third party liability coverage - Stromtrooper Forum : Suzuki V-Strom Motorcycle Forums
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post #1 of 12 Old 04-08-2008, 09:04 PM Thread Starter
 
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Question third party liability coverage

Hey folks, I had a question about insurance and thought I would ask for some opinions. I was just renewing my motorcycle insurance. I went for the basic coverage through ICBC (I am in BC) and got my extended through Beacon (a private company). My questions is about third party liability coverage. How much do you carry? If I remember correctly, the basic coverage I bought has about $200 000 (or is it $500 000, can someone from BC who knows remind me since I am at work and my paperwork is at home?). I was given the option of increasing my 3rd party coverage to 1 or 2 million for an extra $140 or so. I didn't so I could do some asking around. On one hand, an extra $140 sucks, but on the other hand if it protected me and gave someone a decent settlement should the worst happen and I hurt someone...

What do you think/do?
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post #2 of 12 Old 04-08-2008, 11:35 PM
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Coverage for WHAT risk?

Gumption (hey, that is an excellent name!),

I cannot imagine how you are going to do that much damage with a motorcycle. Short of plowing into a crowd at supersonic speed, you have much more coverage than I can imagine needing.

I believe you are being invited to hand over a gift of $140 to some people who scarcely deserve it.

You can see how far I am from your lovely province, and I promise you that the stink of ICBC carries all the way to Florida very pungently indeed! It seems that the private insurer who is trying to plunder your purse has learned his craft from the masters.

Rethink, grasshopper. The suits are rubbing their hands gleefully when they look at you.

Keith
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post #3 of 12 Old 05-20-2008, 07:41 PM
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If you carried a passenger that got injured in a crash, you may want more than the minimum amount of liability insurance.
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post #4 of 12 Old 05-20-2008, 09:23 PM
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Wow, $140 to go from $200,000 to $1M?
I'm in Alberta, so there is no govn't insurance, all private. But when I was discussing my insurance, they quoted me for $1M 3rd party liability.
When I called them back to discuss further, I asked about dropping it to $500,000, or the minimum $200,000. It wasn't worth the savings, I think it would have cut the annual premium $20 bucks or something.
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post #5 of 12 Old 05-20-2008, 11:15 PM
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Quote:
Originally Posted by Keith Falkner View Post
Short of plowing into a crowd at supersonic speed, you have much more coverage than I can imagine needing.Keith
It may not happen in your world Keith, but with my luck that would be my predicament. I'd never consider riding with anything less than $2M. It's cheap. It doesn't take much to run a hefty bill for injuries, medical care, pain and suffering, physiotherapy, lost wages, loss of future earning potential, e.g.
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post #6 of 12 Old 05-20-2008, 11:57 PM
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Ive got the same coverage and I go threw Beacon also...I figured a million was ok for my bike...truck and Van I do 2 million and the underinsured protection also,protects against fools that dont carry enough insurance.I dont think you can get it for a bike though. If I were you Id go for more than the minimum...you can never have to much protection.

08 Vee

Last edited by Masked1; 05-20-2008 at 11:59 PM.
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post #7 of 12 Old 05-21-2008, 12:40 PM
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I don't think I have ever carried less than $1 million liability. It is pretty standard on any policy I have used.
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post #8 of 12 Old 05-21-2008, 03:28 PM
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I used to live in Victoria and I know ICBC sucks. I paid way too much for insurance when I lived there. I'm in Ontario now and have full coverage on my 650K7 for $730 a year with $1 million liability. The liability portion of my policy is $33, Direct Compensation-Property Damage is $100, Accident Benifits are $179, Collision is $256, Comprehensive is $162.


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post #9 of 12 Old 05-21-2008, 05:57 PM
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Quote:
Originally Posted by silverstrom View Post
I used to live in Victoria and I know ICBC sucks. I paid way too much for insurance when I lived there. I'm in Ontario now and have full coverage on my 650K7 for $730 a year with $1 million liability. The liability portion of my policy is $33, Direct Compensation-Property Damage is $100, Accident Benifits are $179, Collision is $256, Comprehensive is $162.SS
Insurance for my 1000 (combination of ICBC / Private) is $1100, and that's with 2M third party and full collision / comprehensive. From what I understand, insurance for a 650 is about $250 less here in BC. If you subtract that from the $1100, and factor in the 2M liability, the numbers may not be THAT far off. I may not like it, but until I am eating dog food out of a can I'll keep paying it.

Last edited by WeThereYet; 05-21-2008 at 10:46 PM.
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post #10 of 12 Old 05-21-2008, 06:51 PM
 
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$200,000 is all I carry. Maybe one day it will come back and bite me. I pay $480.00 for 6 months insurance no fire and theft. Just seems too high for a bike already for only 6 months.
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