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CVO Social => Off Topic => Topic started by: Twolanerider on July 25, 2020, 12:42:46 PM
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Bike insurance due for renewal so shopped it again the last few days. The intent, like always, was to put in the bikes and see what comes out. It's not like there is any loyalty to companies anymore. Check on comparable satisfactory coverages and see what gets spit out.
For me it's insuring three bikes. Deservedly or not clean driving record for a long time and in a "cheaper" area to insure. So my rates aren't terrible compared to what many have to endure. Even so after starting with a new company again two years ago the rate made a significant jump (25%) with this renewal. So off I shop; again.
In that process I had the new-to-me realization.
Liability, perfectly satisfactory liability that is, coverage could be had on all three bikes for just over a dollar a day. Normal coverage is so much more and if it must pay out has a "cash value" of the bikes capped at such a level that if I avoid an accident for three years I'm at break even.
I know, for me it's different because my bikes are all old. Though they identify as stock they are all marginally upgraded in ways whomever my insurance company is could not care less about anyway. Plus should anything ever happen I'd fix them myself anyway.
The way it all told I couldn't justify normal full coverage on the old bikes. The numbers just don't work. If something happens and it's the other person's fault they can deal with making it right and whatever arguments that might entail. But if it's on my dime with me wanting to bring a damaged home for repair anyway... the insurance company would never pay out enough to warrant the difference in coverage costs. And if I'm clean for at least three years I'm actually money ahead.
Just food for thought for others with older bikes.
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Makes sense. I cracked an engine once when I hit rock in the road (or the rock hit me - do not remember which it was because Insurance Coverage) & that time full coverage paid for itself several times over for years. But other than that I have hit a squirrel or 2 & a wild turkey (the bird not the bottle) so no insurance claims.
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Funny I just did the insurance exercise. Bottom line, I was paying too much for too long. Not ridiculous, but higher than other (reputable) options available. Like you, I switched.
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Does your liability cover medical as well? If you, a passenger or third party get injured. medical costs could quickly add up more then bike repair costs...
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Does your liability cover medical as well? If you, a passenger or third party get injured. medical costs could quickly add up more then bike repair costs...
Not huge but 100k. That made a difference of about $100 a year in the coverage.
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To be honest, after my last insurance I didn't want another one as I saw no meaning in them. However, one of my friends convinced me that I should have one anyway and recommended me this company https://simplebikeinsurance.com/ (https://simplebikeinsurance.com/) when I saw the policies they offer and the price I didn't think twice. I was shocked to see that they also cover your medical expenses if you are injured on a ride, my last company didn't even cover the expenses when my bike was vandalized.
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To be honest, after my last insurance I didn't want another one as I saw no meaning in them. However, one of my friends convinced me that I should have one anyway and recommended me a company when I saw the policies they offer and the price I didn't think twice. I was shocked to see that they also cover your medical expenses if you are injured on a ride, my last company didn't even cover the expenses when my bike was vandalized.
Interesting first post in a thread that is not a normal intro thread......
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To be honest, after my last insurance I didn't want another one as I saw no meaning in them. However, one of my friends convinced me that I should have one anyway and recommended me a company when I saw the policies they offer and the price I didn't think twice. I was shocked to see that they also cover your medical expenses if you are injured on a ride, my last company didn't even cover the expenses when my bike was vandalized.
ALL insurance comes with a binding policy, If your policy didn't pay for vandalism you didn't have comprehensive coverage or your deductible was so high the cost of repairs was under it. When you buy insurance price shopping only, you need to understand insurance and statistcs say 75% of people do not. Most have no idea what No Fault is (It applies to Med coverage) or what Uninsured/underinsured Motorist is.
Everyone should read the policies, and most companies now make coverage in normal language so read before you sign and pay. In some cases like Twolanerider the lack of collision coverage makes sense to him, to people who have to finance the bike this is not a good choice.