Insurance Coverages?

[LKLD]

I will start my insurance quote searches soon, and wondered what others feel is adequate for coverage. We have 300,000/100,000/300,000 on our autos, mainly because of my wife's company requirements, so I'm looking to start a separate policy just for the bike. I'm not sure how much would be enough, and not break the bank. What coverages are you using, and what additional riders to your policy have you added for farkles?

Thanks in advance. Rob

 

[Fly Bye]

Rob, that's a complicated question to answer, but I'll throw in my 2 cents.

I'll go to worse case scenario. If, God forbid you cause the loss of life or limb to others and the coverage you have does snot satisfy the injured or those dependent on them for support, they will go after personal property and assets.

If you own your home and you have assets you want everything to be protected. So, if you are a home owner you may want to look into an umbrella policy in addition to your home, auto/motorcycle policy.

Some insurers will allow you to suspend your vehicle/ vehicles when not in use, they will not be covered for any type of street use but they are covered for loss.

All State is one of those insurers that will do that for you. If you need to use the vehicle you can get temporary coverage for up to a week.

Please understand I am not in the insurance industry, nor am I affiliated with any insurer nor do I endorse any insurance company.

Since you did not give information regarding your situation, the only advice I can give you is get as much coverage as you can afford.

This is definitely a CYA situation.

Hopes this helps.

 

[JR'SFJR]

I have an umbrella liability policy which requires everything(car, truck, motorcycle, house) have at least 500,000 for starters. For aircraft rental, I have a mil. plus the umbrella.

 

[hppants]

As a risk manager for a large University, I've had my share of dealings with insurance companies, claims, accidents, and lawyers. Let me share a little story with you.

About 5 years ago, I was waiting to be deposed in association with a pretty serious accident that was going to involve a large amount of money. While sitting there with our work attorney (a very sucessful advocate of at least 25 years experience), I shared with him the fact that my oldest child was getting her driver license and I was concerned about raising my liability limits. I further inquired about the possibility of an umbrella liability policy. Finially, the attorney asked "What are you trying to protect?" To which, I replied "my personal assets." Then he stated - "This might surprise you but in all of my years as a practicing personal injury lawyer, I have NEVER seen a case settle either in court or out of court for an amount greater than the limits of the insurance for the party at fault, REGARDLESS of ANY circumstances associated with the case." I took that advice to heart and kept my 250/500 limits as they were (and still are) without ever giving the umbrella policy another thought. Since that conversation, to satisfy my curiosity, any time I met another attorney, I share that story and ask them if they could report anything different. Believe me when I tell you that I've asked that question to at least 100 lawyers. Guess how many contridicted the 1st one?

I'll give you a hint. It's less than 1.

I'm telling you that - so that I can tell you this - if you don't have a personal disability policy, and/or an abundance of paid vacation (at least 6 months), then I would strongly consider purchasing uninsured motorist in an amount equal to not less than 1 year of your salary. Remember, UIM also pays for "Under-insured" motorists. Knowing the results of my survey, I sure don't want some jack leg with hardly no insurance banging me up beyond my ability to work and earn without at least some recourse. IMO, UIM coverage may be more important that raising your CGL coverage. The fact is that because the motorcycle is much lighter and (overall) used much less than cages, the likelihood that you will severly hurt someone else or their property is comparatively low to the likelihood that someone else will disable you without enough insurance to compensate you for your loss. I suspect this is why liability insurance for motorcycles is usually lower than it is for cages, all other things being equal.

As for comprehensive/collision coverage, that is just a matter of premium v/s coverage. Risk v/s reward. There's no right or wrong answer.

One more comment - I have Progressive for my bike only because they throw in road side assistance for free. Reading the details of that coverage is pretty impressive and it makes me feel a bit more comfortable when I'm traveling on the bike (especially alone).

My $0.02 worth - YMMV

 

[SkooterG]

Good info hppants!

 

[SacramentoMike]

Ditto on what Scooter said. And I'll add this to Pants' comments--I have Progressive too. (I thought they charged about five bucks a year for the roadside and towing, but that's pretty much free anyway.) I've had claims for towing and for damages and they always were fast and more than fair. They cover towing for 150 miles--much more than any other policy I've heard about--and if you think about how often you're way the hell out in the wilds on your bike, that's nice to know. The twice I've needed it, it was very close to the 150 miles each time. Do you know what towing costs?

One guy who towed me in with a ruined front wheel told me it would have been $55 for the pick up and $5.50 per mile! Think what a 100-mile plus tow would cost. JSNS.

 

[Fred W]

+1 - That does make a lot of sense.

Also +1 on the Progressive recco. I have my bikes on a separate policy with Progressive too. The company that I have Home and Auto Ins with doesn't do bikes (and is very inexpensive). Progressive seems to have very fair rates and was easy to deal with when I had to make a claim (for the stupid deer that ripped all the tupperware off my bike).

 

[JR'SFJR]

I also have Progressive and the premium keeps decreasing

. As far as umbrella policies go, to each there own, but between investments and being a pilot, a little extra umbrella premium gives us peace of mind.

 

[hppants]

Well apparently, I can't take my own friggin advice... mostly.

Yesterday, my daughter was involved in a vehicle accident that totaled her car. Thankfully, she is OK as the seat belt and air bags did their job. Because she was not distracted, she was able to perform a split second evasive manuver that greatly lessened how bad it could have been.

Her car was totaled, the other vehicle was at fault, and while I'm investigating, I don't think the other vehicle had insurance. Now, my 21-year old college kid doesn't need a disability policy, and she's still covered under our major medical policy. However, I didn't have UIM (cost prohibitive) and now I get to buy another car. A 170K honda accord is hardly worth fretting over, but as you can see, the knife always cuts both ways.

Still - she's sleeping peacefully in her old bedroom now. When I drove up to the scene (2 minutes after it happened) and saw her standing there, quite frankly, I think I got everything I want for Christmas right then. Cheers.

 

[rbentnail]

I also have Progressive and the premium keeps decreasing

.....

+1. My cost for Progressive went down about $80 for 2013 vs. 2012. 2nd consecutive yr it's happened.

 

[littlefish]

Well apparently, I can't take my own friggin advice... mostly.

Yesterday, my daughter was involved in a vehicle accident that totaled her car. Thankfully, she is OK as the seat belt and air bags did their job. Because she was not distracted, she was able to perform a split second evasive manuver that greatly lessened how bad it could have been.

Her car was totaled, the other vehicle was at fault, and while I'm investigating, I don't think the other vehicle had insurance. Now, my 21-year old college kid doesn't need a disability policy, and she's still covered under our major medical policy. However, I didn't have UIM (cost prohibitive) and now I get to buy another car. A 170K honda accord is hardly worth fretting over, but as you can see, the knife always cuts both ways.

Still - she's sleeping peacefully in her old bedroom now. When I drove up to the scene (2 minutes after it happened) and saw her standing there, quite frankly, I think I got everything I want for Christmas right then. Cheers.

Wow, that looks bad. I am so glad she is all right....

 

[RedPorscheKilla]

..... IMO, UIM coverage may be more important that raising your CGL coverage. The fact is that because the motorcycle is much lighter and (overall) used much less than cages, the likelihood that you will severly hurt someone else or their property is comparatively low to the likelihood that someone else will disable you without enough insurance to compensate you for your loss. I suspect this is why liability insurance for motorcycles is usually lower than it is for cages, all other things being equal.......

+1, I second you hippants, I found the extra/added coverage on UIM, ,ore valuable than raising my limits on the main insurance...

V

RPK