Motorcycle insurance-What have you got?

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gazza

Well-known member
Joined
Jan 2, 2010
Messages
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Location
Hawera, NEW ZEALAND
Hi all

Just purchased a 2014 FJR and after speaking with the insurance company just wanted your thoughts on what cover you have on your bike. As far as my case is concerned i just forked our $22k for the bike, full comprehensive cover is $77 bucks a month and $1k excess. Firstly, should i insure the bike for $22k ??. The old saying is as soon as you drive them out of the shop they've dropped in value by a couple of thousand. Secondly, how many of you guys only insure them using third party??. I guess depending on the value of you FJR may also determine what cover you put on your bike. Any thoughts???

Regards

Gazza

 
Unless there is some crazy conversion between New Zealand dollars, u guys are getting fleeced. I hope there is a higher value to your dollar!!!

I have a teacher/educational employee company. Horace Mann insures all of our property. It was tremendously lower than state farm with better coverage and lower deductibles.

Congrats on the bike.

 
I use Bike-Line/Markel. Decent rates. Even though they're all paid for I keep full coverage on bikes less than 3 years old while the others have the minimum.

Given the current exchange rate, that $22K bike would cost $17.2K here in the states. I paid 12,999 for my 2014.

 
We've been getting shafted down here for years Cav. That's why i try and import just about everything i need for the FJR. And the government wonders why imports are so high. Wakey wakey!!!!!!

Gazza

 
We've been getting shafted down here for years Cav. That's why i try and import just about everything i need for the FJR. And the government wonders why imports are so high. Wakey wakey!!!!!!
Gazza
That is too bad. Fleecing is one of the topics I cover frequently in my Social Studies class. I figure if my kids can identify it when it happens, they likely not be victims in the future.

But you do have an amazing bike and I just looked at the roads in NZ. They look up to the task for the FJR!!! Especially in the North West of the island. Highway 6 seems worthy.

 
I think the insurance value for your bike would have less effect on insurance rates, than the liability and collision aspects of your insurance...at least that is how it works here. Someone with a relatively new bike could experience a larger loss in an at-fault collision, and that will be reflected in your premiums at pennies on the dollar. Don't cheap out, because you might have accessories that need coverage. Collision and comprehensive losses pay out at retail, so don't underestimate your bike's value based on what you might be able to sell it for.

Take a look at your entire premium and see where the expense falls. In my case, an annual policy cost of $323 breaks down like this:

$132.00 Collision

$24.00 Comprehensive

$47.00 Bodily Injury Liability at $300,000/$300,000

$18.00 Property damage liability $100,000

$28.00 Uninsured motorist at $100,000/300,000 (covers my damages and injuries)

$67.00 Under-insured motorist at $100,000/300,000 (covers my damages and injuries)

The uninsured and under-insured is optional, and I could easily reduce liability coverages and be legal, but it's not worth risking my house and financial future over. In the U.S. you are potentially liable for any losses you cause others, that are not covered by insurance. You can lose your home, property and other assets. The people with nothing to lose carry minimums, so you have to cover them too. They will also come after you for everything you have if you don't protect yourself. The bike value plays almost no role at all and is set by retail value and includes $3000 in accessories.

 
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