How much insurance?

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kabob983 · #1 Post by **kabob983** » Tue May 30, 2006 11:51 pm

Alright, I'm (hopefully) going to insure the new bike today. Question is though is how much insurance do I need? If i had a brand new bike that I just dropped $10,000 on that'd be one thing, but I spent a whopping $1800 on my 2000 EX500.

I don' really want to get so much insurance that I'm paying for the bike again every 2 years...it's not the most likely bike to be stolen...

Just trying to get some ideas of how much insurance I should be looking at.

Apitoxin · #2 Post by **Apitoxin** » Wed May 31, 2006 12:10 am

You will want to have coverage on damages to the motorcycle if you wreck alone, into someone, or an uninsured motorist.You will also want to have atleast some medical coverage too.

BigChickenStrips · #3 Post by **BigChickenStrips** » Wed May 31, 2006 1:13 am

Remember- no one plans to crash or have their bike stolen.

i would say get as much insurance as you think you can afford with a reputible company. it sucks to hand over thousands of dollars fo your hard earned money but it would suck worse to loose your bike becasue it was underinsured.

Apitoxin · #4 Post by **Apitoxin** » Wed May 31, 2006 1:31 am

HandsomeRyan wrote:Remember- no one plans to crash or have their bike stolen.

i would say get as much insurance as you think you can afford with a reputible company. it sucks to hand over thousands of dollars fo your hard earned money but it would suck worse to loose your bike becasue it was underinsured.

+1

kabob983 · #5 Post by **kabob983** » Wed May 31, 2006 2:44 am

Se7eN wrote:
HandsomeRyan wrote:Remember- no one plans to crash or have their bike stolen.

i would say get as much insurance as you think you can afford with a reputible company. it sucks to hand over thousands of dollars fo your hard earned money but it would suck worse to loose your bike becasue it was underinsured.
+1

True, but if I'm paying $800 a year for a bike that's only worth $1800...that just seems foolish in my mind. In 2 years I've almost paid for the bike again!

pinger05 · #6 Post by **pinger05** » Wed May 31, 2006 2:59 am

kabob983 wrote: True, but if I'm paying $800 a year for a bike that's only worth $1800...that just seems foolish in my mind. In 2 years I've almost paid for the bike again!

Just want to point out that the insurance company needs to make money as well. $800 per year is about what I paid for my 78Honda CB750K. The bike cost me $400 and I rode it for 18 Months.

For my $7,000 91 Honda Civic DX (cage) I paid $1,200 per year to insure it. Kept the thing for until 2001. The math of it sucks but in CA and CO you are required to have insurance.

Thing to keep in mind is that you are not insuring the price of the bike you are insuraning the coverage. If you have an accident and you send someone to the hospital (but we will pray that it never happens) your insurance company is going to have to shell out $100,000 for medical bills providing that is what your policy is. If you are in an accident with an un-insured motorist the insurance company is going to have to pay for the damages someone else caused up to your policy limit. Make a little more sence??

#7 Post by **zarakand** » Wed May 31, 2006 4:33 am

kabob983 wrote:True, but if I'm paying $800 a year for a bike that's only worth $1800...that just seems foolish in my mind. In 2 years I've almost paid for the bike again!

Yep, I agree this factor sucks. I don't justify insurance by the cost of the bike, but by the cost of medical and damage to others. In our lawsuit happy country, it makes sense to get the best insurance you can afford.

Mustang · #8 Post by **Mustang** » Wed May 31, 2006 9:45 am

Yep, the insurance is really there for the damage you do to someone else in case of an accident. You don't want to pay for the rest of your life over the results of a motorcycle accident.....

So get as much as you can afford.....

guitar guru · #9 Post by **guitar guru** » Wed May 31, 2006 10:26 am

kabob983 wrote:True, but if I'm paying $800 a year for a bike that's only worth $1800...that just seems foolish in my mind. In 2 years I've almost paid for the bike again!

Ha... My insurance (AAA) wanted $4000 a year for full coverage on my 1988 Ninja 600R, a bike I bought for $1400. Screw that. Interestingly enough, for a 2005 ZX-6R they only want around $1500 for full coverage for some reason. At least that's what their site quotes. I don't understand this company...

flynrider · #10 Post by **flynrider** » Wed May 31, 2006 2:30 pm

kabob983 wrote: True, but if I'm paying $800 a year for a bike that's only worth $1800...that just seems foolish in my mind. In 2 years I've almost paid for the bike again!

I agree with you. Those telling you that you need coverage for passengers and the like, are assuming that liability is the same as full coverage. It's not. You should definitely have liability no matter what you ride. As far as insuring the bike itself (comprehensive, collision), that's where you have to decide on the tradeoff between the extra premium vs. the value of the bike. Personally, I've already saved enough on comp and coll to pay for my bike a few times over.

It's really a personal decision. If you ran the bike into a brick wall, got it stolen, or accidentally burned it down while changing gas filters, could you absorb the loss of your $1800 bike? That's a question only you can answer.