Meloche Monnex lets me pay in 12 payments!

[TheNewDude]

When you make an claim for damage to your vehicle when the collision is your fault, you must first pay the Collision Deductible and then your insurer will pay for the remainder. For example, suppose you hit a tree and cause $3000 damage to your car. If you have a $500 Collision deductible, then you would pay for the first $500 of loss and then your insurer will cover the remaining $2500. Obviously, the lower the deductible, the better the coverage.

Similiarly, you will have a Comprehensive Deductible (for claims of Fire/Theft/Vandalism).

All Perils is essentially the combination of Collision and Comprehensive, where both coverages will have an identical deductible. For example, an All Perils coverage with a $500 deductible means that you have Collision with a $500 deductible, and Comprehensive with a $500 deductible.

Thanks a lot of the explanation.
So I'm thinking I don't really need the Collision coverage. I'm going to be getting a $3000-$3500 bike and to have a $1000 deductible really doesn't make much sense. The saving for removing that quote is about $110/year. So, i'm not sure if it's worth it or not.

[VifferFun]

Thanks a lot of the explanation.
So I'm thinking I don't really need the Collision coverage. I'm going to be getting a $3000-$3500 bike and to have a $1000 deductible really doesn't make much sense. The saving for removing that quote is about $110/year. So, i'm not sure if it's worth it or not.

$110 is reasonable. You will wish you bought it if you are in an at-fault collision that writes off your bike. The decision really depends on the individual's financial situation and their likelihood of causing a crash. FYI, new riders are quite likely to crash . . .

What is the annual premium for a $500 deductible?

[TheNewDude]

$110 is reasonable. You will wish you bought it if you are in an at-fault collision that writes off your bike. The decision really depends on the individual's financial situation and their likelihood of causing a crash. FYI, new riders are quite likely to crash . . .

What is the annual premium for a $500 deductible?

$1000
If I want $500 deductible, that ups the rate by $100/year.

I'm planning on getting a $3000 250cc bike to start with.

[VifferFun]

$1000
If I want $500 deductible, that ups the rate by $100/year.

I'm planning on getting a $3000 250cc bike to start with.

So $110/yr for a $1000 and $210/yr for a $500 deductible on a $3000 bike. That doesn't seem terrible. It really depends on your financial situation, risk tolerance, and your likelihood of crashing at fault.

[TheNewDude]

So $110/yr for a $1000 and $210/yr for a $500 deductible on a $3000 bike. That doesn't seem terrible. It really depends on your financial situation, risk tolerance, and your likelihood of crashing at fault.

It's
$900/year = No Coverage
$1000/year = $1000 deductible
$1100/year = $500 deductible

Well for now I'm looking for the right bike for me. When I find the one I want, then I can look further into the insurance. But as long as it's around $1000/year, i'm okay with it.