Anyone not have collision insurance?

[Constant Mesh]

Collision and comprehensive coverage are optional in my policy. I'm thinking about dropping the collision on my '04 FJR. Any rules of thumb on when it's sensible to go without collision?

If I was to crash and really crunch the bike I'd probably not buy another one.

 

[cougar8000]

are you saying that if you crash the bike you would not return to biking? If that is what I am hearing you are probably better off selling your bike now before you crash it.

I haven't gotten to the point that it made no sense to keep my full policy in over 18 yrs.

 

[HotRodZilla]

I think as Cougar mentioned, it kind of depends on what you really mean when you say "I'd probab;y not buy another one." If you mean you will stop riding all together, I think Cougar is right. Just get out now before you or someone else gets hurt. No point in risking it I guess. If you mean that you would not buy another FJR but would buy something else, I think you would have to look at the potential pay-outs relative to the cost of carrying the coverage. You probably know that with insurance; no matter what you do it will be the wrong decision. Personally, I have collision on all my vehicles. I figure it's worth a little bit a month.

 

[saread]

That's a bit of a subjective question. You have to look at the cost of the coverage and how much deductible you have vs. the value of the bike. For example, if the cost of the premium plus the deductible is say half the value of the bike, then if you crash the bike and the cost to repair it is more than half the value of the bike, the insurance co. will likely total the bike, then all you wind up getting back out of the deal on the total is the cost of insurance. Not a good spot to be in. So, the absolute break point would seem to be where premium plus deductible is half the bike's value. The subjective part is how close to this point in terms of bike value do you feel comfortable being before you drop the coverage? How much risk can you tolerate? There's probably a rule of thumb (the insurance industry seems to have a lot of these), but I'm sure someone more savvy than me would know what this is.

 

[Crash Cash]

I don't have it on the SV-650, but the FJR's too expensive to do without. So far I've destroyed a Subaru and a Ford when they got in my way, and dented the hell out of some random white car. RAMMING SPEED! Be one with the torpedo, grasshoppah.

 

[Harald]

For the first 10 years of my motorcyling career, I never had any insurance coverage at all. It wasn't required where I lived and I was a poor student, so decided to save my money. I'm sure I saved many thousands of dollars. The main problem came when I bought a cage and had to get insurance. Not having any insurance history, I was put in a high risk group and had to pay out the nose for insurance until I established a good record. I'm sure I still saved tons of money by not having insurance for so many years (especially considering what insurance would have cost for a unmarried, under 25 male on large displacement sport bikes).

My FJR is new and expensive and full coverage insurance is only $240 per year, so I'm keeping coverage. Plus I have deeper pockets now and want to reduce my liability. When I was a starving college student you wouldn't get much by sueing me, but now I own a home and vehicles and a 401k, etc. When my FJR is as old and used as Skooters, I'll probaby drop the collision coverage and keep the liability.

 

[mdisher]

This clearly boils down to the value proposition of the insurance, it's cost compared to the potential pay back. On a bike valued at < $2500 would probably be my breaking point since anything above that wouldn't be easy to scrape together.

I can relate this story though...

Two weeks prior to NAFO, 4 of us set out on a two week trip out west. On the 3rd day, a guy wadded up his RT just 12 miles from the hotel in the Custer National Forest. Luckily, he was relatively unscathed. A quick call to his insurance agent that evening, and he was told he'd take care of him in the morning when he got to the office.

We spent the evening at dinner figuring out how to handle the rest of the trip. He figured:

- Insurance would get his bike towed to some repair facility, if fixable, we'd fix it, if not, he'd buy something else. Worse case... He'd rent a car and be our pack mule, meeting us a select locations. (Something he did a couple years ago when he had a problem preventing him from riding more than 100 miles at a time). All was good and well until...

The next morning when the Insurance agent informed him... "Uh, Mr. Hayes, you canceled your collision and comprehensive in April, so you're effectively on your own"

On his own he was... Out a bike, with no chance of payback, 1800 miles from home, with no trip continuation coverage, or help what-so-ever. After burning a day of our trip trying to locate something to get him and his bike back home, he was screwed. $1700 was the cheapest thing we could find one-way to Pensacola Florida, before fuel, food, lodging.

We did luck into a guy with a trailer who brought it *most* of the way for $600, and a $500 flight to get him home but he still has no bike and an wrecked RT to deal with.

All of this makes that $250 he saved look like chicken scratch.

 

[Rolavine]

For the first 10 years of my motorcyling career, I never had any insurance coverage at all. It wasn't required where I lived and I was a poor student, so decided to save my money. I'm sure I saved many thousands of dollars. The main problem came when I bought a cage and had to get insurance. Not having any insurance history, I was put in a high risk group and had to pay out the nose for insurance until I established a good record. I'm sure I still saved tons of money by not having insurance for so many years (especially considering what insurance would have cost for a unmarried, under 25 male on large displacement sport bikes).
My FJR is new and expensive and full coverage insurance is only $240 per year, so I'm keeping coverage. Plus I have deeper pockets now and want to reduce my liability. When I was a starving college student you wouldn't get much by sueing me, but now I own a home and vehicles and a 401k, etc. When my FJR is as old and used as Skooters, I'll probaby drop the collision coverage and keep the liability.

Where are you getting full coverage for 240 a year?

I have cheap Markel insurance and they want $110 a year for liability only, add $250 for theft, and add $330 for crash, $500 deductable.

This makes it an extra $680 a year above liability for me to cover my 2003 FJR.

I'm thinking of just going liability, but if I can get it for $240 more a year sign me up!

Thanks

 

[mdisher]

Insurance rates vary greatly by state, bike, age of rider and company, etc.

Once upon a time there was a survey here on the board you might be able to dig that up if you search (tho I didn't find it).

I pay roughly $360 a year for everything, comp/collision and liability at 250/500 (up from 100/300 which was the min required for the Void Rally if I recall correctly).

But keep in mind State Farm also has all 4 of our cars, and our home insured as well, so that's part of it.

 

[ctfjr]

Insurance rates vary greatly by state, bike, age of rider and company, etc.
Once upon a time there was a survey here on the board you might be able to dig that up if you search (tho I didn't find it).

I pay roughly $360 a year for [SIZE=18pt]everything[/SIZE], comp/collision and liability at 250/500 (up from 100/300 which was the min required for the Void Rally if I recall correctly).

But keep in mind State Farm also has all 4 of our cars, and our home insured as well, so that's part of it.

"Everything" means a lot of things to different people . . .

250/500 isn't enough for me

uninsured / underinsured rider might be the most important thing many people overlook or decline without really thinking about it. I carry $1mm on that - think about it a bit

You can only really compare a whole 'package' to another containing the exact coverage - btw here in Connecticut it cost me (62 years old with xclnt driving record) less than $600 to insure my '08 with 'everything'

 

[mdisher]

Insurance rates vary greatly by state, bike, age of rider and company, etc.
Once upon a time there was a survey here on the board you might be able to dig that up if you search (tho I didn't find it).

I pay roughly $360 a year for [SIZE=18pt]everything[/SIZE], comp/collision and liability at 250/500 (up from 100/300 which was the min required for the Void Rally if I recall correctly).

But keep in mind State Farm also has all 4 of our cars, and our home insured as well, so that's part of it.

"Everything" means a lot of things to different people . . .

250/500 isn't enough for me

uninsured / underinsured rider might be the most important thing many people overlook or decline without really thinking about it. I carry $1mm on that - think about it a bit

You can only really compare a whole 'package' to another containing the exact coverage - btw here in Connecticut it cost me (62 years old with xclnt driving record) less than $600 to insure my '08 with 'everything'

Agreed, everything to me meant, comp and collision in addition to just liability. "Full Coverage" if you will.

250/500 I'm good with for now. I bet if you took a poll, that less than 10% have 100/300 or higher... Those that do, the majority have it because it's required in some rallies, and not because they want it or think they need it.

 

[Bounce]

Where are you getting full coverage for 240 a year?

me: DAIRYLAND

I have cheap Markel insurance and they want $110 a year for liability only, add $250 for theft, and add $330 for crash, $500 deductable.This makes it an extra $680 a year above liability for me to cover my 2003 FJR. I'm thinking of just going liability, but if I can get it for $240 more a year sign me up!

cheap is right. i had markel until i had to make a claim. their "accessories coverage" suddenly became $0 unless you had itemized all your accessories with them prior to the claim. having all the original receipts with dates and mileage at installation time made no difference to them.

 

[HaulinAshe]

If I was to crash and really crunch the bike I'd probably not buy another one.

are you saying that if you crash the bike you would not return to biking? If that is what I am hearing you are probably better off selling your bike now before you crash it.

+1 Gunny!!!

I'd love to read the response... Constant???

If you do feel that way, and you certainly have a right to, then you must view the FJR as a disposable recreational item.

Sorta like an X-Box that can kill you.



IMO, no reason to carry collision insurance on an X-Box.

I carry $1,000 deductible collision, even though it's not required. Gives me a realistic chance of returning the bike to fully-repaired or replacing it, without selling one of my children. Where's Kathy Lee when you need her!

 

[Rondo777]

If I was to crash and really crunch the bike I'd probably not buy another one.

I dont get what this has to do with your decision about collision insurance. Just because you wouldnt consider buying another bike your willing to take the loss? They cut you a check, they dont make you replace the bike with it. If the cost of collision is high compared to the value of the bike then thats what youd want to look at. My 06 feej has collision on it, my 92 intruder doesnt. If I total the Intruder I'm gonna get almost nothing at this point from the ins company.

 

[OldBoy123]

I have ben riding off & on since 1978. Dirt bikes,Street bikes ect.

I have only ben in one bad accident in early 80's. A Ford LTD rear ended my bike as I was waiting for the car in front of me to enter freeway & I was just about to leave on ramp to enter freeway. When Mr LTD driver going 100+ down on ramp; did not see me in front of him;since he did not have his glasses on. Hit and lanch me over the car in front of me. Ya Hoo Superman. Yep every one thought I was DEAD.

Point is you need to look at your skill and decide what insurance you need. I have had many cagers atemp to hit me over the years. But if there on my sides or in front. You can avoid them.

So I dont see the need for collision Insurance on my bike. Its the other guys that hit me.

 

[HaulinAshe]

So I dont see the need for collision Insurance on my bike. Its the other guys that hit me.

The insurance companies I've dealt with, won't provide fire/theft/etc. unless you have collision. That's why I carry collision.

 

[cougar8000]

OldBoy123, what about that illegal alien that is driving with out a license and no insurance? Where are you going to get money then? Yeah, we have plenty of those in IL.

 

[just roy]

I have ben riding off & on since 1978. Dirt bikes,Street bikes ect.I have only ben in one bad accident in early 80's. A Ford LTD rear ended my bike as I was waiting for the car in front of me to enter freeway & I was just about to leave on ramp to enter freeway. When Mr LTD driver going 100+ down on ramp; did not see me in front of him;since he did not have his glasses on. Hit and lanch me over the car in front of me. Ya Hoo Superman. Yep every one thought I was DEAD.

Point is you need to look at your skill and decide what insurance you need. I have had many cagers atemp to hit me over the years. But if there on my sides or in front. You can avoid them.

So I dont see the need for collision Insurance on my bike. Its the other guys that hit me.

two accidents that prove your point lacking 1. illegal runs red light plowing me from side no insurance or money. 2. dog runs out into street from behind parked car had about half an eye blink to react. and wouldn't you know it that dog didn't have insurance.

 

[SacramentoMike]

My little contribution to this endless discussion is about the deductible. I had $250 deductible on my policy, asked my agent what the difference would be if I bumped it up to $500. I THINK that was for raising the deductible across the board--all categories. And the difference, at least for the collision part, was FOUR DOLLARS. Well, I made a claim eventually, and that four dollars spent didn't see like so much after all.