High-value cargo coverage concerns?
I had a discussion about this over the weekend and wanted to gather some insights from others before contacting my insurance agent.
To give you some context: My friends and I went biking, and I had around $25k worth of electric bikes loaded onto my car (two on the roof and two on a hitch rack). I’ve seen people transporting competition-level bikes worth over $100k in their pickups.
I’m curious about a few things:
– Are there specific coverage options or add-ons I should consider?
– If an accident occurs and it’s not my fault, do insurance companies typically cover the damages, or would I need to pursue a separate lawsuit? What if the other party has minimal or no insurance?
– Conversely, what happens if the accident is my fault?
I appreciate any advice or experiences you can share! Thank you!
It’s great that you’re proactively seeking advice before reaching out to your insurance agent! Here are some insights regarding your questions about transporting expensive cargo like electric bikes:
Rider for High-Value Items: Some insurance companies offer riders or endorsements that specifically cover high-value personal property. Check if your current policy can be adjusted to include such coverage.
If It’s Not Your Fault:
If the other driver has little or no insurance, you may need to rely on your own uninsured/underinsured motorist coverage, if you have it in your policy. This can help cover your losses without a lengthy lawsuit.
If It’s Your Fault:
It’s a good idea to discuss these specifics with your insurance agent to ensure you have the right coverage tailored to your needs. Also, consider documenting your bikes’ values (receipts, photos, etc.) to streamline any potential claims in the future. Good luck!