To get Collision Insurance or not??? | GTAMotorcycle.com

To get Collision Insurance or not???

JayG

JayG

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Hey guys,

Just wondering your thoughts...I'm looking at picking up a brand new FZ09 and wondering if I should get collision?

I've only ever had liability + fire/theft and comprehensive on my other bikes..

Price difference is $142 a month for full coverage or $124 for no collision.

What does everyone else insure?
 
Is preventing a $9000 loss worth $18 a month for you? It would be for me. Are you financing? If yes, you won't have a choice.
 
Ya you're right....I think I am still in the under 25yr old mindset of "even if I crash I won't make a claim in fear of my rates hiking"
 
true but given this is a brand new bike if you crash and write it off, then you would kick yourself. Plus as stated if the bike is being financed the financier will INSIST upon full coverage or they won't release the funds to the dealership.

JayG said:
Ya you're right....I think I am still in the under 25yr old mindset of "even if I crash I won't make a claim in fear of my rates hiking"
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New bike, i would definitely.

If its such a LOW difference per month, i would definitely go for it even if its an old bike actually.
 
Bike will be purchased outright, but I agree with you guys on the collision....$142 a month is still much cheaper then I've been paying for the last 3 years as a under 25yr old rider anyway :)
 
If you add collision coverage, consider adding OPCF 43 removing deprecation since you are buying the motorcycle brand new. The cost should be minimal.
 
New bike, collision. 25 year old bike, no collision. In between, it depends on what the bike is worth.
 
Same boat... I guess your per month is x12 right? Mine is a difference of $400/year. I dont let the monthly payment fool myself, but for you it is less than $240 I would definitely get it. You are having need to think about the $240, meanwhile i have to pay much more, I am still debating.
 
JustinRR said:
Same boat... I guess your per month is x12 right? Mine is a difference of $400/year. I dont let the monthly payment fool myself, but for you it is less than $240 I would definitely get it. You are having need to think about the $240, meanwhile i have to pay much more, I am still debating.
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Always gotta weigh it against the cost of the bike. whats $240 on a $9k+ bike... 2.6% isnt bad.
 
I wouldn't. On my brand new 650R I had collision because it was mandatory due to financing requirements. Crashed the first day and did $4500 worth of damage to the bike (dealer quote). Never made a claim because then I wouldn't be able to afford insurance on any of my 3 vehicles.

Fixed it to new condition for about $2000.

I know people with at fault claims that pay 4x what I pay for a car. No thanks.

I'd rather be out a bike than lose my ability to afford being able to get to work.
 
good point. Will depend on if you're gonna claim on an at fault and have your rates affected in future.
 
In a case like this it makes sense and you didn't need to worry about other vehicles. So let's say you hit another vehicle and besides the $2000 damage to your bike there is $10,000 damage to the other vehicle. The other driver is LIKELY to make a claim, (especially if you are at fault why would the trust you to hand them $10,000), to their insurer. Your unlikely to be able to just hand $10,000 cash over to the other driver. So now your out your $2,000, and the accident gets reported so your rates still increase.

Not carrying collision is ok if the only damage is to your vehicle and you can afford to cover the repair costs.

unL33T said:
I wouldn't. On my brand new 650R I had collision because it was mandatory due to financing requirements. Crashed the first day and did $4500 worth of damage to the bike (dealer quote). Never made a claim because then I wouldn't be able to afford insurance on any of my 3 vehicles.

Fixed it to new condition for about $2000.

I know people with at fault claims that pay 4x what I pay for a car. No thanks.

I'd rather be out a bike than lose my ability to afford being able to get to work.
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In the long run you will be (Theoretically) ahead if you don't buy collision because the insurer makes a profit on the $216.00 per year. However the $216.00 a year isn't that big a hit.

However as pointed out, how much damage are you going to pay out of pocket to avoid a claim? With cars I hear of body shops being paid $5K cash because the owner doesn't want to pay double premiums for the next five years.

Deductible is probably $1000.00 so a write off gets you $8K for a $9K bike. At $216 per year it would take 37 years to break even.

At what dollar amount would you claim on the collision?

If you banged the bike up to the tune of $3K you pay the first $1K, insurance pays the rest and collects their chunk plus more from you over the next five years. If you intend to pay $3K damage yourself you might as well ask for a $3K deductible rate.

BTW what are your accident benefits? The standard is $50K. That covers therapy, knee braces etc, also income replacement.

If you can't work and are forced to live on $400.00 a week while buying braces and paying for therapy the loss of a bike is minor. Just sayin'
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