I am a fairly new rider with a 2007 GS500F. I decided to carry full coverage on my bike for the first year. Full fairings and low mileage made me think it was a good idea. After thinking about it, I have been wondering if it is really worth carrying on a bike that is only worth $3-4K. My deductable is $500 too. If I laid it down and needed to fix it, wouldn't it cost about this amount anyway to fix myself?
On my old car, (1993 Acura Integra) I had liability only because the car was only worth $3500 at best. That was my primary form of transportation too unlike the bike that only replaces my new car on sunny days, April through October, when I am by myself and don't have cargo to carry. This means I still drive my car the majority of the time. My premium on this bike alone is $615 a year...that is with the safety course discount and many others. I still have to carry full coverage in my car worth $20K and my home. This "full coverage on the bike" idea is seeming less necessary each time I think about it.
Give me your opinions, thanks!
Brian
it depends on the price break in my book. $600 a year doesn't sound like that bad of a deal to keep on. I've never had full coverage on ANY of my bikes, but then again they've all been crappy :laugh:
don't think about it, just get one, as I have got my bike stolen with the third party insurance
I don't have full coverage on my bike, but it only cost me $1000. I figured that paying a whole bunch so I could have a $500 deductible just wasn't worth it. I got liability insurance for $190 for the year... In two years I will have saved enough in insurance cost to buy another similarly priced bike.
Mostly it depends on you and your finances.
Given the way I'm wired, I carry liability only. I put the savings in the bank, and leave it there. If the bike (or truck) is stolen, or if I crash it, I'm out money, which I've been putting in the bank for 20 years or more, so I'm OK. I don't buy vehicles or much else on credit, so I don't have a bank coming after me for it, etc.
I also don't buy new or nearly new, though I could manage $4k for a bike - but it would probably have to be a BMW for me to bother, and it wouldn't be particularly new. My GS was $1K and 18 years old, and I've put a couple hundred $ into un-dorking things that the prior owner dorked up.
If you are loaned out the wazoo and could not afford to replace the thing, you more-or-less need full coverage. You might also want to review your spending habits, as you are living beyond your means, and that generates extra expense in the manner of interest and needing to carry coverage you could otherwise do without that helps to keep you poor.
I do carry full coverage but its only $179 a year. I dropped all the medical coverage because I have awesome medical at work. For me going down to liabilty isn't worth it.
I was going to say no, but then I just checked again. I'm paying $87/yr for liability only, and for full coverage it's another $100. So if THOSE are the numbers you were working with.... maybe my answer should be yes! :dunno_white:
*edit* .... looks like nascarkeith is in the same boat I am. Progressive I assume?
it's only worth it if you wreck it... :laugh:
Yeah mine's progressive. Got the bike new and was making payments and had to have full coverage. Paid it off in the spring and stuck with full coverage. I figure if it gets stolen the $179 would be worth paying to get some money for it. Heck if I crack a fairing dropping it in the garage that will cost me more than the insurance.
In all honesty its a gamble either way. You are paying for something you hope you don't need.
Quote from: nascarkeith on August 19, 2008, 11:12:33 AM
I figure if it gets stolen the $179 would be worth paying to get some money for it. Heck if I crack a fairing dropping it in the garage that will cost me more than the insurance.
I've seen a lot of people talking about the bike getting stolen. I would mst likely keep "other than collision" coverage ($250 deductable) but it was the actual collision coverage I am thinking of doing without. I will have to see how all the charges break down.
What I really face is a $500 deductable if the bike is wrecked. I would be charged this if I have to make a claim regardless of if I've already paid years of full coverage. How expensive are fairings to replace? If the cost floats around the price of the deductable, what's the point of claiming it...and therefor what's the point of paying for collision coverage?
I seen fariings go for over $100 for each side. So add in bars, forks and others things that are usually broken in an accident and you've reached your deductible right there.
Quote from: tripleb on August 19, 2008, 12:09:05 PM
I seen fariings go for over $100 for each side. So add in bars, forks and others things that are usually broken in an accident and you've reached your deductible right there.
My point exactly. The deductable alone would most likely be the cost of fixing it.