insurance collision coverage - Stromtrooper Forum : Suzuki V-Strom Motorcycle Forums
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post #1 of 12 Old 08-07-2014, 11:41 AM Thread Starter
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insurance collision coverage

Hey troopers!
Its insurance renew time for me, so as an individual, at what point is collision not worth it?

I have a 2011 650 which blue books for a dealer at like 5700 (not sure what for private sale). Geico quotes me at like 298 for a year with a $1000 deductible.
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post #2 of 12 Old 08-07-2014, 11:50 AM
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It's an individual choice. If the bike is paid off and you can afford to replace it, consider dropping collision. It's a crap shoot like any other gamble. Otherwise, pay the premium.

Pat- 2007 DL650A was ridden to all 48 contiguous states. I didn't quite make it to 17,000 miles on the 2012 DL650A.
Nicknames I use to lessen typing, Vee = 2002-2012 DL1000s. Vee2=2014-2016 DL1000s. Wee = 2004-2011 DL650s. Glee = 2012-2016 DL650s
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post #3 of 12 Old 08-07-2014, 01:52 PM
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This varies greatly, but with some insurance you can only get medical coverage for yourself and your passenger (as well as underinsured/uninsured coverage) if you also get full coverage.

I sometimes tote a passenger on the Vee, so I keep full coverage for that reason, even though my bike isn't worth all that much anymore. The costs aren't all that high, especially if you carry a higher deductible.

And I hope it goes without saying that you should carry far more than the legal minimum liability coverage.

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post #4 of 12 Old 08-07-2014, 11:39 PM
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Full coverage is an ambiguous term. It is not definite.
http://www.progressive.com/customer-...finitions/#PIP

For any insurance, if you can afford the loss, don't buy insurance. For the original question, $1000 deductible seems high...how much more is $500 deductible. It all depends on the individual's financial situation and comfort level. Liability coverage above the state minimum (zero in my state) is smart if you own anything. If you have a moderate or higher net worth, look into umbrella liability coverage. You're probably need $500k liability coverage on each vehicle, then the umbrella takes over in increments of $1mil.

Uninsured motorist medical coverage can be important in some circumstances, but not all. If you have excellent medical insurance, you might be duplicating that with UM. Discuss this with a good agent.

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post #5 of 12 Old 08-08-2014, 12:15 AM
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My personal opinion is that when a bike gets, let's say, over 4-5 years old, especially a bike like a wee/vee, almost any accident/incident will total it. Insurance companies always find an easy way out and, let's face it, that's usually to easiest. Blue book may be such and such a value at the dealership but when insurance looks at a bike that's not a 15- 20,000 plus machine it's a write off.

Now medical coverage is a different story but to just cover the bike, it's a wash having full coverage after a certain age...:beatnik:

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post #6 of 12 Old 08-08-2014, 02:29 PM
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$$298 for $1k deductable sounds steep to me, I wouldn't pay for collision if that my premium, luckily, I have ACV for $40 annually, no brainer for me, even if totaled its only worth $1500



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post #7 of 12 Old 08-08-2014, 06:30 PM
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Quote:
Originally Posted by PTRider View Post
Full coverage is an ambiguous term. It is not definite.
Car Insurance Terms and Definitions - Progressive Auto Insurance

For any insurance, if you can afford the loss, don't buy insurance. For the original question, $1000 deductible seems high...how much more is $500 deductible. It all depends on the individual's financial situation and comfort level. Liability coverage above the state minimum (zero in my state) is smart if you own anything. If you have a moderate or higher net worth, look into umbrella liability coverage. You're probably need $500k liability coverage on each vehicle, then the umbrella takes over in increments of $1mil.

Uninsured motorist medical coverage can be important in some circumstances, but not all. If you have excellent medical insurance, you might be duplicating that with UM. Discuss this with a good agent.

Uninsured motorist......it can also compensate you for lost wages and pain and suffering too. I rank it right up there as being as important as liability. You need it. I learned this the hard way. Yes I was told it was unnecessary as I had medical coverage through employment.

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post #8 of 12 Old 08-08-2014, 07:31 PM
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Originally Posted by chicago View Post
I rank it right up there as being as important as liability.
un-insured/under-insured is especially important for your own benefit

so may times I hear people claim "full insurance" when they carry state minimum on liability ....... not even enuf to cover the cost of the helicopter ride to the hospital



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post #9 of 12 Old 08-08-2014, 07:48 PM
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Insurance is different in every state. I carry about 15 different kinds of coverage that protect me, my bike, and my house. It's terribly expensive living near Boston, but at least I know I'm truly covered. I pay $1300 a year.

Read this, no matter where you live. Motorcycle Coverage Info

I should also add that I could insure the bike for $167 a year -- compulsory -- with no chance whatsoever of a payout to me under any circumstance.

-Tom (DL650AL2) (KA1TOX) (E-I-E-I-O)

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Last edited by tmcgee; 08-08-2014 at 07:51 PM.
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post #10 of 12 Old 08-08-2014, 09:18 PM
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I will say, it pays to read the fine print, and shop around.
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