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Old 09-27-2007, 10:57 PM   #1
dodogenocide
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Question Insurance questions

If the bike is worth less than three grand and is a first-bike beater, is full coverage really necessary? It seems like if I destroy it to the point where I can't ride it, there's no use in fixing it. I'm checking my insurance stuff before I buy a used Kawa EX500, and was wondering what I really need. I'm pretty sure I don't need $10,000 full coverage, since the bike isn't worth a third of that. There's an orgy of options (and stupid ones like towing, pssh), and I'm not sure what it appropriate.

Also, has anybody tried online insurance, like Geico? Again, I have no idea the merit nor utility of these online insurers.
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Old 09-28-2007, 07:28 AM   #2
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I've never carried anything but liability on my bikes, but then I've only bought used bikes not worth a whole lot anyway. On the other hand, cosmetic damage is expensive to fix, and low speed drops can cause quite a bit of it.

Towing coverage may actually be worth it, depending on where you are and what kind of friends you have around. Dropping the bike can make it unrideable, even if the damage is minor (broken clutch lever, for example).

Can't say about the "online" insurers, but Geico is a reputable company - definitely not a fly-by-night operation, and they're primarily not online anyway...

Goodl luck!
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Old 09-28-2007, 07:44 AM   #3
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"If the bike is worth less than three grand and is a first-bike beater, is full coverage really necessary? "

No, especially if you aren't worried about taking the hit if it's stolen or totalled.
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Old 09-28-2007, 08:51 AM   #4
SeeJoy
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Last night I purchased insurance from State Farm in PA for the 2002 Ninja 250 I am buying.
Com/Coll/Liability $152.43 for a year with a $250.00 deductable.
Geico, who insures my car wanted $450.- for less coverage and higher deductables.
Can you guess which company is insuring my car now?
Saved over $300-. a year through State Farm with much better coverage.
No, I don't work for State Farm.
LOL
My girl friend turned me on to them. She uses them to insure her 1000cc Aprillia.
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Old 09-28-2007, 08:52 AM   #5
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Quote:
Originally Posted by longride View Post
"If the bike is worth less than three grand and is a first-bike beater, is full coverage really necessary? "

No, especially if you aren't worried about taking the hit if it's stolen or totalled.
Longride is right. I have been selling motorcycle insurance for 8 yrs and unless you have something special (no- the ex doesn't qualify) then you shouldn't. Now a suggestion is to put Comprehensive coverage on it. That way it's protected for theft, fire, vandalism and a host of other oddities. I sell in the southeast but if you'd like to contact me I'd be glad to help you find an appropriate company that does business where you live.
Kirk
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Old 09-28-2007, 08:57 AM   #6
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Quote:
Originally Posted by acecycleins View Post
I sell in the southeast but if you'd like to contact me I'd be glad to help you find an appropriate company that does business where you live.
Kirk
BTW: Kirk's quote to me was about 40% lower than the best quote I got from my insurance agent friend.
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Old 09-28-2007, 10:08 AM   #7
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I've totaled two bikes, and both were repaid, so it's a tough call how much you should get. I have comprehensive now on my bikes, but a bike worth under $3000 probably isn't worth the hassle unless you think it's a real target for thieves and vandals.
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Old 09-28-2007, 10:45 AM   #8
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I've totaled two bikes.
So...what happened??
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Old 09-28-2007, 10:49 AM   #9
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I can't imagine how much of a theft target it would be - it'd be on the campus lot parked next to Ducatis, GSX-Rs, and the occasional CBR1000. Plus, most of my riding (at first) will all be within pushing distance of my school campus, and I'm not sure if my AAA covers bikes.

If (or when, if you're cynical) I drop the bike, will having fairings protect the internals from damage? I don't mind an ugly bike if it runs well.
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Old 09-28-2007, 11:09 AM   #10
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The purpose of an insurance company is to make money. They do this by collecting premiums and denying claims. They all suck, so give them as little money as you can. Shop around, and on-line is OK. Go with the cheapest company that’s licensed to do business in your state.

Do the math for each different type of coverage. As you noted, it’s probably not cost-effective to get collision or comprehensive on a bike with a low “depreciated value” (an insurance company euphemism for “half what you paid for it”). Always figure into the cost of any comprehensive or collision policy the aggravation of trying to collect anything from these claim-denying scumsuckers.

On the other side of the coin, you need to make sure that you have enough liability insurance to protect your assets. If you live in a refrigerator carton and spend all your money on motorcycles, riding gear, track days and booze (as we all should), then go with the state minimum. On the other hand, if you’re rich like Longride, you can coordinate your m/c coverage with a high limit umbrella policy.

By the way, cheap towing insurance is available to members of the American Motorcyclist Association. It covers you on any bike you’re riding, so if you’re riding with a friend and his bike breaks down, just swap saddles and the broken bike gets towed.

And above all, have fun flailing the half-liter Ninja!
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