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Hi Guys,


I am kind of confused in this regard. When I bought my bike, I setup a policy with Progressive and I think we did more along the lines of the bare minimum and it looks like this:

Bodily Injury Liability: $10K per person/$20K per accident
Property Damage Liability: $10K per accident
Uninsured/Underinsured Motorist: No Coverage
Medical Payments: No Coverage
Enhanced Injury Protection: No Coverage
Comprehensive: $1,000 Deductible
Collision: $1,000 Deductible
Roadside Assistance: No Coverage
Carried Contents: No Coverage
Accessory Coverage: $3,000 (Included)

Can somebody recommend me what is the proper insurance coverage I should have? I do not want to go crazy because I rarely ride (for now) but I want to be properly protected when I am in Florida and have access to my bike.


Thanks,
MrElusive
 

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Looks just like my Progressive policy. Not sure if comprehensive is required for bare minimum coverage, but it might just be forced on you. Too lazy to pull up my policy at the moment.

I've heard rumors of programs that adjust your premium based on limited riding months and limited riding in general, but haven't yet seen one to jump on.
 

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When I set up my policy (also through progressive as I've been insured through them over multiple vehicles, renters and my old bike for years), I put the absolute bare minimum with the exception of Comprehensive. Since that is what covers a stolen bike (because lets be honest, two dudes could toss this into a pickup or even the trunk of a car and drive away), I put the lowest deductible Comprehensive coverage on it.

Physical damage option
Actual Cash Value
Property Damage Liability
$10,000 each accident

Comprehensive
$100 deductible

Collision
No Coverage

Accessory coverage
$3,000
Included

Coverage for people

Bodily Injury Liability
Includes Supplemental Spousal Liability coverage
$25,000 each person
$50,000 each accident

Uninsured Motorist & Supplementary Uninsured/Underinsured Motorist
$25,000 each person
$50,000 each accident excluding Supplementary

Pedestrian Personal Injury Protection
$50,000

Medical Payments
No Coverage

Optional Basic Economic Loss
No Coverage
Roadside Assistance
No Coverage

Vehicle Premium: $75.00
 

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Oh man talk about bare minimum coverage.

Here in the great white accidents can get pretty costly. I run the followig

2 million liability
Comprehensive at 1000 deductible
Collision at 1000 deductible

Trailer, accessories, and gear covered at 1000 dollars each ( 3000 total)

1 million underinsured coverage
 

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Insurance companies love some of you guys. You're making them rich. Insurance is a game you can't win. And for every dollar you put into it, you get $0.50 of value back. Serously. Have you guys ever done any research to look into how much of your premium $ goes back out to paying claims? It's eye opening. I always insure for the bare legal minimum which is usually just liability.

2 million liability
Your premium is a waste of money. If a private citizen causes a million dollars worth of damage and is successfully sued, the first thing the private citizen does is claim bankruptcy. Nobody gets any money. The only reason someone would need to insure for 2 million liability is if you happen to have that much cash in your bank account to protect. I don't go for the "WHAT IF???!!!" fear mongering that drives some people towards irrational insurance coverage.

---------

Let's make a list

#1 make sure you have medical insurance through your job. If you don't, you're either very young and get a deal with with your parents, or in a very sad situation and you should not be riding a motorcycle and instead working on improving your life situation. Medical insurance is the most important thing. Ever.

That's my list. Satisfying that, don't ever take out a loan for a toy this cheap, (because it will require full coverage) and always insure for the bare minimum legal requirements. Never insure for collision, just comprehensive (if even that) because that's cheap and then you can park it outside anywhere and it's no big deal if anyone steals it.

Insurance is a game you can't win, that you should only be playing when dealing with something financially devastating. Home, maybe car, but definitely medical. My family's medical bills in the last 10 years would have paid for my house twice over. And that's not rare. A $3000 motorcycle? If you can't afford to crash that and throw it out, you have serious problems. So in my humble opinion, just get the lowest legally required insurance you can.

Thanks everyone for listening to me ***** about insurance. It's one of my pet peeves. It's such a scam industry ingrained in our culture to the point where in some cases even the government forces us to have it.
 

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Zaph basically explained my thoughts. I work in the Insurance industry (as a software developer, but still, I understand the business since I'm the one implementing it). If you're paying more than $100 a year for insurance on these bikes you're wasting your money. A car is one thing, the chances of acquiring damage and inflicting damage is much greater. Full coverage on a bike is ridiculous unless you plan on dropping the bike.
 

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Don't really know what's proper and what's not. I know the agent is making money off me but I trust he is going to protect my pocket book if something happens. The town over had two sisters on a Z and car pulled out in front of them. Bike is total loss but the girls are going to be alright. My buddy that is a tow truck driver picked it up and was telling me about it. So, two people went to the hospital in an ambulance and you can't be sure the car had insurance. I want to know that I'm not paying out of pocket because my health insurance denies the claim since I was in an accident that wasn't my fault. I know my health insurance tried to deny a doctor bill because I was on someone else's property and they felt that persons home owners should cover the bill not them. So, anyway this is my coverage.

Liability - Bodily Injury / Property Damage
$100,000 each person / $300,000 each accident / $100,000 each accident

Coverage Details
Comprehensive Deductible
$100

Coverage Details
Collision Deductible
$500

Coverage Details
Uninsured Motor Vehicle -Bodily Injury
$100,000 each person / $300,000 each accident

Coverage Details
Underinsured Motor Vehicle
$100,000 each person / $300,000 each accident
 

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The z is not covered except for comprehensive since I race it. My other bike is covered for that and this is due to personal injury claims and the ability to sue my own policy but it's a piece of mind thing. Our insurance industry is government controlled in the province of BC that the least you can have is 200k liability and it costs an an arm and a leg due to lack of competition. Upping it to 2 million is only another 10 dollars a month and most accidents here that are not fender benders are paying out around that 1 million and sometimes more.

Depends on your state/province and how the claims are handled is how you should base your insurance. Also depends what you drive and where.
 

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... or in a very sad situation and you should not be riding a motorcycle and instead working on improving your life situation.
In fairness not everyone lives in WI. Many parts of the world people live with a motorcycle as their primary means of transportation. The US in general tends to view motorcycles as toys only. In the context of someone with a brand new Z125, you are correct. There are hundreds of more practical bikes for sale for $1000 at any one time.

Thanks everyone for listening to me ***** about insurance. It's one of my pet peeves. It's such a scam industry ingrained in our culture to the point where in some cases even the government forces us to have it.
Maybe if we valued proper driving certification instead of the joke we have now insurance wouldn't seem like a pre-requisite for controlling a 6000lb hunk of iron a mile a minute down the highway. But even in countries with difficult licensing programs insurance is commonly required.
 

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Bare minimum + theft for the Z. If I smoke someone at top speed on my Z they can pop the dent out and be on their way. Not like I can write off a family of 5 in a minivan with it. The other vehicles are a different story but the Z can't do much damage.

Not sure what your premiums are like down in the US but for all the bells and whistles (insurance wise) you can easily pay over 1k a year. Just doesn't make sense on a 3k bike.
 

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My last motorcycle accident settlement, the lawyers took 1/3rd of the total. Sucks but they still got me more than I would have on my own.
 

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'Murica! A magical land where you need to hire a professional to strong arm companies into doing what you pay them for.

Gotta love it.

-_-
 

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Yes, my lawyers are taking 30% and also any investigation fees that might need to come out. They told to expect about 50 to 60 percent of the total. There better not be much in the way of investigative fees on my case or there is going to be a problem. It has been 11 months now.
 

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I think that's way too high, I'd guess more like $0.10 back, and next to nothing when the lawyers are done getting it for you.
The reason I came up with that $0.50 value per dollar number is that I saw a report that compared the top ten insurance companies premiums paid in vs claims paid out and if I recall 50 cents was the average. For the life of me I can't find the article anymore though. Some of the better ones were up around 70 cents but the bad ones were below 50 cents. And I assume their CEOs are driving Lamborghinis and client claims are denied due to restrictive fine print most of the time.
 

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My experience has been way less so far. The only good thing was when I hit a deer and my comprehensive covered almost everything for the car repair. Would have covered everything but the body shops are often full of thieves and encouraged in the way the dealerships allow them to be run.

I can certainly tell you where not to take a Chevy in my area.
 

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I agree insurance companies are a scam. I've been driving for over 15 years and the amount of premiums i've paid are equivalent to replacing my car twice over and as soon as I get in a crash my premiums go up as if it cost them anything.... And in BC when its only one company they like to avoid putting the blame on one person because if they can have both people's premiums go up they win!

However the other side of the story is underinsured drivers are a problem, driving a car with 20k liability is a mistake. on a z125 sure that might be ok.

If only insurance companies were honest....
 
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