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Old 10-30-2012, 10:24 PM   #21
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Quote:
Originally Posted by Jesse H View Post
Meh. If you can afford to write a check for another one, why not? I surely wouldn't put full coverage on a $15k vehicle and there's a greater chance my daily driver will require an insurance claim.

Once my truck is worth $10-$15k I'll happily drop full coverage. It's paid for, but I wouldn't want to write check that big for a while.
wow really, i can't fathom dropping FC till it's worth less then $5k, even then depends on what it cost.

so if your bking isn't/wasn't financed, you wouldn't have FC ?
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Old 10-30-2012, 10:25 PM   #22
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Old 10-30-2012, 10:35 PM   #23
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I've always paid cash for my bikes and the most expensive one was the Speed Triple. I kept full coverage on it for a couple years, then I realized it depreciated down to about 7-8k and had liability only. Just kept the uninsured motorist.

If it were a daily driver, yeah I'd probably have full coverage. On my truck, it's got full coverage even though I paid cash because I'd hate to have to write another check for nearly 30. When it gets down to about 10-15k in value I'm comfortable with liability with uninsured motorist. Trucks and cars don't get totaled out as easily as bikes. If my bike gets crashed, it's not going to hurt me to take my time repairing it in my garage.
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Old 10-31-2012, 12:01 AM   #24
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Old 10-31-2012, 12:36 AM   #25
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leave the bike outside and when it got stolen, claim it again. Problem solved!
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Old 10-31-2012, 05:09 AM   #26
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Quote:
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15,000 dollar bike and no money for full coverage? Dumbass......


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Old 10-31-2012, 05:43 AM   #27
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Quote:
Originally Posted by GREEN600 View Post
15,000 dollar bike and no money for full coverage? Dumbass......
That all depends. If you view a bike as a toy, then it's a luxury and something you can do without. If it's a toy, then you should have plenty of money in reserve to replace a toy on your own. Personally, I'd rather assume the risk of a toy loss and invest all the money that would have been spent on insurance premiums. After all, you're not only insuring your bike, you're helping to pay off total losses of other rider's fully insured bikes. If I lose my toy, then that's on me and my choice on whether or not I want to replace it.

Obviously, if you're making payments on a bike then you must have full coverage, but I'd never finance a bike unless it's my only means of transportation.
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Old 10-31-2012, 07:52 AM   #28
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Quote:
Originally Posted by Jesse H View Post
I've always paid cash for my bikes and the most expensive one was the Speed Triple. I kept full coverage on it for a couple years, then I realized it depreciated down to about 7-8k and had liability only. Just kept the uninsured motorist.
after a few years you can lower what you worth the bike at, lower your payment and still have full coverage, worth it for me anyways
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Old 10-31-2012, 08:03 AM   #29
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Some say less than $5k doesn't need insurance, some say less than $15k. It all depends on how much your money is worth to you. If you have a ton in the bank, it doesn't matter at all.... but if that were the case... he wouldn't be at insurance about it either

For me, less than $3k or $4k is the number.

I can definitely see how your number would change depending on your experiences also... if you've never totaled a car or claimed insurance (under your fault)... you'd be much less likely to carry full coverage.

I paid ~$200 ($150 was the FC) a month insurance on my blazer, and ~$200 a month for the payment. If I didn't total it in a couple years, I could've bought another (not at it's depreciated value... another $10k truck). Same view on my 650r.
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Old 10-31-2012, 08:30 AM   #30
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If you don't buy insurance, then you are self-insured. Plenty of individuals and corporations do just that. Nothing wrong or stupid about that. Just calculated risk management.

This guy's case is different. He bought comprehensive insurance. As the word COMPREHENSIVE suggests, it ought to cover everything not covered by his other policies (liability, collision, etc.). It's the fine print that got him, and that's the point of contention. His ins co is splitting hair to get out of covering it. If the rider had an accident that doesn't involved anothing motorist, or another "thing", the comprehensive policy should still cover it. Otherwise, it shouldn't be called "comprehensive".

What happens if he just went around a corner too fast and dumps the bike? No coverage by the comp policy? You gotta be kidding. That would be some gawd aweful fine printing.
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Old 10-31-2012, 09:03 AM   #31
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Quote:
Originally Posted by Volfy View Post
What happens if he just went around a corner too fast and dumps the bike? No coverage by the comp policy? You gotta be kidding. That would be some gawd aweful fine printing.
Dunno about the exact definition of comprehensive... but I've always known it didn't cover randomly dropping your bike.... or running your truck into a wall. The difference between hitting an animal and crashing avoiding hitting an animal is no different than hitting a rogue car, or crashing avoiding a rogue car. You hit it, the car can be at fault... hard to prove you crashed because of a car you didn't hit.

Comprehensive is things out of your control/not at fault... you wreck while riding, it was in your control.

Then again, maybe I'm just completely wrong.
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Old 10-31-2012, 10:03 AM   #32
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If I wreck my car or my bike, how's the ins co gonna prove it was my fault and purely my fault? There could've been loose gravel or debris. Or an oily slick, or sun's reflection from another car that blinded me temporarily, or strong wind that pushed me off course.

Makes me think I should go back to read the fine print...
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Old 10-31-2012, 10:05 AM   #33
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Quote:
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There is a name for that. . .I believe they call it insurance fraud! We had a member here that tried to pull a fast one on the insurance company, I believe they're still in prison.
Another name would be sarcasm!

I carry full coverage on all my and if anything happens to me, I've made sure my wife will not suffer financially!
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Old 10-31-2012, 10:06 AM   #34
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Just get full freaking coverage on it. If a meteorite or falling space junk destroys your bike it's covered. The guy was just being cheap! if you can afford an Aprilia
RSV4; then you can afford the extra bucks to get full coverage.
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Old 10-31-2012, 10:29 AM   #35
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Old 10-31-2012, 10:30 AM   #36
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Quote:
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The guy must have paid cash for this bike. Most lien holders require comprehensive and collision. That would suck to still have to make payments on a bike that is totaled.
Tell me about it. I have a dumbass cousin who let his insurance cancel only about a month or so after purchasing the bike. Idiot had to pay the next 3-4 years on a bike he didnt have.
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Old 10-31-2012, 10:33 AM   #37
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Quote:
Originally Posted by Volfy View Post
If I wreck my car or my bike, how's the ins co gonna prove it was my fault and purely my fault? There could've been loose gravel or debris. Or an oily slick, or sun's reflection from another car that blinded me temporarily, or strong wind that pushed me off course.

Makes me think I should go back to read the fine print...
Someone else summed it up... but yeah, I'm pretty sure those aren't covered.

Quote:
Originally Posted by Posterchild2 View Post
Just get full freaking coverage on it. If a meteorite or falling space junk destroys your bike it's covered. The guy was just being cheap! if you can afford an Aprilia
RSV4; then you can afford the extra bucks to get full coverage.
That would be an act of ... maybe not covered
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Old 10-31-2012, 10:36 AM   #38
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Quote:
Originally Posted by Racerxxx View Post
Tell me about it. I have a dumbass cousin who let his insurance cancel only about a month or so after purchasing the bike. Idiot had to pay the next 3-4 years on a bike he didnt have.
It's like playing Russian Roulette! It's a huge risk! Get full coverage and avoid all the little fine print bullshit games the insurance companies play. I know it sucks paying for something you will probably never use; but sure is nice to have when something does happen.
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Old 10-31-2012, 10:46 AM   #39
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I'll repeat what I said.. why look further??
Quote:
Originally Posted by Lucar View Post
just owning a bike without full coverage is irresponsible.
you either don't care or your bike isn't worth . now a $15k bike with no full coverage is just plain stupid..
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Originally Posted by Soldaten View Post

I carry full coverage on all my and if anything happens to me, I've made sure my wife will not suffer financially!

Quote:
Originally Posted by Posterchild2 View Post
Just get full freaking coverage on it. If a meteorite or falling space junk destroys your bike it's covered.

The guy was just being cheap! if you can afford an Aprilia
RSV4; then you can afford the extra bucks to get full coverage
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Old 10-31-2012, 11:01 AM   #40
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Looked up Progressive's definitions:

Collision Coverage
Pays for loss to your covered vehicle when it collides with another object or overturns.

Common Exclusions: No coverage for damages or loss (1) to a vehicle being used to carry persons or property for compensation or a fee (except when used for charitable events); (2) resulting from intentional acts, racing, or preparing for a race or stunting activity; or (3) to tapes, compact discs, other media or their carrying cases.

Note: The option that you select is your deductible.

Comprehensive Coverage
Pays for loss or damage to your covered vehicle caused by an event other than collision. This includes damages due to events such as fire, theft, windstorm, flood, and vandalism.

Common Exclusions: No coverage for damages or loss (1) to a vehicle being used to carry persons or property for compensation or a fee (except when used for charitable events); (2) resulting from intentional acts, racing, or preparing for a race or stunting activity; or (3) to tapes, compact discs, other media or their carrying cases.

Note: The option that you select is your deductible.


So Collision covers "overturns", which this guy's RSV4 wreck was probably classified under. makes sense to me now. Hmm... learn something everyday. I've always consider Comp&Collision go hand in hand and wouldn't imagine having one without the other. I do cheap out in some cases by selecting a higher deductible. To me paying $1000 deductible is tolerable; destroying $15K without any means of payback is... not.
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