Motorcycle Full Coverage Insurance.

[DIGGER]

My Valkyrie is a 2001 model.    It is 19 years old.    It is in great shape but with over 100,000 miles its value is probably at or below $5,000.   The bike has never been down.    I still carry full coverage insurance but am thinking on dropping all but liability insurance and in case of a total just eat the damage.    Do you guys still carry full coverage insurance?

[Funbaldguy]

I have a 97. With about 30,000 miles now. Yes I carry full coverage.

[Bighead]

I only carried liability for a few years changed companies and have full coverage at less than liability. Formost is the company.

[gordonv]

Our insurance is a little different here, but I don't carry coverage that covers any damage caused by the  rider, on any of my vehicles (usually inexpensive ones). Wife's new car is different.

I wrote off my 1st Valkyrie ($7200 CAD), driven up from Las Vegas in Apr 10', and had a not at fault collision in Oct 10'. I got the local value of the bike at that time ($10,500 CAD), as they wrote it off. Then as the owner, I had 1st crack at buying it from the wrecker ($1500 CAD - $500 for damage cause in holding), and parted it out and keep a few good parts ($6500 sold + $1500 held CAD).

As you can see, even if I was at fault and got nothing, I would have been able to recover a large amount of money from parting it out. At the time, I couldn't get a frame, to rebuild the bike, but since, I've seen papered frames for as little as $300. I would have rebuilt it as an IS rear, and a T front, as the frame and front where shot.

But at about $600 + a year for the coverage, I'll chance not getting in an accident for 5 + years. I've had zero at fault accidents after 30 years.

[Bighead]

Our insurance is a little different here, but I don't carry coverage that covers any damage caused by the  rider, on any of my vehicles (usually inexpensive ones). Wife's new car is different.

I wrote off my 1st Valkyrie ($7200 CAD), driven up from Las Vegas in Apr 10', and had a not at fault collision in Oct 10'. I got the local value of the bike at that time ($10,500 CAD), as they wrote it off. Then as the owner, I had 1st crack at buying it from the wrecker ($1500 CAD - $500 for damage cause in holding), and parted it out and keep a few good parts ($6500 sold + $1500 held CAD).

As you can see, even if I was at fault and got nothing, I would have been able to recover a large amount of money from parting it out. At the time, I couldn't get a frame, to rebuild the bike, but since, I've seen papered frames for as little as $300. I would have rebuilt it as an IS rear, and a T front, as the frame and front where shot.

But at about $600 + a year for the coverage, I'll chance not getting in an accident for 5 + years. I've had zero at fault accidents after 30 years.

$600 ayear is steep. I pay half that for a 2016 wing and Valk combined. Just sayin. 

[gordonv]

$600 ayear is steep. I pay half that for a 2016 wing and Valk combined. Just sayin. 

Is just for the added coverage of the collision. My insurance is now about $1650 to be on the road ($3M liability) + collision if taken.

[Bighead]

 Canada I guess.  Both of mine have full coverage (collision included) at just over $300 a year.

[Jess from VA]

On all my bikes since I started riding in 1970 (only one was new, paid cash, so no loan requiring full coverage), I only carry modest liability, and uninsured motorists (which is mandatory some places).  No collision, fire, theft.  No coverage if I am at fault (essentially, self insured)  And I have never been sorry.  My first policy was like $26.50 a year.  LOL

As I see it, the risk assessment is for liability (and the happy tort lawyers who may take any case either for simple settlement value, or for major damages where you risk everything you own (beyond any policy limits).  I just have never assessed liability risk as very high on a motorcycle (except for my own body, and for that I have heath insurance).

The single biggest motorcycle risk is to a passenger you may carry.  It's easy to kill or maim a passenger.  That the passenger is your wife or other family member probably means they will not hire a shyster to sue your pants off.  Beyond that there is hitting a pedestrian, or hitting another bike, or hitting cages or trucks (where it is unlikely you can seriously hurt people, or their vehicle).  The more remote risk is if you were found to have been the cause of a multi-vehicle accident that you caused, but weren't actually involved in (like you swerved unsafely into another lane and caused a cager to then pull into a semi that took out a pile of other vehicles).  

I don't carry passengers.  I'm a skilled rider.  I don't hit pedestrians or other vehicles.  I never wrecked a bike (though I dinged up my dirt bike routinely).  My bikes are locked up behind good security (and no one want's to steal them anyway).

But you must do your own risk assessment (based on past experience), and also decide if you can be self insured (cover the cost of any at-fault accident, theft, fire or total from your own pocket).  

Conversely, I have always carried rather high liability (and full coverage) on my cars and trucks because  there is always a risk of losing everything you own with a heavy 4-wheel vehicle in any accident.  Though I have not had an at-fault accident since I was 20 (and I was the only one injured with a cut knee).

Note that (years ago) USAA refused to allow me to vary my liability coverage between my cages (high) and bikes (low).  This may still be an issue with any insurer you do business with.  So I took my bike business to Geico where I've been ever since.

Even if I'd had full bike coverage, I would have never had a single claim.  Never a claim on homeowners either.  If I ever had a claim on a cage, it was for a windshield.  I've been hit by other cages, and their insurance paid my damages.          

[Chrisj CMA]

I’d be going down to liability also if I stayed with progressive. Now that home auto and bike are all together full coverage with $2,000 in custom parts added on is so cheap why not keep it

[Bighead]

Jess no disrespect but Geico SUX. if that were my only choice I would do without.
I had a 85+ yr old man run a red light and T-bone me.  After weeks of waiting on those lame bastards I finally got to talk with a person and she said they were Investigating the accident, I ask if she had called the witness on the police report?  She said no she didn’t have a copy of said report so I said give me your fax # she did I faxed and stated that the sole witness was an injury lawyer and please call her she replied   No need your check will be in the mail today. I laughed at her and maybe cursed her a bit and told her in no uncertain wirds that the company she worked for sucked.  But I did get my truck fixed and she and that company still SUCKS. LIED TO ME SAYING THEY ARE INVESTIGATING IT WHEN THEY HAVENT EVEN ACCUIRED A POLICE REPORT. Lying bitch she was.

[Jess from VA]

Well BH, I think all insurance companies suck; and the whole thing is an amazing racket.  

There's not too may private businesses that get the G to require you to buy their product, and jail you if you don't. (Morticians is another; just try burying or cremating grandma in your back yard.)

Here is my insurance analogy:  You sit at a table playing poker.  You bet (premium) money your whole life you will screw up or something bad will happen to you.  And you desperately hope you lose every single bet.

And it results in (hugely enables) a giant tort lawsuit business (lawyers, judges, doctors, ins companies, courts, expert witnesses, and a million secretaries) that is abused seven ways from Sunday which constantly drives the coverage prices up for everyone.  And we can't live without it.  

But these companies are so large, and each state has it's own laws and insurance commissions, that how any branch operates is not really representative of all branches of the same company.

Insurance is a necessary evil; and for my whole life, I only pay in and never get a dime back.  And I'm supposed to be happy about it.

 

[fudgie]

I still have full after 20 yrs of ownership. I was gonna drop it down in winter since I don't ride it then but the agent talked me out of it. He said Id only be saving $5 a month.

[F6Dave]

Whatever you're paying, it's surely less than an 18 year old riding a ZX14 would pay.  Since the Valkyrie is a GL1500, insurance companies rate us along with other Goldwing riders who tend to ride safely.

[..]

Yes
Markel. Good price.

[GARY G]

My Valkyrie is a 2001 model.    It is 19 years old.    It is in great shape but with over 100,000 miles its value is probably at or below $5,000.   The bike has never been down.    I still carry full coverage insurance but am thinking on dropping all but liability insurance and in case of a total just eat the damage.    Do you guys still carry full coverage insurance?
try SAFCO  very chep for me

[F6Dave]

I just got my annual renewal.  Each Valkyrie costs $75/year for full coverage.  My 1988 BMW costs the same, so that must be a minimum premium.  For that price it makes no sense to drop any part of the coverage.

At age 23 I bought my first new bike, a Kawasaki KZ900.  I had to pay well over $300/year to insure it, and the policy wouldn't even let me ride it during the winter.  Getting old does have a few advantages.

[cookiedough]

Whatever you're paying, it's surely less than an 18 year old riding a ZX14 would pay.  Since the Valkyrie is a GL1500, insurance companies rate us along with other Goldwing riders who tend to ride safely.

I would still keep full coverage on it, depending on cost of course to insure.  I have Progressive on autos and cycles and both keep going up more than the normal 5% or so per year.  If goes up again Allstate is my next alternative for price and I get a local agent vs. a 1-800 if ever need anything.  When I winged that deer with my then new less than 1 year old toyota tundra about 3 years ago did 3K damage not bad really was driveable Progressive claims agent at the body shop LIED to me to my face stating my rates will NOT go up due to comprehensive claim.  He was 110% WRONG so luckily I called him up him giving me his card and told him a month or so after fix getting my renewal to pay my rate increase on all 5 vehicles jumped up 14% on ALL 5 vehicles, I was so fricking pissed.  Told him he was a piece of ka-kaaa lying to me telling me a comprehensive claim NOT my fault will not jack up my rates ON ALL 5 vehicles and after calling Progressive verified that even a comp claim will cause rate increases across the board. 

As far as cycles,  if you have decent medical insurance thru work, etc.,  that would be the one item I would drop since even 5 or 10K medical expense, for my insurance,  is pretty steep in cycle insurance pricing and not needed as long as anyone on your cycle is immediate family and have your own family medical insurance.  Liability is the most expensive part and most important,  then for me is medical payments on cycles.    I carry high deductibles on autos and cycles to keep the rates low since besides that deer collision was NOT avoidable I have never used home/auto/cycle insurance in past 30+ years.

Also on cycles,  I hear you on kids age 18/19 with a cycle VERY VERY high insurance premiums.  My kids slighty newer 2004 yamaha fjr1300 is 3x's the cost in premiums for insurance under me vs. my 2001 honda valkyrie I/S and value of each is about the same 5K or so. I decided to see what his fjr1300 would be if he was under his OWN insurance policy on that ONE cycle he drives vs. on me being older,  and was UNHEARD of triple the price even more so than what would be on my policy right now.  NO ONE could afford that cycle age 18/19 if stand alone policy for someone that young with no claims if was just under themselves.  Price was INSANE.   

I do not remember my Dad complaining to me when I got my used 1984 honda magna back in 1989 for too high of insurance premiums when age 18 or 19.  Surely pays to shop around and so far after contacting about a dozen insurance companies the only 2 I can afford is Progressive and Allstate. 

[scooperhsd]

I pay $21.30 monthly for my annual Full coverage on my 1998 Valkyrie. When We went to the State Farm agent here in KCK,  when he looked us up he said we had endorsements that HE couldn't get (will NEVER get policies canceled, etc.) - that's because I've only ever used State Farm as insurance (over 45 years for me, about 10-12 years less since we got married.) We do have 2 cars (full coverage), Renters for our personal property, and $100,000 term Life insurance on me, total $202.13 monthly (for everything).