Nevada is a fantastic place to own a motorcycle with its many wide open stretches of highway across the desert and mountain landscapes. Plus, Las Vegas, NV is home to many motorcycle conventions and events, making it an ideal place to ride. Unfortunately, Nevada for all its beauty and opportunities does come with its risks, including motorcycle theft. If you’ve fallen victim to such theft, you might be wondering whether your motorcycle insurance from Red Rock Insurance will help. Let’s take a look at that answer:
Will Motorcycle Insurance Reimburse Me for My Bike’s Theft?
The most important answer to this is that it will primarily depend upon whether you have only collision coverage or collision and comprehensive coverage. Collision insurance is mandated by law so as to protect others who might be insured in an accident. In contrast, comprehensive insurance is not mandated by law, but if your bike is being leased, your lender might mandate the purchase of comprehensive insurance. Comprehensive insurance protects in the event of non-collision incidents, including someone stealing your bike. So, if you have comprehensive insurance, yes! Your insurer will offer reimbursement.
However, how much you will be reimbursed will depend upon a couple of factors, including:
- Deductible. As with many types of coverage, there will be a deductible for theft claims. This is the amount you will need to pay out of pocket before your insurer will step in.
- Actual Cash Value vs. Replacement Cost. Each insurance policy will list whether, in the event of a covered comprehensive claim, they will pay out the actual cash value (which takes into account depreciation costs) or if they will pay out the replacement cost, which translates to the funds needed to purchase a similar make, model, and year motorcycle.
Also, make sure to report the crime! Your insurance company will require a police report that lists your motorcycle’s VIN number and the theft incident before a claim can begin processing.
Contact Red Rock Insurance to Learn More
Interested in upgrading your motorcycle insurance policy? Give our team a call today! We’re proud to serve clients throughout the greater Las Vegas, NV area.