How to buy bike insurance?

Jerrytheclown · April 15th, 2017, 11:21 PM

I just bought my first bike. Yay! And from a member of this forum no less.

Now, however, comes the headache of all the legal stuff. I need insurance for the bike, but having never actually owned my own vehicle and thus never had to deal with insurance, I'm lost.

So, can anyone give me some info on what would be wise to include in my policy? I'm going to get the maximum liability protection, since that's cheap anyway and I've heard that that's the most important part. I'm probably not going to bother with the uninsured motorist insurance since I have solid health insurance and that part is super costly.

What I'm indecisive about, however, is the coverage for the bike itself. How does "actual cash value" work for the bike? Is it just the amount I paid for it? The KBB value? Something in between? I bought it for relatively little so if that's all that the insurance will cover, I don't think it's worth spending the extra 150 a year for and I wouldn't be able to get a new bike for that amount of money anyway. Like I want to take care of the bike, it is the first vehicle ever titled to me after all

But I don't want to overpay for stuff that won't be very useful. Do I need comprehensive coverage? Uninsured motorist property damage? It's easy to find info on what all this stuff does online, but it's very difficult to figure out what I need, ya know?

Anyway, thanks in advance! You all have been immensely helpful through this !

algs26 · April 16th, 2017, 12:06 AM

Comprehensive: covered in case of theft, flood, etc.
Collision: covered for crashing (basically while moving). Deer, car, etc. If fault is assigned to the other party, you should be covered by the other party assuming they have insurance and they don't run.

Unless you have special insurance like for old or exotic cars, you're covered for the value of the bike. Salvage is worth less. Mods may have to be added to the policy.

If the bike is parked in the open, comprehensive might be a good idea. Bikes are pretty easy to steal.

You can have a higher deductible to lower the premium.

Triple Jim · April 16th, 2017, 06:12 AM

It's the job of an Insurance agent to talk to you about the available coverage, its cost, what it does, and to give you recommendations. Obviously his/her commission is based on the sale, but any decent agent should be honest about helping you make decisions. Whether it's in person at a local insurance office, or by phone, it's probably not a bad idea to talk to the agents at the various companies you're considering.

I bought my motorcycle insurance through the company's web site, but still talked to an agent by phone when I had questions, and the agent was very helpful.

I've never heard of a maximum for liability coverage. There's normally a minimum, dictated by the state, but companies I've dealt with would be happy to write a policy with millions of dollars of liability coverage if I'm willing to pay for it.

Topaz · April 16th, 2017, 06:35 AM

Liability: Given what it costs, It's good to have the maximum. You can hurt someone pretty bad with a motorcycle even in a silly accident.

Comprehensive: It depends on where you leave the bike. It's a must if you regularly park the bike in public or semipublic places for long periods or in a regular basis. Condos parking lots are heaven for thieves, at least here in Florida.
On the other hand, I wouldn't get it If you use the bike only for rides and keep the bike inside your house during the night.
In case of a theft, the company will pay you the 'market value'. You should ask them how they calculate it and how much it would be at the moment of buying the policy. However, it changes as the market changes.

Don't forget to ask if they offer Roadside assistance. If they do, it costs very little and it's very helpful.

Also get a good lock, or two. Maybe a disc lock plus a chain lock. And always put the steering lock when you park. Everything helps.
If you leave the bike outside, put also an all weather cover with lock. Will keep it hidden and will slow down the effect of the weather on the bike.

Congratulations on your bike! Take it easy and ride within your limits!

CaliGrrl · April 16th, 2017, 07:41 PM

Congrats on your new bike!

alanmv567 · April 20th, 2017, 07:38 PM

Enjoy the bike she has been good to me and hopefully she is good to you!!

cadd · April 21st, 2017, 06:08 AM

I agree with everything everyone said in the above posts. For me, maximum liability is offered for 250/500/250 both for my car and bike policies. I was never given the option to have a million dollar liability policy (in case I hit a helicopter and have to pay for it).

OP, it's also a good idea to get a little uninsured/underinsured coverage as well. That covers you and your bike if someone was at fault and they only have the "state minimum" liability coverage and that coverage isn't enough to pay you for your damages. It also pays you when someone is at fault in runs from the accident. You won't have his/her policy information to file a claim.

Collision coverage is pretty much only for single vehicle accidents. If you hit sand or a slick spot or drop the bike at 5mph or hit dog or deer. Your collision coverage will pay for that damage (minus the deductible).

Triple Jim · April 21st, 2017, 07:04 AM

Things may have changed, and I may be wrong, but I think if you ask the agent for a million dollars of liability coverage, he'll be happy to quote the premium. They just don't normally keep on going with the amounts they offer because most people don't want really high coverage.

NDspd · April 23rd, 2017, 05:09 AM

Congrats on the new bike! In addition to the info about insurance in the above posts, let me add a little if I can.

Shop around to the various providers, each one will be different, some will be crazily different. I would also read each company's fine print for the way they handle things, like accessory coverage.

I've only had to use insurance once when I totaled my SV650 4 years ago. The other party was at fault and my insurance took great care of me.

VaFish · April 23rd, 2017, 09:44 AM

Quote:

Originally Posted by cadd

I agree with everything everyone said in the above posts. For me, maximum liability is offered for 250/500/250 both for my car and bike policies. I was never given the option to have a million dollar liability policy (in case I hit a helicopter and have to pay for it).

OP, it's also a good idea to get a little uninsured/underinsured coverage as well. That covers you and your bike if someone was at fault and they only have the "state minimum" liability coverage and that coverage isn't enough to pay you for your damages. It also pays you when someone is at fault in runs from the accident. You won't have his/her policy information to file a claim.

Collision coverage is pretty much only for single vehicle accidents. If you hit sand or a slick spot or drop the bike at 5mph or hit dog or deer. Your collision coverage will pay for that damage (minus the deductible).

If you need that much coverage you are better off with a general umbrella liability policy that covers all sorts of things instead of just your motorcycle accident.

Surprisingly on a older Ninja 250 collision and comprehensive didn't add that much on my policies. something like $30 or $40 per year.

Triple Jim · April 23rd, 2017, 09:50 AM

Comprehensive (fire and theft, etc.) is even cheaper.

April 15th, 2017, 11:21 PM	#1
Jerrytheclown ninjette.org newbie Name: Bob Location: Los Angeles Join Date: Apr 2017 Motorcycle(s): 2008 Ninja 250R Posts: 6	How to buy bike insurance? I just bought my first bike. Yay! And from a member of this forum no less. Now, however, comes the headache of all the legal stuff. I need insurance for the bike, but having never actually owned my own vehicle and thus never had to deal with insurance, I'm lost. So, can anyone give me some info on what would be wise to include in my policy? I'm going to get the maximum liability protection, since that's cheap anyway and I've heard that that's the most important part. I'm probably not going to bother with the uninsured motorist insurance since I have solid health insurance and that part is super costly. What I'm indecisive about, however, is the coverage for the bike itself. How does "actual cash value" work for the bike? Is it just the amount I paid for it? The KBB value? Something in between? I bought it for relatively little so if that's all that the insurance will cover, I don't think it's worth spending the extra 150 a year for and I wouldn't be able to get a new bike for that amount of money anyway. Like I want to take care of the bike, it is the first vehicle ever titled to me after all But I don't want to overpay for stuff that won't be very useful. Do I need comprehensive coverage? Uninsured motorist property damage? It's easy to find info on what all this stuff does online, but it's very difficult to figure out what I need, ya know? Anyway, thanks in advance! You all have been immensely helpful through this !

April 16th, 2017, 12:06 AM	#2
algs26 ninjette.org guru Name: al Location: NorCal Join Date: Aug 2012 Motorcycle(s): ex300, gave up looking for a 250 Posts: 435	Comprehensive: covered in case of theft, flood, etc. Collision: covered for crashing (basically while moving). Deer, car, etc. If fault is assigned to the other party, you should be covered by the other party assuming they have insurance and they don't run. Unless you have special insurance like for old or exotic cars, you're covered for the value of the bike. Salvage is worth less. Mods may have to be added to the policy. If the bike is parked in the open, comprehensive might be a good idea. Bikes are pretty easy to steal. You can have a higher deductible to lower the premium. Last futzed with by algs26; April 16th, 2017 at 02:17 AM.

April 21st, 2017, 06:08 AM	#7
cadd cadd cadd cadd Name: Cadd Location: 41°21'13.1"N, 74°41'37.4"W Join Date: Jan 2014 Motorcycle(s): 300 Posts: A lot. MOTM - May '15	I agree with everything everyone said in the above posts. For me, maximum liability is offered for 250/500/250 both for my car and bike policies. I was never given the option to have a million dollar liability policy (in case I hit a helicopter and have to pay for it). OP, it's also a good idea to get a little uninsured/underinsured coverage as well. That covers you and your bike if someone was at fault and they only have the "state minimum" liability coverage and that coverage isn't enough to pay you for your damages. It also pays you when someone is at fault in runs from the accident. You won't have his/her policy information to file a claim. Collision coverage is pretty much only for single vehicle accidents. If you hit sand or a slick spot or drop the bike at 5mph or hit dog or deer. Your collision coverage will pay for that damage (minus the deductible). __________________________________________________ Riding it like I financed it.

April 21st, 2017, 07:04 AM	#8
Triple Jim Guy Who Enjoys Riding Name: Jim Location: North Carolina Join Date: Jul 2016 Motorcycle(s): Ninja 250 Posts: A lot. MOTM - Oct '18, Aug '17, Aug '16	Things may have changed, and I may be wrong, but I think if you ask the agent for a million dollars of liability coverage, he'll be happy to quote the premium. They just don't normally keep on going with the amounts they offer because most people don't want really high coverage.
	1 out of 1 members found this post helpful.

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April 16th, 2017, 06:12 AM	#3
Triple Jim Guy Who Enjoys Riding Name: Jim Location: North Carolina Join Date: Jul 2016 Motorcycle(s): Ninja 250 Posts: A lot. MOTM - Oct '18, Aug '17, Aug '16	It's the job of an Insurance agent to talk to you about the available coverage, its cost, what it does, and to give you recommendations. Obviously his/her commission is based on the sale, but any decent agent should be honest about helping you make decisions. Whether it's in person at a local insurance office, or by phone, it's probably not a bad idea to talk to the agents at the various companies you're considering. I bought my motorcycle insurance through the company's web site, but still talked to an agent by phone when I had questions, and the agent was very helpful. I've never heard of a maximum for liability coverage. There's normally a minimum, dictated by the state, but companies I've dealt with would be happy to write a policy with millions of dollars of liability coverage if I'm willing to pay for it.

April 16th, 2017, 06:35 AM	#4
Topaz ninjette.org member Name: Topaz Location: South Florida Join Date: Mar 2017 Motorcycle(s): 2013 Ninja 300 / Suzuki DR-Z 400 SM Posts: 214	Liability: Given what it costs, It's good to have the maximum. You can hurt someone pretty bad with a motorcycle even in a silly accident. Comprehensive: It depends on where you leave the bike. It's a must if you regularly park the bike in public or semipublic places for long periods or in a regular basis. Condos parking lots are heaven for thieves, at least here in Florida. On the other hand, I wouldn't get it If you use the bike only for rides and keep the bike inside your house during the night. In case of a theft, the company will pay you the 'market value'. You should ask them how they calculate it and how much it would be at the moment of buying the policy. However, it changes as the market changes. Don't forget to ask if they offer Roadside assistance. If they do, it costs very little and it's very helpful. Also get a good lock, or two. Maybe a disc lock plus a chain lock. And always put the steering lock when you park. Everything helps. If you leave the bike outside, put also an all weather cover with lock. Will keep it hidden and will slow down the effect of the weather on the bike. Congratulations on your bike! Take it easy and ride within your limits!

April 16th, 2017, 07:41 PM	#5
CaliGrrl ninjette.org certified postwhore Name: Kerry Location: Ventura, CA Join Date: Jan 2016 Motorcycle(s): Ninja650 Posts: A lot. MOTM - Apr '18, Apr '17, Apr '16	Congrats on your new bike!

April 20th, 2017, 07:38 PM	#6
alanmv567 ninjette.org member Name: Alan Location: Lynwood,CA Join Date: Jan 2013 Motorcycle(s): 2008 Kawasaki Ninja 250R (Sold to jerrytheclown!) 2006 Yamaha FZ6 Posts: 85	Enjoy the bike she has been good to me and hopefully she is good to you!!

April 23rd, 2017, 05:09 AM	#9
NDspd 1/4 English, 3/4 Kick Ass Name: Jeremy Location: Dayton, OH Join Date: Sep 2011 Motorcycle(s): 2002 Triumph Speed Triple 955i, '05 Suzuki SV650S(retired), '11 Ninja 250R(sold) Posts: A lot.	Congrats on the new bike! In addition to the info about insurance in the above posts, let me add a little if I can. Shop around to the various providers, each one will be different, some will be crazily different. I would also read each company's fine print for the way they handle things, like accessory coverage. I've only had to use insurance once when I totaled my SV650 4 years ago. The other party was at fault and my insurance took great care of me.

April 23rd, 2017, 09:50 AM	#11
Triple Jim Guy Who Enjoys Riding Name: Jim Location: North Carolina Join Date: Jul 2016 Motorcycle(s): Ninja 250 Posts: A lot. MOTM - Oct '18, Aug '17, Aug '16	Comprehensive (fire and theft, etc.) is even cheaper.