motorcycle insurance questions help

[bwringer]

Look up the blue book value of your bike...that's about what the insurance folks will total it for.

Try about 2/3 to half of Blue Book, and you're in the ballpark.

[bwringer]

I switched to Sentry/Dairyland a couple of years ago, and I'm paying $67 or $69 a year for liability only on my two old bikes. (I just turned 40, and I have a clean record.)

If you carry a passenger regularly, you might want to think about beefing up your passenger liability coverage.

If you're rich and have a lot to lose, then you might want think about raising your liability coverage to protect your other assets, but in general there's not a whole lot of damage a bike can do to other stuff, so most people are comfortable with the state minimum for liability (whatever that is for Illinois.)

Personally, I think buying comp/collision on a vintage bike is insane. But I know some people carry it because it usually doesn't cost much. However, the potential payout if something disastrous happens is limited to what the insurance company thinks your GS is worth, which I will guarantee you is far, far less than what you think it's worth.

Basically, a squashed fly on the tank or a parking lot tipover will financially "total" the bike, so comp/collision is worse than pointless, IMHO. Your slightly cosmetically damaged pride and joy gets sent to the junkyard while you get a check for maybe a couple hundred bucks.

After my biff last year on the VX800, I patched it up using eBay parts and some Suzuki OEM parts for around $500 total and I've been riding the snot out of it ever since. It would take another $1,300 in Suzuki parts (tank, exhaust, frame cover, etc.) to make it perfect again, but I'm not planning on doing that. It's safe and works fine, and a fantastic classic bike is still on the road and being enjoyed. Still looks great from the right side, too.

If an insurance company had been involved, they would have totaled it right away and it would have been made into beer cans by now.

Classic motorcycles are worth a lot more than money -- they're made of time, determination, and sweat, too.

Thank you all for the come back.
I appreciate your input.
Question: What type of liability limits do people carry plus do people get a deductible for collision and comp or does it depend on the value of the bike?
Some insurance companies are talking liability $100,000 to $300,000 and $50,000 property damage and uninsured and underinsured $100,000 to $300,000.
Plus medical benefits of $1,000 to $5,000.
Or they go down to the basic minimum of $20,000 for liability, $40,000 per accident, $15, 000 for property.
Very confusing on what insurance coverage to put on the bike.
Have to realize that if you only paid a couple of hundred dollars for the bike, you are paying more for the insurance than the bike cost you.

Look up the blue book value of your bike...that's about what the insurance folks will total it for. I've never owned a bike valued at more than about $1500 dollars. Therefore, I've never carried comprehensive/collision coverage for my bikes. I carry state minimum liability for my GS and I think that's what most folks are doing. Doesn't make sense to spend lot's of dollars EVERY year b/c you may someday get a payout of only a few times your annual premium.

I've almost sunk about what I paid for my bike in insurance (it's been almost 3 years). Sounds like a rip, but in Illinois, it's required. Not much you can do about that, besides being an outlaw (you need a Harley for that).

Luckily, I have barebones coverage, and pay about $40 a month, which is less than my cellphone. That's one of the good things about owning an old bike.

Thank you all for the come back.
I appreciate your input.
Question: What type of liability limits do people carry plus do people get a deductible for collision and comp or does it depend on the value of the bike?
Some insurance companies are talking liability $100,000 to $300,000 and $50,000 property damage and uninsured and underinsured $100,000 to $300,000.
Plus medical benefits of $1,000 to $5,000.
Or they go down to the basic minimum of $20,000 for liability, $40,000 per accident, $15, 000 for property.
Very confusing on what insurance coverage to put on the bike.
Have to realize that if you only paid a couple of hundred dollars for the bike, you are paying more for the insurance than the bike cost you.

geico told me that my 82 gs850g was a sport bike. wanted $800 a year for liability. I asked if they had seen any pics of my bike because they were off their rockers if they thought I was going to pay as much for my bike as I do my car! I should have gotten a crotch rocket so I would have already been bent over and in 'the position' for the anal raping they wanted to give me! lol

There is no "best" insurance broker and/or company/underwriter. You simply call as many as you can stand to make time to call and go with what fits you best. Just makes sure that you get the same coverages and deductibles quoted from each company so that you're comparing apples to apples.

I recently did this for my GS550ES and my prospective 2008 Hayabusa. In calling around I contacted about 15 different companies (including Progressive, Geico, Allstate, State Farm and other "motorcycle" friendly companies). My high quote for a year for the GS (liability only) was $200 and the low quote was $80! The Hayabusa was even more extreme, the high quote for a year (FULL coverage) being close to $3500!!!!...the low quote $500.

Oh, and the best quotes did NOT come from the same provider.

You simply have to shop around...there's no rhyme or reason beyond the immediate buisiness strategies of the various providers.

Best of luck!

State Farm for me...

Here in CO....

Because of the age of the bike, I carry only liability...so if its stolen or wrecked I'm S.O.L.

I pay $12/month. I carry pretty high on liability and on medical, even though I have medical insurance. You're insurance agent for your car/house should be a good place to start. Then shop around.

To me, doesn't make sense to carry 1 brand for car insurance and something else for motorcycle.....

i have progressive...

it was the cheapest by far..

as far as coverages go, different states require different amounts for minimums, when you call for a quote the company will know.


im 22 and i pay 180 a year for my 78 gs1000

I live in Tampa, Florida. Insurance is mandatory on cars/trucks, but is not required on bikes. Go figure. The way people respect bikes down here, I am really surprised that insurance is not mandatory.

A lot of crashes due to either inexperienced drivers, or bikes that like to weave in and out of traffic when there is a traffic jam.... It has been said, that if you drive a motorcycle in florida, you are suicidal....

Thanks

Thanks i will check it out
in illinois insurance is a must
it is the law
what state do you live
thanks mel

Where I live, I don't need motorcycle insurance, but I think this place might be able to help you out.

http://www.motorcycletraining-fl.com/basicriderscourse.htm

The insurance company can find you the best deals on what you are looking for in your state.

Good luck.

Hi,

I am trying to decide on motorcycle insurance.
What is the best and most reasonable company that you know of?
Also, what do people normally take for their liability and property damage limits plus uninsured and underinsured motorist liability limits ?
Do you take comprehensive and collision and what type of deductibles?
Also, they are saying medical coverage could be taken such as $1,000 coverage.
As I said previously, I had my bike stored for the last 18 years and I would really like to ride this Suzuki this year, so now I will need to get motorcycle insurance.
I value your opinion and your expertise.
I would appreciate you getting back to me.
Thanks,
Mel
email at melalice2002@yahoo.com