Quick question about what to ask for from insurance companies

[celtic_ride]

Hi all, so I need a bit of advice in knowing what to ask for from insurance companies for my new bike. This is strictly in terms of what sort of coverage I need. My bike is worth ~1500, so I know to decline collision. Should I also decline theft? I have read though the stickied threads and found a bit of info, but was hoping to know what it is I should ask for to ensure my premiums are as low as possible (obviously not including stuff out of my control...my age, bike cc, etc)

thanks
Celtic

[Platinum Cycle]

Theft is included with comprehensive. It's a personal choice. Comprehensive coverage covers everything that can happen subject to certain exclusions (i.e. collision, upset, rusting, wear and tear and a number of other things).

Ask yourself this. If something happens to my bike and I'm now faced with $1500 to replace it can I afford that? If you say yes, then forgoe comprehensive insurance. If not, you may wish to get comp coverage, but don't forget you'd have a deductible of $300 or more. So even if something did happen you'd still only get $1200 max.

My two cents, a $1500 motorcycle is not worth insuring for collision or comprehensive.

[robertsonmatt]

Theft is included with comprehensive. It's a personal choice. Comprehensive coverage covers everything that can happen subject to certain exclusions (i.e. collision, upset, rusting, wear and tear and a number of other things).

Ask yourself this. If something happens to my bike and I'm now faced with $1500 to replace it can I afford that? If you say yes, then forgoe comprehensive insurance. If not, you may wish to get comp coverage, but don't forget you'd have a deductible of $300 or more. So even if something did happen you'd still only get $1200 max.

My two cents, a $1500 motorcycle is not worth insuring for collision or comprehensive.

Collision increased my premiums by exactly $32 per year on my Ex500 (a $2500 bike)....it was definitely worth it for me. That's with a $500 deductible.

[VifferFun]

How much does the insurer want for the Comprehensive coverage on your $1500 bike?

[celtic_ride]

right now without comp, they are asking 597. The broker has yet to get back to me with another quote with, however I was quoted by willis at 1200 or so with. so...

[celtic_ride]

right now without comp, they are asking 597. The broker has yet to get back to me with another quote with, however I was quoted by willis at 1200 or so with. so...

ok, so this broker is offering 597 without and 853 with full coverage. On a $1500 bike is it worth it to pay the extra $250?? I leaning towards no, but I would appreciate your opinions..

[VifferFun]

ok, so this broker is offering 597 without and 853 with full coverage. On a $1500 bike is it worth it to pay the extra $250?? I leaning towards no, but I would appreciate your opinions..

How much of the $250 increase is for Collision, and how much is for Comprehensive? I would almost certainly forgo Collision, but I would maybe consider Comprehensive if it was very, very cheap.

[celtic_ride]

How much of the $250 increase is for Collision, and how much is for Comprehensive? I would almost certainly forgo Collision, but I would maybe consider Comprehensive if it was very, very cheap.

it looks like the collision is 140 and comp 110. Not very very low i dont think. I think that I'll go with just the liability?

[VifferFun]

it looks like the collision is 140 and comp 110. Not very very low i dont think. I think that I'll go with just the liability?

It depends on your financial situation, but for a $1500 bike that is unlikely to be stolen, I would probably skip Comp and save the $9.16/mo. Since you likely have a $500 deductible, your max payout would only be $1000 anway. Just be warned that if your bike is stolen or vandalized, you have to pay out of pocket.