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Old 07-03-2013, 05:02 PM   #1
cuong-nutz
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Insurance and why you need more of it

I was considering typing something long up but I just rather copy and paste something that's already been posted elsewhere that I frequent. Almost got side swiped today on my way home from work.

Quote:
Insurance, and Why You Need More of it
It's come to my attention that insurance really isn't talked about enough on here. We only delve into how much are you paying and what are you getting? The unfortunate incident with @EthioKnight has sparked some discussion on it and I'd like to continue that discussion here.

I'm going to start off with myself and how I got to the coverage I have today. (If it's too long skip down to the giant E) When I bought my first bike, my sweet black 2011 Ninja 250, I went down to all state and I got minimum liability and comprehensive. I didn't want to pay more than $50/mo so that worked out well. And after all, how much damage could I possibly cause with a motorcycle? I even argued with the agent about the property damage part of the liability, I doubt my bike will ever even cause over $10,000 of damage to a car!

I later purchased my second ninja 250 that I planned to use as a project bike and maybe even learn how to stunt on it. I also switched over to AAA insurance. When I was talking to the agent I asked how much a 100/300/50 policy would be over the minimum. It was only a few dollars per month more, I also wanted to add uninsured/underinsured in case I was ever in an accident and the other person didn't have insurance. My agent was flabbergasted that a guy my age (20) was concerned about such things. He told me most young guys come in ask for the minimum and walk out. They didn't care about what was covered or what the cost of an accident could be, they just wanted the lowest rate possible.

I later purchased a 2012 ninja 650 and decided to up my insurance again to a 250/500/100 policy with uninsured/underinsured of the same amount. The reason being that motorcycle accidents could be very expensive and I wanted to be sure that if I was ever in one I would be financially covered. I wasn't concerned about causing that much damage to another party, but I was concerned about that much damage being caused to me and the other party not having enough insurance to cover it. 6 weeks later I was in a 25mph motorcycle accident that broke my femur and tore the cartilage in my wrist. The other party was at fault.

When I spoke with my lawyer he seemed happy that the other party had Mercury insurance since in his experience they tend to have higher policies and better payouts because of it. Her policy was a 100/300/50 and her insurance immediately paid out the 100k without a fight because my total claim was worth more than that. My hospital stay was $78,000 add in pain and suffering and it topped 100k easily. But I'm still going to doctors, physical therapy, MRIs, Xrays, and I may need more surgeries, those medical bills are going to go up.

I count myself lucky that I purchased the ninja 650 because without it I'd have stuck with my same policy of 100k and I'd be SOL right now. Instead, I am now filing through my underinsured to get the finances to pay my upcoming medical bills. Though my policy is a 250k, I'm only eligible for an additional 150k since 100k has already been paid out. If I had a 100k underinsured policy I would not be able to claim any more money.

Every day on ninjette I see people literally bragging about how little their insurance costs them each year. Happy about the fact that they are paying less than $100/yr for minimum liability. It's the equivalent of saying "Hey look! I only spent $20 on this half helmet!" We preach very heavily ATGATT but that doesn't just apply to your gear, it needs to apply to your insurance.

Alex's (EthioKnight) unfortunate accident makes this problem tangible. Here is a guy who suits up for every ride and preaches safety gear. A guy who gives ME **** for wearing a modular helmet because it is not as safe as a full face. A guy who any of us could look up to about how to protect ourselves when riding. The epitome of ATGATT. But he is also an example of how many of us don't take insurance seriously. He had a minimum liability policy. He was hit by a car with no insurance. He is now seriously injured in a hospital. When he wakes up, he will be financially screwed. He's going to have medical bills that will exceed that drivers assets. He's going to lose money from not working and he will find it extremely difficult to afford the future treatments that he will need. He is the unfortunate example of why ATGATT is not enough.

ATGATT can save your life while at the same time not having enough insurance can ruin it.

Insurance is not there to protect other people you come in contact with, its there to protect you. Remember my statement earlier? "How much damage could I possibly cause with a motorcycle?" I think this is the reason many of us do not get enough coverage, but we need to realize that us causing damage to others is not what we need to cover, we need to cover us being damaged by others. So many people drive around with minimum policies or no insurance at all. From my lawyers take a 100k policy is ALOT for the average driver. If someone hits you and they don't have the insurance or assets to cover your injuries, YOU ARE ****ED.

But you don't have to be, you can protect yourself just like you do with gear. Upgrading your liability and underinsured is inexpensive, if you cannot afford to do it you should not be riding a motorcycle, just like with gear. The very minimum you should have is a 100/300/50 (or similar) policy. But be aware, my 25mph crash EXCEEDED that amount, I highly recommend getting a 250/500/100 or even a 500k policy of course with uninusred/underinsured of the same amount. That $100 more per year can very well be the difference between stable finances and financial ruin.

There is no reason why you should not have at least a 100/300/50 policy with uninsured/underinsured. Instead of bragging about how little you are spending, brag about how much coverage you are getting.



As for comprehensive and collision, these are important but not nearly as much so as liability and uninsured/underinsured. At the most, failing to have these would cost you the value of your bike, failing to have adequate liability could cost you hundreds of thousands of dollars.

Uninsured/Underinsured also protects you against hit and run drivers. As long as there is proof of a hit and run (police reports, damage to your bike, witnesses) you will be covered. It does not cover you if you crash on your own.

The numbers of insurance policies mean the following, example 100/300/50. 100 means that up to $100,000 will be payed out to each person for bodily injury. 300 means that up to $300,000 will be payed out in total for the incident. 50 means that up to $50,000 will be payed out for property damages.

ATGATT and ATIATT
http://www.ninjette.org/forums/showthread.php?t=111326

Alex (EthioKnight) died in the hospital....


Good reads:
http://www.motorcycle.com/rider-safe...ity-90226.html
http://www.motorcycle.com/rider-safe...age-90297.html
http://www.motorcycle.com/rider-safe...age-90459.html
http://www.motorcycle.com/rider-safe...age-90356.html


The insurance gurus are will be glad to assist you in your coverage and questions
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Last edited by cuong-nutz; 07-03-2013 at 05:07 PM.
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Old 07-03-2013, 05:21 PM   #2
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Thanks for the post. Im sure that this will help a lot of riders.

I had to learn this one the hard way. When I got hit last year. It was a 30 mph accident with the fault on another driver. My medical bill alone was $48,000.00. I have a great attorney if anyone every needs his assistance. I now always have underinsured\uninsured motorist protection. I recommend the same.
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Old 07-03-2013, 06:20 PM   #3
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Amen.
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Old 07-03-2013, 06:34 PM   #4
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But, but, i can't afford to be cool AND responsible
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Old 07-03-2013, 07:51 PM   #5
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yep

I upped the original 30/60/25 and then added the U/U....worth the extra pocket change.

http://www.motohouston.com/forums/sh...0&postcount=42
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Old 07-03-2013, 08:30 PM   #6
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Quote:
Originally Posted by dbuck View Post
yep

I upped the original 30/60/25 and then added the U/U....worth the extra pocket change.

http://www.motohouston.com/forums/sh...0&postcount=42
Uninsured motorist is well worth the cost. I've used it twice.
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Old 07-03-2013, 09:11 PM   #7
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Old 07-03-2013, 11:36 PM   #8
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Thanks for that read. I was at 100/300/50 and I just added uninsured/underinsured motorist coverage for 100/300 to match. I never even gave it a thought the first time around.
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Old 07-05-2013, 09:53 AM   #9
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ima have to go check i no i didnt skip out on the goods but now im wondering if i have U/U
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Old 07-05-2013, 09:55 AM   #10
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insurance is dumb
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Old 07-05-2013, 09:56 AM   #11
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Quote:
Originally Posted by Pachuco View Post
insurance is dumb
Agreed




You want some life insurance?

I got that good
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Old 07-05-2013, 10:13 AM   #12
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I learned it the hard way back in '06
Dont be stupid, full cover that bike

..and dont skimp in gear, it all takes just one time
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Old 07-05-2013, 10:16 AM   #13
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Uninsured is a MUST in Houston. I have seen figures saying that up to 40% of drivers in Houston are not insured. F that.

Same with theft. The figure I saw was 17 bikes a day stolen in Houston. I learned the hard way. Never again.
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Old 07-05-2013, 11:32 AM   #14
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Uninsured/underinsured is a Definite must in Houston. So many people rolling around with just enough to satisfy texas insurance laws or just rocking it out with no insurance. Either way, you'll get the short end of the stick every time if you're not covered enough.
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Old 07-05-2013, 12:13 PM   #15
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I think this post sends the wrong message....when you turn 18, get your mother to co-sign for a Hayabusa or GSXR 1K, CBR 1K...etc....get liability for ~$100/ year...go on a ride...then cry and that some dumb hit-n-ran on ya.....

Sorry bout your accident, glad you were covered...I am a firm believer, if you can't afford the insurance, you can't afford the bike....
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Old 07-05-2013, 12:56 PM   #16
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Quote:
Originally Posted by joeburt1 View Post
I think this post sends the wrong message....when you turn 18, get your mother to co-sign for a Hayabusa or GSXR 1K, CBR 1K...etc....get liability for ~$100/ year...go on a ride...then cry and that some dumb hit-n-ran on ya.....

Sorry bout your accident, glad you were covered...I am a firm believer, if you can't afford the insurance, you can't afford the bike....
If only everyone acted this way. All of our rates would be lower, and the death toll for riders would likely follow suit
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Old 07-05-2013, 01:09 PM   #17
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Or just buy a 10 year old bike that isn't worth like I do! But if I got anything close to new I'd have full coverage for sure. Joeburt is dropping some knowledge on the youngins!
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Old 07-05-2013, 01:14 PM   #18
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I don't ride
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Old 07-05-2013, 06:11 PM   #19
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I don't ride
That's 80% of MH.
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