Another question regarding insurance...

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Shiv · #1 Unread post by **Shiv** » Tue Mar 21, 2006 11:38 am

What's 'full coverage'? Is it having the maximum amount in every box (like on the progressive online quote deal thing)?

Or is it just having a little bit of something in every box, or liability + uninsured motorist + X + Y + Z?

What defines 'full coverage' and does it vary from company to company? Not the price, just the stuff included in it. Obviously the price varies.

Tue Mar 21, 2006 1:11 pm

max of everything. Basically, you could yell "DIE SCOCCER MOM!" and crash your moto inter her cage head on and be fully compensated.

macdaddy · #3 Unread post by **macdaddy** » Tue Mar 21, 2006 1:22 pm

I suspect the answer will vary from state to state and company to company, but here's how most of the people I know use the terms (apologies to any agents out there):

Minimum coverage - liability coverage at the lowest limits allowed by law (also includes uninsured motorist when required by the state)
Full coverage: liability + collision (+/- uninsured motorist)

The main thing driving the cost of insurance is the actuary's estimate of what you are likely to cost the insurer: ie. probability of a claim x average size of claim. Those things are primarily driven by your age, sex, location, driving record and choice of bike, and slightly by coverage limits.

The things you can work with to get the cost down is to accept more risk yourself - the higher your deductible, the lower the premium. No collision insurance, no collision premium. Obviously any discounts you can get from taking an MSF course, insuring multiple vehicles or your home with the same company, etc. should be explored.

Depending on your risk tolerance, and how much you have to lose, one thing to consider is an umbrella policy that picks up where your motorcycle, auto, property insurance, etc. leaves off. By carrying one policy for the unlikely big ticket items, you can lower the coverage limits on the other policies, maintain or improve your protection, and still save some money.

Shiv · #4 Unread post by **Shiv** » Tue Mar 21, 2006 1:48 pm

I'd rather not take on more risk while cutting my insurance rate. Will be taking enough risk everytime I throw a leg over the saddle.

But yah I'm calling Dairyland tomorrow to get some quotes on an EX500, GS500, and SV650 (more for kicks than considering one, they're expensive enough).

macdaddy · #5 Unread post by **macdaddy** » Tue Mar 21, 2006 2:05 pm

Insurance is simply spreading the risk of financial loss among a group of people. I have medical insurance that covers me whether I'm hurt on the bike or somewhere else. I choose to carry lots of liability insurance because if I were to hurt someone, they could take everything I own. On the other hand, I choose to self-insure my bike - I can afford to replace a $5000 bike (even if I have to wait awhile) if it is irreparably damaged - and the $2000 in premium I save every year by not paying for collision goes a long way towards that next bike.

FlyerPhil · #6 Unread post by **FlyerPhil** » Tue Mar 21, 2006 5:45 pm

Any difference between "full coverage" and "comprehensive coverage?"

flynrider · #7 Unread post by **flynrider** » Tue Mar 21, 2006 7:29 pm

I've always taken "full coverage" to mean liability, comprehensive, collision and the un/underinsured motorist coverages. In other words, whatever happens to you and your bike, you're covered (up to the $ limits you specified). Standard disclaimers apply for acts of war, terrorism, nuclear accidents and spacecraft falling from the sky (There's some real comedy in these policies

).

Liability covers other peoples things (and other people) that you damage. Collision covers your bike if you damage it. Comprehensive covers things that happen to your bike, like theft, fire and vandalism. Un/underinsured motorist covers damage to you, your bike and passenger done by someone who has no insurance, or not enough to cover the damage.

bikeguy joe · Thu Mar 23, 2006 12:14 pm

I have "comprehensive" on my bikes....it covers just about everything but me crashing it into an object or ditch. I am cover if I hit a deer, another car/person, (liability) or if the bike is stolen or damaged in anyway (fire, garage damage, vandalisim, ect.)

#9 Unread post by **Jamers!** » Thu Mar 23, 2006 1:05 pm

GeoffXR200R wrote:max of everything. Basically, you could yell "DIE SCOCCER MOM!" and crash your moto inter her cage head on and be fully compensated.

hahahahaha

JWF

Randy95 · #10 Unread post by **Randy95** » Thu Mar 23, 2006 2:58 pm

talked with my agent today. (State Farm) They do not offer discount for MSF class.
That surprised me. She indicated that their records indicate that most accidents (car / bike) are not the fault of the motorcycle.

Based on my driving record, age, multiple policies, the rate for a 2004 800-900 cc bike would be around $600-700 year. Thats with a $250 deduct.