Author Topic: Another insurance thread aka when to go liability only?  (Read 3499 times)

Offline fartymarty

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Another insurance thread aka when to go liability only?
« 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.

Offline George R. Young

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Re: Another insurance thread aka when to go liability only?
« Reply #1 on: October 03, 2015, 02:12:19 pm »
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.
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Offline Conniesaki

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Re: Another insurance thread aka when to go liability only?
« Reply #2 on: October 04, 2015, 08:52:11 am »
My own threshold seems to be about $5K. I paid $5,600 for my previous bike, got no coverage for it, and was 'pretty much' OK with that. $6K, $7K, $8K ... now I'm gettin' nervous.

Offline Mr. Green Genes

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Re: Another insurance thread aka when to go liability only?
« Reply #3 on: October 04, 2015, 11:58:09 am »
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.

Offline SilverConnieRider

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Re: Another insurance thread aka when to go liability only?
« Reply #4 on: October 04, 2015, 01:16:25 pm »
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?

Offline fartymarty

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Re: Another insurance thread aka when to go liability only?
« Reply #5 on: October 04, 2015, 02:31:57 pm »
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

Offline twowheeladdict

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Re: Another insurance thread aka when to go liability only?
« Reply #6 on: October 04, 2015, 08:43:23 pm »
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.
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Offline SilverConnieRider

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Re: Another insurance thread aka when to go liability only?
« Reply #7 on: October 05, 2015, 06:03:54 pm »

Collision covers your lack of skill. 


Or the other guys lack of skill.

Also covers bad luck............. :o

Offline Mr. Green Genes

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Re: Another insurance thread aka when to go liability only?
« Reply #8 on: October 07, 2015, 09:07:22 pm »
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.
 

Offline fartymarty

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Re: Another insurance thread aka when to go liability only?
« Reply #9 on: October 07, 2015, 10:30:36 pm »
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.

Offline fartymarty

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Re: Another insurance thread aka when to go liability only?
« Reply #10 on: August 12, 2018, 11:37:17 am »
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.

Offline maxtog

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Re: Another insurance thread aka when to go liability only?
« Reply #11 on: August 12, 2018, 12:32:44 pm »
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.
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Offline jamiemac

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Re: Another insurance thread aka when to go liability only?
« Reply #12 on: August 12, 2018, 02:04:47 pm »
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.
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