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Discussion Starter #1
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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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.
 

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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.:confused:
 

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Discussion Starter #4
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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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.
 

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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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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.
 

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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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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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One issue only.

Here is my attitude toward Collision coverage. In case your part of the world calls it something different, I mean the coverage that pays for the damage I do to my own vehicle in a crash.

My vehicles are paid for, so this is solely my decision.

I do not buy this coverage. Every year, I pocket that premium, and I ride and drive those vehicles, knowing that if I bust it, I buy it.

In the thirty-odd years since I started not carrying that form of insurance, I have not had to pay for any collision repairs that would have been covered by insurance. Have I fallen and busted a signal light and a mirror? Yes, I have, more than once, but the cost to replace those would have been less than the deductible amount I would have selected had I bought coverage.

So if I destroy my $7000 Wee-Strom, I will reach into the pocket where all those premiums went and fish out some dough and get a new one. There will still be plenty of money left from the pocketed premiums. Ditto my six-year-old van.

I believe that any reasonably sane driver can come out on the plus side by making the same decision I do in this matter. I can certainly understand the driver of an expensive vehicle choosing to carry collision coverage.

But I go the other way, and I always will, and I am so far ahead now that I am certain this is the proper decision for me.

Keith
 

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I select my liability limits to cover my assets. I chose 100/300/100 because I have an umbrella policy that takes over at that point covering me up to $1M in the event that I hurt someone. I have Med because its easier to use than medical and will cover my ER visit if I should need one.

As to Comp and Coll. I own my wee outright, but I still carry these coverages. At $100 a year (even if it doubled or tripled) the value it provides me in terms of smoothing out cash flows is worth it to me. After about 4 years I will drop it though, because these coverages cover damages to the actual cash value. The actual cash value of a 4 year old wee is considerably less, and at that point, I start to adhere to Keith's philosophy.
 

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Wow! - despite a lot of grumbling about your premiums in the US, they seem incredibly low compared to what we face in BC, the home of socialized insurance. For the liability portion of our insurance, there is only one insurance company to buy from - the state-owned Insurance Corporation of BC. My premium for CAD$2 million of liability coverage for 12 months was $777 last year, even after my maximum safe driver discount. Minimum coverage that everyone must purchase and carry is CAD$1 million, but CAD$2 million only costs a few bucks more. Plus that premium also includes your plate/tag fee plus a small amount for underinsured motorist protection - you buy the latter if you think you're worth more than $1 million to your dependents and you worry that the cager that might do you in is only carrying the minimum (or is driving illegally without any insurance).

That's only the liability side. For collision coverage and for comprehensive coverage (for all other perils other than collision - fire, theft, vandalism etc.), I can buy coverage from a private insurer, which turns out to be way cheaper than arranging those covererages with ICBC. For my K8 Wee, insured for $13,000 (lots of farkles), and with a $500 deductible, my premium for collision/comprehensive runs to $642.

So that totals CAD$1,419 per year. Coverage is for the entire year, because I ride through Vancouver's mild winters. Identical coverage for 6 months riding and 6 months storage would be $1,031.

I can't imagine riding or driving any vehicle with only a few hundred thousand dollars of liability coverage. I'm not a lawyer, but I do a lot of expert witness work on wrongful death and catastropic trauma cases, usually stemming from MVA's. And I've never seen an award of under $1 million. If you are carrying only a few hundred thousand on the liability side, and you cause a fatal accident, you'd better either have no assets to seize, wages to garnishee, or make doubly sure the person you do in is dirt cheap to bury.
 

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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.
I have the same coverage with the exception that I just purchased a Vee and I only put down $1400 in accessories. MY yearly cost went up to $386 from $206 for the 2005 R1150r. Go figure.
 

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Sucks to be young sometimes, I'm only 22 and I have to pay $450 here in California just for liability and uninsured driver. Now...If I wanted to get collision and comprehensive...price would jump to $1400!!!! on my DL1000. By the way...I did the MSF course, and never had a ticket.
 

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I also have liability, uninsured motorist only.

At $1000 deductible, and extra $200 a year, and no accidents for 35 years, I will pay for the bike if it gets destroyed or stolen. I actually stole it from the dealer at $7199 out the door!

I do the same with my car. I bought a cheapo new Ford Focus, and save $500 a year by insuring myself against theft and my own stupidity.

If you don't own a vehicle outright, you must have comp and collision.
 
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