Risk aversion or Expense dodging

[Klondike1020]

My insurance is 708/year for the Gsxr full coverage w 3k gear and aftermarket

I have very little cash into the bike.

KBB puts retail at 4k and trade in 2700

If I take collision off of my coverage it is 370$ for liability

What do you think That they would pay out if it were crashed?

I am trying to determine if my money spent would be worth while over time.

- full coverage or no full coverage - that is the question

[Alex]

I may consider dropping collision on an older bike, but would advise pricing out liability + comprehensive, rather than just liability. Comprehensive is often quite cheap, and the only thing that helps you if some dingus steals it (or there's a fire, or a tree falls on it, etc.).

[eddiekay]

In an accident where another vehicle was involved, I believe you could sue them for damage regardless of whether you carry collision or not...in NY anyway. Too...they could sue you personally if you didnt have collision.

[subxero]

saving $300 bucks a month might not be worth it considering how easy and unexpectedly bikes can go down. For a total pay out i would think you would get $4k at least. It would take you many years of incident free riding to make up even half of that.

[subxero]

Originally Posted by eddiekay

In an accident where another vehicle was involved, I believe you could sue them for damage regardless of whether you carry collision or not...in NY anyway. Too...they could sue you personally if you didnt have collision.

They can't sue you for not having collision, that is what liability is for. And sure you could sue them to pay for damage if you don't have it but you need to have the proof for that. But you would only need to sue if their insurance didn't cover them or failed to acknowledge fault and or didn't have enough coverage to pay for your damages

[cadd]

Collision is worthless unless you crash into a tree, or have a single vehicle accident. If the other party is at fault, their liability insurance will pay for your damages. If they don't have insurance, your uninsured/underinsured insurance kicks in.

However, in NY (I lived in the city for 25+ years), we have mandatory PIP insurance (some call it "no fault" insurance). Look it up and see what your PIP coverage is.

I honestly would not pay an extra $330 for collision insurance for a bike worth under $3k. By the time you pay your deductible, the check you'll be getting is tiny.

[Alex]

Originally Posted by cadd

Collision is worthless unless you crash into a tree, or have a single vehicle accident. If the other party is at fault, their liability insurance will pay for your damages. If they don't have insurance, your uninsured/underinsured insurance kicks in.

However, in NY (I lived in the city for 25+ years), we have mandatory PIP insurance (some call it "no fault" insurance). Look it up and see what your PIP coverage is.

I honestly would not pay an extra $330 for collision insurance for a bike worth under $3k. By the time you pay your deductible, the check you'll be getting is tiny.

Couple clarifications; in some states you can't get UI/UIC unless you also carry collision, so it's not an option to have one without the other. In that case, riding without UI/UIC can turn out to be a large problem if the worst were to come to pass. In some states, the no-fault determination means that the costs are paid by each party, so if you don't have collision and do have an accident with another vehicle, you won't get a payout from the other party's liability insurance if the fault is split. If you do have collision, you would get paid for your own bike's damages (i.e. it doesn't only have to be a tree or a single-vehicle crash to realize a benefit)

[Finesse]

Ughhhhh, never get rid of collision insurance! You would be bummed if your bike was totaled and you were left with nothing, right? I just bought Rider insurance for my 2003 SV650 for $270/year, full coverage. The solution to cheaper full coverage is not getting a supersport

Usually if your bike is totaled you get a lot more than you would think. I got $2200 for my 1999 ninja 250 and it was a piece of crap. I paid $1100 for it lol. I would never even think of dropping collision insurance because I don't have an extra grand to spend on cosmetic damage and new parts, and if my bike was totaled I would definitely want a chunk of cash for a new one. Good insurance is worth it. But holy **** you do pay a lot.... become female, we get discounts.

[capt_bugaloo]

$370 for a year of "peace of mind". Depends a lot on how much you ride and how risky your area is for theft, collision, etc.

Personally, I live in a relatively safe area, but I still have collision because it would be a lot easier for me to cough up a deductible than the full cost if I needed to replace my bike after a theft, collision, etc.

[cadd]

Originally Posted by Alex

Couple clarifications; in some states you can't get UI/UIC unless you also carry collision, so it's not an option to have one without the other. In that case, riding without UI/UIC can turn out to be a large problem if the worst were to come to pass. In some states, the no-fault determination means that the costs are paid by each party, so if you don't have collision and do have an accident with another vehicle, you won't get a payout from the other party's liability insurance if the fault is split. If you do have collision, you would get paid for your own bike's damages (i.e. it doesn't only have to be a tree or a single-vehicle crash to realize a benefit)

Thanks for the clarification. I didn't realize that some states won't allow UI/UIC without collision coverage.

Another big thing to look at is MEDICAL! IMHO, the medical aspect will cost significantly more than the bike. My medical insurance explicit says it does NOT cover automotive accidents. My car insurance states they do NOT cover motorcycle injuries. I opted for $20k medical coverage for my bike insurance. That sent my premium sky high (more than double). But I know a ride in an ambulance and a night in the hospital will prob be over $10k easily.

[Toly]

In NY you don't need collision, but UI insurance is mandatory, and is priced in. As was said before, I would price liability+comprehensive vs full coverage, and go from there.

[Motofool]

Originally Posted by Klondike1020

My insurance is 708/year for the Gsxr full coverage w 3k gear and aftermarket

I have very little cash into the bike.

Please read this:
https://www.ninjette.org/forums/showthread.php?t=111326

[Klondike1020]

Originally Posted by Motofool

Please read this:
https://www.ninjette.org/forums/showthread.php?t=111326

I just did some reading
I have opted for the next higher option from the lowest

Lowest allowable in NY 100/50 - Uninsured and No fault included
I have been getting 300/100 since I was 16(real expensive)

I am going through my insurance papers now
Comprehensive covers non collision damages, theft
Collision is just collision related(and pet injury)

Weird I have comp on everything- cool

I have 100/300 +comp+Collision on GSXR
$686 if I pay all in one payment

Upped it to 250/500 + $20 - 700 and change for the year lump sum.

I saved 139$ cutting skittles bike.

It was just annoying experiencing the jump since last year.

Vstar + Skittles 250- only about 400 with both.

Silverado + v6 Firebird ~ $383

GSXR + skittles ~ 825 (with multi bike discount -116$)
Silverado + z28 ~ $496

I feel a lot better know that I just figured out what I was paying and am no paying - my cars are dirt cheap

And I upped my Motorcycles coverage across the board.

The Insurance Agent told me to take photos of all the after market parts.

I am thinking it is time for life Changes- Compact sedan - jetta, accord - another 1500 series truck , a NOT super sport (300, FZ9), and toy bike - ruckus GROM or an enduro.

Geeze and I still haven't upped my rental insurance !

Insurance - more is better but it sure adds up when you have a lot of junk.