Full coverage or liability + theft. | GTAMotorcycle.com

Full coverage or liability + theft.

UkrainianRider

UkrainianRider

Active member
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Lately, I've really been mulling over my insurance situation. See, I've always had full coverage for my cars, but now that I've got a motorcycle in the mix, I'm thinking of scaling back to just liability and theft coverage (for the bike). I mean, realistically, how much damage could my bike really do? It's not a speed demon, and I don't plan on doing any crazy stunts. So, I figure if I'm in an accident that's not my fault, I'll still be covered, and if it gets stolen, I'm covered for that too. The thing is, the difference in cost is about $600 a year, which is no small change. My bike's only worth $10,000, so I'm kind of torn on what to do. What's your take on this, and what kind of coverage do you have?
 
It's your money, motorcycle and comfort level.
Insure as you see fit...
 
Collision has never been more than $50-$100/yr more for me, but I always opt out to keep me riding sanely. I'd never claim a single-vehicle at-fault accident anyways, and any cost to fix/replace my bike is minimally appropriate punishment for doing whatever stupidity it was that caused it.
 
Relax said:
Collision has never been more than $50-$100/yr more for me, but I always opt out to keep me riding sanely. I'd never claim a single-vehicle at-fault accident anyways, and any cost to fix/replace my bike is minimally appropriate punishment for doing whatever stupidity it was that caused it.
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Yes. Exactly this. (except I really don't know what collision/comp would cost)
 
timtune said:
Never had more than PL/PD on my bkes. After 40+ years of riding I'd say it was the right call, for me.
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Mathematically you are correct. Using the OP's rates it would equate to $24,000 in your pocket plus substantial accrued interest.

Additionally most bikes are toys so if they can't be immediately replaced it's not like the family car that is required for work, shopping, school etc. If you don't have the cash on hand you live without.

If you crash and don't have comp you still own the bike and can often repair it far cheaper than what the shops would charge the insurer. Shops don't have time or space to play around shopping internet bargains or wonder if the owner would accept a few small scratches on a fairing.

Full coverage is good if you absolutely need the bike and don't have access to money for a replacement.

It is also theoretically good if your bike is a thief magnet and parked in a theft prone neighbourhood. However after writing a few cheques for replacements the insurers will start hitting the owner with rate revenge.

It, for most people is a "What if" worry.
 
I remember a guy back in the early 00's who was in the off road club I belonged to. He always had, "more dollars than sense" so he was ALWAYS on the latest and most shiniest, including gear.

One year he had a new KDX220 that he tarted up and of course the latest matching color high-end gear.

One day in early May he had a pretty good crash on (I think) a gravel access road. No injuries or mechanical damage but lots of busted or scuffed plastic and shredded gear.

I recall him bragging about claiming it through his insurance and getting all new parts and gear for the price of his $250 deductible.

He wasn't bragging when his renewal came up and didn't have collision on his dirt bikes going forward.
 
nobbie48 said:
It is also theoretically good if your bike is a thief magnet and parked in a theft prone neighbourhood. However after writing a few cheques for replacements the insurers will start hitting the owner with rate revenge.
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Comprehensive claims don't affect your premiums - they won't impact your rates. BUT, if you have too many in too little a time period, they can choose to not offer you comprehensive anymore.
 
How badly off would you be if you totaled your $10,000 bike tomorrow? Would it be worth saving the $600? You don't have to answer here, you just have to know the answer yourself.
 
TwistedKestrel said:
How badly off would you be if you totaled your $10,000 bike tomorrow? Would it be worth saving the $600? You don't have to answer here, you just have to know the answer yourself.
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Yeah, that's a good point. I'm just thinking about how likely it would be to total the bike AND be a fault.
 
UkrainianRider said:
Yeah, that's a good point. I'm just thinking about how likely it would be to total the bike AND be a fault.
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It takes very little to total a bike. Assuming it's a street bike, falling over at speed is normally enough (lots of expensive plastics, plus assorted levers/bars/engine cases). At faults on bikes are a pretty high percentage. Remember, hitting sand in a corner or a wet metal plate on the road is at fault for the rider.
 
GreyGhost said:
It takes very little to total a bike. Assuming it's a street bike, falling over at speed is normally enough (lots of expensive plastics, plus assorted levers/bars/engine cases). At faults on bikes are a pretty high percentage. Remember, hitting sand in a corner or a wet metal plate on the road is at fault for the rider.
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Fair enough, that's a fair point.

Full coverage it is for now!

Thanks for the input!
 
TwistedKestrel said:
How badly off would you be if you totaled your $10,000 bike tomorrow? Would it be worth saving the $600? You don't have to answer here, you just have to know the answer yourself.
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To keep you on edge:

If you ride for 20+ years without coverage only then write off a bike you are ahead and feel smart

If you have the one in twenty years crash the first year you feel stupid not having coverage so you sign up for coverage and never have a problem for the next twenty years you feel stupid again

If cash flow isn’t a factor don’t go for it. The insurers have the losses covered plus profit

That is based on averages and only works if your parents had 1.4 children
 
I've "self insured" most of the things I have purchased over the 45 - 50 years. No extended warranties, service contracts for electronics or appliances, trip cancellation insurance etc....... I'm way ahead dollar wise, and have experienced minimal issues.

If you trash a $10K bike, have to fix it or replace it and the funds to do so will not negatively impact your lifestyle when don't insure it and save the money. How many at fault accidents have you had? I've been driving and riding for 50 years and never had an at fault accident, so I continue to bet on myself and insure appropriately.
 
UkrainianRider said:
Define cheap? I consider my bike cheap-ish. Bought it for 10,000
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My bike was $2k, and has almost 100,000km on it.

Our track bikes are worth more and there is zero insurance on those. We have to be prepared to pay for everything or just walk away.

In my mind, $10k isn't a cheap bike, but I still likely wouldn't have full coverage if it was an extra $600/yr.
 
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