Is Collision Worth it? - Stromtrooper Forum : Suzuki V-Strom Motorcycle Forums
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post #1 of 15 Old 04-28-2008, 07:00 AM Thread Starter
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Is Collision Worth it?

Time for me to get my yearly insurance renewal. And lucky for me, Massachusetts has finally (slightly) relaxed its socialist grasp on insurance rates and has finally allowed carriers to compete, so I'm shopping around for the best price. (For those who've never lived here, for the past few decades Massachusetts has set insurance rates for all carriers, making competition meaningless and chasing out all the big carriers like Geico, Progressive, Allstate and State Farm.)

Anyway, since I no longer have a loan on my bike, I'm free to only get the mandatory insurances. I do want to keep the optional Comprehensive in case it gets stolen, but I'm not sure collision is worth it. I could save 300 or so bucks I figure off my yearly premium if I don't have it. The deductible is 500 dollars already, so I'm trying to figure what kind of situation will cause me to get more than 500 dollars worth of damage but not so much that the bike is a total loss.

Anyone else have it? Anyone else gotten rid of it?
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post #2 of 15 Old 04-28-2008, 07:57 AM
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look online for the price of the parts that are likely to be damaged in a collision, then figure in labor. it may not take long to get to 500.00.
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post #3 of 15 Old 04-28-2008, 08:12 AM
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move to NH, cancel all your insurance:rolleyes1:

it's a gamble... I figger it it's worth it for comprehensive, it's worth it for collision, I carry full coverage when none is required, but my bike is worth almost 20times what my annual premiun is, and that's with 100 deductables on collision and comprehensive

hard to give advice on gambliing



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post #4 of 15 Old 04-28-2008, 08:35 AM
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Not the way I drive!

For me, the answer is an emphatic NO.

I carry liability insurance only on my 2002 Chevrolet Venture, my 2006 DL650, my 1979 CB750, and my 1965 CB77. In years past, I have not carried collision coverage on my assorted minivans and motorcycles.

Result: If the van or the Wee-Strom is destroyed, I can use the money that didn't go for premiums, buy a replacement vehicle, and still have money left over. Understand that I bought the van used, for $9000, so I was never driving a $35000 vehicle with no collision coverage.

In every insurance situation, the company must make a profit. I am emphatically among those who have fewer collisions than the average. If I bought collision coverage, the insurance company would make a substantial profit from me. I do not let that happen, and so long as I refrain from using my vehicles to hit things, the profit will stay with me.

By the way, I drive the van 12000 miles per year, and the Wee-Strom 14000 miles per year. The Hondas do not get so much exercise, and you all know exactly why! I haven't hit anything since 1966, and I haven't had a ticket since 1995 (rapping knuckles gently on skull). I think you can see that I am making a sound financial decision by risking the potential cost of replacing a costly vehicle.

Conclusion: this is a personal decision, and you need to look at your history and analyze your premiums, as well as the benefits, if any, from your coverage in the past. Insurance companies look at those figures, and then they adjust your premium so that you are likely to profit them.

You pay the $; you make the choice. Good luck in your analysis.
Keith
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post #5 of 15 Old 04-28-2008, 08:36 AM Thread Starter
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I hear ya. The problem is, my current quote is something like 900 bucks a year for full coverage. Which itself is saving me 90 bucks from my previous company, and add to that the 500 or so I'll save if I switch my car's coverage over, it's not too bad, I suppose.

But I really hate living in Boston sometimes...2100 bucks yearly for car and motorcycle combined, and that's not even including my renter's insurance!
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post #6 of 15 Old 04-28-2008, 09:23 AM
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I thought collision was not worth it.....until my buddy dropped his bike.
$5000 in damage and the bike was ride-able (we finished a 1,200 mile trip).


I am lucky that Comp/Collision/Liability only cost me around $210 so its a no brainer.

Now on my cars I gamble and only have Comp/Liability (my cars tend not to fall over :rolleyes
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post #7 of 15 Old 04-28-2008, 09:25 AM
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I generally don't carry collision or comp. It's a very individual decision though, you have to weigh in a lot factors:

Cost of insurance
Amount of deductible
Book value of the bike
What you think the odds of your filing a claim are.
Your tolerance for risk.
Your attitude towards the bike. Just a toy, or essential transportation?
Can you do repair work yourself?
Can you live with a few scuffs on the bike, or would you want it perfect again?
Your overall financial situation.

and probably some others.

Rich Desmond
'07 DL650, '01 DR-Z400S, '99 SV650 (race bike), '80 GS1000S, '85 RZ350, '08 Ducati 848
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post #8 of 15 Old 04-28-2008, 10:34 AM
 
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I carry collision on my 2 most expensive cars, but not on my bikes. For the bikes it's liability and comprehensive only. I gave a lot of thought to dropping comprehensive, but decided I couldn't stand the psychological pain of having a bike stolen without getting some payoff. Also comprehensive covers animal collisions, and I'm more likely to hit a deer than another vehicle.

Check Markel's Bikeline division, which is who I use. Rates are very good. Not sure how good they are on claims because I've never had one, but they do advertise a lot so they must be pretty big.
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post #9 of 15 Old 04-28-2008, 10:43 AM
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I would recommend talking to the insurance company and finding out what their policy is for determining value of the bike, and what % they use for totalling. This may help you in making a decision. I.e. if they value your bike at $2000 (just picking a number out of thin air), and use a 75% threshold for totalling, you'd only need $1500 in damage to total. Now, depending on how much the premiums are, you can make a more informed decision. Also, see if you can get any current info on the salvage value of the bike, as it can be worthwhile buying the bike back from your insurer and fixing it up yourself, if you plan on keeping it.

I've done this with a Miata, though it was stolen and recovered (in much worse shape), not wrecked.

K6 Wee, '97 Miata (track toy), '03 TDI Jetta (economy champ when 2-up or greater).
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post #10 of 15 Old 04-28-2008, 11:08 AM
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insurance

If I drop my collision I will save $123, which is about 40% of the entire coverage. If I have a collision all I have to lose would be some plastic to more than make up for that.
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