Insurance Renewal Time

I have a 2000 and 1994 ST (ABS on the 94), so the oldest one is now 23 years old and the newest one is now 17.
Here's the question: Full coverage at $563 (with $500 deductible) or liability only coverage at $392? The way I'm looking at it is that my insurance carrier (Progressive) will give me what the bike is worth (assume ~ $3000-3500 per bike), or total it if in a collision or low side/ high side with substantial damage (and reduce the above figures by $500 for the deductible)- what are some opinions?

It's a difference of $171, but I wonder if it's worth keeping full coverage on 2 older bikes.

Thanks!

I look at it for $171. Your bikes are covered no matter what. Any significant damage they will probably total the bike anyway. If you don't have any coverage can you afford to just buy a bike on your own. For 171 and I assume that is covering both bikes, I would do it!

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At that price, probably a decent deal for full coverage. Obviously if you never wreck, you've wasted money ...

DaveM said:

Any significant damage they will probably total the bike anyway.

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This! Lay the bike down, even at low speed, and it's most likely totaled.

For 85.50 per bike I would definitely keep it fully covered. Not just in case you wreck, but I would sleep better at night while on the road in a motel knowing of it gets stolen, I'm covered.

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Thanks for the replies...maybe one more year of the full coverage- they don't go very far, maybe 2000 miles per bike per year. Typically, no overnight trips either.

Another way to look at it. You have 2 bikes. If one becomes unserviceable for whatever reason, do you need to quickly replace it? Can you live with the loss of value to either bike if by your own hand you destroy it?

I'm curious what your coverage limits are. You do mention $500 so I'm assuming that's for collision. I know every state and every insurance company will provide different estimates based on demographics. In case anyone is interested... here is what I have/pay in Illinois.

I'm currently insuring 3 bikes (despite having many more). They are a 2003 ST1300, ST1300A and a 2012 Piaggio Fly 150. My coverage limits are the same on all of them. They are:

• 100/300/50 for liability
• 50/100 un/under insured motorist
• $100 deductible on comp (used to be $0)
• $250 deductible on collision

My total policy premium for the year (all bikes) with no lay-ups is $324. I know not apples-apples. One claim made in Oct 2011 due a BDC making a right turn from the left lane THROUGH me. Not counted against me. Not under 25

Your amount of $563 seems a bit high even with a higher deductible. You have the same insurance carrier as me. Have you checked into all available discounts? Unless you ask, they'll not volunteer them. Mine are: Association (veteran), Claim Free Renewal, Homeowner, Multi-Vehicle, Paid in Full (this alone saves like 20%), Prompt Payment, Motorcycle Endorsement (duh), Responsible Drive (really? ) and Safety Course. I'm curious how much I'm really saving since Progressive doesn't list what my premium would be if these discounts weren't applied. State Farm does this on my cages and the discounts are substantial. Time to shop around?

I just tried GEICO.com as well and the premium was the same- I think we're in a state where there's a lot of in/underinsured drivers and that's why that part of the premium is high (I think that's $300 of the premium). I always get confused with these policies. How much property damage can be done with a bike?? I don't plan to run mine into anyone's living room!

When I bought my 1991, I shopped around to the usual bike ins companies...prices weren't bad but coverage varied. An acquaintance suggested Allstate (which had upset me when I was in the service...tripled my rates because I was now a bad risk). I have coverage for $169 a year, everything but collision (including theft which no one else offered without collision coverage), which would have been $381 total. So I left my usual Progressive and switched to Allstate.
I'm 66, in Texas, no moving violations (come close occasionally but attitude helps) and no crashes on two or four wheels. My last bike crash was in 1969 and I fixed it myself.....got much more observant after that.

Turns out I was wrong...$726 for full coverage with Progressive...it seems the only other insurer in this area is GEICO and their rates are similar. This is a full $163 more (the $563 above was last year's rate) than last year for the 2 bikes and I have no claims or citations so I guess the monopolies voted themselves a rate increase. If I dump comp/ collision, it doesn't lower the premium much at all. I guess it is all the uninsured and underinsured knuckleheads in this state that cost the rest of us money

OK, I really appreciate the assistance. What I did was keep my higher liability limits, I dropped the $5000 medical payments (that was surprisingly a expensive part of the policy (and even if I had to pay out $5K in medical, I easily have that) and I dropped collision and comprehensive. As I said, these are low use bikes, are always garaged, and (unfortunately), aren't worth much because of age. I went from a high figure of $826 with Progressive (would be $100 off with one payment) and went with GEICO (and have my 3 cars insured with them as well)- total cost for the 2 bikes...$420 for the year.

Thanks again!

Just a note - if you need to carry 'uninsured motorists' coverage be sure to see what are the limits. They usually put them really low ($50,000 or lower which hardly pays for an ambulance ride/emergency room) which is not good if you are seriously injured by an uninsured or under insured motorist. The law varies from state to state, but this can be a big issue for sure.

A safety course will usually save you 10% with most insurance companies. It might save the skin on your ***** as well.

Buy another bike. I have progressive for my 2012 victory vision, 05 st, 09 BMW 650gs and my wife's Bergman scooter. By adding a third and forth bike to my policy in California my insurance actually went down due to multi bike discounts. I was paying $500 a year for all 4. Then i had to open a new policy in arizona for 2 of the bikes and lost my multi discount. I'm going to shop around next time. Progressive has some weird ways of doing business. You can only have 4 bikes on a policy. Add a 5th and you have to open another.

ST-RAY said:

Buy another bike. By adding a third and forth bike to my policy in California my insurance actually went down due to multi bike discounts. I was paying $500 a year for all 4.

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Indeed. It is cheaper for me to insure a non running bike that sits in my garage with my ST than to insure my ST alone. The project bike gets minimum liability limits, nothing else and the muti bike discount drops the premium below that of one bike. Go figure.

You should read other threads on insurance here. Uninsured motorist only kicks in when other insurance maxes out. This applies to medical payments. If you are on Medicare, then UIM might be a waste of money. It really depends what your other insurance limits are. Insurance is a complex issue and you might benefit from sitting down with an insurance guy at an independent agency (offer to pay him for half an hour of his time) and get some straight info for your state.

I just put full coverage on my new to me 2000 st1100. $250.00 deductible on comp and collision, it runs $164.00 per year. I have other bikes insured with them too, maybe a discount there as well as maybe a persistencey discount too. Been with them for more years than i like think about. I'm always amazed at the huge price swings across the US and in Canada for vehicle insurance. National General insurance company, i think they are affiliated with GMAC. Cheers.

These insurance rates kill me. I know you have to carefully compare policy limits, coverage etc but in Ontario I'm paying $750/y for 2M liability, fire and theft, no collision.

GEICO now covers the bikes and the cars- the house is under a different insurer since both GEICO and Progressive don't insure houses in SC (or at least where I am).