Insurnace

[COOL TOM]

What do you guys and girls think about full coverage insurnace versus property - liability- uninsured motorist. Since we cannot buy new parts or get someone to work on these bikes what good is full coverage. Also I would have to pay the deductible anyway. Here in Illinois we can have one or the other. To get the 79SF legal it is going to cost $155 for State and $100 for full insurance. Have not priced p,l,u yet but has to be lot cheaper. Just want some ideas. I have 3 other bikes with titles that I can fix up if this one is totaled.

[cywelchjr]

I carry full coverage for a couple of reasons. If nothing else, I will get a payout if it's totaled, but in order to get roadside assistance and medical payments I needed full coverage. In addition, I frankly wanted the total premium high enough that I could have an auto payment plan on it. I hate it when I miss the payment by 1 day and it ends up costing me a couple hundred because the state cancels my reg because of one day uninsured.

Plus, the value of these things is going up, not down. I figure next year I'll increase the valuation on the insurance, since the cost of replacement will have gone up. I don't plan on collecting, but just in case, I have everything covered.

[CatatonicBug]

I carry full coverage for a couple of reasons. If nothing else, I will get a payout if it's totaled, but in order to get roadside assistance and medical payments I needed full coverage. In addition, I frankly wanted the total premium high enough that I could have an auto payment plan on it. I hate it when I miss the payment by 1 day and it ends up costing me a couple hundred because the state cancels my reg because of one day uninsured.

Plus, the value of these things is going up, not down. I figure next year I'll increase the valuation on the insurance, since the cost of replacement will have gone up. I don't plan on collecting, but just in case, I have everything covered.

+1. Same here. I want the payout if they decide to total it, and the roadside assistance that only came with full coverage.

[psycoreefer]

I do not carry full coverage, my reasons and 2 cents are this:

If the Insurance company does total the bike (and likely they will if the "crash" is bad enough for you to report it) they will only pay the value of the bike determined by their adjuster - likely around 1000 or less.
The only way around this is to have an "agreed" value policy, which costs more, even if you tell them the bike is worth 5000, if its not an agreed value policy they won't, and don't have to, pay out what you say its worth.

Instead of paying the "extra" for full coverage I can put it in the bank and spend it as I see fit, knowing that if I wreck my bike I can buy another for far less then what I would have paid for full coverage.

The only reason I'd consider paying for full coverage is if my Insurance company did like cy's and required it to get medical payments, luckily mine doesn't.

[Ivan]

For those of you with full coverage, get something in writing about the actual value of the scoot. When mine got totaled the other guy's insurance gave me an initial offer of $95. My lawter wrote them a letter, and they finally went up, but no where near what they should have. Around here ratty ass CB750s are going for $2500 on CL.

CYA brothers CYA

[CatatonicBug]

For those of you with full coverage, get something in writing about the actual value of the scoot. When mine got totaled the other guy's insurance gave me an initial offer of $95. My lawter wrote them a letter, and they finally went up, but no where near what they should have. Around here ratty ass CB750s are going for $2500 on CL.

CYA brothers CYA

With mine, that's the ONLY way to get full coverage on it - to set a value. They just raise the premium to match the value I stated. That is the "agreed value" on the policy.

[psycoreefer]

C-bug, not trying to rain on your parade but you'll want to check the fine print on your policy.

I own a 73 Datsun 240z, I used to be a very active member of a group of owners similar to this site, several were burnt in situations like your describing, after mucho investment and mods they would get in a wreck, and the insurance company would pay out KBB value, which is like 1500 or something, despite the owners stating the value of like 10k due to custom work etc. Turns out that the insurance company uses your stated value to determine how much to charge (they assume you know what your car is worth), but when it comes time to pay out they are only responsible for paying out KBB, unless there is specific language about agreed value.

Even policies that state fair market value don't cover you because its hard or impossible to find another bike, in the same condition, in the same area, with the same modifications, and likely if you do you won't find its worth what you've invested in your bike.

[Pat Kelly]

I just reinsured my bikes today. $74 per year for both. Liability only. If the XS I'm riding gets totaled then I still have the other one (if I still feel like riding).
I paid $60 for the E and $500 for the LG. I've aleady got my moneys worth.
I already have medical insurance through work.

[mstic2000]

Full coverage on a 30+ year old bike? You got to be kidding. But I too have medical through work so that's my reason.

[DGXSER]

I have typically looked at like this, if the price of premiums for three years exceeds the value of the insured item, it aint worth it. As has been stated, the NADA or KBB value is all you get at best. Which is going to be about $1200 give or take a couple hundred. Pretty easy to blow that in three years on full coverage.

Likewise, I have a great health insurance plan through my work. And I am more fmailiar thna I would like to be with how it works now.

[DiverRay]

I pay about $180 for TWO bikes per year. I ONLY have PD/PL, because if it's my fault, I need to pay. If a CAR driver is at fault, he dies, and his estate pay's for a replacement bike, no matter WHAT the cost!!! I've been hit once, and the next time the driver dies of a broken neck, end of story........

[draketrumpet]

Roadside assist

I go through progressive. They have a $95 minimum yearly premium for whatever coverage. I have no full coverage on the bike, just liability, but that wasn't worth the $95 when considering my discounts (good driver, no recent incidents, 'M' endorsement, safety course), so I added roadside assist with trip interruption. Something like 100 miles of towing, and some money for food and lodging.

So if you are looking for roadside assist and not full coverage, may give progressive a call/click.

[jmnjrpa]

Ama

So if you are looking for roadside assist and not full coverage, may give progressive a call/click.

Go with AMA for that plus a lot more!

[planedick]

Ama

Yes, go with AMA. I always wonder why so few of us are members. I gave out a few applications at the rally, but I wonder how many will really apply. I have progressive insurance with uninsured motorist and the AMA covers roadside assistance on all my vehicles in the family. All for $39/year and many other benefits like motel discounts, parts stores, and even KOA give discounts to AMA members, plus a magazine each month with lots of info about MC's and great rides. For everyone you get to join the AMA will credit $10 to you for your annual fee.

[jmnjrpa]

Ama

And the number 1 reason to join is they are fighting for your biker rights. The mag they send out has details on all the pending anti-biker laws and what (they are doing) to do to defeat them. My insurance gave a free years membership to AMA.

BTW- I believe there are chapters in other countries besides the USA.