| Author | Message | ||
     Paralegalpete |
I just got my insurance renewal for my 09 It was for 1900 of which 1000 was collision coverage. (Don't be shocked, insurance in Canada is super expensive) The insurance company says the new value of the bike was 16k, which of course it never was.(I paid 11k CA) My question. Now that the book value of Buells have fallen, does it still make sense to carry collision coverage? (Message edited by paralegalpete on February 28, 2010) | ||
| Itileman |
For me, yes. It's paid for, but I don't have enough free cash laying around to replace it. Plus, my insurance, including additional liability and collison, is under $500.00 USD. Best deal out there was through Harley-Davidson. | ||
| Bttrthnwrk |
> The insurance company says the new value of the bike was 16k, which of > course it never was.(I paid 11k CA) > > My question. Now that the book value of Buells have fallen, does it still > make sense to carry collision coverage? I hesitate to promote any kind of fraud, or other evil-doer stuff, but if they're REALLY willing to fork over $16k for a new replacement, I personally might well be somewhat less vigilant about just how fast I pulled my pickup into my driveway where I park my bikes... Or, maybe I'd just explore other policies before dumping part or all of that one. | ||
| Gambito |
I'd shop for a new insurance company! Give Riders Plus a call. I just got my renewal for two bikes and the total is less than $1900! The collision premium on the '09 Uly is $80, with $1000 deductible. I called and talked to them about dropping the collision coverage, but a certain level of coverage is required to keep the waiver of depreciation, which makes sense for now since both bikes are less than a year old. They also valued my XB12X at $16,241 even though I paid less than $10,000 out the door. If it gets stolen or destroyed, I'll get the higher value replacement cost. | ||
| Paralegalpete |
I need to check with my company and shop around, my feeling is that collision coverage will pay somewhere between the book value and the retail value, not the original amount that I paid. I would be lucky to get 8k for the Uly right now, which means the collision coverage is more than 10% of the value. | ||
| Davidxt |
man..American insurance is weird  In the UK we tell our insurance companys what the bike is worth, dont have seperate collision coverage either its all included. For my 09XT im paying about $800 US to cover everything | ||
| Wbrisett |
It's a betting game. You're betting you don't damage your bike, the insurance companies are betting that you will. I've used my insurance once in the last 5 years, and that is with well over 80,000 miles. In that particular case, I was glad to have full coverage (nearly $14,000 of damage), but the bike was also only three months old (it was my BMW RT). I've dropped full coverage on both my Buells ('07 Uly, and '09 CR) and only keep it on my touring bike (RT). Keeping or ditching your coverage depends on your situation. If you can afford to be without a bike should something happen that is your fault, or if it's a hit-and-run (more likely these days... can't believe how many I hear of these days), then get rid of your collision and stick with liability. If you can't afford to be without, then keep it. Wayne | ||
| Gambito |
Note that I'm talking about insurance in Ontario Canada here. The payout on a complete loss will be 100% of the valued price IF you've got the waiver of depreciation that is available for vehicles less than 2 years old. It's costing me an additional $27 per bike on my policy. Once the bikes are over 2 years old, I'll be canceling the collision coverage. | ||
| Trevd |
Check with Riders Plus, and others... $1900 is utterly ridiculous. Maybe also try higher deductibles... I'm with Riders Plus, and pay about $800 for PL & PD. No collision. I haven't had collision on my bikes since around 2002 when a bicyclist hit me (yes, he hit me - good story, remind me to tell you sometime  ), and I had to fight the insurance company tooth and nail to pay for the repairs to my bike, and to not consider me at fault (which would then jack up my rates). They did their very best to try to prove that I was at fault, and I eventually had to go to the insurance ombudsman and convince him. I eventually won, but it was one of the biggest hassles I've been through, and after that I figured to hell with it, I'm not giving them a penny more than I have to, and I'll take my chances with my bike. The way I see it, by not getting collision insurance on my bikes over the last 8 years, I've saved about $5,000 which would go a long way to fix my bike if I ever crash. If I do wreck the bike, I'd rather pay interest on a loan to get a new one than give the damn insurance companies money so that they can fight me tooth and nail when I make a claim. That said, if someone crashes into me (and the insurance company doesn't try to screw me over), even without collision insurance, I'm covered. Damn - I hate insurance companies!! | ||
| Pauley2000 |
I had quotes (in Canada) ranging from $900 to $3800. Wound up with Primmum (Liability only.) Absurd. -p | ||
| Yamafreak |
Allstate $265 a year no collision 08xt | ||
| Wbrisett |
Yamafreak: This is in Ontario, I don't think Allstate writes policies in Ontario. When I lived in Toronto, I was able to keep my USAA auto policy only until I got all my license and registration moved to Ontario, then I had to get a Canadian company to write my auto policy. I sold my bike in the states, so I only had four wheels when I was there, so I'm not much help company-wise in selecting, but can only provide some very general info. US and Canadian prices aren't equal, just like our state to state rates don't match up. Wayne | ||
| Paralegalpete |
Of course there is also the factor that should you be involved in a crash so violent that your motorcycle is a complete write off, you may not be around to collect | ||
| Paralegalpete |
I did a little shopping around and the best I can do is 800 per year no collision or theft coverage | ||
| Palladin |
Paralegalpete, I too am in Canada.., I only insure for seven months, that helps, don't see the point in insuring when it is going to be twenty below, and blizzards. Though I do live in the west and paradise at that. I forget now what I paid last year, but got the basic government mandated insurance then got collision from a private. Only hitch was the private was for the whole year only, but that covered storage and stuff as well, as well as a thousand bucks towards riding gear if you went down. Good policy. This is in B.C. we have a monoply out here on insurance..sucks, but that is the way it is. | ||
| Trevd |
I think the insurance companies in Ontario only write 12 month policies. | ||
| Buewulf |
I do not carry collision on my bikes or cars, new or old. I do put the "additional" premium I would be paying for that coverage into a money market account (that I funded with 5K to start) every time I renew the policy. You will gradually build up a healthy "collision" reserve (never had to use it yet fortunately). | ||
| Palladin |
As my bike is no longer new, still warrantied, and not made anymore..I likely will only do the minimum insurance this year..that would be the mandated liability insurance we all must have here..and hope that if I wreck, it is someone elses fault. | ||
| Towpro |
I have Progressive. I checked their website today to see what collision would cost but the website was broke. So I called them. Just the minimum required insurance for PA is around $87.00 per year. (what I have now) To add collision with $1000 deductible, the price is $160.00 per year. But they could not tell me what they think my bike is worth if it was totaled today.(sounds like BS). I will try again tonight if they fix the website. | ||
| Trevd |
Cripes! $87 a year! I pay $800!! No wonder some of you Americans can afford to have 2 or more bikes!! | ||
| Paralegalpete |
I've pretty much decided to drop the collision coverage in April when my renewal comes due. My annual premium will fall from 2000 to 800. Factors that influenced my decision: -The bike is paid for. -I can afford to either live without the bike or replace it should it be damaged or stolen. -The cost of collision coverage is whopping 20% of the bikes value. I'm switching companies as well thus the difference in the number from the original post Thanks for all your replies PP (Message edited by paralegalpete on March 03, 2010) (Message edited by paralegalpete on March 03, 2010) | ||
| Trevd |
What company are you going with? | ||
| Towpro |
I have 3 bikes! The more bikes you own, the bigger insurance discount you get. 2007 Polaris ATP (my snow plow rig) $75.00 1987 BMW K100 RS (for sale) $75.00 07 Uly $87.00 I will drop the BMW once the tags expire (April) and maybe add collision on the Uly. I just want an idea how much they feel it is worth. (but nobody can help me what that). this price includes fire and theft (plus $3000 worth of accessories). These are the minimum prices the company has. I even was able to add un-insured and under insured motorist, plus raised the numbers on other coverage amounts before the prices started to go higher. "flo" has been my motorcycle insurance agent for around 20 years now with no accidents or tickets. Plus I live in the country which saves a lot, and the bikes are in a locked garage. Plus I am 50. My riding buddy just switch to "flo" and went from $500 something down to $90 something on his BMW. | ||
| Joe_solo |
I use Primmum Insurance in Alberta, Canada. I have PLPD -no collision or loss coverage. I just don't feel that I should have to pay almost 1k for a 4 year old bike. My premiums are about $200. For me insurance has always been a sore spot, you gotta pay but the companies seem reluctant to part with their cash when they own us. (Message edited by Joe_Solo on March 03, 2010) | ||
| Buewulf |
I can afford to either live without the bike or replace it should it be damaged or stolen. Don't know how it works in Canada, but here in the US, theft is covered under "comprehensive" coverage, not collision. At $800 a year, surely that buys you some coverage beyond liability? I can't believe that plain-jane liability coverage could cost nine times more in Canada than it does in the US. That is more than I pay for Comprehensive + Liability + U.M coverage on a 2008 Nissan Pathfinder that can do serious damage to other vehicles and occupants should I be at fault. And that is for a $300,000 limit for the liability. |
