Quick question about what to ask for from insurance companies

C

celtic_ride

New member
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
 
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.
 
Platinum Cycle said:
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.
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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.
 
How much does the insurer want for the Comprehensive coverage on your $1500 bike?
 
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 said:
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...
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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..
 
celtic_ride said:
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..
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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.
 
VifferFun said:
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.
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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?
 
celtic_ride said:
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?
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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.
 
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