Some motorcycle insurance policies are required to have an agreed value listed on the motorcycle. The agreed value is provided by the insured and must be agreed upon by the insurance company.

Agreed value is required for:

• Motorcycles older than 25 years
• Motorcycles that are listed in the N.A.D.A. Appraisal Guide and or Kelly Blue Book but do not show a resale value

The amount paid by an insurance company for a motorcycle insured with agreed value will be the LOWER of:

• Amount necessary to repair the damaged property to its pre-loss condition
• Agreed value shown on the declarations page

Pictures of both sides of the motorcycle and a copy of the title are generally retained by the agent. Also, an appraisal could be required to pinpoint the exact value of the bike. If you have a motorcycle insured with agreed value, you should update the value periodically whether the value goes up or down.