Insurance coverage

[JimmyG]

Quick question about insuring our bikes. Being that Valks are older and all, how do most of you guys insure your bikes?  I'm thinking liability only, but would like to hear what others are doing and why.
thanks in advance.

[Gear Jammer]

Full coverage on bike and additional accessories covered as well.  Expecting them to only want to pay partially for the value even then.

[F6CTrider]

I roll with liability only, I do not think my Insurance co.(AmFam) even offers anything more.
But I roll like that on all my vehicles, they are all paid for and I could afford to replace them instantly if needed.

[olddog1946]

I'm running full coverage on the bike, and an additional $4000 coverage on accessories..only costs me a bit over $200 a year...run liability on the cars I have covered/drive.

I like my bike better, lol...

[Jess from VA]

I've never carried anything but low liability (and required uninsured motorists) on any bike, new (paid cash) or used.  And I've never had a claim or needed coverage in over 40 years.  It could have been otherwise.

Alternatively, I carry full coverage with high liability on my car (with high deductable).  Not because I'm a poor car driver, but because the risk of losing everything you own is vastly greater in a cage than on a bike.  Have not had a car claim since my van was stolen in 1973. 

All insurance is a gamble; you are betting that you will have damage or loss, and hope you lose the bet. You must assess your own risk factors and decide if you can afford to be self insured (not covered for damages you are at fault for, or fire or theft or medical).

[F6CTrider]

Ditto on maximizing the liability coverages.  I keep an umbrella policy also just in case.

[fudgie]

Full coverage. Its only a few $$ different then liability.

[donaldcc]

 Maximize your UM/UIM (uninsured motorist/underinsured motorist) coverage so that when some cager with little or no coverage hits you and causes a lot of injury, you will be covered. 

[DenverDave]

This was posted on a local M/C club website from a local Law firm


"The most important optional coverage you can buy as a motorcyclist is uninsured/underinsured motorist coverage, or UMBI. Never reject it. A well-known insurance agent who sells motorcycle policies, tells me the majority of his motorcycle claims are for people hit by uninsured drivers. UMBI insurance coverage protects you if you are injured by a driver who lacks any insurance or is underinsured. That is, the driver was driving illegally with no insurance or had insufficient limits of (bodily injury) liability insurance. Once again, you should buy as much UMBI coverage as you can afford. The state of Colorado allows you to buy UMBI coverage up to the limits of liability insurance you purchase. For example, if you have bodily injury and property damage liability limits of $100,000/$300,000/$50,000, you can buy limits of UMBI up to $100,000/$300,000. The first number is the limit per person; the second, the limit per occurrence. Because the state of Colorado requires drivers to have minimum liability coverage limits of at least $25,000/$50,000/$15,000 (bodily injury liability per person/bodily injury liability per occurrence/property damage liability per occurrence), you can see why UMBI coverage is critically important.  "

Dave

[Gunslinger]

I roll with liability only, I do not think my Insurance co.(AmFam) even offers anything more.
But I roll like that on all my vehicles, they are all paid for and I could afford to replace them instantly if needed.

I have Comprehensive on the IS and the Tourer with additional coverage for accessories. Not much more expensive than reasonable liability coverage. (I also use AmFam)

Had a difficult battle with an insurance company after being hit by a drunk driver, only had liability on my bike. Eventually her insurance paid off, but it was a long drawn out battle and almost killed a planned vacation. If I had comprehensive on the bike My insurance would have taken care of me and dealt with the other company.

[sugerbear]

i have amfam also. full coverage with upgraded amounts.

they took care of two accidents(not my fault) and collected from the other ins company.

no rise in rates or lowered coverage. and i have an agent right up the street.

premium is about the same as other companies for my area.

[F6CTrider]

I believe I need to chat with my AmFam agent..........Thanks guys!

[JimmyG]

Good information, thanks guys.  I will be getting coverage here soon and will arm myself with this good info.

[biguglyman]

For the bike I go with minimum liability.  It's paid for and I get free legal through a program at my work.  (Not really free, I pay a monthly premium)  $80 bucks a year for my insurance.  I bank what I save towards future (if any) problems.  Cage I pay extra for higher than minimum liability and uim.  Two of the biggest rackets in the world (IMO) are banks and insurance companies.

[fubar606]

Ok who is AmFAM. sounds like i need to check with them also

[Jess from VA]

For the bike I go with minimum liability.  It's paid for and I get free legal through a program at my work.  (Not really free, I pay a monthly premium)  $80 bucks a year for my insurance.  I bank what I save towards future (if any) problems.  Cage I pay extra for higher than minimum liability and uim.  Two of the biggest rackets in the world (IMO) are banks and insurance companies.

Exactly my feelings!!!! 

[Jack]

I always go with full coverage but did not have uninsured/underinsured until after I was hit almost 5 yrs ago.  I carry that as well now.  I would have be much better off now had I had it.

[sugerbear]

Ok who is AmFAM. sounds like i need to check with them also

american family 

[BradValk48237]

I always carry full coverage.....

I was hit by a non attentive driver while stopped at a red light ( my Dad on his Goldwing!!!!) and the bike was unridable to get back home.... happened in Canada..

Because I had full coverage, the insurance company paid to get the bike home. They were going to have it shipped home for over 2 K!!! I said I would "RENT" a trailer and get it home, and they said they would cover the costs.... which they did once i turned in receipts for the trailer and fuel

Bike was totaled mainly because of cosmetic damage and they paid almost $2000 more than i had paid for the bike to begin with. I kept the bike and in Michigan because the company never took the title, just lowered the settlement, it stayed a clean title. After repairing the bike with new parts and some paint, I basically got a 2000 I/S for little over $3k..... Plus, I had some nagging injuries that I did see a Dr for later and they paid the full amount a year later.....

Had I had only liability  I would have been out more than $5k to get it home and repair it (more if it hadn't been fixable) .., plus any medical...

I'd say the extra $100 bucks a year or more for the full coverage is well worth it....

Cause one of these days it WILL happen to you when you least expect it and can't  afford it!

Brad

[R J]

Bike is with my regular insurance coverage, same limits as the car and truck.

Trike is covered by GMAC, with full coverage also.  NO claims on either unit.   Cars, that is a different story.   I'm clean, but my wife has been in 2 accidents, not her fault, but it still shows 2 dings on her record.

[YoungPUP]

full coverage on the Valk.  Always the same coverage on it as the cars 50,000/100,000/50,000 with under and unins. plus towing.
$160 a year through progressive.

[bscrive]

With only a difference of $125, I run with full coverage.  I have seen what happens when you skimp on insurance.  We all hope we will never need it but with all the dumba$$es out there it seems like it is just a matter of time until you will need it.

[Jess from VA]

Cause one of these days it WILL happen to you when you least expect it and can't  afford it!

This is a personal choice, and I respect everyone's choice.... but in 42 years of minimum liability and uninsured motorists, it hasn't happened, and I don't think it WILL (though it might).  So I'm ahead 42 years of saved full-coverage premiums (and in a major urban area, full coverage on multiple bikes is significantly higher, not just a hundred bucks).

I NEVER pay for a warranty on anything either; and I'm way ahead on that choice too.