m/c Insurance

[zenwhipper]

A long time ago I read about the most important coverage we m/cers should have since we are quite vulnerable to injury out on the road. I think it said it is important to have a high amount of Underinsured Motorist protection. This protects you from a motorist that hits you and they do not have insurance or enough insurance for your injuries. So its good to crank this coverage up. What does the board think?

Thanks Mates

Scott

 

[El Toro]

You need insurance for protection, so it depends on what you need to protect.

If you have a lot of assets, you need high dollar liability coverage.

If you don't have good medical insurance, you need high limit medical coverage.

If you don't want to self insure against damage to your bike, you need collision, fire theft, comprehensive, typically no more coverage than would be enough to replace the bike.

Everyone's situation is different. A good insurance agent ought to be able to give advice.

 

[SLK50]

I carry un-ins/under-insur coverage for the maximum my policies will allow, usually equal to my liability amounts.

For me, this is currently 100/300.

 

[noland]

I have full coverage and high limits on both my cars and motorcycles. I also carry the typical homeowners policy, albeit with an earthquake rider. The answer I found is an additional personal liability policy (issued by the same company that carries my homeowners).

That policy cost me about $140.00 and provides $1,000,000.00 in coverage. So if the other insurances are maxed for some reason, say an accident, then I'm covered. I'd venture to guess that if you tried to get $1M coverage on your bike(s) and/or car(s), the price would be through the roof!

The way I look at it, not only am I covered, but IMO, there is no way the insurance company that carries the $1M policy is going to let go said $1M, so I look at it as a very good "pre-paid attorney's retainer".

 

[Checkswrecks]

Both kids had insurance needs this week. The son had some ****** take a 2x4 to his VeeStrom. The claims agent said that since it was clearly vandalism and the police are involved, my son's rate won't go up.

The daughter didn't have the parking brake tight enough in her stickshift Corolla and it roll backwards across a parking lot into a relatively new Jeep Commander. Something not usually in an insurance topic, but which will save my daughter a boatload is that she had Allstate's "forgiveness" plan. Basically she pays a little extra a month and having multiple claims won't change her premium. She also get money back every so often for NOT having claims. If your situation involved regular minor insurance claims, the forgiveness plan is very worthwhile.

 

[SacramentoMike]

Whatever else you decide you need, make sure you have good coverage for roadside assistance. If you get out of town much, you want a good limit for towing service. I had two incidents that ruined a tire and a rim, so neither was fixable on the road. Both were close to--but within--the 150-mile per incident coverage my Progressive policy offers (many offer much less). According to the driver in the first incident, if I was paying out-of-pocket: Cost to come out in a tow truck (before doing anything)" $55. Cost per MILE to get to repair shop: $5.50. The total cost of that trip alone would have been over $800. Nice to have coverage that made it FREE! :yahoo:

 

[phroenips]

I have full coverage and high limits on both my cars and motorcycles. I also carry the typical homeowners policy, albeit with an earthquake rider. The answer I found is an additional personal liability policy (issued by the same company that carries my homeowners).

That policy cost me about $140.00 and provides $1,000,000.00 in coverage. So if the other insurances are maxed for some reason, say an accident, then I'm covered. I'd venture to guess that if you tried to get $1M coverage on your bike(s) and/or car(s), the price would be through the roof!

The way I look at it, not only am I covered, but IMO, there is no way the insurance company that carries the $1M policy is going to let go said $1M, so I look at it as a very good "pre-paid attorney's retainer".

You probably wouldn't need to tap into what sounds like an umbrella policy while on a motorcycle. Be sure you realize that it's a LIABILITY policy. In other words, it only pays out if you are found at fault for whatever reason. In other other words, if you need additional medical coverage as a result of getting in an accident, it won't cover that (it *would* cover any medical bills for the other party if you were at fault).