12-11-2020, 01:53 AM
Insurance rates are likely dramatically different between Oregon and California (between California and anywhere, really). If, like Houtman and Dave, you have the means to absorb the cost of damage to your motorcycle(s), then you should probably not buy the insurance, even if it's cheap. When the CB1100s first came to the US, Progressive rated them as a performance bike, but that has changed. My Physical Damage (Comprehensive/Collision) totals $87.00/year here in the great state of Illinois with a $125.00 deductible. I also get some "carried contents" (personal belongings) and accessory coverage with that. The same coverage for my wife's Speedmaster is $89.00, but her bike is new and arguably more valuable than mine. If we had a spare, say, $15,000 around and if I wasn't the agent and therefore getting a commission on the premium, I think we'd go the Houtman/Dave route. We might also do that if motorcycling was a more casual hobby for us. If that were the case, then we'd have option not to replace a damaged bike and just be done with it. That is not the case, though, since motorcycling has become a big part of our lives.
Oh..and if you have financed the purchase of your motorcycle, the lender may require that you carry the Physical Damage coverage anyway.
If Dave were my insurance client, I would tell him that he's doing the right thing for his circumstances, but I'd suggest that he ought to periodically check on the cost of the Physical Damage coverage if only to be more accurate in his savings estimate.
Oh..and if you have financed the purchase of your motorcycle, the lender may require that you carry the Physical Damage coverage anyway.
If Dave were my insurance client, I would tell him that he's doing the right thing for his circumstances, but I'd suggest that he ought to periodically check on the cost of the Physical Damage coverage if only to be more accurate in his savings estimate.