Insurance - What coverage? - Stromtrooper Forum : Suzuki V-Strom Motorcycle Forums
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post #1 of 16 Old 04-13-2008, 11:00 AM Thread Starter
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Insurance - What coverage?

Just read through a posting earlier about insurance rates and got really curious as to whether or not I have the correct coverage. Isn't 'insurance' about the most legalized form of extortion that exists? May I ask please, for a motorcycle (of course), what kind of coverage do folks have and why they chose what they did? Really curious about such options as:

Bodily Injury / Property Damage
Uninsured / Underinsured
Medical Payments
Personal Injury
Comprehensive
Collision
Roadside Assistance
Accessory Coverage

I appreciate any and all feedback on this because several of you have definitely been riding much longer than I have and have been exposed to one or more situations that have probably had you think about your coverage.

Thanks!
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post #2 of 16 Old 04-13-2008, 01:03 PM
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Here is my Progressive coverage for my 2007 DL650. I told my agent I wanted everything that could be offered at the highest levels of protection. I bitch about it when I have to pay the annual bill, but if I go down for some reason, I want those recovery bills paid.

Extortion, I agree. But have you ever spent 4 days in the intensive care ward? You'll wish you had more coverage than even what I have below.

Liability-
Bodily Injury- $250k each person/ $500k each accident (disappears really quick in a hospital stay)
Property damage- $100k each accident

Unisured/Underinsured Motorist (welcome to Minnesota, where I'm required to pay for the other guy hitting me when he's not insured)- $250K each person/ $500k each accident

(I think these are the highest levels Progressive will offer. Some companies stop at $100K/$300K.)

Comprehensive

Collision

Accessory coverage ($3000)

Theft protection

12 month premium total- $256
Paid in full discount of $26

12 month cost is $231.

Steve.
Twin Cities, MN, USA
'18 DL650XT, previously '07 DL650 and others
"With the rights of life, liberty, and the pursuit happiness comes responsibility, to yourself and others. With responsibility comes accountability. Without responsibility, without accountability, we cannot and will not be a free and civilized society."
-Me, Steve T.

Last edited by stevet; 04-13-2008 at 01:07 PM.
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post #3 of 16 Old 04-13-2008, 01:13 PM
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Ripper off

Yeah I've got the full-boat package on an '07 DL650 and it costs a whopping $468.00 a year. I have not yet figured out why but I 'm suspect of that one moving violation from two years ago and a bad credit report. Yes, your credit rating will affect you premium amount. If someone can explain exactly why I'd like to hear it. I've got quotes from just about everyone in the business and they're all above $400.00. I lump insurance companies in with lawyers and politicians as the most evil groups on the planet.
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post #4 of 16 Old 04-13-2008, 05:42 PM Thread Starter
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Quote:
Originally Posted by stevet View Post
Here is my Progressive coverage for my 2007 DL650. I told my agent I wanted everything that could be offered at the highest levels of protection. I bitch about it when I have to pay the annual bill, but if I go down for some reason, I want those recovery bills paid.

Extortion, I agree. But have you ever spent 4 days in the intensive care ward? You'll wish you had more coverage than even what I have below.

Liability-
Bodily Injury- $250k each person/ $500k each accident (disappears really quick in a hospital stay)
Property damage- $100k each accident

Unisured/Underinsured Motorist (welcome to Minnesota, where I'm required to pay for the other guy hitting me when he's not insured)- $250K each person/ $500k each accident

(I think these are the highest levels Progressive will offer. Some companies stop at $100K/$300K.)

Comprehensive

Collision

Accessory coverage ($3000)

Theft protection

12 month premium total- $256
Paid in full discount of $26

12 month cost is $231.
Quick question.......... Doesn't your medical coverage from work cover you for bodily injury?
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post #5 of 16 Old 04-13-2008, 05:59 PM
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His liability has bodily injury. If you run over someone else that's where liability comes in.

I can buy PIP (Personal Injury Protection) with my insurance but I decline it since I have coverage through work.

Roger ('14 Tenere ES, COG 5903)
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post #6 of 16 Old 04-13-2008, 06:52 PM
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Pedestrian Insurance....

In NYC you have to carry pedestrian insurance to cover you if you smack a jaywalker crossing against the light. Every time I catch one in my cross hairs I think of that extra $30 a year on my premium and I goose the gas just a little, of course I always let up but sheesh I get to pay for morons crossing against the light. :rolleyes1:
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post #7 of 16 Old 04-13-2008, 08:05 PM
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Quote:
Originally Posted by JoeInLex View Post
Quick question.......... Doesn't your medical coverage from work cover you for bodily injury?
I don't know if it would or not, but even if it did, it would be secondary to the motorcycle policy. Can't have too much when it comes to putting your body back together.

Steve.
Twin Cities, MN, USA
'18 DL650XT, previously '07 DL650 and others
"With the rights of life, liberty, and the pursuit happiness comes responsibility, to yourself and others. With responsibility comes accountability. Without responsibility, without accountability, we cannot and will not be a free and civilized society."
-Me, Steve T.
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post #8 of 16 Old 04-13-2008, 09:54 PM Thread Starter
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Quote:
Originally Posted by stevet View Post
I don't know if it would or not, but even if it did, it would be secondary to the motorcycle policy. Can't have too much when it comes to putting your body back together.
Good point.
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post #9 of 16 Old 04-14-2008, 12:54 AM
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Quote:
Originally Posted by JoeInLex View Post
Quick question.......... Doesn't your medical coverage from work cover you for bodily injury?
Depends. I'm not an expert on this but some companies have riders to exclude pilots, skyjumpers, motor vehicle racers, etc from their medical.

I have paid for extra medical to pay for deductables, insurance company fingerpointing or double dip the benefits. Luckily, I have no idea how it works.

The one coverage we all need and I have never purchased is an air ambulance policy. It's likely your medical doesn't cover much of it and we are normally riding in places that are in the boonies. There's some companies that sell it but I haven't looked lately. I think it's about $400 a year.

Rod
07 Vee
Riverview, FL
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post #10 of 16 Old 04-14-2008, 08:13 AM
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Don't owe

I own my Vee, and figure I can afford to buy the next one if this one goes down (and I survive). So I have basic liability through Dairyland, which is on the order of $50 a year. I have good medical through my work, never take anyone for a ride that isn't family (and not often them), and my favorite venue is nearly deserted 2-lane in the country, so I don't expect to have pedestrian problems. Other than my house I don't have a lot of assets, so I figure any money-grubbing lawyer would pass on a contingency lawsuit. Oh, and I ride like I don't have insurance, which is to say, carefully.
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