Do you guys have collision on your bikes??

[MikeyZ]

Last year when I bought my 2000 ZX9 I did not put collision on it. I was tight with money and I pay $120/ year without collision. If I wanted to add collision onto the plan, then Im paying around $400/ year.

Is it really stupid to be riding around without collision? I ride a lot- almost every day in the summer. However, my work is only a mile away.

My bike is valued from the insurance company at $4500. However, it would probably sell for around 3300.

Then, I was reading somewhere that people put collision on for a few months when they were riding every day (summertime), then took it off during the winters? Didn't even know that was possible.

What do you guys do/ Am I an idiot for not having collision on my bike?

[csmutty]

Nope. I have never had collision. I consider it a waste of money IMO.

[G21forme]

You really should have collision. My insurance company will pay for the bike and 3,000$ worth of accessories as well as my gear. When I put the bike away for the winter I drop it down to just fire and theft, keep in mind collision doesn't necessarily mean bike vs car you will be covered if you have a single vehicle accident as well.


Ps. Don't take insurance advice from a 19 year old virgin

[The Snowman]

Yep, even on the 15 year old CBR900RR. It paid for 2 new rims when I hit a pothole, which came to close to $2500 after PK straightened the front end out from the same incident.

[NobodySpecific]

I was paying around $200 a year extra for collision on my SV, and they gave me $3,600 for a 6 year old naked SV when I totaled it (I probably would have gotten $3k tops). It was well worth the money, and I didn't hesitate to put it on my fully faired bike, since expensive damage happens pretty easily when it comes to fairings meeting pavement.

[scubasteveRR]

since I paid off my bike this past summer, I was able to take off most of the coverage and keep fire and theft. You do have to keep certain coverages to keep your plate in Mass (not sure about other states). I also took off the passenger insurance (since your basic insurance doesn't cover the passenger if it's your own fault I add extra $280 of insurance for my girlfriend who likes to ride on the back just in case)

all in all I saved $300 by taking it off the road in December and putting it back on mid March and it's protected in case of a fire or it gets stolen. can't beat that.

except when it's 50 degree's in Jan and feb you can't take the bike out. my solution is take most of the bike apart to clean it as well as put new tires polish and repack exhaust ect ect so i can't even ride it.

also what these other guys said is right. i biffed my first 600RR and after i got the insurance money, bought the bike back and sold the exhaust, corbin seat and the crashed bike and made more than what i bought it for.

it ws WELL worth it!

[Dip Dungles]

I have full coverage in the summer months when I am riding every day. When winter comes I drop collision. Most insurance companies actually suggest this.

[03Worc9R]

I had a friend 2 years ago with minimum insurance....He was hit buy a driver with no ins.....Hospitalized for a couple weeks and out of work over a year. Life ruined by medical bills. (broke femur, collar bone and fractured hip) He was told if he had full coverage his insurance could have picked up a lot of the extra expenses.

[PhilB]

It's an individual financial decision. Insurance, properly used, is there to cover losses you cannot absorb. So if your bike is expensive enough that if you wrecked it you could not afford to replace it, then collision/comprehensive insurance makes sense. If you have a loan on it, and the bank requires you to have that kind of coverage, yes. If you depend on it for actual transportation, and would need it replaced right away if you lost it, then yes.

OTOH, if you own it outright, could do without it if need be because it's a hobby/toy, and/or it's cheap enough that you could get another one without breaking your savings to bits, then odds are that collision/comprehensive insurance is a waste of money.

If you're in between those ends, then it's less clear cut, and you have to make a decision with how much risk you are willing to withstand vs. how much it costs to not take that risk.

I tend to have vehicles that I bought outright, and can afford to replace, so I rarely buy full coverage.

PhilB

[RandyO]

for me, its too inexpensive not to have, even with $100 deductable, collision on my 07 V-strom is only about $55 a year, I also have comprehensive at ACV, for about $30 a year, total premium is under $200 for col./comp and liability & UM with 250k/500k limits

pays to be an old fart with a good driving record

[Kazinator]

I carry Full coverage ($320/year)

Piece of mind > saving a few bucks

[G21forme]

It's an individual financial decision. Insurance, properly used, is there to cover losses you cannot absorb. So if your bike is expensive enough that if you wrecked it you could not afford to replace it, then collision/comprehensive insurance makes sense. If you have a loan on it, and the bank requires you to have that kind of coverage, yes. If you depend on it for actual transportation, and would need it replaced right away if you lost it, then yes.

OTOH, if you own it outright, could do without it if need be because it's a hobby/toy, and/or it's cheap enough that you could get another one without breaking your savings to bits, then odds are that collision/comprehensive insurance is a waste of money.

If you're in between those ends, then it's less clear cut, and you have to make a decision with how much risk you are willing to withstand vs. how much it costs to not take that risk.

I tend to have vehicles that I bought outright, and can afford to replace, so I rarely buy full coverage.

PhilB

This makes absolutely no sense at all, if you owned a ferrari and could afford to replace it would you skimp on the full coverage?

Stupid

[gregp]

Never. But, then, my bikes are rarely worth more than $1000. I am a bottom feeder.

[scubasteveRR]

I carry Full coverage ($320/year)

Piece of mind > saving a few bucks

can't wait to drop my last few points, lost 8 this past year and already saved $1000 on my car insurance renew

[MikeyZ]

OTOH, if you own it outright, could do without it if need be because it's a hobby/toy, and/or it's cheap enough that you could get another one without breaking your savings to bits, then odds are that collision/comprehensive insurance is a waste of money.

This is where I am. It is a hobby for me and I have another car that I use. I do have more money if necessary, but if I wrecked it bad- I probably would not be replacing it right away.

Also, I am a young kid (22) with only a couple years in the saddle.

When you guys say "Full Coverage" obviously that includes collision. But how about all of the limits? When I signed up for the insurance (This was my first plan I opened ever) the lady mentioned different nominal amounts for Hospital bills and such. I put everything at the minimum to save some extra money. Do you guys have all of these numbers topped out?

[tsorfas]

i have full never had to use it and i hope it stays like that. id rather feel like its unnecessary and im still paying for it rather than have to use it.

[aldend123]

This is where I am. It is a hobby for me and I have another car that I use. I do have more money if necessary, but if I wrecked it bad- I probably would not be replacing it right away.

Also, I am a young kid (22) with only a couple years in the saddle.

When you guys say "Full Coverage" obviously that includes collision. But how about all of the limits? When I signed up for the insurance (This was my first plan I opened ever) the lady mentioned different nominal amounts for Hospital bills and such. I put everything at the minimum to save some extra money. Do you guys have all of these numbers topped out?

Do you have health insurance? If so, I'd be more interested in your coverage there, and less through your auto insurance. If you don't have health ins, I might want at least some coverage via the bike insurance plan.

It really sounds like you are nickle-and-diming. Cheap is good, but too cheap is financially dangerous. When you said it goes from $120 to $400 with collision, are you sure ALL other amounts of coverage were the same? Or was the $120 after you lowered all the coverage maximums as well?

[ZX-12R]

This makes absolutely no sense at all, if you owned a ferrari and could afford to replace it would you skimp on the full coverage?

Stupid

The scenarios are the same, only the decimal points are moved. Not stupid in the least.

[DuncanMoto]

I've only had collision when it makes sense. Like on a new 1098.
Otherwise, no collision, but always theft and fire.

[JettaJayGLS]

I had a friend 2 years ago with minimum insurance....He was hit buy a driver with no ins.....Hospitalized for a couple weeks and out of work over a year. Life ruined by medical bills. (broke femur, collar bone and fractured hip) He was told if he had full coverage his insurance could have picked up a lot of the extra expenses.

I'm assuming he did not have health insurance? If that's the case, he should not own a motorcycle.

[PhilB]

This makes absolutely no sense at all, if you owned a ferrari and could afford to replace it would you skimp on the full coverage?

Stupid

Depends on the cost of such coverage (which would not be insignificant), compared to the usage I put it to, etc. I ride a Ducati, and once I had it paid off, I dropped the extra coverage. At this point, if I totaled it now and had to eat the loss, I'm still WAY better off than if I had been paying for the extra coverage on it for the last 18 years.

Insurance is for losses you can't cover. So yes, if I owned a ferrari and could afford to replace it I might "skimp on the full coverage", depending on the other aspects of the situation. That's called rationally assessing the actual situation, rather than pre-judging and ruling things out without thinking about it.

This is where I am. It is a hobby for me and I have another car that I use. I do have more money if necessary, but if I wrecked it bad- I probably would not be replacing it right away.

Also, I am a young kid (22) with only a couple years in the saddle.

When you guys say "Full Coverage" obviously that includes collision. But how about all of the limits? When I signed up for the insurance (This was my first plan I opened ever) the lady mentioned different nominal amounts for Hospital bills and such. I put everything at the minimum to save some extra money. Do you guys have all of these numbers topped out?

This varies. For liability, I like to have decent limits -- you want to be covered enough to not get completely screwed. It doesn't take much of an injury to another person to rack up a pretty good bill, so think about how much damage you could do to someone, and cover that. I also like to carry uninsured/underinsured motorist coverage, so if I get smacked by someone who has little or no insurance, I will be covered.

Coverage for medical injuries through your bike insurance is (a) expensive, and (b) not enough for any serious injury, so I never go with that; that's why you (hopefully) have health insurance.

PhilB

[G21forme]

The scenarios are the same, only the decimal points are moved. Not stupid in the least.

So that 1$ I won on a scratch ticket is the same as winning powerball just without all those pesky zeros? An extra 100$ or so a year for full coverage in a no brainer.

[03Worc9R]

I'm assuming he did not have health insurance? If that's the case, he should not own a motorcycle.

He had health insurance. The bills that showed up requiring out of pocket were ridiculous. Bike was also a complete loss because they found him at like 10% his fault. So they didn't cover anything.(don't ask me how or why, a guy ran a stop sign, not sure why he was 10% at fault)

He got a lawyer and someone to follow and investigate the driver to see if he had any assets to sue him for. The guy was as poor as dirt.

He got nothing in the end but a angry outlook at life. (hard worker all his life, never unemployed, worked multiple job, etc)

[ZX-12R]

So that 1$ I won on a scratch ticket is the same as winning powerball just without all those pesky zeros?

This doesn't relate at all to your Ferrari example and I have no idea how you connected the two.

An extra 100$ or so a year for full coverage in a no brainer.

$100 doesn't apply to a Ferrari. You are looking at tens of thousands of dollars to insure one.

[G21forme]

True, what I was trying to get at is that insurance it's not for what you can just afford to replace. Do rich people not buy home owners insurance because they can afford to buy another home? Do wealthy people not insure anything because they have the funds to absorb the costs?