Prohibitive Insurance Cost!

[belltold12]

I'm noticing weird insurance rates myself looking at new bikes. It seems it's not always about the rider and their record but the bikes history as well. For instance pretty sure most would consider an FZ1, a Z1000, and a CB1000R to all be rather similar and therefore you'd think they'd be similar to insure. Progressive for me, with all the same coverage, has the FZ1 and Z1000 as $451 a year and the CB1000R as $1140 a year... therefore clearly the CB1000R is an inferior bike and the insurance companies are well aware of this lol

 

[clutchslip]

therefore clearly the CB1000R is a FASTER bike and the insurance companies are well aware of this lol

FTFY.
Well, I thought I wasn't buying another Honda for my next bike, but this just cinches the deal. I will do like you and shop insurance first, then buy a bike. Hell, I can't tell the difference, anyway, being all senile and stuff.

 

[High-Side]

I just paid my renewal from Progressive and it came to $435 for four motorcycles for full coverage for a year. I carry $15,000/$30,000 - but my policy covers everything including Uninsured/Underinsured Motorist coverage. No tickets in the last twenty-five years – knock on wood.

 

[stan23]

I've had progressive for years, and when I tried to add my new MTS with comp/collision, they wanted $900+ on top of the $300 for liability I was already paying.

I just switched to Geico and for the same coverage + comp/collison, they only wanted $500 total for a year.

 

[High-Side]

I've had progressive for years, and when I tried to add my new MTS with comp/collision, they wanted $900+ on top of the $300 for liability I was already paying.

I just switched to Geico and for the same coverage + comp/collison, they only wanted $500 total for a year.

I've been with them for 9 years and when I added my new '08 SM610 back in '09 they barely raised my rates - and we know you can’t get in trouble with a street-tard.

 

[Burning1]

15K liability isn't enough, even on a motorcycle. If you take out another biker, or hit a pedestrian, you're going to need a lot more than 15K.

 

[Burning1]

Also, 15K liability tells me that you *definitely* don't have an umbrella policy or UIM. Generally, limits of UIM coverage are linked to liability. It's best to have at least $300K of UIM. I personally have a $1M UIM policy; I've seen what kind of shit can go wrong.

 

[corndog67]

That doesn't sound right, either. I don't know how you people get these rates. The only deduction I don't get is MSF, because I have never, and never will take the course. But, I pay a lot more for insurance. Of course, I carry maximum available coverage, so there is that part.

My old Sportster, on top of the Ducati and KTM, was $10/year additional. My CT-70 was $11/year, I guess because it has more power than the Sportster. Liability only.

 

[stan23]

I've been with them for 9 years and when I added my new '08 SM610 back in '09 they barely raised my rates - and we know you can’t get in trouble with a street-tard.

Progressive has been very 'tard friendly for me. I think for my Husky, I was paying next to nothing.

Even my 1200GS was very reasonable. But the MTS for some reason really hiked up the rates. Maybe they had too many claims on that bike?

 

[auntiebling]

Also, 15K liability tells me that you *definitely* don't have an umbrella policy or UIM. Generally, limits of UIM coverage are linked to liability. It's best to have at least $300K of UIM. I personally have a $1M UIM policy; I've seen what kind of shit can go wrong.

+1
minimum coverage will barely cover the wagon ride to the hospital for 1 person. CA minimum insurance numbers are a joke

 

[stan23]

Just for arguments sake, I have much higher liability coverage (bodily injury) on the car than say on my bike.

Reason? I don't think if I hit them on my bike, i'd cause as much bodily injury to people inside than say if I hit them with my car.

/yes I realize I can hit some random pedestrian too.

 

[Burning1]

There was a rider a while back... Involved in a solo crash, wearing full gear. No injury, but ended up going to the hospital to get checked out. Walked away with a completely clean bill of health and a $20,000 bill.

I started a thread a while ago about medical costs as a result of an accident. Results were across the board, but the majority of riders ended up spending more than $50,000.

http://www.bayarearidersforum.com/forums/showthread.php?t=388625

 

[High-Side]

Also, 15K liability tells me that you *definitely* don't have an umbrella policy or UIM. Generally, limits of UIM coverage are linked to liability. It's best to have at least $300K of UIM. I personally have a $1M UIM policy; I've seen what kind of shit can go wrong.

My motorcycle policy states $15,000/$30,000 for uninsured/underinsured – but I have Kaiser medical coverage.

My auto policy is $100,000/$300,000.

 

[DreamLeaner]

State Minimums

Does seem silly to me that the state minimums for Insurance have not changed in a LONG time. Do other states have different minimums?

 

[MC BumSlap]

No one should ever get the CA minimum. I can understand not getting comp if you have a shitty vehicle or a cheap motorcycle.

But at the very least, get an umbrella policy to cover anything above your policy limits if it's your fault. A $1,000,000 policy can be had for less than $150/year. Well worth it.

 

[Burning1]

My motorcycle policy states $15,000/$30,000 for uninsured/underinsured – but I have Kaiser medical coverage.

My auto policy is $100,000/$300,000.

Medical insurance doesn't cover getting your bike out of impound. It doesn't pay the wages you lost while you're in the hospital. It won't compensate you for your pain and suffering. It won't compensate you for loss of mobility, or changes to your quality of life. It won't pay to install wheel-chair ramps in your house, or retrofit your restroom if the worst happens. It't definitely won't help cover the cost of a lawyer to recover your other OOP expenses.

 

[stan23]

There was a rider a while back... Involved in a solo crash, wearing full gear. No injury, but ended up going to the hospital to get checked out. Walked away with a completely clean bill of health and a $20,000 bill.

I started a thread a while ago about medical costs as a result of an accident. Results were across the board, but the majority of riders ended up spending more than $50,000.

http://www.bayarearidersforum.com/forums/showthread.php?t=388625

I thought we were talking about liability?

For personal injuries, I have my own health insurance that covers that.

 

[stan23]

Medical insurance doesn't cover getting your bike out of impound. It doesn't pay the wages you lost while you're in the hospital. It won't compensate you for your pain and suffering. It won't compensate you for loss of mobility, or changes to your quality of life. It won't pay to install wheel-chair ramps in your house, or retrofit your restroom if the worst happens. It't definitely won't help cover the cost of a lawyer to recover your other OOP expenses.

Maybe i'm completely wrong here. But I don't think your auto/motorcycle coverage will cover any of those above mentioned things either.

 

[NoGall]

Just for arguments sake, I have much higher liability coverage (bodily injury) on the car than say on my bike.

Reason? I don't think if I hit them on my bike, i'd cause as much bodily injury to people inside than say if I hit them with my car.

/yes I realize I can hit some random pedestrian too.

While I agree with your logic, $15,000 doesn't cover much at all these days. It isn't just about how much injury the person actually sustained and the cost of treatment, but also the ambulance or ER diagnostics used to ascertain whether the person did sustain injury. He could have sustained no injury, but the cost of diagnostics could exceed that minimum.

You should also consider your coverage decision with the amount of assets (real estate, vehicles, cash...) you wish to protect. It takes only one unfortunate encounter with a suit happy "I am gonna milk this as far as it gets" fucker to undo what you have built up.

Getting a liability umbrella policy isn't as expensive as many think, but that would probably require you upping your auto/moto policy coverages to spec. I am not suggesting buying every insurance to the max, but you do want to consider what and how much of it you wish to protect.

 

[stan23]

I don't have the minimum (i'm no dummy)

But my argument was that I simply set a much higher liability on my auto vs. my motorcycle.