Is insurance worth it?

[novon]

I'm debating wether to get bike insurance or not. It's not required in my state, and if I got it, it would not cover at fault medical. I figure if I hit anyone, I'm going to take most of the damage.

I currently don't have health insurance, so I was thinking I would spend the money on that instead of bike insurance, and if something happened I would be covered for medical. Since I don't really need collision or comprehensive on a $3000 bike....

What do you guys think, how do you justify bike insurance?

[vtlion]

liability should be DIRT cheap.  get it...you never know what might happen... bikes can KILL people in cars if the make impact just right.  I paid 75 bucks a year for liability on my bike.

[cozy]

Dude get health insurance instead. It'll cover more areas of your life than just your bike. If bike insurance isn't required, then WA state obviously feels you can't do enough damage to merit having lialbility coverage.  

[novon]

Dude get health insurance instead. It'll cover more areas of your life than just your bike. If bike insurance isn't required, then WA state obviously feels you can't do enough damage to merit having lialbility coverage.

That's my thought... a trip to the emergency room can be a serious financial hit.

[Lukewarm Wilson]

Dont know to much about insurance in the states but surely if you hit say a Lambogini Diablo or such you would still have to pay for the damage wouldn't you?
Would hate to be paying $20000 for repairs to that when I could be covered for it for about $200, again not sure what you pay there. In Aust we have to pay Green Slip (Rego Insurance) between $300-$550 depending on age and company you purchased from, Rego itself $331.00 and comp or third party insurance on top of that you generally wont pay under $200 so it gets expensive here but I wont get in or on a vehicle thats not insured imagine how much fun life would be if you got FBAR and still had to pay for repairs to someone elses vehicle that would suck

[Anonymous]

In the Ferrari example, most youngsters only carry the minimum required, lets say, $20,000.  If you smash into a Ferrari that's NOT going to cover it.  I'd agree, if you don't have ANY money and MUST choose, choose health insurance.  BTW, find a job that provides coverage to you!

[vtlion]

Health insurance is gonna be WAAAY more expensive than liability.  If you don't have a company kickin' in a monster percentage of premiums, we are comparing a $100/year liability policy to a $1500/year medical policy.  

I agree that medical is better to have, but that's also why its ten times as expensive.

[aslam]

I'd get liability coverage at least.  If you damage someone else's property you will be sued if you can't pay to repair their stuff.  So you could potentially lose alot more than your bike.

ASLAM.

[Woz]

I can't believe insurance is a matter of choice in the US.  Here in the UK, it is a criminal offence not to have it.

[Cal Price]

Well this is really odd, I find myself in 100% agreement with a Manchunian, Woz must be a "City" supporter. I would get at least "Liability" what we call "third party" which is a legal obligation throughout Europe.

[mayz2010]

[scar_ace]

Here in the UK, it is a criminal offence not to have it.

Then again we do have the NHS so we don't HAVE to pay to get our bones fixed like them lol. On the other hand, a lot of people would prefer to go private anyway  :dunno:

Get liability at least I'd say.

Simon

[vtlion]

here in the US insurance requirements are left up to the states.  Most states do require it (i.e. it is a criminal offence to not carry it).  A few allow uninsured motorists, states like Virginia charge an 'uninsured motorist fee' to try to persuade people to carry insurance.  Also, minimum required coverages vary significantly from state-to-state.

[Anonymous]

You guys with the national health coverage, tell me, what is your effective tax rate?  Up in the 50%+ range?  How do you think "free" medical gets paid for?  Everyone who works/makes money pays for it.  

In the US we "try" to be more capitalist.  More "every man for himself".  You "reap what you sow".  Personally I like being less socialist.  I think even here we're too socialist.  I think the lazy get too much.  Without working you can get a nice place to live, enough food to get really fat, you can have a car, all kinds of stuff, and STILL get the free money from the government.  Where is the incentive to work?  

Some countries in Europe are taxed at close to 70% to pay for all the social programs.  If they had a "real" military (so they could protect themselves and not rely on the US whom they badmouth...) it would be close to 80%.  

I sure don't want to work hard and then throw most of my money into a big pot for others to suck dry.  Get off your ass and work to pay your own way!

What was this thread about anyway....   Oh, insurance.  I guess a necessary evil.  Since everyone is sue happy and wants to win the "sue him lottery" I guess you need it.

[novon]

In Washington car insurance is required, it's just motorcycle insurance that's optional...

I just got a quote from www.ehealthinsurance.com for $50/month for emergency medical insurance...the benefits are low but at least it will cover my ass if I get into serious health problems.

I'm going to look into liability for the season for the bike as well....but not sure yet.

[oldsport]

In Washington car insurance is required, it's just motorcycle insurance that's optional...

Well, I just got stopped in Kirkland last week and the second thing the officer asked was to see my proof of insurance.

Based on that experience, I probably wouldn't have believed you but I just looked it up. See paragraph 4.

http://www.dol.wa.gov/ds/insurance.htm

Of course that doesn't mean that someone wouldn't sue you to kingdom come and beyond.

Yes, we learn something new every day.

[spacebug]

I'm in WA too, i just get liability.  If you got any assets look into liability only, its very cheap ~$100 or less/yr.  If you injure or kill someone they are gonna sue you for your assets if you don't have insurance.  Of course if you don't have any assets anyways, you don't really need it.

[Cal Price]

joerocker,
The standard income tax in uk is 22%, there are also sales taxes but they appear all over the planet. A lot of people in UK moan about how much they have to pay for tobbacco, booze and gas, It's all a fair bit cheaper in Belgium just across the water but the average working gut in Belgium pays about 43%. UK has a reputation for being a high tax country but when you take everyting into account including the downside that high earners can pay 40%, in actual fact Uk is a fairly low tax regime, at least from a Euro perspective. I think it's what we would call a case of roundabouts and swings, pays your money and takes your choice.
Getting back to topic, is insurance worth it? Well the insurer is going to do his maths and make a profit, maybe not but I would still get liability. I did drive without insurance for a period in my youth and lived in terror of backending a Bently Continental or somesuch. Older and wiser now, plus I can now afford it. Pay your money, take your choice.

[Woz]

Well this is really odd, I find myself in 100% agreement with a Manchunian, Woz must be a "City" supporter.

Just changed my details Cal as I am NO mancunian (I only put that up 'cos I didnt think our US cousins would know where Lancs is).

As for being a City supporter  

Liverpool for me mate.  

[Cal Price]

Woz, so long as it aint you-know-who...............