Bandit Alley
GENERAL MOTORCYCLE FORUMS => GENERAL MOTORCYCLE => Topic started by: Daytona on December 06, 2005, 02:16:02 PM
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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? :duh: :beers: :motorsmile:
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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.
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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!
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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).
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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
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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! :shock:
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 :duh:
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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!
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I have GEICO, $527/year.
Bodily Injury/Liability @ $110K/$300K
Property Damage @ $10K
UMBI @ $25K/$50K
Comprehensive & Collision @ $500 deductible
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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.
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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.
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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.
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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.
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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.
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State Farm
2003 B12S
Liability
Property
Bodily Injury
Medical
Comp 250 deductible
Collision 250 deductible
Uninsured
Total: $404.60/yr
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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
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I can't ride now, but when the Bandit was on the road-->I had state minimums + $1000 ded comp. I did add 10,000 medical when I went on long rides or ralleys away from home, but cancelled it when the ride was done, it was cheap that way. Yah, and I know most accidents happen close to home, blah,blah,blah. TX and SC are th only states I know...
Your Florida statement really suprised me, but you were right:
http://motorcycles.hsmv.state.fl.us/cycles.cfm?cat=0
Insurance for Motorcycles
* Is insurance required for motorcycles in Florida?
Under certain circumstances Yes. Insurance is not required to register motorcycles as with four-wheel motor vehicles. However, if a motorcycle operator is charged in a crash with injuries, then the owner or owner/operator is financially responsible for bodily injuries and property damage to others. If no liability coverage was in effect, then bodily injury/property damage liability insurance must be purchased and kept for three years to avoid license and tag/registration suspension or to reinstate license and tag/registration after suspension.
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At least you don't have to grapple with should i or shouldn't I! Hey PeteSC, is this question for me? If so Geico is who gets my payment on Auto. Like you said! but if you do have a few tangible things these days the liability coverage is a must! While in Augusta a few years back my wife narrowly avoided being a victim of a team of insurance scamer's. They pick out a car that looks like it is well insured, one blocks the other gets bumped, and you know the rest! There is no end to what can be gotten with lawyer ask O.J. I was looking for some insider info because its such a gray area, kinda like the stock market! And even your agent won't tell you which way to go for fear of a lawyer sending him a letter! I find out that if you get medical on a policy it only takes over after your other med coverage doesn't. Bike laws here in FL are a bit diff than most as Ratbike05 said he sold auto policies? unless you are ordered to! or the bank holds your title in fl it reads
MOTOR VEHICLE INSURANCE Chapter 324, Florida Statutes.
Florida's mandatory Personal Injury Protection insurance does not apply to motorcycles. Street legal motorcycles with three (3) wheels and motorcycles with attached sidecars are also exempt from this compulsory insurance requirement. The voluntary purchase of motor vehicle liability insurance is recommended for your protection and the protection of other persons. Failure to carry liability insurance can result in the loss of your driver license, tag(s), and registration(s) if you are involved in a traffic accident, convicted of DUI or other occurrences as defined in the Financial Responsibility Law, Chapter 324, Florida Statutes.
Ok for peace of mind I'm getting the liability? Which covers nothing for me other than if some retired/retarded fossilized sucker has a medication freeze up and pulls that left turn in front of me and the camera isn't running! My wife will still have something cause i doubt i'll be around to set the record straight!! :duh: :annoy: :clubme: :motorsmile:
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This is an organization which provides consumer information on the various kinds of insurance and the things you might consider when selecting coverages. http://www.iii.org/individuals/auto/
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Pete's in SC like me... We both have to have bike and car insurance - it's required to carry separate liability coverages if we drive a car and a bike.
Daytona,
Yeah, I guess I'm a little confused too for Florida if I'm reading your post right. Ok for peace of mind I'm getting the liability? Which covers nothing for me other than if some retired/retarded fossilized sucker has a medication freeze up and pulls that left turn in front of me and the camera isn't running! My wife will still have something cause i doubt i'll be around to set the record straight.
I'm no lawyer, but that scenario sounds like his insurance should cover damages to you... I thought liability was when I caused the accident and am liable/responsible for the property damages and injury of the party I forced to have an accident. My liability coverage really doesn't do that for me, it protects me financially by paying someone else's medical/property damage in a accident where I was at fault.
Gieco and Progressive have good insurance reps, I'd contact them like Pete said, and talk to a motorcycle rep and see what they advise in your situation. Then maybe a group or lawyer like Sven mentioned to find out all the details, if you think the rep is trying to scam you.
I guess talking about, or going through a bunch of what if's with all of us really is not helping from a Florida perspective. IMHO-I'd take the course of action I mentioned above; find out my best options and insurance deals in Florida and go from there...
Good luck, I hope you get it straightened out..
Ride Safe,
Mike :)
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Mike you are right. Liability is only to cover the other party when you are at fault for an accident. I think Daytona means that if he gets whacked by an old cager who turns in front of him at least there is coverage since he won't be around to prove the old guy was at fault.
Daytona, thanks for the PIP info for the bike insurance. That saved me some time looking through Florida's site.
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Daytona, I used to live in Duval, and Hillsborough Counties, but didn't have a bike at the time.
I can't give you much specific advice on what to do, but....I would personally be real scared of exposing myself to more financial risk, just to save a couple of hundred bucks a year.
There's probably some way to save some bucks on insurance, without sticking your neck out too much.
Your injuries from a bike wreck can get real costly. Maybe your work insurance won't quite cover it all, and employers keep trying to exclude coverage for risky stuff done off duty.
If a couple of hundred bucks a year means you have another layer of defense in a lawsuit,or more money to pay hospital bills without selling the kids....I think it's worth it. (Depends on the kids, though..) :duh:
At some point 'saving money' isn't worth it.....
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Full comp insurance, covers me for anything, that bastard Murphy and his missus can throw at me, and the other half. We get change out of a gorilla, for the 2 bikes (B6 and the ZRX) Then again we are rating 1 for life, even the courier van we can get insurance where many couriers can not for any price. :beers:
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Daytona,
I have full coverage on my Bandit, $330 a year w/$250 ded. My quote was $196 a year until I added "uninsured motorist" ! That was where all the big cost came from. But then you have to think about it. What type of maroon driving a cage would be driving like a retard anyway and hit me? The answer: probably the type who also didn't have any insurance! So it's all about how much risk you’re willing to take. Personally, if I woke up in a hospital and then heard the retard who hit me had no insurance, THAT would kill me!
:banana: