Insurance ? from a newby - Star Motorcycle Forums: Star Raider, V-Max, V-Star, Road-Star Forum
 
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post #1 of 9 (permalink) Old 04-15-2014, 03:33 PM Thread Starter
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Insurance ? from a newby

Hey guys new here and asking questions again. If everything goes well I may be purchasing an 07 1100 Silverado this weekend. I have a question about insurance. I know I have to have liability coverage but what about the rest? Is it worth the money spent for collision and comprehensive on a 7+ year old bike that's only worth about $4500? I know if you have an older car and you dent a fender they will total it in a heart beat and I'm wondering if bikes are the same way. Totally new and out of my element here so that why I'm asking.
Thanks
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post #2 of 9 (permalink) Old 04-15-2014, 05:58 PM
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Originally Posted by Summer View Post
Hey guys new here and asking questions again. If everything goes well I may be purchasing an 07 1100 Silverado this weekend. I have a question about insurance. I know I have to have liability coverage but what about the rest? Is it worth the money spent for collision and comprehensive on a 7+ year old bike that's only worth about $4500? I know if you have an older car and you dent a fender they will total it in a heart beat and I'm wondering if bikes are the same way. Totally new and out of my element here so that why I'm asking.
Thanks
Depends what you are willing to risk. If the book on the bike is $4500.00 and it gets totaled you will get $4500.00. I know most insurance companies will let you buy back the bike for a scrap fee (usually less than half) and you can fix it for a few hundred and pocket the rest. Of course the biggest factor in this is the cost difference between just liability and full coverage. It was very little or me, less than $100.00/year so I took the full coverage. My total bill on a 06' Roadie with a value of 7k is 330.00/ year with a low $250.00 deductible. So weight the cost versus the risk.
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post #3 of 9 (permalink) Old 04-16-2014, 01:41 AM
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Depending on a few other factors like age and record the cost for full coverage is almost so low its not even worth worrying about cutting cost. For example my 2014 V-Star has complete coverage with a $50 deductible for $200 for the year. That's with a few discounts including paid in full, clean driver, many years with a license and being over 30. I may have a veterans discount too, don't remember, but the point is for $200 of full coverage you may as well get it. Liability won't be much less. So ask for a quote from a few places and see what you are working with.
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post #4 of 9 (permalink) Old 04-16-2014, 04:54 AM
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My experience with bike quotes shows two heavily weighted factors
1) your age
2) bike over or under 1,000 cc's
Can really swing the price. Most cover up to $x dollars of accessories but you should ask to know for sure.


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post #5 of 9 (permalink) Old 04-16-2014, 04:56 AM
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Insurance ? from a newby

Years ago, my husband had a Ford Explorer with liability only, that caught fire as we were driving it home. Long story short, we were out a vehicle, and to top it off, the business that it caught fire in front of tried to sue us for a tree that was killed due to damage. On EVERY vehicle we've had since then, we have full coverage. A bit more expensive, but you really never know when you may need it. Definitely has paid for itself, covered the cost of replacement for tires that were slashed on mine and my husband's trucks, a total of 8 tires!


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Last edited by metalmom_of_2; 04-16-2014 at 05:03 AM.
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post #6 of 9 (permalink) Old 04-16-2014, 07:24 AM Thread Starter
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Thanks for that insight. I'll keep those factors in mind when making my decision.
Where do you folks have your bikes insured? With you same auto carrier or with some of these insurance companies that supposedly "specialize" in insuring bikes?
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post #7 of 9 (permalink) Old 04-16-2014, 07:38 AM
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Ours is with the same we have our vehicles through. Multi-car and multi-line discounts 😊


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post #8 of 9 (permalink) Old 04-16-2014, 11:44 AM
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My bike insurance is packaged with my Tahoe's insurance getting the multi vehicle discount. For me it was a tad cheaper with the bike being under 1000cc. Metalmom is right, for the difference in cost, full coverage pays for itself the first time you need it. I live in a county that has the second highest fatality rate in the state. Three years ago on Memorial day weekend, we had 9 traffic fatalities across the state, 7 of those were in my county. Full coverage is well worth it here.

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post #9 of 9 (permalink) Old 04-16-2014, 11:53 AM
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I have everything under Nationwide, the local agent is my client so I try to buy as much from my customers as I can.
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