Insurance issues

[Houtman_imp]

I prefer to sleep at night and not worry about insurance or the IRS .

 

[Cormanus]

Insurance requirements depend in part on local laws, so it can be hard for an outsider to comment. In Australia it's mandatory for every registered vehicle to carry third-party injury insurance so that, theoretically at least, everybody is insured against harm they might cause other people. Although the insurance is provided by private providers, the premiums are collected by government at the time of registration and you can't renew the letter without the former.

Property and vehicles—your own and others—are not covered and that's where you have to start making a call on whether the risk/reward ratio is worth it. Personally, I would always carry third-party property insurance to make sure I had some protection against ploughing into someone's Rolls Royce, but I'm fast reaching the point where insuring the CB1100 against damage I may do it isn't worth the premium. In other words the risk is worth bearing as I could probably (just) afford to buy another bike and the accumulated cost of premiums isn't worth it for any benefit I'd get.

The other thing I suspect many people forget with insurance is that it isn't 'free money'. Every claim you make has to be financed somehow and the more claims paid out that are greater than the premiums paid, the more likely it is that the insurance company will have to raise more cash in future. Guess who they get it from? If you can afford it, self insurance is likely to work out cheaper and, in some areas of life, is likely to make the thoughtful work harder to manage their risks.

 

[GoldOxide_imp]

At the five year-old mark of a vehicle I routinely drop extraneous coverage (e.g. collision, theft, ... ) and maybe boost liability depending on how I feel. Vehicles, including our beloved CB, are just things and, in particular, rot in some climates. If your things are easily replaced, then this could make sense to you and follows Cormanus's posit.

 

[peterbaron]

Insurance requirements depend in part on local laws, so it can be hard for an outsider to comment. In Australia it's mandatory for every registered vehicle to carry third-party injury insurance so that, theoretically at least, everybody is insured against harm they might cause other people. Although the insurance is provided by private providers, the premiums are collected by government at the time of registration and you can't renew the letter without the former.

Property and vehicles—your own and others—are not covered and that's where you have to start making a call on whether the risk/reward ratio is worth it. Personally, I would always carry third-party property insurance to make sure I had some protection against ploughing into someone's Rolls Royce, but I'm fast reaching the point where insuring the CB1100 against damage I may do it isn't worth the premium. In other words the risk is worth bearing as I could probably (just) afford to buy another bike and the accumulated cost of premiums isn't worth it for any benefit I'd get.

The other thing I suspect many people forget with insurance is that it isn't 'free money'. Every claim you make has to be financed somehow and the more claims paid out that are greater than the premiums paid, the more likely it is that the insurance company will have to raise more cash in future. Guess who they get it from? If you can afford it, self insurance is likely to work out cheaper and, in some areas of life, is likely to make the thoughtful work harder to manage their risks.

He's lucky to only injured himself, no liability

At the five year-old mark of a vehicle I routinely drop extraneous coverage (e.g. collision, theft, ... ) and maybe boost liability depending on how I feel. Vehicles, including our beloved CB, are just things and, in particular, rot in some climates. If your things are easily replaced, then this could make sense to you and follows Cormanus's posit.

All my vehicles only have liability, no comprehensive/collision, Brampton again, as we already said.
Amen.
All ride safe

 

[Houtman_imp]

Insurance requirements depend in part on local laws, so it can be hard for an outsider to comment. In Australia it's mandatory for every registered vehicle to carry third-party injury insurance so that, theoretically at least, everybody is insured against harm they might cause other people. Although the insurance is provided by private providers, the premiums are collected by government at the time of registration and you can't renew the letter without the former.

Property and vehicles—your own and others—are not covered and that's where you have to start making a call on whether the risk/reward ratio is worth it. Personally, I would always carry third-party property insurance to make sure I had some protection against ploughing into someone's Rolls Royce, but I'm fast reaching the point where insuring the CB1100 against damage I may do it isn't worth the premium. In other words the risk is worth bearing as I could probably (just) afford to buy another bike and the accumulated cost of premiums isn't worth it for any benefit I'd get.

The other thing I suspect many people forget with insurance is that it isn't 'free money'. Every claim you make has to be financed somehow and the more claims paid out that are greater than the premiums paid, the more likely it is that the insurance company will have to raise more cash in future. Guess who they get it from? If you can afford it, self insurance is likely to work out cheaper and, in some areas of life, is likely to make the thoughtful work harder to manage their risks.

He's lucky to only injured himself, no liability

At the five year-old mark of a vehicle I routinely drop extraneous coverage (e.g. collision, theft, ... ) and maybe boost liability depending on how I feel. Vehicles, including our beloved CB, are just things and, in particular, rot in some climates. If your things are easily replaced, then this could make sense to you and follows Cormanus's posit.

All my vehicles only have liability, no comprehensive/collision, Brampton again, as we already said.
Amen.
All ride safe

He's lucky to only injured himself, no liability

At the five year-old mark of a vehicle I routinely drop extraneous coverage (e.g. collision, theft, ... ) and maybe boost liability depending on how I feel. Vehicles, including our beloved CB, are just things and, in particular, rot in some climates. If your things are easily replaced, then this could make sense to you and follows Cormanus's posit.

All my vehicles only have liability, no comprehensive/collision, Brampton again, as we already said.
Amen.
All ride safe
[/Same here , I jus take the risks myself.quote]

Insurance requirements depend in part on local laws, so it can be hard for an outsider to comment. In Australia it's mandatory for every registered vehicle to carry third-party injury insurance so that, theoretically at least, everybody is insured against harm they might cause other people. Although the insurance is provided by private providers, the premiums are collected by government at the time of registration and you can't renew the letter without the former.

Property and vehicles—your own and others—are not covered and that's where you have to start making a call on whether the risk/reward ratio is worth it. Personally, I would always carry third-party property insurance to make sure I had some protection against ploughing into someone's Rolls Royce, but I'm fast reaching the point where insuring the CB1100 against damage I may do it isn't worth the premium. In other words the risk is worth bearing as I could probably (just) afford to buy another bike and the accumulated cost of premiums isn't worth it for any benefit I'd get.

The other thing I suspect many people forget with insurance is that it isn't 'free money'. Every claim you make has to be financed somehow and the more claims paid out that are greater than the premiums paid, the more likely it is that the insurance company will have to raise more cash in future. Guess who they get it from? If you can afford it, self insurance is likely to work out cheaper and, in some areas of life, is likely to make the thoughtful work harder to manage their risks.

He's lucky to only injured himself, no liability

At the five year-old mark of a vehicle I routinely drop extraneous coverage (e.g. collision, theft, ... ) and maybe boost liability depending on how I feel. Vehicles, including our beloved CB, are just things and, in particular, rot in some climates. If your things are easily replaced, then this could make sense to you and follows Cormanus's posit.

All my vehicles only have liability, no comprehensive/collision, Brampton again, as we already said.
Amen.
All ride safe

He's lucky to only injured himself, no liability

At the five year-old mark of a vehicle I routinely drop extraneous coverage (e.g. collision, theft, ... ) and maybe boost liability depending on how I feel. Vehicles, including our beloved CB, are just things and, in particular, rot in some climates. If your things are easily replaced, then this could make sense to you and follows Cormanus's posit.

All my vehicles only have liability, no comprehensive/collision, Brampton again, as we already said.
Amen.
All ride safe
[/Same here , I jus take the risks myself.quote]

 

[emptysea]

Here's what you are if you drive/ride without liability insurance*
Selfish: You have no concern for the person you injure or kill or their families.
Greedy: It is more important to you to save some premium dollars than it is to take responsibility for your own actions.

To sum up - If you live in the US or Canada (not going to speak for countries besides these two) and you drive/ride without liability coverage, you are a horrible person.

*Assuming that you don't have your own escrow account with $2,000,000US in it for paying potential claims.
*Liability insurance pays for injuries you cause to others. No one but you (possibly your lender) cares if your car/bike gets damaged.

 

[peterbaron]

Yap,
Get insured, ride safe and sleep well.
AMEN

 

[Houtman_imp]

Liability insurance is very cheap compared with the money they have to fork out sometimes.

 

[Cormanus]

Here's what you are if you drive/ride without liability insurance*
Selfish: You have no concern for the person you injure or kill or their families.
Greedy: It is more important to you to save some premium dollars than it is to take responsibility for your own actions.

To sum up - If you live in the US or Canada (not going to speak for countries besides these two) and you drive/ride without liability coverage, you are a horrible person.

*Assuming that you don't have your own escrow account with $2,000,000US in it for paying potential claims.
*Liability insurance pays for injuries you cause to others. No one but you (possibly your lender) cares if your car/bike gets damaged.

Well said. True for other countries as well.

 

[MinneapolisCB_imp]

State Farm insures my “2014 Honda CB1100 Standard” for $251/year for full coverage. Maybe I have a better agent than I thought, because they had no issue finding it.

 

[GoldOxide_imp]

State Farm insures my “2014 Honda CB1100 Standard” for $251/year for full coverage. Maybe I have a better agent than I thought, because they had no issue finding it.

Nice price Minne*CB. The problem for some of us is we live in statistically higher risk regions. Take PB for example: He hangs out in God's Land - Brampton, Ontario. Myself, not much better.

 

[peterbaron]

State Farm insures my “2014 Honda CB1100 Standard” for $251/year for full coverage. Maybe I have a better agent than I thought, because they had no issue finding it.

Nice price Minne*CB. The problem for some of us is we live in statistically higher risk regions. Take PB for example: He hangs out in God's Land - Brampton, Ontario. Myself, not much better.

Nice price Minne*CB. The problem for some of us is we live in statistically higher risk regions. Take PB for example: He hangs out in God's Land - Brampton, Ontario. Myself, not much better.

.. and so far, god was very generous to me, no claims, no accidents, no tickets for over 3 decades, but screwed up with premiums..but cannot have everything in life
Will call agent on Monday to reassess premium for bike and 2 cars:huh:

 

[Houtman_imp]

I pay less than $ 300 a year in total for 3 bikes in NC , that is already twice as much as I paid in Upstate NY ! Been with Progressive for 33 years and never had to put a claim in , liability only even on a new bike.

 

[the Ferret]

Last time I checked, when I was going to drop to just liability only on one of my bikes, it was like $50 difference, so I just kept full coverage in case it was stolen. I'm with State Farm. I think I pay a little less than Minneapolis CB for full coverage on my CB.

 

[decarmine_imp]

Because there are so many variables when insuring a vehicle, here's a detailed list of my insurance through Allstate in a semi-rural county in Florida:

1997 Kawasaki VN800
2014 Honda CB1100
2016 Honda Fury

Identical insurance on all three...
Liability: Bodily injury - 100,000 each person, 300,000 each accident
Property damage -- 100,000 each accident
Collision insurance -- Actual Cash Value with 500 deductible
Comprehensive -- Actual Cash Value with 250 deductible
Optional or added equipment -- 1,000

I do *not* have any other insurance with Allstate -- no cars, no house. This is only my second (maybe third) year with Allstate
Only discount is "full pay" rather than monthly or quarterly payments.
TOTAL for all three (policy runs 11/22/2018 --> 11/22/2019) $281.28

COLLISION and COMPREHENSIVE is the major part of that: $176.37.
LIABILITY is $102.01
Honda Fury has TOWING for $2.90 -- no idea why I did that!

Frank

 

[GoldOxide_imp]

Yeah, that is pretty unreal, Frank. Good for you - and thanks for sharing.

 

[MinneapolisCB_imp]

Last time I checked, when I was going to drop to just liability only on one of my bikes, it was like $50 difference, so I just kept full coverage in case it was stolen. I'm with State Farm. I think I pay a little less than Minneapolis CB for full coverage on my CB.

The difference is your bike gets out every month of the year, while mine hibernates at least four months a year! Regardless, I have found State Farm to be reasonable, especially if you also insure your automobile with them.