Full coverage on 2014 Fz6r

[jjmaine]

I'm thinking about switching my car and motorcycle insurance to progressive to try to get cheaper rates and have been debating full coverage. Not sure if it is worth the bump in price for a bike that's worth $5-6k (excluding all of the mods I have on the bike).

They say (the Internet), that a motorcycle worth $5k plus you might want to consider paying for full coverage. What are your thoughts on it and do any of you guys have full coverage on your Fz6r? I suppose it really comes down to how much it costs each individual person and if it makes sense to them but I know if something happens to my bike, it would be nice to get a check for the $5k to put towards a new bike. My bike while being over 10 years old is in excellent condition and very low miles for the age

Also, if you have full coverage, do you pay the extra to insure your aftermarket parts? Thanks!

 

[acedeuce802]

Two ways to look at it, at least the common ways for a car where it's your main transportation. One way is the time you'd need to ride without an accident to make the full coverage a waste. For me, non-collision cost $400/year, full coverage cost $1100/year. My FZ6r cost $3000, so if I make it 4 years without totaling it, then full coverage would've been a waste. The other way to look at it is how big your emergency fund is. First step to building an emergency fund is to make sure that all of your deductibles are covered, second step is to build enough to cover what is fully needed (commonly 3-6 months of expenses, but everyone's idea of what an emergency fund is is different). If you only have step one, full coverage makes sense. If you have a big enough emergency fund to buy a new bike without really thinking much about it, full coverage may be a waste.

In my case, my bike is for fun, it's not a necessity. If I get in a big enough crash that the bike is written off, I probably won't be riding for a while anyway. Mine was only $3k, I'd probably be able to at least part out some of the components to make a bit of that back, and I have a big enough emergency fund to buy another $3-5k bike if need be. No full coverage for me.

 

[jjmaine]

You make some good points. I have enough money to just replace the bike if I had to but obviously it would be better to pay a deductible and get a check that pays for a new bike. I honestly cant think of another bike that I would want so it would most likely be another Fz6r. It fits my needs perfectly. I don’t need 100+ hp, just a comfy inline 4 to get me around town and down some country roads. Maybe a Cbr650r would be sweet but not for double the price of a clean used Fz6r.

Sp I guess its just a gamble whether Ill crash, have a tree fall on it or have it stolen before I end up paying more than its worth lol. Bikes dont get stolen often in my area and I dont plan to crash or park under a sketchy tree