Kawasaki Concours Forum
Mish mash => Open Forum => Topic started by: just gone on October 03, 2015, 01:06:45 PM
-
Understanding that financial situations are different and the desire to take a financial risk varies...I would like to hear other thoughts on when to drop the collision/comprehensive insurance and go with only liability. I wasn't planning on doing it soon but lately, seeing how prices are dropping for left over new out the door bikes, I've been thinking about it. If my '10 C14 with 43,000 miles on it were totaled, starting to think that I wouldn't get much from the insurance company to justify what I'm paying. I'd probably get more by parting out any still good pieces if I had the patience to do so.
You folks got any rules of thumb that you go by in making that decision?
Any idea of what resource (value listings) the insurance companies go by for determining value? Most of the book values I see are high compared to the for sale prices I see, seems unlikely they would use any of those.
-
The motorcycles I buy are used and I buy only liability insurance. At the moment, the stable consists of a 2001 C10 and a 2000 SV650S. If I crunch up one of them, and am still around, I can ride the other one while fixing the crunchee.
-
Whatever and whenever, just make sure to get uninsured motorist and the personal injury medical expense rider.
I buy used and go with liability only. On everything.
-
You didn't say what your paying for insurance now.
I have to believe that a C14 (2010) is worth at least 5K.
Do you have only one bike?
Do you ride year round?
Could you raise your deductible to save some money?
-
You didn't say what your paying for insurance now.
I have to believe that a C14 (2010) is worth at least 5K.
Do you have only one bike?
Do you ride year round?
Could you raise your deductible to save some money?
Good questions.
I'm paying $534 per year now for 3 bikes, but two of them are liability (and under/uninsured motorist) coverage only. I guess I would save a total of $315 if I dropped collision ($283) and comprehensive ($32) with a disappearing deductible (currently $0.00)..and I ride/have ridden 11 months out of the year.....hmmm......maybe I've answered my own question there.
Still I wonder what they'd pay me if it got totaled tomorrow, that is to say what data base or value listing do they use? I reluctantly agree that it's around $5k since I've recently looked around at prices, before that I was in dreamland thinking it would be around $8.5k. ::) :o It's recent devalue in my mind is why I asked this question in the first place, but I guess for $315 I'll stick with it awhile longer. I'm starting to think that my somewhat restored '76 water buffalo is worth more than my '10 C14, now that would be something :'( .
Whatever and whenever, just make sure to get uninsured motorist and the personal injury medical expense rider.
About the personal injury protection (that's what my insurance company calls it), I have fairly decent health insurance so I thought it would be a waste. What am I missing here? Probably something important, but my brain starts to go to sleep and my head starts to rotate like the main bang radar antenna when it comes to insurance and legalese/financial stuff. I can usually understand it if I'm excessively caffeinated but otherwise I'm asleep half way through the first paragraph. Kinda nodding off even no...w....zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
-
Comprehensive is cheap. I carry it on all my bikes. I only carry collision on my commuting / touring bikes.
Collision covers your lack of skill.
Comprehensive covers theft, animal strikes, vandalism, etc.
-
Collision covers your lack of skill.
Or the other guys lack of skill.
Also covers bad luck............. :o
-
About the personal injury protection..,
My insurance company said they would pay at the end, in one big lump sum. Doctor's & hospitals want to be paid a little sooner than that. Healthcare at work has deductibles. The personal injury rider was paying as I produced receipts. No questions asked.
-
About the personal injury protection..,
My insurance company said they would pay at the end, in one big lump sum. Doctor's & hospitals want to be paid a little sooner than that. Healthcare at work has deductibles. The personal injury rider was paying as I produced receipts. No questions asked.
OK thanks, I don't think I'm in the same situation, but I'll look further into it.
-
Well it's almost three years later and I'm thinking about this once again. Right now I expect that I'll probably keep the full coverage, as it's extra cost is only $263. with zero deductible (disappearing deductible whatever that is.) I'll probably keep it until the extended warranty runs out in 2020, but still if my bike were totaled I wonder what the insurance would pay me. The online Blue book and Nada sites seem somewhat optimistic in values to me, not much difference than 3 years ago when I first asked this question. It seems the C14s value plummets off a cliff the first three years then it sort of flattens out after 5 or so.
-
Yeah, I always have that argument with myself. Full coverage is a joke, because it absolutely cannot and will not be able to replace what I have... which it is known, nearly perfect condition. But at least it is something and it goes down each year. Hmmm.
-
Here's a thing I'm considering for my Jeep, which is my daily driver, but heavily modified. The classic car insurance writers, like Hagerty ETC, will do an agreed value on classic cars, or modified vehicles. I know that, American Modern insurance is one of the companies who do, "Agreed Value" policies, and that's who insured my bike at the time of my crash. I'm keeping the policy in effect, and also plan to explore the agreed value thing on my next bike.
-
I've got an agreed value policy from american collectors on my 1982 GS1100GK. They've been raising the agreed value $500 per year every year. It now costs me about $220 a year with 250/500k liability limits. 2500 miles per year allowed. If I total it today, they will pay me $6000 for that bike. If that happens, I'll miss her. I think 6 grand will soothe my broken heart!
-
I've got liability only on my C14. Getting ready to sell it and don't ride it much anymore.
-
I've got liability only on my C14 and FZ1. I'm competent and resourceful enough (thanks to this forum and ebay) that I can put it together if I broke things. I try to keep them in top shape and try to ride as safe as I can while still having fun.
-
Yeah, I always have that argument with myself. Full coverage is a joke, because it absolutely cannot and will not be able to replace what I have... which it is known, nearly perfect condition. But at least it is something and it goes down each year. Hmmm.
I am paying $284/yr, full coverage, State Farm, $100k/$300k injury, $50k property damage, $100 non-collision deductible, $250 collision deductible.
-
Wow. I'm paying $250 for liability only on my 2011 C14. Tried adding collision and comprehensive. Literally doubled the amount. I'm alright the way it is.
-
Wow. I'm paying $250 for liability only on my 2011 C14. Tried adding collision and comprehensive. Literally doubled the amount. I'm alright the way it is.
Well, as you know, there are a zillion factors that can affect the rates. I do have a perfect record (zero traffic citations, high credit rating, no claims, on-time payment, etc), which matters a lot. Location and age also matter a lot (I am NOT 50 quite yet, however). And some insurance companies look at the 1400 Concours and see it as a super-bike ($$$), and others as a touring bike ($), and perhaps some actually see it for what it is- a sport touring ($$).
-
I've got an agreed value policy from american collectors on my 1982 GS1100GK. They've been raising the agreed value $500 per year every year. It now costs me about $220 a year with 250/500k liability limits. 2500 miles per year allowed. If I total it today, they will pay me $6000 for that bike. If that happens, I'll miss her. I think 6 grand will soothe my broken heart!
Does coverage include it falling off a trailer? 8)
-
Liability only on both the C10's I had and now the Honda ST1300 also. My cost is $130 for the year, but riding season is only about 6 months long per term. No comp damage available w/liability, have to go full coverage for that with my carrier.
I figure if the cost of replacing the item isn't going to hurt me much, especially on something I really don't HAVE to have, there is no point in fully insuring it. My claim history is pretty low.
-
Liability only on my 02 C10 in FL costs me $60 . Liability only on my 06 C10, 03 Suzuki DRZ400, and my 02 Kawasaki Prairie 650 costs me $75 in NY. Go figure.
Tom Taylor COG#7173
-
About the personal injury protection..,
My insurance company said they would pay at the end, in one big lump sum. Doctor's & hospitals want to be paid a little sooner than that. Healthcare at work has deductibles. The personal injury rider was paying as I produced receipts. No questions asked.
once your bike is down to $4k in comparable sales prices as used bike go, it's a tough decision on keeping full coverage, most likely the only reason to have it is if there is a loan being paid, and they insist on it..
But the bike value is moot, compared to medical costs... and it's hard to get high value medical coverage, without the big ticket full cover...
Your 'medical plan from work/other' does not cover you really, in a crash scenario, in fact, they can actually dump you as you are doing something they consider as a 'high risk'...
High personal injury coverage, tied into your vehical insurance is EXTREMELY important, a minor spill, and single visit, or a broken bone taken care of in a hospital, is a BIG $$ figure now, let alone heaven forbid, a serious crash, requiring a hospital stay of a week or more...
Case in point, and this may not relate to your insurance or locality prohibiting this ...
When I lived in Va., and was insured by Geico, all of the policies for all vehicals, had an 'accumulated' value of medical coverage, so with 3 trucks (one full coverage, due to a loan) and 4 bikes, all fully covered, we had a total 'coverage' of close to 1 million $, but that's because Va. allowed the insurance companies to 'total'.. so, I reduced my cover on the bikes that were not financed, and valued at less than $3k resale, to liability.. and then my cost went up to keep the same personal injury figures.. it actually didn't pay to reduce the coverage.
it's all about the persons body getting fixed, not the bike value.. personal injury insurance pays right up front.. hell, I wish my health insurance was as reliable, as they paid willy nilly, dribbling payments whenever, and still missing some, causing major p.i.t.a. back and forth stuff..
it pays to check variables in personal protection, in combination with the vehical values and covers..
-
But the bike value is moot, compared to medical costs... and it's hard to get high value medical coverage, without the big ticket full cover...
Your 'medical plan from work/other' does not cover you really, in a crash scenario, in fact, they can actually dump you as you are doing something they consider as a 'high risk'...
I had never heard of this, is it stated loud and clear in the insurance documentation or well hidden down in the gray dinky print?
Of course I've passed into the severe gray area now where medicare part A is my primary hospital stay insurance, and my regular BCBS coverage is primary for part B stuff and secondary for hospital stays. I've never heard of medicare not allowing for motorcycle injury recovery coverage. Anybody else heard of such goings on? Anybody?
-
I had never heard of this, is it stated loud and clear in the insurance documentation or well hidden down in the gray dinky print?
Of course I've passed into the severe gray area now where medicare part A is my primary hospital stay insurance, and my regular BCBS coverage is primary for part B stuff and secondary for hospital stays. I've never heard of medicare not allowing for motorcycle injury recovery coverage. Anybody else heard of such goings on? Anybody?
I highly suggest your in depth discuss both insurance types with your providers, as i cannot supply information as to what your individual plans do cover, but I am very sure, that both "health care insurance" and "vehicle insurance/medical coverage" are very divided, and separate entities of there own, within each policy.
Historically, they are very divisive, and exclude one insurance from covering something the other covers, in short, they disallow being "covered twice", and stipulate these divisions in the "gray dinky print". Most times, and injury will provoke one policy null and void, with respect to coverage the other provides, preventing the "double dipping", or even combining them to reach an equitable amount to cover exorbitant medical costs today... It's sad, but a basic fact, you can never visit a hospital, and NOT pay something... they make sure of that...they want YOUR cash..
I know my Geico insurance has clauses on it's "disallowed" coverage, being combined with a healthcare policy simultaneously. As far as Medicare (which I am beginning the process on), I'm certain it would be virtually impossible to get them to pay for anything... that's their job it seems, to "not provide when ever possible"..
-
Your health insurance e WILL cover you if in you’re in accident. If you have health on your bike policy, that will become your primary . It’s illegal to draw from both at the same time. There are adavantages
to having health coverage even if you have your own health insurance.
Costs vary so much, you just have to shop. People will say their State Farm policy is cheap, but then they’ll pay a ton for sf auto coverage.
Fwiw, I used to be an adjuster and let me tell you, it doesn’t take much for a bike to be totaled, sometimes, just falling over on the kickstand is enough so be careful out there!
-
$5K. That's my current pain-from-loss tolerance threshold.
Also a factor is that entering into agreements with others these days does not on average seem to work out as well as it did decades ago. In other words, I don't trust insurance companies to actually pay a valid claim I might make. And so the easier, simpler, cheaper thing to do is to just retain the premiums I would've paid and not enter into any more agreements than I determine are necessary. I get to keep the money. I make all decisions. There's nobody to deny my rightful claim. I don't have to read thin page after thin page of small font Terms & Conditions, Exclusions, Definitions, Clarifications, etc etc many of which require a law degree to really have any chance of understanding. Nice :thumbs: