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Prohibitive Insurance Cost!

Burning1 said:
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.
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OK - so I just got off the phone and raised my insurance to $100,000/$300,000 for liability and UIM for a total of $51 more for the year. :party
 
stan23 said:
For personal injuries, I have my own health insurance that covers that.
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Well, if it is related to an auto accident, your health insurer will be a part of your settlement. They will look to recup their costs (at market value, not at the level of member benefits). They may or may not cut into the settlement amount due you.
 
Tharkûn said:
Progressive, I had to look for it too. I thought that was one of the better ones from what I've read on here, guess not
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A number of years ago, Progressive decided they didn't want to sell high performance sportbike insurance in California, so they raised their rates to ridiculous levels. Try GEICO. I've been using them for years. Very reasonable rates and great claims service.
 
stan23 said:
Maybe i'm completely wrong here. But I don't think your auto/motorcycle coverage will cover any of those above mentioned things either.
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Comp covers the cost of equipment. Most auto policies offer some medical, but the limits aren't terribly high. UIM will cover all of those expenses, so long as your accident qualifies for UIM. Generally, if you are involved in an accident with a moving object, you may qualify to use UIM.

Medical insurance is also important - it's the only medical coverage you'll have in an at-fault accident.
 
Burning1 said:
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.
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Exactly.

Unless you are stone ass broke and don't have assets a lawyer would love to take from you, (including your home or your IRA), don't under insure.
 
Burning1 said:
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.
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I have a $3million umbrella.

You need one, especially if you have a kid(s) that drives/rides.

Until they are no longer a dependent if they make a huge mistake while on the road and severely injure someone the lawyers will come after the parents' assets...with a vengeance.
 
I was able to up my insurance to double my liability coverage and add UIM for another $18 a month. Seems absolutely worth it.
 
Burning1 said:
It won't pay to install wheel-chair ramps in your house, or retrofit your restroom if the worst happens.
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Let me add that it may not cover daily assistance, nor all physical therapy, and on it goes. See Burning's other thread for my big liability even with insurance. My Blue Cross paid 80% for most things. Which left me with an even bigger nut to cover, than just the odds and ends.

GAJ said:
Unless you are stone ass broke and don't have assets a lawyer would love to take from you, (including your home or your IRA), don't under insure.
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This is what happened to me, in above mentioned accident. The guy had nothing. My attorney said it was pointless to sue. I was going to get maybe $30 bucks a month, if lucky. They get $10, I get a whopping $20. And ONLY if you actually collect the $30.

Get all the insurance that you can afford. And if you have assets, get more. :laughing
 
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A Progressive policy, a State Farm policy, a Geico policy will never be the same.
Progressive builds in a $3500 custom parts and equipment (paid out dollar for dollar) into every policy that has comp and collision. This extends to gear as well.

A Z1000, an FZ8 are essentially naked or unfaired bikes. A CBR1000 is a full fairing bike.
A 2010 up Multi averages close to 3K in damage for a standstill drop.

Insurance companies rate on risk Progressive constantly goes about rerating bikes.

I have Geico since my bike is a standard to them.

Insuring a Z1000 with less than 1 year on your record is, well, I'll just say get out the vasoline.
 
Bad Santa said:
The last time I started a new motorcycle insurance policy, they asked me if I had had my M1 for three years or more. So, apparently 3 years is the magic number, at least with my company (USAA).
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This :thumbup When I stared out (on a R1) 6 years ago, I had to settle for minimum insurance despite being 49 with a clean record. After 3 years with an M1 my rates dropped. Now I get my Caoponord (1000cc) fully covered with bells and whistles for ~$500/year and my R1 for about the same.
 
only thing "bad" about state farm is NO medical coverage on the bike.
but not a problem for me as i have medical through my employer.
have your cage and rental with state farm, get discounts. multi line policy's get better rates.
i have only one left to get, age 65. :wow
 
GAJ said:
I have a $3million umbrella.

You need one, especially if you have a kid(s) that drives/rides.

Until they are no longer a dependent if they make a huge mistake while on the road and severely injure someone the lawyers will come after the parents' assets...with a vengeance.
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Look into putting all your assets into a trust. 3mil should be enough but who knows? In a trust the assets are only accessible to the trustees, not plaintiffs. We got a lawyer to do it for a grand through a legal assistance program through my company.
 
Burning1 said:
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
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Have you heard of Hospital Indemnity policies?
 
Someone I know has a 60k bill for a broken shoulder. Insurance picked up $20k, leaving her with 40.
 
LatinaPicosa said:
Have you heard of Hospital Indemnity policies?
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I've looked at them, but I didn't personally feel the benefits were worth the price. I've spent 2 days in the hospital over the last 5 years. For that, an Indemnity policy might have paid $500 in total, and cost $1200.

In general, I prefer to use insurance to hedge my bets against huge loss. For example, I don't carry a super low collision deductible. If I have a crash bad enough to total my bike, I can probably deal with a $1000 deductible. What I hedge my bets against are the $300,000 medical bills, and $500,000 liability claims.
 
it helps to have a couple beaters in your policy as well as your home and umbrella.

AAA

my s1krr is $421 and RC8R is $371 $250k limit

M endorsement for 25 years. they "totaled" my RSVR in 2007 due to frame damage. other than that I have a clean record since 2002.
 
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