADA guide and they say a 2008 GT has a base average retail of $3655 not $11K. They show a 2006 S1K (my bike) at $10,075 and I would be most unhappy if that was what they wanted to pay me in a total loss situation. Like Rennsport says above an agreed or stated value policy is the only way to not get hosed by the insurance company should you experience a total loss. You might want to have another chat with your agent about her opinion (and where she got that opinion) that a GT is worth $11K. If you follow the market for these bikes you know that $3655 is ridiculously low for a nice GT but try explaining that to the insurance adjuster after your bike is stolen.
 

·
Registered
Joined
·
902 Posts
Discussion Starter #16
I know I was unhappy when I found the insurance industry likes NADA. It's easy to check the NADA guide and they say a 2008 GT has a base average retail of $3655 not $11K. They show a 2006 S1K (my bike) at $10,075 and I would be most unhappy if that was what they wanted to pay me in a total loss situation. Like Rennsport says above an agreed or stated value policy is the only way to not get hosed by the insurance company should you experience a total loss. You might want to have another chat with your agent about her opinion (and where she got that opinion) that a GT is worth $11K. If you follow the market for these bikes you know that $3655 is ridiculously low for a nice GT but try explaining that to the insurance adjuster after your bike is stolen.
Yea, we are talking again on Friday. I thought the quote she gave was a little high for a GT model.
 
1 - 16 of 16 Posts
Top