Bike Insurance

[latony007]

wow

you guys got some crazy rates in here, super high and super low. 18 a month for full coverage? Here in CA progressive and Geico wanted something like $65 a month for full coverage. i have been driving for 25 years but only 1 with actual motorcycle license. I only financed 5000 on the bike and that would be paying for the bike in full in 5 years or so. that doesn't seem to make much sense. Id rather just make my 75 a month payment if the bike gets totaled. So I went with the state minimum requirements which is about $110 A YEAR! Be careful with your dealer and who you finance with, they tried to send me to some local bob company which gives them a bonus which wouldn't have bothered me they had a good rate but they required full coverage on the bike. Yamaha finance did not.

 

[CrazyCawi]

they tried to send me to some local bob company which gives them a bonus which wouldn't have bothered me they had a good rate but they required full coverage on the bike. Yamaha finance did not.

So let me get this straight, you chose a finance company that didn't require insurance to be full coverage while you have a loan? Your logic is.....ill be nice and just say your statement doesn't correlate to having logic. You have been driving for 25 years so your in your 40's. what do you do if you get into an accident and total the bike and your laid up in the hospital? It's not about paying off your bike it's about the insured benefits that pay damages and medical bills. You went with state low limit liability....you probably don't even have uninsured motorist coverage which means someone uninsured hits you, your out your bike and medical bills and any additional damage caused by your bike even though they hit you.

Good luck.

 

[Detrich]

CA State minimum liability is $15k injury/ $5k property damage... That's for if u hit someone.

Sadly, it's probably barely enough to cover the guy at the snake who hit the two bicyclists. Have u guys seen how much an ambulance ride and ER visit cost nowadays? Not to mention the price tag of high-end carbon frame road bikes these days...

 

[Cerebus]

you guys got some crazy rates in here, super high and super low. 18 a month for full coverage? Here in CA progressive and Geico wanted something like $65 a month for full coverage. i have been driving for 25 years but only 1 with actual motorcycle license. I only financed 5000 on the bike and that would be paying for the bike in full in 5 years or so. that doesn't seem to make much sense. Id rather just make my 75 a month payment if the bike gets totaled. So I went with the state minimum requirements which is about $110 A YEAR! Be careful with your dealer and who you finance with, they tried to send me to some local bob company which gives them a bonus which wouldn't have bothered me they had a good rate but they required full coverage on the bike. Yamaha finance did not.

Geico, who insures my cars, wanted $1800 a year to insure my 6R ...insane.

 

[nismos14]

Geico, who insures my cars, wanted $1800 a year to insure my 6R ...insane.

I have rider and pay $248 full coverage and comp, everything.

I had geico for car ins, then I got a quote from them for the motorcycle and it was $1800! I followed up and got an insurance quote on from esurance and am paying 700 less a year with better coverages for or two cars.

 

[CrazyCawi]

If dairyland is available in your state I highly recommend them, I cut my insurance bill from $128 a month down to $60 a month and went from a 1k deductible and max coverage down to a $500 deductible with max state coverage.

 

[Detrich]

Geico is notorious for failing to pay liability claims and exposing you- their insured- to potential lawsuits.

A good friend of mine was driving & got hit by a Geico insured driver and had to sue him in small claims to get his auto repair costs back. This is even after an independent arbitration- that Geico insisted on- concluded & determined that Geico's driver was 100% at fault. Geico just refused to pay. So the policy holder had to her sued.

Use Geico at your own risk.

Small claims is no big deal, but I can only imagine if someone got hurt. Larry H Parker would have a field day.

 

[latony007]

first off

First off I have medical insurance that covers medical expenses. For liability I did get a little higher limits than shown above, I believe without going and looking that it was 15k/30k and it was progressive not geico. As for the amount I financed, a measley 5000$ like I said the insurance cost for me was an additional 60 a month and at that rate I would pay the bike off in 5 years in insurance costs, that's not very good economics. Id rather just keep making the payment or pay it off with cash. If I could find one of these deals where you guys are paying 300 a year for full coverage of course id do it. Welcome to California.

 

[latony007]

Ca

I have rider and pay $248 full coverage and comp, everything.

I had geico for car ins, then I got a quote from them for the motorcycle and it was $1800! I followed up and got an insurance quote on from esurance and am paying 700 less a year with better coverages for or two cars.

Tried Rider, not available in CA. what a surprise lol

 

[Cerebus]

Geico is consistently lower than anyone else for my cars. I check every 6 months when I'm up for renewal.

 

[CrazyCawi]

First off I have medical insurance that covers medical expenses. For liability I did get a little higher limits than shown above, I believe without going and looking that it was 15k/30k and it was progressive not geico. As for the amount I financed, a measley 5000$ like I said the insurance cost for me was an additional 60 a month and at that rate I would pay the bike off in 5 years in insurance costs, that's not very good economics. Id rather just keep making the payment or pay it off with cash. If I could find one of these deals where you guys are paying 300 a year for full coverage of course id do it. Welcome to California.

you think 30k will cover you, your bike, your current bills(IE: Home loan, auto loan, all of your insurances, any other outstanding debts you may have), medical bills from an accident, possible ambulance or airlift.......like I said, good luck. An accident can and more than likely would drain you financially. Id pay an extra 50 bucks, hell even an extra $100 a month knowing I wouldn't have to have 15,20-30k of debt just from an accident. If you had 30k just hanging around, you wouldn't care about spending a bit extra to cover yourself with insurance. So you likely don't have that cash flow sitting their, now think of how you will pay for life when your in the hospital for 3-4 weeks with injuries, inuring possible surgery or physical therapy all while your missing work and hopefully have a job at the end of the incident. Now think about this, what happens if you get into an accident and YOU injure someone, whether that be a by standard who gets hit by your bike, or anything involving you and they get hurt. C'mon man, its not about your 5k bike, who gives a shit about a 5k loan on a bike. Ill bet ya that your med insurance has a clause in it that high level of activity of at risk behavior(IE: riding a motorcycle) imposes limits on how much your medical insurance will actually pay out. Your not their first customer who rides motorcycles, they protect themselves and their financial success, they could care less about you.

 

[MichaelInVenice]

you think 30k will cover you, your bike, your current bills(IE: Home loan, auto loan, all of your insurances, any other outstanding debts you may have), medical bills from an accident, possible ambulance or airlift.......like I said, good luck.

Since he only has liability, he's not covered for those things at all.

And realistically, even if he has comp/collision it doesn't cover most of those things, just the bike.

Uninsured motorist will help with some of this if the person who hits you doesn't have coverage for such things.

Now think about this, what happens if you get into an accident and YOU injure someone, whether that be a by standard who gets hit by your bike, or anything involving you and they get hurt.

That's the big one, and why I won't go without max liability and a $2m umbrella overlying all my policies. Hit somebody's kid in my neighborhood and the judgement is going to be six figures at a minimum. Hit a person in the median income range around here and you could be easily into seven figures.

Obviously if you have no assets to protect, then this isn't an issue. Nobody bothers suing somebody who's broke and has minimal income. But if that's the case, the loss of the bike alone will bankrupt you.

There's a point with all vehicles where comp/collision no longer makes sense, and for some vehicles that happens really, really early depending on the rates being charged. I have comp/collision on my current bike and car with a $1000 deductble. But a couple of years of depreciation down the road and the annual rate for those coverages will no longer make sense given the cost of the bike. On my previous bike, which only cost me $3000, comp/collision never really made sense

Uninsured motorist and liability coverage are a different story.

 

[latony007]

special

You must have some special insurance there. $60 extra a month covered collision for the bike only. Which means they will repair your bike if in an accident, and again not paying half the monthly payment for $5000 worth of bike. They don't pay your home loans or any other bills you have if you have collision and comprehensive I don't know where you came up with that. Medical is even extra over collision because most people use their medical policy, had I added that I don't know what it would have been. Interesting question about the "high risk" behavior on my regular medical though, i'll have to check into that.

 

[CrazyCawi]

You must have some special insurance there. $60 extra a month covered collision for the bike only. Which means they will repair your bike if in an accident, and again not paying half the monthly payment for $5000 worth of bike. They don't pay your home loans or any other bills you have if you have collision and comprehensive I don't know where you came up with that. Medical is even extra over collision because most people use their medical policy, had I added that I don't know what it would have been. Interesting question about the "high risk" behavior on my regular medical though, i'll have to check into that.

I didnt say they pay those things, Im saying how do you expect to pay those things on top of all the other factors involved.....many people never stop to think full circle big picture about it.

 

[MichaelInVenice]

I didnt say they pay those things, Im saying how do you expect to pay those things on top of all the other factors involved.....many people never stop to think full circle big picture about it.

In today's world, if you don't have the resources set aside to cover six months out of work (include the value of possible disability/uninsurance payments in this calculation), then you really can't afford anything except the necessities, with all the rest going into the bank until you DO have six months of living set aside.

No motorcycles, no nice cars, no vacations, no nothing. Six months in the bank, or you are completely unprepared for the reality of what's out there. It may seem like you can afford all those things, but if you don't have a cash cushion, you really are just kidding yourself.

 

[latony007]

big picture

well in the big picture that extra $75 a month I would have to spend making the bike payment for a bike I don't have anymore on top of rent and car payments etc. would be very small. The math just doesn't work out to protect the bike. I did go up on the limits of liability from the mins because it wasn't much extra but they just charge too much for collision especially with a deductible. Just doesn't add up. Anyway back to the original question I guess it depends on your state and what your ok with but you can pay as much as 1500 or as little as 110 a year.

 

[CrazyCawi]

well in the big picture that extra $75 a month I would have to spend making the bike payment for a bike I don't have anymore on top of rent and car payments etc.

This is exactly why you SHOULD. But okay, best of luck, I tried educating you on the situation.

 

[MichaelInVenice]

This is exactly why you SHOULD. But okay, best of luck, I tried educating you on the situation.

And he seems to be saying that in the big picture, the $75 a month isn't going to make a hell of a lot of difference one way or the other. Which isn't that unreasonable if he has the other stuff covered somehow.

It's why I take a high deductible and if the vehicle is old/cheap enough go without collision/comp at all. If I'm in a really bad crash, the extra few hundred bucks that will come out of my pocket isn't going to be what makes or breaks me, and in the end it isn't going to be anything about my vehicle insurance that's going to cover the costs. That's where medical, disability, personal savings, and other things come into play. The amount I've saved over the years by having a higher deductible (and occasionally having no comp/collision at all) more than make up for whatever I may have to pay out of pocket someday if my bike/car is totalled. (This, of course, assuming that those savings are actually saved and available for future use.)

 

[chrisnlb]

try McGraw Insurance
The McGraw Group of Affliated Companies