2021-2022 Motorcycle Insurance Renewal

[Knarfoh]

I just renewed my motorcycle policy for my 2012 Can-Am Spyder RT-S SM5. Policy premium dropped to $231 this year.

I was wondering what others might think about my policy coverages? Not enough? Left something out? ETC.

http://www.knarfoh.com/Scan000059small.jpg

 

[Possible]

Hard to tell what anyone thinks of your coverage when you don't list it. Telepathy?

 

[RayBJ]

If you own a house or anything substantial, you need way more liability coverage than 25K. A can-am, like a bike, can kill, maim, and damage expensive property. If you're at fault, you will be sued. Higher coverages aren't too much more than basic.

Also, why collision on a 2012? Diminishing returns on older vehicles. Maybe shift this $ to liability?

 

[hillrad]

Your 2012 Spyder RT-S SM5 current NADA Prices

List Price Low Retail Average Retail

$25,699 $8,905 $11,720



WHY rayBJ would question "colllision" on your 2012 is, well... screwy.

I carry the following (Progressive) on my "vintage" i.e. old as dirt 2008 GS SM5 (NADA Average Retail $5,980)

Bodily Injury & Property Damage Liability
$250,000 each person
$500,000 each accident
$100,000 each accident $28.00
Comprehensive $100 deductible $16.00
Collision $250 deductible $65.00

2008 CAN-AM SPYDER (3 WHEELED) annual premium: $109.00

 

[MONK]

I would say $300k/$100k on liability at a minimum. Maybe even go to the next tier which is usually $500k/$300k. I agree with Ray. Unless you have a loan on the bike (in which case the lienholder would require full coverage), there's no way I'd put full coverage on something 10 years old unless it was some sort of specialty vehicle. As much as we love our Spyders, these are NOT specialty vehicles. I'm referring to a 10 year old Ferrari or a 1920 Duesenberg or something like that.

 

[Possible]

Considering the relatively small size of the Spyder, I'd not be all that prepared to go over $100,000 for coverage. Unless
the area you live in is rife with Lamborghini, Ferrari, and McLaren autos, it's unlikely you'll cause that much damage to a
normally priced vehicle. Besides you hit someone hard enough to do a hundred thousand dollars of damage, you are not
likely to be concerned at that point.

I would quit carrying full coverage on any of my bikes, but the cost is minimal so no biggie.

 

[ARtraveler]

Insurance rates have dropped a bit from all companies due to less miles being driven due to Covid.

My most recent coverage on the new 2020 F3 is $228 for six months. This includes 250/500 coverage each collision. I carry full coverage, uninsured etc.

I have always carried full coverage on my Spyders new or used up to nine years old on the 2011 when I traded it off on my 2019. When both trade ins left here they were plus $10K value. No liability only for me. My deductible is $250

I use State Farm, they have four vehicles and my home.

 

[pegasus1300]

I have 100,000/300,000 + uninsured and underinsured and passenger to 100,000/300,000. I also have comprehensive. Yes it is an 8 year old vehicle but at $25 a year it is pretty cheap. Your insurance coverages at $25,000 were fine 20 years ago,but medical costs especially emergency costs have skyrocketed and that is nowhere near enough. JMO,YMMV

 

[Wmoater]

Not sure if this is for everyone but full replacement covers fire and theft. If your spyder is in garage and it goes up in flames the home insurance only covers so much after the value of the building not full. If you cross the border like we do for example with the sleds and trailer and it gets stolen your not getting much back unless it’s full. At least that’s State Farm and Erie insurance.

 

[Adventurer]

Different states vary greatly concerning liability and necessary and/or required coverages so hard for me to say specifically what you need in WI. but your liability limits appear lows unless your net worth falls in the 25k to 50k range. Generally they cannot attach to your primary home and vehicle, but if you have a lake cabin or 4ental property etc you need to have liability that approximates the value of those items.

$25k for property damage is low by today’s standards. Let’s take a scenario to illustrate. Say you accidentally pull out in front of someone and to avoid hitting you they swerve, Cross the median and hit an oncoming vehicle head on. Let’s say they are driving a 2020 Ford F-150 mid range value pickup so likely worth in the neighborhood of $40k and it was totaled in the head on collision with the oncoming vehicle. Your 25k property damage isn’t enough to cover his loss to his vehicle and we haven’t even mentioned the totaled on coming vehicle so your way in the hole and we’ve only begun.

Now the driver of the Ford F-150 is injured severely but will recover after incurring substantial medical bills. Your 25k liability is blown on his injuries. His wife was a passenger and she was killed so your policy will pay another 25k towards her death so now your 50k is exhausted. Now the husband will have to raise his 4 year old daughter by himself and try to work full time but you have no coverage left to pay for that expense up thru her 18 birthday. So they sue you for the fatality and cost of raising the kid, plus pain and suffering you got a big problem and we still haven’t started to talk about the injuries to the people in the on coming vehicle. Liability coverage is cheap, protect yourself and your family to the extent of your net worth.

Now we’ve just shown how you are in deep do-do but your Spyder is fine because when they swerved they missed you altogether.

If your Spyder value is between $8 to 12k you should carry comp and collision if you can’t afford to absorb that big of a loss if it is ever damaged/destroyed. And if you can afford to absorb that size loss that right there tells me your liability limits are way to low.

I’d take another look at your liability limits and bear in mind my scenario above. You may think it is a crazy scenario but these things do happen...take it from me as I spent over 30 years handling injury claims and crazy happens everyday and people’s lives are ruined every day.

 

[RICZ]

$25K liability has you under insured. I'm glad to see you have comp, it's cheap and covers things others do to create a loss.

 

[Doc McCoy]

Different states vary greatly concerning liability and necessary and/or required coverages so hard for me to say specifically what you need in WI. but your liability limits appear lows unless your net worth falls in the 25k to 50k range. Generally they cannot attach to your primary home and vehicle, but if you have a lake cabin or 4ental property etc you need to have liability that approximates the value of those items.

$25k for property damage is low by today’s standards. Let’s take a scenario to illustrate. Say you accidentally pull out in front of someone and to avoid hitting you they swerve, Cross the median and hit an oncoming vehicle head on. Let’s say they are driving a 2020 Ford F-150 mid range value pickup so likely worth in the neighborhood of $40k and it was totaled in the head on collision with the oncoming vehicle. Your 25k property damage isn’t enough to cover his loss to his vehicle and we haven’t even mentioned the totaled on coming vehicle so your way in the hole and we’ve only begun.

Now the driver of the Ford F-150 is injured severely but will recover after incurring substantial medical bills. Your 25k liability is blown on his injuries. His wife was a passenger and she was killed so your policy will pay another 25k towards her death so now your 50k is exhausted. Now the husband will have to raise his 4 year old daughter by himself and try to work full time but you have no coverage left to pay for that expense up thru her 18 birthday. So they sue you for the fatality and cost of raising the kid, plus pain and suffering you got a big problem and we still haven’t started to talk about the injuries to the people in the on coming vehicle. Liability coverage is cheap, protect yourself and your family to the extent of your net worth.

Now we’ve just shown how you are in deep do-do but your Spyder is fine because when they swerved they missed you altogether.

If your Spyder value is between $8 to 12k you should carry comp and collision if you can’t afford to absorb that big of a loss if it is ever damaged/destroyed. And if you can afford to absorb that size loss that right there tells me your liability limits are way to low.

I’d take another look at your liability limits and bear in mind my scenario above. You may think it is a crazy scenario but these things do happen...take it from me as I spent over 30 years handling injury claims and crazy happens everyday and people’s lives are ruined every day.

I was in an accident five years ago. Guy pulled out in front of me on my 85 honda goldwing. I hit his drivers side front tire at somewhere between 65 and 70 mph. In Ga. you only have to have 30,000 dollars in liability to drive. His liability didn't even cover my medical cost. My left handlebar (grip, clutch lever, fluid box) entered my stomach on the left side and went all the way down into my left leg. My attorney looked at his money and said there was nothing to sue for. He didn't have enough money to sue for. So he got off fo 30 grand. I had Geico on my bike and USAA on my car. Getting a lawyer does pay off. Of course the Geico claim was first BUT since I had coverage thru USAA they were second. The lawyer explained that my coverage on my USAA policy didn't depend on what I was in when I had the accident we could level a claim there to. Both policy's were for 100K. Of course both insurance company's low balled me . Get as much insurance as you can have and pay for. If I hadn't had both policy's (even though I didn't know you could claim on the second one)

 

[Adventurer]

I was in an accident five years ago. Guy pulled out in front of me on my 85 honda goldwing. I hit his drivers side front tire at somewhere between 65 and 70 mph. In Ga. you only have to have 30,000 dollars in liability to drive. His liability didn't even cover my medical cost. My left handlebar (grip, clutch lever, fluid box) entered my stomach on the left side and went all the way down into my left leg. My attorney looked at his money and said there was nothing to sue for. He didn't have enough money to sue for. So he got off fo 30 grand. I had Geico on my bike and USAA on my car. Getting a lawyer does pay off. Of course the Geico claim was first BUT since I had coverage thru USAA they were second. The lawyer explained that my coverage on my USAA policy didn't depend on what I was in when I had the accident we could level a claim there to. Both policy's were for 100K. Of course both insurance company's low balled me . Get as much insurance as you can have and pay for. If I hadn't had both policy's (even though I didn't know you could claim on the second one)

I don’t know GA auto liability laws, but the coverage you describe sounds like uninsured/underinsured coverage known as UM coverage in the industry. It is a good coverage to have.

 

[pegasus1300]

When we had our accident in 2011 I had 100,300,100 and we used every bit of it and this was a single vehicle accident. The helicopter ride to the hospital was $30,000 each. We were in the hospital 9 days and required additional surgery when we go home, care and physical therapy. Buy as much as you can afford,if you need it you will not regret having too much.

 

[Adventurer]

$25K liability has you under insured. I'm glad to see you have comp, it's cheap and covers things others do to create a loss.

We don’t have enough information to know if he is underinsured or not, he may not have any attachable assets to his name and if that’s the case 25k may be adequate under the law. But is it enough morally...I don’t know.

I can’t hardly envision a scenario where someone else would cause damage to your vehicle that would qualify as a comprehensive loss. Comp coverage covers your vehicle for damage that is anything other than collision. The only scenario I can come up with for some one else to cause a comprehensive loss to your vehicle would be for an arsonist to set your house on fire and cause your vehicle to burn up. That would be a comprehensive loss to your vehicle caused by someone else but beyond that I am at a losses to how someone else could to cause a comp loss.
I guess maybe you loan your vehicle to someone and they hit a deer, that would be a comp loss caused by someone else.

 

[Adventurer]

When we had our accident in 2011 I had 100,300,100 and we used every bit of it and this was a single vehicle accident. The helicopter ride to the hospital was $30,000 each. We were in the hospital 9 days and required additional surgery when we go home, care and physical therapy. Buy as much as you can afford,if you need it you will not regret having too much.

100/300/100 sounds like liability and you cannot be liable unto yourself so makes me wonder if another coverage was coming into play like med pay and health insurance. UTAH may be a no fault state and that puts a wrinkle into things that I’m unfamiliar with.

 

[RICZ]

I can’t hardly envision a scenario where someone else would cause damage to your vehicle that would qualify as a comprehensive loss.

I can; theft, a garage fire, tires stabbed, paint keyed, paint poured on bike, windshield smashed, burned in a grass fire, parking lot damage....want more?

 

[pegasus1300]

somebody keys the paint on your Spyder. Someone breaks out your headlights. Someone cuts up your seat. You take up a car parking space in a crowded parking lot and someone gets mad and spray paints your Spyder. You use the wrong cleaner on your windshield and it crazes. Etc., etc., etc.

 

[Adventurer]

I can; theft, a garage fire, tires stabbed, paint keyed, paint poured on bike, windshield smashed, burned in a grass fire, parking lot damage....want more?

somebody keys the paint on your Spyder. Someone breaks out your headlights. Someone cuts up your seat. You take up a car parking space in a crowded parking lot and someone gets mad and spray paints your Spyder. You use the wrong cleaner on your windshield and it crazes. Etc., etc., etc.

You guys are right, thanks for setting me straight. When @RICZ said “covers things others do to create a loss.” My mind went in one direction and I had a major brain fartregarding other causes, sorry.

 

[timd35]

I also added a 1 million umbrella policy to cover anything that goes over what my other insurances do not cover. Most carriers require minimum coverages on your other insurances but was not too bad. The umbrella was less than $150 a year to add for the 1 million coverage. Something to maybe look into.