Do you guys have collision on your bikes??

[RandyO]

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?

sometimes, sometimes even big companies do it, even for medical insurance for employees, its called "self insured"

the bean counters figger it out, if cost of claims averages less than cost of premiums, why not ? put what ya woulda been paying in premiums in a savings account

[G21forme]

What companies ? I'm sure the employees love their coverage lmao.

[Stromper]

Yes progressive, never used it

also have 1 MM umbrella and most especially

UN insured and under insured coverage. Dumb CT only requires $20,000 liability coverage. Hi my name is doctor yacht owner you need surgery.... there goes the 20 K

[RandyO]

What companies ? I'm sure the employees love their coverage lmao.

too many to name, usually they contract with an insurance company to administer claims

my ex used to work for Burger King corporate, they were self insured, (it was best medical coverage I ever had) I think Walmart is as well

[PhilB]

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?

It is if you're smart. Insurance is designed and priced so that the overall losses are less than the overall payouts; that's how insurance companies make money. So on the average, the insured lose money by having insurance. 94% of people lose on their health insurance over their lifetimes, premiums paid (by them or on their behalf) vs. claims paid. What makes it worth doing is that the other 6% would have been *really* screwed without it, and you can't know ahead of time which group you will be in. If you can absorb the loss, though, and wouldn't be really screwed if it came up on the bad side, you're better off taking the risk.

To take an extreme example, if I had Bill Gates' money, I wouldn't even bother with health insurance. If I got sick or injured, I'd go to the best medical care there is, and just pay them what they ask. No forms, no restrictions on what care I would get. Just take care of it because I can afford to do it right.

What companies ? I'm sure the employees love their coverage lmao.

Most large companies, and for the same reasons I talk about above. And the employees in question generally don't even know it, and have no more complaints about it than those with coverage by insurance companies. Why would you assume it would automatically be worse?

PhilB

[G21forme]

I see your point Phil and you make a good one although I will have to argue your 94%, where did you get that?

[drop]

What companies ? I'm sure the employees love their coverage lmao.

boston university self-insures their health and auto policies, and their employee insurance benefits package is one of the best in the state.

[tsorfas]

too many to name, usually they contract with an insurance company to administer claims

my ex used to work for Burger King corporate, they were self insured, (it was best medical coverage I ever had) I think Walmart is as well

AT&T insurance (as most corporate + covered by union jobs) has awesome insurance

[e30addict]

Comes down to minimum damage to my wallet. Never put collision on my bike. Odds are I could replace the bike for less money than what I would pay in increased premiums from an at fault accident.

If they just increased on the bike I'd reconsider.

[nhbubba]

I have full coverage on my current bike. The collision coverage cost me $123/yr with a $1k deductible. Even that low, I question how worthwhile it is. My motorcycle is a toy. If I lose it through my own fault, I can live just fine without it.

But then $123/yr is low enough that I carry it.

I also have uninsured/under-insured coverage. I consider that far more important.

I did not carry collision on my first bike; it simply wasn't worth enough.
I carried collision on my 2nd bike for about 8 months; just long enough to pay off the note I took on it.

[jwm2k3]

I did not read through any of these posts as im on the droid phone, but to answer the question in the thread title, HELL YES I have collision insurance on my bike.

I guess if i had a 1990 zx10 with no bodywork then i wouldnt care about the insurance. But...i dont ride one of those.

[PhilB]

I see your point Phil and you make a good one although I will have to argue your 94%, where did you get that?

I have to honestly say I do not remember the specific source of that. I work as an engineer in medical R&D, and I read a *lot* of publications, on all sorts of aspects of the health industry. That item stood out for me when I read it, and I noted the source as a credible one, but I don't remember which one.

To take my own example, by the time I get forced into Medicare at 65, I will have paid over $200K in health insurance premiums, and the odds that I will have that level of claims before then are not very high. So far in my life, my total health insurance claims are less than $10K, and most of those were little things that shouldn't have been in any rational insurance policy in the first place.

PhilB

[G21forme]

Got it, I do get pissed paying insurance as I most likely haven't recouped 10% of what I've paid out however for my bike 03 zx6 what little it costs me for full coverage is worth it. Iirc it was 300$ for a year

[burnham]

I put my new Husky on the road last month, it is a dirt bike. $145 a year w/o collision, $175 a year with fire/theft/collision. It got full coverage.

[mell0]

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.

This. Reducing it for the winter months essentially puts me at about $250 a year for full coverage, $500 deductible. With Liberty Mutual. If it helps for context I'm a 20 year old and piggyback my plan with my dad's (auto/home/etc).

[hot karl]

My bike was $600. I put fire and theft on it, but no collision. I did make sure my ass is covered though, and I also have health insurance. I feel pretty set.