Insurance

[Tyris]

Is this pretty standard for a trike?



Coverages



Limits of Liability

Premium








Bodily Injury**



$100,000/$300,000










Guest Liability**



$100,000/$300,000










Property Damage



$50,000










Uninsured Motorist



$100,000/$300,000










Underinsured Motorist



$100,000/$300,000










Medical Payments



$5,000










Collision



$500 deductible










Comprehensive



$250 deductible










Optional Equipment



$1,000

[Bob Denman]

As an insurance agent with over 38 years in the business: it ain't too shabby! :2thumbs:
But for fun; check on what it would cost to bump your liability limits to 250/500/100
My reasoning:
Having 100,000 thousand dollars worth of coverage for any one person that you hurt, is a little bit light...
It's also pretty easy to exceed 50,000 worth of property damage today... nojoke
I also notice that you've only got 1,000 worth of coverage for accessories.
Inquire what the rate per thousand dollars of coverage is, should you wish to increase it...


If you think that insurance is expensive: you'll never want to find out how expensive it can get, when you don't have enough...

[Tyris]

Is everything that is put onto a trike after purchase considered an accessory?

[Bob Denman]

Anything that isn't considered to be standard equipment; is an accessory.
Example: if you have a Base model RT: it didn't come with the automatic load-leveling rear suspension.
Add it to your bike, and it's an accessory.
So keep an eye on how quickly those pennies add up! nojoke

[bigbadbrucie]

As an insurance agent with over 38 years in the business: it ain't too shabby! :2thumbs:
But for fun; check on what it would cost to bump your liability limits to 250/500/100 (tel:250/500/100)
My reasoning:
Having 100,000 thousand dollars worth of coverage for any one person that you hurt, is a little bit light...
It's also pretty easy to exceed 50,000 worth of property damage today... nojoke
I also notice that you've only got 1,000 worth of coverage for accessories.
Inquire what the rate per thousand dollars of coverage is, should you wish to increase it...


If you think that insurance is expensive: you'll never want to find out how expensive it can get, when you don't have enough...

Bob, as an independant insurance broker, I can't believe you endorsing those limits. Up here in British Columbia, Canada I would not consider anything less than 1,000,000 inclusive limits, and in my opinion that's low. Consider for a moment if a School Bus goes off the road, and you're to blame. Also should insist on Underinsured Motorist Protection, in case the guy coming toward you has NO insurance. I was a broker for 22 years, and left the industry in '98.
jmho wtfdik

[armyspydervet]

Bob is the master of insurance!

[Bob Denman]

1. You're in Canada...
2. He already has 100/300 across the board (including SUIM)
3. What makes you feel confident to argue over insurance coverages, with a 19 year absence?
(And I DO recall mentioning 250/500 limits. Most companies down here, won't go much higher than that...)

Oh!
"wdfdik" nice... :roflblack:
But I think that your spelling might be off a bit... "K"??

[Bob Denman]

Bob is the master of insurance!

Thanks, Chris! :thumbup:
(I'll put that check in the mail to you on Monday... :roflblack:)

[SPYD3R]

A BIG "THANK YOU" BOB..... :firstplace:
I'M SURE A LOT OF US WILL 'RE-THINK' OUR INSURANCE NOW... I KNOW I WILL...
DAN P
SPYD3R

[bigbadbrucie]

1. You're in Canada...
2. He already has 100/300 across the board (including SUIM)
3. What makes you feel confident to argue over insurance coverages, with a 19 year absence?
(And I DO recall mentioning 250/500 limits. Most companies down here, won't go much higher than that...)

Oh!
"wdfdik" nice... :roflblack:
But I think that your spelling might be off a bit... "K"??

Sorry Bob, I did not mean to sound argumentative, but I've always been under the impression that if the other motorist has no insurance and hits you, causing either bodily injury or property damage, then your only recourse is to sue him, and if he doesn't have a pot to pi** in, then your stuck with all the cost. Is this not the case? Also the schoolbus is an extreme, but in the US are you not subject to whole cost of PD as well as PI?

[IdahoMtnSpyder]

I don't carry un/under insured coverage. As for vehicle damage that'll be covered by my collision coverage. As for personal injury that's covered by my medical insurance. Why double up the coverage? As for suing, the insurance company will take the lead in that.

[armyspydervet]

Thanks, Chris! :thumbup:
(I'll put that check in the mail to you on Monday... :roflblack:)
No worries. I still owe you for my insurance policy review last year :cheers:

[SteveP]

1. You're in Canada...
2. He already has 100/300 across the board (including SUIM)
3. What makes you feel confident to argue over insurance coverages, with a 19 year absence?
(And I DO recall mentioning 250/500 limits. Most companies down here, won't go much higher than that...)

Oh!
"wdfdik" nice... :roflblack:
But I think that your spelling might be off a bit... "K"??

$1,000,000.00 seems to be pretty basic here in Canada , I can remember when my agent told me it was going to that from 500,000 I thought it seemed excessive especially when you consider if someone gets injured ( in Ontario for sure) Everyone has health coverage .... So why the big liability ? Perhaps long term disability etc? Have you compared the industry payouts between country's Bob ? I'm interested as to the need for the increased coverage

[Chupaca]

But do agree things are different from country to country....What happens when you cross the border...?? I live at the Mexican border and you need to get additional polocies when crossing and traveling in Mexico. But thanks for the question leading to some interesting info worth looking into...:bowdown:

[Deanna777]

An other suggestion Bump up your :Body injury/Guest liability & /Uninsured motorist/Underinsured motorist to 300/300.

Also add to Towing/labor Cost to your policy.

Deanna

[Bob Denman]

You only have to comply with the insurance requirements in the State or (Province) that licenses your vehicle/ nojoke
Did you know that in New Jersey: you are legal (under certain circumstances...) with a 0/0/10 policy? :shocked:

In today's litigious society: you simply can't carry enough coverage.
If you have 300,000 liability: they'll sue for a million...
Carry a million, and they'll sue you for five. :banghead:
Carry five: they'll probably throw a 20 million dollar number at you! :yikes:
Carry what gives you the best balance between affordability, and protection! :thumbup:

[R FUN]

In Saskatchewan, when you purchase your licence on any vehicle it comes complete with full coverage insurance. The motorcycle cost me $97.68 for licence and insurance a month and only for the months I ride it. I increased my libility to $2,000,000.00 mainly for travel in the USA for an additional $75.00/per year.
We are all covered for full medical too.
Roger

[Bob Denman]

It almost sounds as if the Canadian insurance program is run by the Government...
Is that true? :dontknow:

[bigbadbrucie]

It almost sounds as if the Canadian insurance program is run by the Government...
Is that true? :dontknow:

Just in 2 provinces. BC and Saskatchewan. The other provinces are all private. Not sure how Quebec works, as they are Common-Law, and I don't understand how it works. I think its closer to the ole feudal law, but I coule be totally off base.

The BC insurance is more than Insurance. ICBC (insurance Corporation of British Columbia) is also our Motor Vehicle Branch as well as kooking after road safety, with the result our Insurance Premiums are much higher than the other provinces.

[SteveP]

Just in 2 provinces. BC and Saskatchewan. The other provinces are all private. Not sure how Quebec works, as they are Common-Law, and I don't understand how it works. I think its closer to the ole feudal law, but I coule be totally off base.

The BC insurance is more than Insurance. ICBC (insurance Corporation of British Columbia) is also our Motor Vehicle Branch as well as kooking after road safety, with the result our Insurance Premiums are much higher than the other provinces.

What does it cost to insure your Spyder there ? In Ontario ( I pay 1200 yearly) many I've talked to pay anywhere from 800 to 2000 a year

[R FUN]

Yes, Saskatchewan is government run and seems very succesfull. There is a base insurance cost and a points system. If you have accidents or traffic infractions you get points and your costs go up accordingly, the more points the more you pay. On the other hand if you have no accidents or infractions your points go to a negative amount and you get a discount accordingly. I get 20% discount. Its like a user pay. I do not worry as long as I register my vehicle it covers ME is Canada and USA. I got stopped on a road check in MO. on my way back from Spyderfest and was asked for my registration and insurance,I only had my registration card. The officer was concerned I never had an insurance card. After several minutes in his patrol car he came back and said " man I sure wish we had that system in the states as everyone would be insured instead of very few". Also I never mentioned the $75.00 I pay extra for $2,000,000.00
libility also covers my spider for full coverage of fire, theft etc. while in storage not registered.
Roger

[Bob Denman]

It's pretty rare for those of us "South of the Border"; to hear of a successfully-run government program! :congrats: :clap: :2thumbs:

[R FUN]

Yes, we have heard about how bad things are run in Canada from our south neighbors but I think we do pretty good. Another topic we hear a lot about is health care.In Saskatchewan we have a 5% tax on most items other than food and drugs and childrens cloths and a few other things. On vehicles, only on new and the first buyer. This covers most of the health care costs. For instance the wife was diagnosed with breast cancer. She was in the hospital within DAYS and operated on and took all the follow up treatments, today cancer free. Cost to us "0" never even seen a bill and "0" cost for medication. Myself, was having some chest discomfort.Doctor sent me for stress test, within 14hrs. was on the operating table and had two stents put in, never seen a bill. On our prescription drugs we pay the first $25.00, government picks up the balance. You may call this socialist type government but I wouldnt want it any other way.
Roger

[Bob Denman]

:D I was actually referring to how the Politicians down here tend to screw things up... :shocked: