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Insurance coverages ???

 
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Ernie-NH
Flying Brick Rider


Joined: 14 Oct 2009
Posts: 982
Location: Bristol, New Hampshire

PostPosted: Tue Apr 15, 2014 10:33 am    Post subject: Insurance coverages ??? Reply with quote

Confused Confused Confused Confused

Good morning all...

I know we have talked about this before, BUT seems costs are increasing everywhere, ,,, in Canada it has become nearly impossible to insure MCs unless you have Bill Gates as a cousin, and cant imagine what they are in UK, NZ or Oz... so I'm thinking about adjusting my coverages but at the same time do not want to become 'under covered'...

At present I have...:

Liability:...Bodily Injury $250,000 each person
$500,000 each accident
Property Damage:.........$100,000 each accident

Uninsured Motorist:.....$250,000 each person
$500,000 each accident

Medical Payment:....... $5,000 each person

Comprehensive:........ $250 (deductible )

Collisin:..................... $250 (deductible )

Accessory coverage:..... $3000

.... on the "K bike" policy, as well as on each of my two Airheads.

What coverages do you guys get, and do you think my policies are in order ?

Best regards.....// Ernie in NH ( not done with snow yet )
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nickw
Big Brick Rider


Joined: 12 Aug 2010
Posts: 72
Location: Essex, VT USA

PostPosted: Tue Apr 15, 2014 7:07 pm    Post subject: Toy coverage Reply with quote

I have ridden for nearly 50 years with the philosophy that I have coverage as required for other people/property I may injure/damage due to accidental collision but I do not insure my vehicle for any amount (i.e collision).
The VT State minimum requirements seem to match what you have and here the comprehensive coverage comes with the package so I can't "opt out" of that but the collision portion of the package is a lot.

I insure two bikes and pay less than $200 per year for the right to ride worry free.
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"It's not what people know, it's that they know so much that just ain't so!" (Apologies to Will Rogers)
93 K1100LT
(2) 79 Suzuki GS850's (In limbo)
65 Triumph TR6S/C ( sold)
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SugarHillCTD
Site Admin


Joined: 10 Oct 2007
Posts: 4240
Location: Now in Eastern Pennsylvania

PostPosted: Tue Apr 15, 2014 7:17 pm    Post subject: Reply with quote

Ernie,

Instead of 250/500 or 300/500 coverage, I have 500 "CSL" (combined single limit) to cover my a$$.

Collision? I don't bother because insurance will probably give me pocket change if I total a 22 y.o. bike.

Anyone else?
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N41EF
Flying Brick Rider


Joined: 23 Mar 2014
Posts: 406
Location: Aiken, SC

PostPosted: Tue Apr 15, 2014 7:50 pm    Post subject: Reply with quote

I'm a litle biased here, I have an insurance license, but don't write P&C.

I insured mine through Progressive via USAA actually.

Basic coverage is 100/300/50k for $37

Uninsured bodily is 25k each, 50k per accident. $12

Underinsured is 25k each, 50k per accident. $37

Uninsured and underinsured property is 25k $2

Medical payments $2500 per person $29

Comprehensive $1k deductable. $11

Accessory 3k. free

Roadside/trip $500. $15

For an annual premium of $145 after SC tacks on $2 for the pool.

My theory is basic coverage is more than enough to cover who I hit. Medical payment should cover deductible for health insurance. I don't worry about colission cause if I total it at my fault I'm out 4k. Comp is enough incase a tree or deer takes it out. Accessory is free, and $15 is so I'll never break down on the road.

I also have an umbrella through my Auto which should cover in case someone gets stupid and wants to sue for a boatload.
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old guy old bike
Flying Brick Rider


Joined: 18 Jul 2007
Posts: 373
Location: Lisbon, OH

PostPosted: Thu Apr 17, 2014 12:31 pm    Post subject: Reply with quote

I thought the same thing about collision on my bikes until last year. One of my bikes was totaled while sitting in the parking lot at work. The person that jumped the curb, went through the lawn and hit my bike was under-insured. Since I did not have collision on my bike I was forced to take a lesser amount or try and sue the person that hit me. The old saw, blood from a turnip comes to mind. I also took from last June to this February to finally get paid.

Bottom line, If I had collision coverage my insurance would have paid me the full value on the bike and I would have had my check in a matter of weeks.
Jeff
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