Author Topic: Insurance! TO Insure or NOT? (Read 5803 times)

Daytona · « **on:** December 06, 2005, 02:16:02 PM »

Hello all! After looking at the putfile\dumpalink/ wreck
http://media.putfile.com/You-Got-Owned-AGAIN
http://www.dumpalink.com/media/1133520808/Bike_Gets_Owned_By_A_Car and hearing horror stories, I'm looking into buying bike insurance like I've done before (and didn't) Most of you know here in FL you don't have to have a policy to legally ride your Bandit! 10k of medical even lets you ride w/out a skid lid!!! I'm pretty sure this can be covered by your auto policy or just your medical policy from your job (if you are lucky enough to get one from your employer) There must be Bandit owners that know the inside scoop! I have found out that the medical part if you get it on a policy quote is a whopper amount of the total sum. With medical and loss, over $800.00 per year/ just covering the other guy and law suit up to 250k $99.00!!! The liability part is what i'm after! I've heard that even if the other is ticketed and you are proven even a few % @ fault the $ after suit can take everything you own! except for your house (here in FL) I have maj med coverage, and bike 98 B12 w/40k miles is worth what? maybe 2k! So don't want loss of it coverage! Which way to go you brainy Bandit riders??? Would it be too libelous to have a poll on cost & coverage by those who have a policy?

WEINERDOGBONE · « **Reply #1 on:** December 06, 2005, 02:33:34 PM »

Buy full coverage. My full coverage policy w/a $250.00 deductable is only $350.00 per year. The law requires liability insurance in Indiana but I would never go w/o insurance on my bike. I have too much money invested in riding to go without.

Thats just my $.02.

rider123 · « **Reply #2 on:** December 06, 2005, 02:43:26 PM »

At that price I would insure even a 20 year old bike for collision. In Toronto, for me to just ride is $682. For full coverage which covers everything but Al Queda attacks(It may even cover that)I pay $1100 per year and can't drive for 3 months of it!

Sven · « **Reply #3 on:** December 06, 2005, 05:11:14 PM »

If I were going to drop a anything from full coverage, it would be comprehensive. However, that means if the bike is stolen, or you lay it down while avoiding hitting a deer, or lightening strikes it, anything other than being STRUCK by another vehicle, you are S.O.L. How much money can you save without comprehensive, and are you ready to buy another bike if something happens to this one? Only YOU can answer that questions (while preventing forest fires).

ratbike05 · « **Reply #4 on:** December 06, 2005, 05:25:13 PM »

I'm not sure if there is a difference between auto and motorcycle insurance because I only sell auto policies in FL. That said, I believe you are required to carry the PIP(medical payment is part of this coverage) along with the liability property damage(covers the other guys vehicle). It is definitely worth taking liability bodily injury as well as the property damage. Florida minimum is $10,000 per person $20,000 per accident for the bodily injury portion and $10,000 for the property damage portion. The PIP you should be able to select deductibles. If you have medical coverage then take a higher deductible to save some money there. Uninsured/Underinsured bodily injury take it if you can afford it. I found a great place that gave me full coverage with $250 deductibles for $92 for the year. www.bike-line.com

ttewejnodnarb · « **Reply #5 on:** December 06, 2005, 05:52:09 PM »

I think this is all going to be too dependant on location, age and record to get an accurate picture, but here goes:

Gieco
$605
Bodily injury liab 50K/100K
Prop damg liab 25K
Supp unins mot 25K/50K
PED-PIP basic

I don't remember the quotes for adding collision/theft but I think it was more per year than I paid for the bike!

I looked into medical coverage once too...but I don't remember the quote. I have medical through my job now but will (99%) be going back to school in the fall of '06 for mechanical engineering and will have to look into medical and maybe suppliment it through the bikes policy.

Ramble-ramble

SHREDDER · « **Reply #6 on:** December 06, 2005, 08:14:20 PM »

Here in NJ the worst place to buy insurance I pay $158 a year for bottom line liability only for a B6. Just for shits and giggles I called my company for a sportbike quote and they told me $3,300!

Sven · « **Reply #7 on:** December 06, 2005, 09:01:52 PM »

I have GEICO, $527/year.

Bodily Injury/Liability @ $110K/$300K
Property Damage @ $10K
UMBI @ $25K/$50K
Comprehensive & Collision @ $500 deductible

Desolation Angel · « **Reply #8 on:** December 06, 2005, 09:40:10 PM »

I can't give you the same advice as these others. I carry liability only. Bought the '01 in late '04. I don't feel like the bike's value warrants full coverage at this point. Maybe if it were an '01 BMW it would be worth it to me.

Red01 · « **Reply #9 on:** December 06, 2005, 10:02:44 PM »

I don't carry collision, but I do carry Comp & PL/PD.
I figure if I wreck the bike on my own, I deserve the loss, but if it gets stolen, or a tree hits my garage and takes it out, it's covered... besides, Comp is pretty cheap. I pay GEICO $100/yr for what I've got.

solman · « **Reply #10 on:** December 06, 2005, 10:38:56 PM »

I paid cash for my B12, so I have the option of liability or full coverage. I chose full coverage for the fact that if something happened to it, I wouldn't be able to replace it. I think mine is $550 a year thru Progressive.

PeteSC · « **Reply #11 on:** December 07, 2005, 06:11:10 AM »

Who do you have insurance with now?
Have you talked to your agent, and gotten them to run the price of some options, like dropping the comp?
Check bumping your deductible up on the comp to like $1000, and see what that does to the price. Get some prices from your current insurer, and shop around.

For me, not having any liability isn't an option unless you have some serious bucks in the bank, and are prepared to spend it if you get sued.

aussiebandit · « **Reply #12 on:** December 07, 2005, 06:35:45 AM »

I have Full Comprehensive Insurance, basically whatever I hit is covered, I'm covered if someone hits me or if some prick steals it, and if I have a 'single vehicle' accident I'm covered.

As my bike is under finance I HAVE to have full cover, otherwise my finance company will loose their sense of humour real quick.

But, I'd have full comp insurance on any vehicle that is going to cost me a more than a months wages to replace. If the vehicle is a cheapy, then I'd just get 3rd party property insurance. 3rd Party insurance basically covers me for any damage I do to someone elses property. The rego insurance covers me for anyone I kill or injure.

Cost for me, $580 per year. That's for an over 35, rating 3 rider based in the country. Before my little off a year or so ago I was a rating 1 rider and the cost was $400.00.

2WheelinDaily · « **Reply #13 on:** December 07, 2005, 09:38:37 AM »

State Farm
2003 B12S

Liability
Property
Bodily Injury
Medical
Comp 250 deductible
Collision 250 deductible
Uninsured
Total: $404.60/yr

vadim · « **Reply #14 on:** December 07, 2005, 10:02:46 AM »

Brooklyn sucks... Here's what I get on my B6 for 750 a year:

Bodily Injury / Guest Passenger
$50,000 person/$100,000 accident
Property Damage
$25,000 property
Pedestrian Personal Injury Protection
$50,000
Uninsured Motorists Bodily Injury
$25,000 person/$50,000 accident
Supplemental Uninsured Motorists Bodily Injury
$50,000 person/$100,000 accident
Medical Payments
No coverage
Optional Basic Economic Loss
No coverage
Comprehensive
No coverage
Collision
No coverage
Custom Parts and Equipment
No coverage
Roadside Assistance
No coverage

I have good medical/insurance from my company. Collision + Comprehensive would have bumped up my coverage to about 2200 dollars. I paid 3K for the bike. I am 25, insuring bike for the first time, 1 speeding ticket 3 years ago. Full coverage (w 1000 deductible) from my 01 Infiniti I30 is 3300 dollars. So much for cost of living in NY.

-Vadim