Hey, I have a question regarding Collision insurance for motorcycles. If your bike is paid off, or you have a loan that does not require collision insurance, did you opt for it? I certainly am going to get insurance at appropriate levels to cover liability and property damage, all of the "usual" insurance items. The question is, if you are not required to purchase it, would you still get collision insurance? Thanks in advance for your help!

 

I own my bike, but still have full insurance, don't really feel like writing off $10,000.

 

I've owned all my bikes in the past and carried liability + comp. The logic behind this was if I wreck it, I'll deal with it. The difference between having collision and not having it was around $1k a year.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by .Ash &raquo;</TD></TR><TR><TD CLASS="quote">The difference between having collision and not having it was around $1k a year. </TD></TR></TABLE>

Thats exactly the reason I ask this question. I am thinking of going liability plus comprehensive, without collision. Just do not want to make a collosal mistake...

 

I carry it but it's only $300/year total for my 2 bikes.

It's all about risk and cost. If you think you're going to pay more than you'll ever benefit, don't get it. If you think you might make a claim more than the cost of a few years then get it.

 

It depends the thing with bikes is that the difference between liability and full cover is about 1200 and by the time you pay the 1500 a year for full cover, in 3 years, you could have another used 600
My 2 cents

 

If I remember correctly, you can't have Theft unless you have Collision.

Its all a numbers game, it really depends on how much you owe on your bike or how much its actually worth, vs your monthly premiums.

I know some people that got quoted $4k a year for full coverage on a new R1.

I'm only paying ~$300/year for full coverage so even though my bike (bought it new) has depreciated a lot in value, its still worth enough for me to keep my full coverage in case of theft/single vehicle accident/hit and run.

Give us some numbers, what kinda bike do you have and what kind quotes have you gotten?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Etylorcen &raquo;</TD></TR><TR><TD CLASS="quote">If I remember correctly, you can't have Theft unless you have Collision. </TD></TR></TABLE>


First off it's not theft, it's comprehensive. And second, you can't have collision without comprehensive. I don't carry collision. It's not worth the absurd amount of money they typically want for it. The money I would've spent on collision this year I can use to fix my bike or just use it to mod the thing...

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by EngineNoO9 &raquo;</TD></TR><TR><TD CLASS="quote">


First off it's not theft, it's comprehensive. And second, you can't have collision without comprehensive. I don't carry collision. It's not worth the absurd amount of money they typically want for it. The money I would've spent on collision this year I can use to fix my bike or just use it to mod the thing... </TD></TR></TABLE>

All lienholder requirements aside, you can carry collision without comp or vis versa. Would it be smart to carry coll only? No, collision is the priciest coverage and adding in comp would be nothing in comparison.

 

fyi progressive won't let you do collision without comp.

 

I only have liability cuz my bike sucks

 

Dude get the collision. Ok it works like this. Here is a example just for the sake of argument. You are riding down the road and and you hit a patch of gravel at a intersection. You lose control of the bike and it goes sliding into a telephone poll. Now luckly you didn't get hurt ir hurt anything else or hit any others cars. What happens is that your insurance will pay or everything elese first. Say the telephone poll damages cost about 7 grand to fix. And you only have 10 grand in property insurance. Well now you only have 3 grand to replace you bike with. And thats without hitting any other car. God forbid you hit a car to. Same thing goes if you hit a deer and lose control and damage something. There are to many loop holes for you to get screwed on, if you dont have collision. See i love having it cuz i know that what ever happens i will get a new bike or the old one fixed. Doesnt matter if im drunk and flip the thing over and hit a car in the process as long as it under my limit ill get my bike paid for. Or if someone with no insuance hits me. If you hit by Someone with no insurance your **** outta luck. You will have to cough up another 8 to 10 grand for a brand new bike. So all the money you spent on insurance in the first place is wasted. I would get it.
PS i got 2001 RC51 paid off. I love the thing and wouldnt ride without full coverage.

 

Collision only covers your own vehicle. Liability covers everything else you mentioned so without collision all you are stuck with is fixing your own bike. And getting hit by someone with no insurance is why they invented uninsured motorist insurance. I'm not discouraging getting collision but to me it's not worth it.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by EngineNoO9 &raquo;</TD></TR><TR><TD CLASS="quote">fyi progressive won't let you do collision without comp. </TD></TR></TABLE>

They will but with the lienholder disclaimer (I have a bunch of open quotes with them from a present market comparison with my company; progressive will quote you coll without comp). I'm pretty sure forcing an optional coverage conditionally with another is pretty illegal. Regardless, a lot of insurance companies pull it and occasionally get nailed for it when enough people complain. It's a shame health insurance doesn't seem to have DOI people breathing down your neck like we do.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by EngineNoO9 &raquo;</TD></TR><TR><TD CLASS="quote">Collision only covers your own vehicle. Liability covers everything else you mentioned so without collision all you are stuck with is fixing your own bike. And getting hit by someone with no insurance is why they invented uninsured motorist insurance. I'm not discouraging getting collision but to me it's not worth it.</TD></TR></TABLE>

For anyone looking into "uninsured motorist" coverage, be aware that there are three separate ones and often you are only purchasing the one to cover bodily injury to you + other 1st parties. There is UBI (uninsured bodily injury), UIM (underinsured motorist, mainly applies with limits issues especially with CA state minimums) and UPD (uninsured property damage). Depending on your state and the applicable coverage, a hit and run often will only be fully covered if someone ID's the person's plate number or something of the sort.


The main benefit I see of carrying various things over base liability (even though I have not in the past but presently do) is simplicity. Getting property damages taken care of thru the other party's carrier can be a nightmare and sometimes not even a possibility. I received a file this morning where some dude was just driving to work at 6am and was t-boned in an intersection by another asshat in a police chase. Since said asshat did not stop after totalling our guy's car, our client has no idea where to start to pursue damages until a report is released by the police. This can take days not to mention when the other carrier (if it exists) finally gets back to him, it could be weeks and in the end, they could be denying coverage + liability for a multitude of different reasons. Since he carries coll + comp thru us, he pays his deductible and we get the ball rolling on his damages within the hour. We then go after the other company or party like vikings and recover all monies paid + his deductible; pretty much assuming the losses of our client. Besides the inconvienience of having a deductable floating around, our client sits back and just waits for his car to be repaired or a check to replace it which can be done in a fraction of the time it would take to go thru the adverse carrier. This is not company specific but moreover the general gist of things with all companies (unless they are like 4th donkey indemnity out of TJ or something).