How much insurance coverage do I need???

[basshole]

Where do you live? How is your current policy with?

[SuperRookie]

....
Comprehensive
Collision
Towing
....

i have full coverage w/ my insurance company and it covers all the things you stated above. i paid $3,300 for the full year, i know it's alot (hopefully i'll be able to afford it), but it's because i'm young and i don't hav a license. (i can't get it yet...have to wait 6 months)

i ride an ex500 which i dropped a few weeks back....when i dropped it i felt like sh*t but but i thought "oh well" the insurance would pay for it and infact they did (altho it was close to being salvage),

total damages were $2,400. since "I" dropped it, they said my rate next year would be around $5,300 which is about $2,000 more.

like one the guys said, if you have a nice expensive bike, get full coverage......

but if you own a bike like my ex500, you might as well pay the extra $400 for the damages instead of making a claim and having it go on you record for the next 20 years.

Dude...you're paying $3000+ for ins. AND it's going to go UP to $5k+ next year?:shock: Uh, is that more than the bike is worth? Is it that much more expensive to insure a bike in the west??? wtf? That's just ridiculous and prohibitive...There ought to be a law...

[flynrider]

I was thinking the same thing when I saw that $5,300 figure. I'm assuming that a very large part of that total is going to be for the comp and collision coverage (due to the recent claim). Wouldn't it be cheaper just to get some basic liability insurance, skip the other coverage and buy yourself a new bike every year?

I only pay about $110/yr for liability on my bike.

[Sev]

Liability for me is $150 Canadian, and then $450 for fire/theft/hail.

I skipped comprehensive because that was over $1000 a year.

[jmillheiser]

Comprehensive is where they get you.

Dirtytoes if you dont owe the bank anything on your bike I would strongly suggest dropping comp and collision when renew time comes up. And switch insurance carriers.

Bike insurance is different than car insurance in the price of coverage. Comp and Collision are similar to a cage, but Liability coverage is cheap for a bike as you a lot less likley to hurt someone else or damage their car, Uninsured motorist coverage for bikes is pricey as in the event of an accident with an uninsured motorist the damage amounts on your side are likely to be much higher than a cage (bike crashes typically involve medical bills, especially bike vs cage).

[Dirtytoes]

out of 30 insurance companies, this was the "CHEAPEST", i was just as shocked as you guys were when i heard those numbers...but i thought i have no choice.....

the bike's price was around $4,000

i currently pay around $300 a month for 10 months (covers full year)
and the bike is a bit over $400 a month.

there is NO WAY that i'll get full coverage again next year at $5,300.

liability for me is only is around $400 a year.

i have the list that they sent me, here are my coverages:

Code: Select all

BODILY INJURY & PROPERTY DAMAGE LIABILITY	$286.00
    BI $15,000 EACH PERSON - $30,000 EACH ACCIDENT	 
    PROPERTY DAMAGE LIABILITY - $10,000 EACH ACCIDENT	 

UNINSURED/UNDERINSURED MOTORIST	$180.00
    $15,000 EACH PERSON - $30,000 EACH ACCIDENT	 

UM PROPERTY DAMAGE $3,500/$0 DED	$10.00
COMPREHENSIVE $100 DEDUCTIBLE	$280.00
COLLISION $100 DEDUCTIBLE	[b]$2,350.00[/b]
CUSTOM PARTS/EQUIP $1,000 INCLUDED WITH COMP/COLL

i think i should keep my policy until next year until it expires, and then once insurance rates on all companies boost up, then switch to liability for 3 years or so.

what do you guys think? what should i do?

[Dirtytoes]

edited

[Wizzard]

Tweety and I have 3 bikes insured with basic PL & PD and it costs us $76.00 USD a year thru Foremost MC Insurance . Granted that is one of the advantages of being an old dude .
I will guarantee ya that if I am involved in an accident , the chances of it being my fault will be practically nil . So the other mother better have lots of insurance.........
Regards, Wizzard
We have our own medical insurance .

[Dirtytoes]

Tweety and I have 3 bikes insured with basic PL & PD and it costs us $76.00 USD a year thru Foremost MC Insurance . Granted that is one of the advantages of being an old dude .
I will guarantee ya that if I am involved in an accident , the chances of it being my fault will be practically nil . So the other mother better have lots of insurance.........
Regards, Wizzard
We have our own medical insurance .

WOW <> $76 for all 3 bikes?
we all know you're good, that's why ur a mod? .....but what about us newbs