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General V-Strom Discussion Talk about all things V-Strom not limited to just one of the above models

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post #1 of 12 Old 05-24-2010, 01:34 PM Thread Starter
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Insurance

I am looking into insuring the soon-to-be new-to-me V. Progressive (My chosen provider) has questions about how much coverage I prefer, uninsured motorist coverage etc.
My question, what do you have as far as levels of coverage?
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post #2 of 12 Old 05-24-2010, 06:46 PM
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Can you afford to replace it? Just buy liability coverage. If not, get collision, maybe $500 deductable if you can afford that, otherwise a lower deductable (with higher insurance premium). Get comprehensive with maybe $100 deductable.

Do you have good medical insurance? If so, you don't need to double up on your medical insurance in case if injuries on the bike. You can omit uninsured/underinsured motorist medical insurance. Otherwise, be sure to get it. If you ever ride with a passenger, be sure they are covered for medical and you are covered for liability.

For liability coverage, I prefer to get the minimum required under my umbrella policy ($500k), and I have the umbrella liability coverage equal to twice my non-retirement assets. If you don't have any net assets (you owe as much or more than you own), you don't need a lot of liability coverage, but probably more than the state minimum.

Don't hang you hat on just one insurer. Contact several and shop for the best rates. There can be a wide difference. Check for rates both with all your home & vehicle insurance as a package and with each individually. The range of rates may surprise you. Some insurers are known for slow, slow payment. Your state insurance office may have some data for complaints against the different companies.

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post #3 of 12 Old 05-24-2010, 07:03 PM
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Post Insurance Coverage

I would suggest you get a quote from dairyland insurance. They had the best rates by far from all other insurance agencies I called.
As far as coverage goes, consider getting unrestricted coverage. That way, if there is an off highway accident or an accident which does not involve another vehicle, you would still be covered.
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post #4 of 12 Old 05-24-2010, 07:17 PM
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Originally Posted by PTRider View Post
For liability coverage, I prefer to get the minimum required under my umbrella policy ($500k), and I have the umbrella liability coverage .
same here, with the umbrella

with collision and comprehensive, I evaluate the value of my bike vs cost.

with my driving record and garage address, even with $100 deductables, its a no brainer, sure I can afford to replace my Vee without the coverage, but the additional $60/year make the decision easy

on the other hand, my 05 winstar that gets driven by employees cost more for collision annually than the vehicle is worth, that one only gets liability, med payments & um

I would never go with state minimums on liability, at least 100k/300k and 50k in PD



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post #5 of 12 Old 05-24-2010, 07:49 PM
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From a column in the June issue of MCN....Underinsured and uninsured motorist coverage could cover rehab costs, lost wages if you are disabled, loss of mobility if you lose a leg, help your wife if you are killed or compensate for your loss of life's enjoyment if you are blinded or paralyzed.

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post #6 of 12 Old 05-24-2010, 08:05 PM
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From a column in the June issue of MCN....Underinsured and uninsured motorist coverage could cover rehab costs, lost wages if you are disabled, loss of mobility if you lose a leg, help your wife if you are killed or compensate for your loss of life's enjoyment if you are blinded or paralyzed.
thanks for emphisizing the importance, I carry the same limits on UM as I do my liability, why would I cover myself for any less than I cover anybody else



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post #7 of 12 Old 05-24-2010, 08:25 PM Thread Starter
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Lots of good advice, thanks.
The umbrella policy you are referring to, you mean in your homeowner's policy or something else?
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post #8 of 12 Old 05-24-2010, 09:27 PM
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No full coverage from Shelter for me

I pay $120 a year for liability. I also have to do the high coverage cause of my umbrella.I thought about getting full coverage today and Shelter told me they would not do it. I told my agent I want to speak to the underwriter. My driving record is perfect and have all policies with them. Hmmmmm?????
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post #9 of 12 Old 05-24-2010, 10:20 PM
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I pay $120 a year for liability. I also have to do the high coverage cause of my umbrella.I thought about getting full coverage today and Shelter told me they would not do it. I told my agent I want to speak to the underwriter. My driving record is perfect and have all policies with them. Hmmmmm?????
They would not do it or they don't recommend doing it? Two very different things. If they won't cover you, I would expect your liability to cost more than it does. I'm guessing here, but did your agent send the wrong message by accident?

I hold liability equal to min for umbrella as well as UM/UIM (250/500/100). I have $500 deductibles and 10k med (my health provider would try to recoup the costs from the "responsible party" in the event of a crash and that could be me.) My bike is an 07 and I'll carry physical damage for 2 more years and then drop it. By then the bike will only be worth 2-3k per blue book, so the bet would be $100 to recover 3k-$500 ded, or 4% of the bikes value every year. That's too much for me.

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post #10 of 12 Old 05-24-2010, 10:35 PM
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I have been with them for 15 years or so,no accidents,no tickets and credit score around 800. Oh and I am retired so trust me I know what I pay for insurance. I was very surprised cause I figured it would be cheap enough to cover in case the bike was stolen. My agent told me he knew I would be upset when he told me. He claimed it was a Shelter thing. I will get to the bottom of it. I have plenty of time. Would love to here from any other Shelter customers.
Maybe a Shelter Duel Sport issue???
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