Insurance or not to insure?

[Outlander]

I have been going through the crash stories on this forum. Pretty scarey stuff. I have been riding a bike since I was 13, and have had my share of ups and downs with them. Hitting a deer at 65 mph is no picnic on a little yamaha RD 250. That took away my ability to ever have children..... That was long ago, and far away. Since then, I have owned and riding several bikes. The latest, which I have finally got tuned in, is my 80 GS550E. I have never hit a car, but I have noticed that cars don't often see me. Only thru defensive driving skills, and my ungodly distrust in other drivers, keeps me several feet away from them. I feel like I am an old grand parent when I drive. Almost too cautious. Perhaps my run in with my deer has affected me more than I realize. Then, when reading these crash stories....knowing full well that florida doesn't require insurance on a bike if you wear a helmet, has got me thinking. Which, I am sure is the point. If I am going to finally be on a bike "legally" what are the benefits of having insurance? I mean, if my bike gets hit, I don't think I would want it repaired...too many bad memories and such, but my hospital stay would be expensive....

Not sure what to do.

 

[MelodicMetalGod]

Inurance is just about covering the financial expenses of an accident. In the case of our under valued GS bikes, it is not financially viable to insure them. However, for liability and medical expenses I wouldn't consider riding without insurance. I still can't believe that insurance is not mandatory throughout the US, but regardless of the law I would always carry insurance to cover my financail liabilities.

 

[Killer2600]

yea it sucks here, insurance is mandatory but it's also worth it when you need it. Our bikes are too old to worry about it covering the bike but all the other stuff like property damage, liability, etc, etc are things I rather not have to pay out of my not so big wallet.

Brings me to a question: Since florida doesn't require insurance and other states do does that mean your limited to riding in just florida or does the no-insurance requirement supercede another states insurance requirement when you have a florida license plate. If your limited to florida only then that's a good reason (for me at least) to have insurance.

 

[earlfor]

I live in Florida. Yes, it is true Florida does not require you to have insurance on a motorcycle. However, they also have a law that makes it illegal to have an accident with an uninsured vehicle and that does apply to motorcycles. So, as long as you are accident free, you are legal. the moment you have an accident, you will be in violation and you can kiss your operator's license good bye. You will also be responsible for all property damages and medical expenses incurred. Pay the $60 per year fee to Progressive and call it a day. It isnt worth the risk to ride without insurance.

Earl

 

[Ramminron]

at least carry health insurance that would cover you in an accident..the bike can be replaced...and more often than not it isn't the bikers fault ...but in the case that you may have caused the accident then you got problems...I have been riding on and off for over 35 years and have never had an accident or laid a bike down...so I guess if you are playing the odds.....[-o<...:-D

 

[T-Dog]

60 bucks a year?!I wish!! Try 1400 to ride a bike I paid 500 for!5 bucks a month...wow,I 'm packin my bags:-D

 

[earlfor]

Yepper, $60 a YEAR. Thats liability only though. You bend the bike, you get to fix it. Any other damages, they can talk to the insurance company and it satisfies the legal requirements of the state.

Earl

60 bucks a year?!I wish!! Try 1400 to ride a bike I paid 500 for!12 bucks a month...wow,I 'm packin my bags:-D

 

[MelodicMetalGod]

Yepper, $60 a YEAR. Thats liability only though. You bend the bike, you get to fix it. Any other damages, they can talk to the insurance company and it satisfies the legal requirements of the state.

Earl

To chime in, I paid $108 in 2006, $103 in 2007 and this year I'll pay $80 by switching to another provider. Way to cheap to risk not having it.

PS: Thanks for the explanation of the insurance "not required" law in FL. Sounds a lot like what I would tell the kids at my pools when I was a lifeguard to see if they were paying attention:

"You can go in the pool, just stay away from the water."

Another less than straightforward way of doing things in the government.

 

[Outlander]

I live in Florida. Yes, it is true Florida does not require you to have insurance on a motorcycle. However, they also have a law that makes it illegal to have an accident with an uninsured vehicle and that does apply to motorcycles. So, as long as you are accident free, you are legal. the moment you have an accident, you will be in violation and you can kiss your operator's license good bye. You will also be responsible for all property damages and medical expenses incurred. Pay the $60 per year fee to Progressive and call it a day. It isnt worth the risk to ride without insurance.

Earl

Well, didn't know that. Thanks Earl! I will check into progressive and see if I can get that insurance then. Since I really haven't rode for 12 years, I could probably use it. I will be going to a motorcycle safety course to refresh my memory of what is what, and hopefully increase my knowledge of defensive driving.

 

[Guest]

In the case of our under valued GS bikes, it is not financially viable to insure them.

Our bikes are too old to worry about it covering the bike but all the other stuff like property damage, liability, etc, etc are things I rather not have to pay out of my not so big wallet.

That might not be totally true.

I have a 1979 KZ1000 that is fully insured through Progressive. The trick is that Progressive will insure the "accessories" related to the bike. I have $8000 of accessory coverage and 500/250 liability plus roadside assistance on the bike.

They will count the modifications to the bike including restoration costs as long as I keep the receipts. They are the only company I have been able to find that will insure my gear and luggage on the bike if I should be in an accident. I ride in leathers, boots, full face helmet, wireless helmet to helmet or cell phone and they will cover it if it gets damaged, they'll even cover a GPS or camera mounted to the bike. If I have stuff in a tank bag or saddle bags then the bags and contents are covered too up to the limit of $8000 for everything involved.

I have the same coverage on my 2006 ZG1000 but only $3000 accessories instead of $8000 and the total for year round coverage is under $350 a year for both bikes.

If you have dumped a lot of money in your old bike I'd suggest checking into this as it could give you a good portion of your investment back if you total the bike.

 

[DanTheMan]

I'm also insured through Progressive. We agreed on a replacement cost of gear and bike. They are the only one out of 10 companies I checked into. I started at $120/yr and now I'm down to $93/yr. No winters off though, so anytime the weather is good, I ride. :-D

 

[chuckycheese]

Risk

Risk

People all have their own individual tolerance for risk and, also, their own idea of what they can or can't afford to lose. What might be right for one person, very well might be foolish for another....depending upon individual circumstances.

 

[duaneage]

I have full coverage on my 650, including accessories at no deductable, with 100K and 300K limits for the princely sum of 79 dollars a year. Roadside assistance was another 16 a year, not bad for covering a 27 year old bike.

Full coverage is nice, at least I'll get a check for a few hundred if someone steal my bike. Covering the windshield and bags with no deductible is icing on the cake. Having enough coverage to protect my house from lawyers is a no brainer, because we know who ends up getting blamed for accidents with cars. Hit a Mercedes 600 SEL or equivalent and see how much that repair will cost.

 

[earlfor]

I have full coverage on my 650, including accessories at no deductable, with 100K and 300K limits for the princely sum of 79 dollars a year. Roadside assistance was another 16 a year, not bad for covering a 27 year old bike.

what company are you with?

Earl

 

[seuadr]

I have full coverage on my 650, including accessories at no deductable, with 100K and 300K limits for the princely sum of 79 dollars a year. Roadside assistance was another 16 a year, not bad for covering a 27 year old bike.

what company are you with?

Earl

ya really.. i'm looking for motorcycle insurance and that is a way better deal than i can get on just liability!

 

[duaneage]

http://www.markelinsuresfun.com/Motorcycle/

Found them on this website home page called the GSResources, great site.

I was with Progressive for 1 month. Charged me 120 dollars for liability coverage with limits I wanted, charged me an extra 5 dollars for some strange reason that I had to fight with them about to get refunded.

Felt good to dump them and go with someone else. Peter Lewis is not one of my favorite people and giving money to his company was tough to swallow.

I had the CM400A on the policy for 48 dollars a year, although no full coverage.

It's important to note I started out at 89 a year for this policy 4 years ago so even then it was reasonable. Of course YMMV and your zip code of residence has a lot to do with the rate, as well as driving history, displacement, etc.

Pays to shop around, that is for sure.

 

[earlfor]

http://www.markelinsuresfun.com/Motorcycle/

Found them on this website home page called the GSResources, great site.

I was with Progressive for 1 month. Charged me 120 dollars for liability coverage with limits I wanted, charged me an extra 5 dollars for some strange reason that I had to fight with them about to get refunded.

Felt good to dump them and go with someone else. Peter Lewis is not one of my favorite people and giving money to his company was tough to swallow.

I had the CM400A on the policy for 48 dollars a year, although no full coverage.

It's important to note I started out at 89 a year for this policy 4 years ago so even then it was reasonable. Of course YMMV and your zip code of residence has a lot to do with the rate, as well as driving history, displacement, etc.

Pays to shop around, that is for sure.

I think I checked them a few years ago and found they didnt operate this far south. Hav'ta check again. LOL

Earl

 

[Zook]

If insurance is mandatory, why are we required to purchase UNINSURED motorist coverage????? LOL

Get at LEAST liability coverage, that way you are not liable for damage to the other person's property.
Your medical insurance from your employer or elsewhere covers your injuries.
On a bike like my GS the fairing and bags are worth quite a bit to replace, so I'll probably get full coverage when I license it.

My Guzzi Cal III came with a factory fairing and Givi bags,so they are not covered under the "accessory" coverage since they are not "add-ons". They are covered under the comp/collision part. Same as on my departed 97 Concours...and it paid off when a guy's wheelbarrow flew off his trailer and I center punched it.

I'm paying $160/year with towing through Geico. Not bad for a very rare bike.
BTW-a friend had a 82 BMW R100RS and totalled it two weeks after buying it. They paid him every penny he had in it including taxes and insurance, minus deductable plus they replaced his helmet, a Shoei RF900 with a RF 1000 on top of it.

 

[Guest]

...plus they replaced his helmet, a Shoei RF900 with a RF 1000 on top of it.

That's odd, when I called Geico's toll free number to get a quote for here in Ohio they told me no coverage for my gear or any accessory. They must have different policies for different states when it comes to this, sort of makes the shopping thing an issue if you plan on moving out of state anytime soon.

 

[tkent02]

Your medical insurance from your employer or elsewhere covers your injuries.

Not necessarily, some companies have been excluding motorcycle injuries in the fine print, without notifying the policy holders.