| Author | Message | ||
     Mikej |
Yeah, and has he mentioned who the dealership is? Anyway, I do know of a lot of people who simply due to age and location (don't know that either, do we?) have high premiums and will scale way back on their insurance to the State required minimums to ride and be minimally covered. And while I'm thinking of it, it took 2-3 months for the shop out west to get a black M2 tank in after placing the order (at least that's what I was told). | ||
| Libnosis |
The bike causing damage to someone elses property is not really the point. Having liability insurance legally gets it on the road. I only carry liability on all my bikes except the Pan. It's too damn expensive to have full coverage on all of them. If I make one go down, I fix it. If someone else makes it go down, they should fix it to my satisfaction. lib imho | ||
| Newfie_Buell |
Dyna, You may think its stupid not to insure a new bike but when I bought my 1998 S1 off the showroom floor in June 2001 I called many companies and brokers looking for the best possible rate (and I work directly with the insurance industry) and the I obtained rates from a low if $2000.00 to a high of $3,300.00 plus our applicable 15% insurance tax. That was for coverage to include $1,000,000.00 Liability, Medical Benefits, Collision and Comprehensive. I also was paying cash for the bike so there was no finance company that would insist for me to carry the additional coverage. I eventually placed liability and specified perils (fire & theft) and when I got back home I dropped the fire & theft. We don't get a lot of bike theft here on the island and as for medical the our wonderful Government picks up most of our medical expenses. The total on the premium was a little over $300 for that coverage. My point is that it was too bloody expensive for me to put the full coverage on the bike and thats whats keeping me from purchasing another one till I can put the cash together again. I don't know what insurance premiums are like south of the border but if they are anything like they are here then I can see why people don't carry the full coverage. Other factors such as being under 25 years old will make a big difference as well. | ||
| Anonymous |
I try to never place full coverage in any vehicle I own. Sometimes when I don't have all the money I'll get a 1 year loan and I'm forced to be subject to the insurance cost. When I bought my Buell insuring the bike for the duration of a 3 year loan would have cost 50% of the balance. That would be $3500, excessive in my book. There is risk but why not take it for the sake of keeping a few thousand dollars in your pocket? I am over 50 and have yet to loose a vehicle to crash or theft. The odds are not as bad as the insurance industry wants you to think, I know my brother is an agent for State Farm, a company that recently settled a multimillion dollar suit for hiding from customers the need to pay depreciation damages in addition to the repairs. "José Martinez (JMartz), Why are you posting such inocuous information anonymously?  Admin | ||
| Nevco1 |
Anon...I employ the same philosophy concerning liability only. Of interest, my current bike, an X1, is the only bike I have ever owned that I have had full coverage on, including the umbrella liability coverage, and I paid cash for it. Reason...State Farm gave me an offer I could not refuse. Have had house and cars insured with them for over 30 years and this is the first time I considered them for bike insurance and was very pleased. On the lighter side, my rationale for the full coverage was to get the theft coverage and the rest became a natural due to the slight additional cost. Figured that any HD product was a prime target for theft. Little did I know that this did not apply to Buells. LMAO!!! Anyone know how Buell ranks in the theft department? Would think it would be up there due to the commonality of HD parts, owner modifications and breakdowns. Then again, considering the low annual production rate and large aftermarket, this may not be applicable. | ||
| Dynarider |
Those insurance prices stated sound way outta wack. Not saying thats not what you were quoted, just that they are many times higher than they should be. I pay about $330 a yr to fully insure both of my bikes thru universal underwriters. And I am damn glad I did, my Dyna would have cost me a fortune to repair after my accident, instead my insurance gave me enough to repair & customize it. I also dont think its possible here in the states to simply purchase theft insurance without getting the whole entire package. Bike theft is a very real problem here & you want to cover your ass. Also Todd says he is a new rider, new riders tend to go down eventually & I think full coverage would be in his best interest. If he cant afford it, perhaps he should save his pennies until he can. | ||
| Rick_A |
I almost had my Buell stolen from right under my nose. It wears an alarm when at rest now. | ||
| Toddm2l |
I would like to go thru Universal Underwriters. But, I am in Kentucky and under 25 until next week. Full coverage is high I am not kidding when I say HIGH. I just wanted to ride, and having a mustang with super high insurance and a buell with super high insurance... Sometimes I wonder if it is worth all the mess. Then I remember how happy it makes me. | ||
| Nevco1 |
Todd...It does get better. Trust me. Heck, I am so old that my rates go down when I get a ticket or file a claim. | ||
| Toddm2l |
700.00 for state minimum liability thru my current insurance. a year. | ||
| Sandmanx1 |
If thier insurance company wont give you what you want offer to report them to the state board of insurance as well as better buisness,and the media in your area. In Missiouri if enough reports are made on a company for not treating customers right they will do a story on the evening news. Im sure Newfie can also back when i say report them to the state board of insurance they will most likely give you what is fair after that.Meaning a loaner and proper fix of everything,dont you get a loaner when your car is damaged by some one else you just have to be firm and dont take no for an answer! | ||
| Bomber |
hell, bill, your rates go down when you get outa bed in the morning! course, so do mine | ||
| Toddm2l |
The loaner thing, well they are not required to give me a motorcycle, only if it is my primary transprotation. They would mor that likley give me a GEO pos. | ||
| Nevco1 |
But Bomber...They go right back up after a shower!!! | ||
| Nevco1 |
Todd...$700 for minimum liability sucks. Although, I have met a few young riders that paid over $4,000 for full coverage and heard of some that were as high as $6,000. Well, if you don't have full coverage, you must have paid cash for the bike. Perhaps you are well enough off that you can file for self-insured status. Just kidding... | ||
| Bomber |
Todd . . . . .in any event, I certainly wish you luck (as I'm sure all here do) . . . I'd still like to hear which dealer it is, and what, exactly happened to your scoot . . .. .can't ever have enough data (I've been reading Blake!) | ||
| Newfie_Buell |
As for the State Board of Ins or the Superintendent of Ins up my way the only real thing they would do is put a bit of pressure for the insurer to do the right thing. Media and other avenues can help. Fortunately here bike theft is a minimum, really, what in the heck are you gonna do with a stolen Buell when there are only two on the whole island. As for other brands not a real target here. Now ATVs are a targer for some reason, you leave one of those things unattended in the woods and it vanishes. I let a friend take it for a ride one day and a couple hours later I got a call from another friend wondering if my bike was missing. You can leave your doors open here at night and very rarely would anyone bother you. Just the kinda place I live in. | ||
| Nevco1 |
Newfie, thanks for the heads up. Won't bother opening a branch of my domestic chop shop chain up there. Market seems too small. Will stick to the Detroit area just to give Spidey some competition. LOL | ||
| Kerryx1 |
<<<"You can leave your doors open here at night and very rarely would anyone bother you.">>> Anyone with two legs that is. After they raid your fridge for beer it won't be long before the polar bears learn to start your Buell!!! 'Ole Baldie  | ||
| Newfie_Buell |
Thats pretty ironic, Actually we are pretty far south from the Labrador section of Newfoundland. Labrador is connected to the mainland and does have polar bears. A few times a year polar bears do make it to the island on the ice packs that flow from the north. A couple years ago a lady woke up to see a polar bear attempting to get in through the front window of the house but thats a pretty rare occasion. Personally I have never seen one and really don't want to see one up close. Another spectacular thing we get here in the spring are icebergs, when those things ground on the coast and start to melt and break up it sounds like thunder when they hit the bottom. |
