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Discussion Starter #1
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?
Thanks
 

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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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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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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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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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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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Discussion Starter #7
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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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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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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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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About umbrella liability insurance:
http://moneycentral.msn.com/content/insurance/insureyourhome/p35349.asp

Basically, it is liability coverage that kicks in above the liability coverage you already have on your home & car (& boat & RV & motorcycle, etc) insurance. In some cases you can lower the liability coverage you're buying (and save a few buck$) down to the limit required by the umbrella policy--if you're now buying $500k you might be able to drop it down to $300k or something like that. The umbrella policy is relatively inexpensive. Another way to look at it is that you're going to get the insurance company's million dollar lawyer instead of their two hundred thousand dollar kid just out of law school.

In most states qualified retirement plans are protected from law suits...IRA, 401(k), etc. Check in your state.

Back to motorcycle insurance--be sure you have good coverage for damaged safety apparel. Safeco's latest blurb says that the policy covers the actual cash value of the damaged items. Actual cash value means the value you could buy equal used stuff. The actual cash value of damaged items is zero. I got a clarification in writing that they mean the depreciated value before the crash damage. They depreciate the value of the items 10% a year.
 

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... 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.)... .
This varies state to state. I know in WA PIP coverage kicks in a primary insurance until it's used up. If you have $10k in PIP the ambulance ride and ER will likely eat up the entire $10k as it pays out at the rack rate instead of the prenegociated rates health ins. policies pay at.

Also at least in WA subrogation (where your health ins goes after the responsible 3rd party) is reserved for not at fault accidents. If you are at fault you should be covered my your health insurance unless they have exemptions for motorcycle accidents in the policy.

To anyone shopping for coverage get as much UMI as you can. If it weren't for my UMI coverage I would likely be living in a cardboard box under an overpass right now. Remember UMI is the only coverage you buy that actually covers you personally.
 
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