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Insurance 101: What You Need To Know

I do not usually do the OMG thing..
... But thanks girl. Barf can in so way endorse your words of wisdom, but we can add to them.

Read the fine print folks.
 
Incredible thread, and long overdue. Great job compiling all of this information, G. :hail
 
Silence said:
Do we have resident Barf brokers/agents to give business to?
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Yes there are a few brokers/agents on BARF.

I am an insurance broker and would be willing to look at anyone's policy if they would like any advice. Please feel free to PM me if you have any questions.
 
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Just adjusted a few aspects of my coverage after reading through this thread again. Thank you, Thumper X!!!!! :thumbup
 
Good basic explanation of Insurance coverage’s. Before you start shopping around for insurance Think about how you are going to use your motorcycle, for example are you going to use your Bike at the track. (some companies have coverage for track use) Then start calling around, and make sure you call each company twice. (some agents don’t know how to construct a policy for maximum discounts). Listen to the agent, do you feel comfortable with them? Did they ask you questions about your needs, income, career etc. Ask them why you should insure with them or their company.
 
G, thank you. :applause

This thread has been long overdue. I hope others continue to chime in about how critical it is to have good, if not great, insurance coverage. A few bucks up front will save you and your loved ones THOUSANDS in the long run.
 
This is a great thread with IMPORTANT information that every motorcyclist should know. We'd be happy to answer any insurance questions whether it be about motorcycle insurance, home, auto, business, etc.

I'll try to work on getting some more useful info written up for this thread!
 
Thank you for this timely thread as I just got my first bike last night, and I know this is one of the next steps I need to take.
 
ThumperX said:
Uninsured Motorist Bodily Injury
This is IMO one of the most under rated misunderstood lines of coverage out there. As a motorcyclist there isn't any such thing as a fender bender. Instead, we on two wheels experience soft tissue damage, broken bones, paralysis, brain damage, or worst case scenario, death.
Having maximum liability limits allows you to purchase maximum UMBI limits.

Why is this important? Say you ride with a marginal health care plan or no medical insurance, or you have a job that requires a sound body to make a living. Hospital visits are very expensive and if you pay a deductible as well as a % it adds up quick.
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This one is of special interest to me because it's the most expensive component of my current policy (don't have comp or collision). $235 per year for $500K coverage. The liability part is only $128 for the same limit.

Thing is, it only pays if it's the other person's fault and they are underinsured. I can see it happening if I'm rear-ended in traffic. In other cases there will probably be a hard-fought dispute about fault. I'd be interested to hear from anyone who's been through that and how it turned out.

So, worth it? I guess. I'm paying for it.

And G, thanks for the great thread!
 
rodr said:
This one is of special interest to me because it's the most expensive component of my current policy (don't have comp or collision). $235 per year for $500K coverage. The liability part is only $128 for the same limit.

Thing is, it only pays if it's the other person's fault and they are underinsured. I can see it happening if I'm rear-ended in traffic. In other cases there will probably be a hard-fought dispute about fault. I'd be interested to hear from anyone who's been through that and how it turned out.

So, worth it? I guess. I'm paying for it.

And G, thanks for the great thread!
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Read this thread, it's what I am going through right now.

http://www.bayarearidersforum.com/forums/showthread.php?t=448704
 
Wow, quite a story. Thanks for the link, and good luck with the lawyer.
 
Slopoke, it was actually your thread that inspired this document. I'm working on a followup that goes into more depth.

BARF has a lot of agents and brokers, some are sponsors some are not but they are all great resources here.
 
ThumperX said:
Slopoke, it was actually your thread that inspired this document. I'm working on a followup that goes into more depth.

BARF has a lot of agents and brokers, some are sponsors some are not but they are all great resources here.
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Thumper, fantastic thread. Hopefully, this sticky will get people to get the correct amount insurance coverage based on their individual needs and not get caught with their pants down.
 
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Slopoke said:
Thumper, fantastic thread. Hopefully, this sticky will get people to get the correct amount insurance coverage based on their individual needs and not get caught with their pants down.
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I just got my first bike, and I went over these terms.

But how exactly do I pick out insurance that's right for me? I don't make a lot of money or have any real assets. I'm under 25.
 
rojocorsa said:
I just got my first bike, and I went over these terms.

But how exactly do I pick out insurance that's right for me? I don't make a lot of money or have any real assets. I'm under 25.
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The best thing you can do is talk with an agent that will go over all your questions you have. Then pick a limit that you are comfortable with and that you can afford. The third thing you need to do is make sure if you cause an accident you are comfortable with the limit of insurance you have provided for the other person. You don't want to be the person that was underinsured and caused a financial hardship for an innocent person because you crashed.

There is no such thing as too much insurance but there is such thing as to little.

Also keep in mind that just because you do not have any assets right now and you do not make much money that doesn't mean you wont in the future. You can be sued for future wages.

If you have any questions feel free to PM me and I can help go over all of this in more detail for you.
 
Thanks a lot for this thread and summary. I relocated here from Canada and was not understanding everything in both my car and motorcycle insurance. Turns out that I think that I am OK, I did select a good package.
 
What are the advantages/disadvantages of electing a Combined Single Limit versus Split Limits?
 
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