Insurance questions

[Momz]

I have my insurance renewal due soon on my 98 standard (Rat Rod).  As a seventeen year old motorcycle that hasn't been built in a dozen model years,...I'm wondering if I should buy collision insurance?

Id like to know if other VRCC members/owners of 97 through 99 Valkyries are insuring their M/Cs with collision coverage and how much of a deductable are you paying with that coverage?

Let me say that I'm not including Interstates in this query, as they are considered as a different category by most insurance companies.

I would appreciate your comments and opinions.

Thank you in advance.
 

[Art708]

 I just dropped  my '98 down to just Liability  this year. I can't see paying for full coverage for a    $4000 (maybe) motorcycle. Actually I was told last week by a dealer that average trade-in value for a '98 Standard was $2900.

[Gryphon]

I carry full coverage on mine because of the accessory coverage.  The accessory coverage is what made it possible to replace mine when I took out the deer in April of 2013.  I had a '98 standard and replaced it with a '98 Tourer.  Liability would have left me with a wrecked bike and a big repair bill or a big replacement bill.  That's my take on it and my opinion is worth what you paid for it. I have a $500 deductible and $5k in accessory coverage.  Parts are expensive and add up quickly; Ultimate seats, windshields, bags, etc.....

[cookiedough]

depends on how much your collision coverage costs and if you want to repair your Valkyrie or get cash payout once major damage done?

Only thing I do not have is medical coverage since that is over 1/2 of my total insurance payment per year.   As long as I do not let someone else ride my cycle and ONLY carry my family members on my bike, our health insurance will cover our family for medical bills if we get in a wreck. 

I'd also suggest talk to your insurance agent or your insurance company if 1-800# and ask if you total your Valkyrie,  what will the payout be approximate?  Will they give you ONLY trade in price which is well below fair market value if sold outright to the general public. 

Normally, in most of these cases,  I still think collision coverage is worth it even if a basic standard VAlk cycle if in good shape still worth keeping.  Let's say your collision coverage is 60-75 bucks per yearly premium even with a 500 dollar deductible,  as long as your insurance company still thinks your Valk totaled is still worth over 3 grand, I say still keep collision coverage. 

The only time I would drop collision coverage is like on my 1986 caprice classic with 165K miles on it since is only worth about 1 grand tops (if sold outright but trade in value is ONLY about 200 bucks unless I get in on one of those push,pull, or drag in sales where they give you 2 grand for any trade in).  I think normally if still your cycle is worth over 2500 which am sure it is,  keep collision coverage.  Once below that 2500 or so amount,   tough call then. 

[Momz]

depends on how much your collision coverage costs and if you want to repair your Valkyrie or get cash payout once major damage done?

Only thing I do not have is medical coverage since that is over 1/2 of my total insurance payment per year.   As long as I do not let someone else ride my cycle and ONLY carry my family members on my bike, our health insurance will cover our family for medical bills if we get in a wreck. 

I'd also suggest talk to your insurance agent or your insurance company if 1-800# and ask if you total your Valkyrie,  what will the payout be approximate?  Will they give you ONLY trade in price which is well below fair market value if sold outright to the general public. 

Normally, in most of these cases,  I still think collision coverage is worth it even if a basic standard VAlk cycle if in good shape still worth keeping.  Let's say your collision coverage is 60-75 bucks per yearly premium even with a 500 dollar deductible,  as long as your insurance company still thinks your Valk totaled is still worth over 3 grand, I say still keep collision coverage. 

The only time I would drop collision coverage is like on my 1986 caprice classic with 165K miles on it since is only worth about 1 grand tops (if sold outright but trade in value is ONLY about 200 bucks unless I get in on one of those push,pull, or drag in sales where they give you 2 grand for any trade in).  I think normally if still your cycle is worth over 2500 which am sure it is,  keep collision coverage.  Once below that 2500 or so amount,   tough call then. 

Here in MI medical coverage is required. Collision and comprehensive is not required.

[cookiedough]

why does MI have to have medical expense coverage required?  If you do not take passengers outside your family and do not allow anyone to drive your cycle outside of your immediate family if your family has health insurance, MI needs to give me one good reason why then?

collision and comp I can see not having nor needed if driving an older vehicle not worth 2 grand or more, just liability to be honest is all that should be required in any state.

WI finally required to have liability (bare minimum) insurance on registered driven vehicles, but not like all licensed drivers care or have insurance in WI it seems like still.  Way too many uninsured vehicles on the road here in WI.  I think the state of WI should require proof of insurance each year at renewal registration for every single vehicle even if it means the owner signs up for insurance for 1 month and then am sure will drop the insurance after they get their registration sticker.

[Bighead]

It is for the other party if involved with another vehicle with injury I would assume.

[michaelyoung254]

I have a "Stated Value" policy on my '98 Standard. It has Interstate hard bags, and trunk, Tourer Windscreen, along with a very long list of accessories. There's no way I could purchase another like it for the bluebook value of a '98 Standard. I've had the policy for a few years, and at the time I took out the policy, a really nice low mileage "Tourer" was going for (or at least the asking price) somewhere between $7,000 and $8,000, so I insured mine for $8,000. Still have the same policy.

[da prez]

  State Farm full coverage includes accessories and chrome with a $500.00 deductable and uninsured / under insured person causing the accident. I also have towing. I believe I an paying around $350.00 per year.

                                        da prez

[art]

I had an accident a year ago, Valk was ok but I wasn't. The hospital asked if I had med cov. on the bike. I told them no and I thought they were going to throw me out until I said I would be covered under my supplemental ins to medicare. When I go the bill six months later it was only $65. Don't need med ins on a vehicle if no one else is involved.

[fudgie]

  State Farm full coverage includes accessories and chrome with a $500.00 deductable and uninsured / under insured person causing the accident. I also have towing. I believe I an paying around $350.00 per year.

                                        da prez

same here but a $250 ded and its $34/month

[Robert]

Medical coverage is not for the other person its for you so as not to be a burden to society if you have a accident and need extensive medical care.

[crow]

In Fla, you must have medical insurance if you want to ride without a helmet. Otherwise, insurance is not required.  Insurance companies lobbied for this legislation.

[larryh0841]

Here in Michigan we have the worst insurance rules.  We have to pay each year into an account that is supposed to cover catastrophic costs resulting from a motor vehicle accident.  It is about $175.00 for each vehicle we own that is registered for highway use, even if it is stored.  I had to pay it for three years on one of my Valkyries that I did not ride for three years.  The really bad part of this is that we are not covered while riding the motorcycle if we are not involved in an accident with a car or truck.  If we are involved in an accident with a car or truck our claim is filed under their insurance.  If we hit a tree or another motorcycle we are not covered under this policy.  If a car driver has no insurance he is still covered under this fund.  There has been no attempt by our state legislature to correct this situation and representatives do not respond when contacted.   This fee is in addition to the regular cost of insurance.  I personally pay it on six vehicles and have only two drivers.   
                                         Larry

[Cyclejohn]

These pictures were taken this past Sunday. I had a fire Saturday night. I only had liability insurance on the bikes because I never planned to - be in a wreck - have a fire - have a theft. My homeowner's policy will fix my house and replace the building. The loss of the 3 bikes falls squarely on me. I think next time I will do it a bit differently insurance-wise.

[MP]

Ouch!  So sorry to hear and see this.  Best wishes.

MP

[Jess Tolbirt]

i better check my home owners,, i thought all my contents was covered under it,,

[grizz]

I insure a 1999 interstate, liability only, I asked about the price of collision and fire and theft. The insurance company told me that the bike is too old. They will only insure for collision and fire and theft for a bike under 10 years old? My premium for liability only is over $900 per year. Only in Canada..............

[Master Blaster]

Not Valk, but due to health reasons, I haven't ridden for a couple of years, so cancelled the insurance on the two Valks, and turned in their plates, but still wanted the option. Dropped the ZX14 and Connie 14 to basic liability to keep them licensed and went with GEICO.  It is only 100 bux for both bikes per year, and that makes it worth it for me.

[Momz]

My current policy that includes uninsured/under insured and basic property damage and liability, fire, theft, towing, and medical coverage is $77.00 per year.
But the current MCCA fee is $142.00.
Adding collision would add another $310.00, but the deductible would be $1000.00 (for a 98?). Not gonna happen.

Guess I'm going without collision insurance.

[Jess from VA]

The best way to answer your question about collision is to asses your risk.  So look back at your riding history (and recent is more important than remote) and that should tell you if you need collision.  And can you afford to be self insured for any/all damages or to suffer a total loss that is your own fault?

I have never carried collision, fire, theft or any coverage other than (low) liability and uninsured motorists for 42 years (even on a brand new bike) on any bike.  And I've never been sorry.

I watched my '69 Grand Sport Buick towed away totaled from my own fault with no collision, and had to make two more payments.  That sucked.  But I had another car shortly.  Never wrecked another one though.

Of course my bikes are very secure at home, and not left parked in bad/risky areas.  And I do not carry passengers.

However,  adding collision with a high deducible (with MSF, old age, touring model, no claims ever discounts) is often almost too cheap to pass up (added to your existing coverage).  But when you don't carry it for a lifetime, it adds up and can buy you a new bike.  And if I did add it at this late date, karma would probably have me wreck my bike within two weeks.   

Your added cost seems higher than the norm (but then it's MI).  

[Romeo]

I have a slightly different take than most on this subject. I have never held collision insurance on my motorcycles. To me, they are pleasure vehicles. I don't need them to make a living, therefore I refuse to pay the extra cost. I am sure this policy stems from my overall negative outlook I have about all insurance. Now, if I invested the amount it would take to purchase a new Gold Wing, or even a new Valk, I might change my tune.

[cookiedough]

yah,  remind me to not move to MI for insurance purposes alone.  

Still see no reason to have medical insurance if you have health insurance thru your employer, etc.
and do not carry passengers outside of immediate family or let others ride you cycle.

yah,  better check homeowners policy as well since unless specifically stated as covered, I do not think most homeowners policies will cover a car or cycle or ATV or boat if for say your garage burns down and totals your car,cycle, or ATV or boat, etc. inside the garage.   I asked that question with my insurance company and answer was no, they expect you to purchase separate car,cycle, atv, boat,  etc. insurance.  

I risk it though and don't have my 2 ATV's insured at all worth 12 grand total nor my 6K fishing boat, not even liability.  The chances are so slim I will hit someone on the ATV trails or run into another fishing boat on the lakes that I can live with that slim chance the few times per year I use them.  I priced them out and it was only about 100 bucks per year for each ATV and fishing boat, but felt it wasn't necessary.  I figure the 8+ years for ATVs and 17+ years with fishing boat with no insurance costing near 4 grand can be spent elsewhere the few times I use them each year.  Now, if I went fishing weekly and used my ATV's near weekly,  I can see paying for insurance even if just liability.  Yah, I know,  it ONLY takes one instance where it is 'my fault' and the insurance will pay for itself.  

[cookiedough]

I have a slightly different take than most on this subject. I have never held collision insurance on my motorcycles. To me, they are pleasure vehicles. I don't need them to make a living, therefore I refuse to pay the extra cost. I am sure this policy stems from my overall negative outlook I have about all insurance. Now, if I invested the amount it would take to purchase a new Gold Wing, or even a new Valk, I might change my tune.

good point as well, collision is not really needed on a  5-7K cycle if you have the means to replace that or live without it, such as you said a 'pleasure' vehicle.

Now, you would be not thinking right though by not having collision insurance if you have a newer say 30K+ truck or car you drive on a near daily occurrence. 

bodily injury/property damage/liability though on anything driven on the roads should be required though if you ask me since all kinds of yahoo's out there that will get you into trouble.   I would insure my ATV's if like in some states you put hwy. tires on them and drive all over the roads with them.  To me, that makes sense then.

Still amazes me though how much some states charge for insurance vs. others.   I fight for every dollar I earn and switch insurance companies often for if one jacks up the rates by say more than 15-25 bucks per year and don't give me a good reason other than the excuse the claims in the region were more than expected this year vs. past year,  I shop elsewhere.

The key is to shop around for there is almost always a reputable insurance company wanting to earn your dough, at least for 1 year anyways until they skyrocket the rates the 2nd or 3rd year.