comprehensive, specified, collision, liability > which one and deductibles

[5:12]

hi all,

just wondering how others lay out their insurance plans. im going to use ridersplus for example and below is part of their insurance quote:

liability limit: 1,000,000
collision deductible: 500
comprehensive deductible: 500
specified perils deductible: no coverage
opcf 20 loss of use - no coverage (by default)
opcf 43 waiver of depreciation - no coverage (by default)

im looking at a 250cc used bike, lets say valued at 2,000 to 2,500$.

in this situation would you say it would be more financially ok to have the following:
liability limit: 1,000,000
collision deductible: no coverage >>>>> from 500 to 0
comprehensive deductible: 500
specified perils deductible: no coverage
opcf 20 loss of use - no coverage (by default)
opcf 43 waiver of depreciation - no coverage (by default)

other questions:
whats the opcf part? they have no coverage by default and cannot be changed. not applicable but what are they used for? (layman explanation pls).

liability limit: this only covers the other party correct? the other person/vehicle. what about injury to yourself? would any of the above options cover injury to yourself, or this would be handled by your own 'insurance from work/parent etc'. thanks in advance and for your patience.


5:12

[Corey McNeely]

Hi OP,

The standard coverage in Ontario is as follows:

Liability - Bodily Injury, coverage for injury to 3rd parties
Liability - Property Damage, coverage for damage to 3rd party property (guard rails, fences, etc)
Accident Benefits - coverage for your injuries
Direct Compensation - Property Damage - coverage for damage to your motorcycle if deem not at fault
Uninsured Motorist coverage - coverage if not at fault and 3rd party does not have insurance.

Theses above coverages are mandatory

Optional coverage:

Collision or upset - coverage for single vehicle accidents, hit and run and at fault collisions
Comprehensive - fire, theft, vandalism, glass
Specified Perils - similar to Comprehensive but Vandalism and glass are not covered

OPCF - Ontario Policy Change Form. These are the endorsments that are added to the policy
OPCF20 - rental car if you have a claim
OPCF 27 - coverage if your rent a car, you do not need to take the insurance from the rental agency
OPCF 43 - Removes depreciation when settling a total loss for a specific time, ex. 24mths
OPCF 44 - Family protection, if you sue someone that does not have sufficient coverage(they have $200,000 liability) then this coverage can make up the difference. The limit of coverage matches whatever amount you choose for you own liability coverage.

[VifferFun]

Given the low value of your bike, I would probably pass on the Collision coverage (unless it's REALLY cheap) and just get the mandatory coverages and the optional Comprehensive coverage. However, if losing the bike today would kill you financially, then you might want to consider adding Collision coverage.

[5:12]

thanks for the replies.

[5:12]

i've been getting reasonable enough quotes. i've opted out of collision coverage (ie: due to value of the bike). now my dillema is abt the comprehensive coverage. im trying to decide between two insurance providers now:
1) liability with 500$ deductible on comprehensive coverage
2) liability only
price difference is almost 200$ a year, provider 2 being the cheaper one.

i was wondering if you guys could help me decide. i live in an apt (highrise) with 2 floors of underground parking (1.75 floors for residence and .25 floor for visitors). not very strict regarding access into the parking lot though there is a second door for the residence parking.

my main concern is theft. though the bike is not that much, if stolen, i could get some money back probably about half of the blue book value (the provider bases the payout on the blue book value accdng to the broker). so im just thinking, some payout is better than nothing?! where if i dont get comprehensive coverage if the bike gets stolen, i get nothing.

i understand it's up to me in the end, but i would like to get some opinions from you everyone.

note:
i asked the superintendent regarding bike theft, she said there hasn't been any in the past couple of years. though she mentioned that about 3-4 years ago, a bike was vandalized and/or stolen.

thanks peeps.

[VifferFun]

Since you live in a condo and the coverage is pretty cheap, I would suggest purchasing the Comprehensive coverage. The payout will be based on market rates, not bluebook. In other words, what you could realistically have sold the bike for at the time of theft is what you can expect as a payment. Remember that it isn't just covering theft -- it will also cover you for vandalism and other perils as well.

[5:12]

thanks vifferfun.

would it actually be worth it?! im trying to look at it on both sides. im gonna put numbers here:
let's say bike is worth 2k.
comprehensive deductible: 500$
quoted value: 1500$ (btw, riders plus is the company im dealing with. the broker agent guy stated that the pay out for the bike would be based on the blue book value which is 1500). another company told me that the payout value would be the appraisal value b4 purchasing the policy.
premium: extra 200$ a year.

so technically, to get a payout from theft, i would have paid 500$ (deductible) + 200$ (extra premium); and if the bike is stolen this year, pay out would be max 1k. i would have paid 500-700$ (on top of original investment of 2k; bike purchase) to get the possible 1k pay out. the 500-700$ could have been put towards another bike.

i guess what im trying to say is if it's worth it?! from insurance and consumer's perspective considering the value of the bike?!


regarding other covered aspects like vandalism and stuff, it may not be worth while if the bike is just damaged due to the value of the bike. if it was a more expensive bike then of course it is worthwhile. ie: there's 500$ deductible, damage would have to be over 500$ to claim something plus paper work and hassle and all. but if the bike is stolen, then it's the whole thing/value.

i dunno. im just trying to reason this out within myself and hearing what other people with more knowledge has to say helps. i hope i made sense in my post

[VifferFun]

thanks vifferfun.

would it actually be worth it?! im trying to look at it on both sides. im gonna put numbers here:
let's say bike is worth 2k.
comprehensive deductible: 500$
quoted value: 1500$ (btw, riders plus is the company im dealing with. the broker agent guy stated that the pay out for the bike would be based on the blue book value which is 1500). another company told me that the payout value would be the appraisal value b4 purchasing the policy.
premium: extra 200$ a year.

so technically, to get a payout from theft, i would have paid 500$ (deductible) + 200$ (extra premium); and if the bike is stolen this year, pay out would be max 1k. i would have paid 500-700$ (on top of original investment of 2k; bike purchase) to get the possible 1k pay out. the 500-700$ could have been put towards another bike.

i guess what im trying to say is if it's worth it?! from insurance and consumer's perspective considering the value of the bike?!


regarding other covered aspects like vandalism and stuff, it may not be worth while if the bike is just damaged due to the value of the bike. if it was a more expensive bike then of course it is worthwhile. ie: there's 500$ deductible, damage would have to be over 500$ to claim something plus paper work and hassle and all. but if the bike is stolen, then it's the whole thing/value.

i dunno. im just trying to reason this out within myself and hearing what other people with more knowledge has to say helps. i hope i made sense in my post

Sorry, but I confused your post with a PM someone else had sent me.

If the bike is worth $2000 and they want $200 with a $500 deductible, then I'd likely pass on the deal myself. Like you said, the $500 threshold is high enough that any vandalism claim likely wouldn't exceed the deductible. Bikes are VERY frequently stolen from condos, and I'd NEVER consider parking a SS bike in one. The Ninja 250 (not a sport bike) is not a desirable theft target, so you'll probably be OK. Just understand that should some idiot decide to take your bike, you're not going to get anything in compensation.