- This topic has 28 replies, 10 voices, and was last updated 14 years ago by Sean_D.
Insurance.
-
AuthorPosts
-
April 4, 2010 at 12:17 am #3837DinugePampleParticipant
Hi there, I’m new to the biking world. I’m currently looking forward to becoming a bike rider. So I’ve been doing a lot of research around the internet. This site helps a lot! I’m a high school student, about to graduate in June. I know it might take some time for be to get everything I need, seeing as I only get about $400 monthly with a part-time job.
Anyway, more to the point. I am considering getting a motorcycle, and I did a quote from progressive on their motorbike insurance. They had a basic package, choice and plus. I was going to go with the choice package, but I added a $1,000 medical payment for each person. Which there will be only one drive..me!
So I’m young and have no clue what to look for in this kind of insurance! My parents are totally against motorcycles, so that’s why I’m going to be paying for the insure myself, and not asking them for help. So here is basically what I picked out:
Policy Coverages
Bodily Injury: $50,000 person/$100,000 accidentProperty Damage: $25,000 property damage
Uninsured/ Underinsured Motorist Bodily Injury: [] No coverage
Medical Payments: $1,000 each person
Transport Trailer: [] No coverage
[] Vehicle Coverages for 2008 KAWASAKI NINJA 250R
Comprehensive: [] $500 deductible
Collision: [] $500 deductible
Roadside Assistance: [] Selected
Accessory coverage: [] $3,000 (Included)
Does this look alright? Anything I should add? Waht’s the uninsured/underinsured motorist bodily injury? I’ll be paying about $120 a month, which is fine with me, seeing as I don’t really have any other costs.
April 4, 2010 at 12:46 am #25390Sean_DParticipantIf you are involved in an accident the “per person” limits cover you and anyone one else who’s injuries or death *you* may be responsible for. That involves occupants of other vehicles, pedestrians etc. It also provides a legal defense if another party involved in an accident files a lawsuit against you. These can be from medical bills, pain and suffering, loss of income etc.
Generally a good rule of thumb is to carry enough insurance to cover any judgement against you without jeopardizing your personal assets such as such as vehicles, home, etc.
You mention your parents, so I assume you don’t own a home. But, being a High School student you may be considered your parents responsibility in the event of an accident and it may be possible that someone could go after your parents assets in a judgement. You may want to look into that and if this is the case you will want to carry enough insurance to cover your parents assets, not just your own.
Uninsured/Underinsured covers you, the uninsured members of your household and passengers on your bike. If you *do* opt to not have this coverage just don’t ever bow to peer pressure and allow anyone else to ride your bike or allow any passengers. This also covers YOU should a driver who has insufficient or NO insurance hit you. I don’t know about where you live, but we have a *lot* of drivers (some illegal) who carry insufficient or no insurance. You may want to think twice about not having this coverage. People driving with a suspended license for DUI is another good example of the uninsured/underinsured category.
The Insurance Information Institute (I.I.I.), recommends coverage of at least 100,000 per person and $300,000 per accident.
For my own insurance I have $250,000 per person and $500,000 per accident.
My Property damage is $100,000
Uninsured/Underinsured $250,000 per person and $500,000 per accident.
Medical Payment $5,000 each personI would much rather be over insured than underinsured if the worst were to ever happen. It may seem expensive at the time, but the last thing you want is someone going after your home etc.
April 4, 2010 at 1:04 am #25391DinugePampleParticipantThanks, that was really helpful. I don’t own a home, I’m 18, and I live in Florida. Well, I would definitely have to get the uninsured/underinsured coverage then. I’d like to ride around with someone, I don’t like going places by myself unless I absolutely have to. I will look into those prices and see what all I’ve got to wiggle around. If it turns out to be too much, my biking dream will have to wait until after college.
April 4, 2010 at 2:14 am #25392Sean_DParticipant… play around with the numbers. Some of those coverages can be expensive to increase, others are pretty cheap. It doesn’t hurt to call them and tell them what you can afford and have them put together the best prices for you. That is kind of what that Progressive “Name Your Own Price” thing is about, but other companies should do the same for you. Tell them what budget you have to work with.
I think some companies offer better deals in some States than others too. Like Progressive may be cheaper in Colorado than Gieco, but the opposite may be true in Florida. So definitely worth the effort of shopping around.
You may also want to check with the dealership you are thinking about buying from. A lot of the dealerships here have special pricing they have worked out with the dealers based on the bikes they carry. It is a deal that one particular agent may have been willing to put together that might differ from the national price.
Do some research and find out if you get a discount on your insurance for passing the BRC/MSF/Riders Edge type courses. My wife and I got discounts for taking the class.
Also, the American Motorcycle Association is worth considering. Membership prices start at $39 and they claim you can save up to 50% on Motorcycle Insurance. They also offer benefits like roadside assistance, medical insurance, discounts from some vendors like Garmin.
http://www.ama-cycle.org/April 4, 2010 at 3:34 am #25393DinugePampleParticipantI did one with Gieco, which is what I am under for my Mustang, but my father pays for that, so I don’t know how much it costs him a month. As long as I keep a 3.5 GPA, he says it doesn’t cost too much. Geico is about $200 more expensive than the one at Progressive. I got a rough estimate, and it seems I can afford a pretty good plan. Similar to yours, but on some of it it wouldn’t let me go above $25,000 for property damage and some other things.
I’ll call around, ask the dealership I’m going to hopefully purchase a used 2008 Ninja 250R if they have any. There really aren’t that many dealerships around where I live. We have a Kawasaki dealership and Harley Davidson, and that’s pretty much it.
Also, there was a discount available for the course, so that is fantastic. I did a quote from the Motorcycle Association, and that is way cheaper and much more affordable than the other two. Dairyland Cycle Insurance, they have an office in town. The same plan is about $1,000 less than progressive.
Thanks so much for all your help!
April 4, 2010 at 4:21 am #25394Sean_DParticipant.. if he has other cars insured with them as well. So it likely isn’t to expensive. I don’t know if he can (or would want to) add the motorcycle on to that policy. That could lower the price, but if your looking to do it on your own that might not be the best option.
I have been to a few of the dealerships around my house and the ones I have been to have flyers at the dealerships from insurance agents. They advertise special deals for customers of that dealership. I have never called them, so I don’t know how the rates compare. I am guessing they probably have deals worked out with the dealership to provide discounted labor rates for their insurance so that they can offer lower prices.
If the quote from AMA was way cheaper, and they have a local office in town, that may be a good way for you to go. I checked their rating and it is rated A+ (Superior) with AM Best (an independent rating), so it doesn’t sound like it would be a bad deal for your. If you save enough the $39 is a small price to pay for the membership. Never know when you may need the roadside too.
It is nice to think you will never need your insurance. But the reality is at some point you probably will. My wife and I were rear ended last Christmas Eve. The driver who hit us was underinsured and it didn’t cover all of the extensive damage to her car. It pays to have good coverage.
April 4, 2010 at 5:41 am #25395DinugePampleParticipantI’m sure he wouldn’t. He and my step-mother are all against motorcycles. She’s a nurse, so she tells me all the time not to get one because of all the accidents she seen. Which I understand there is a huge risk, and from reading the guides here, I will probably crash, or get crashed into. Hopefully that aren’t all that bad.
I think the insurance company and the dealership have something worked out. They both have the same name, and are on the same street. But I’ll check in to see. Knowing me, I’ll probably need it at some point.
I agree. That’s terrible. I like to think for a teenager, I drive pretty well, only having two years experience. Never had an accident, not even a ticket. I’ve avoided many an accident, even one with a motorcycle. I was driving on the highway to my fathers, where the speed limit is 55. I was doing 60, just edging over to turn into another lane when some jerks on crotch rockets zoomed past me. Scared the life out of me! I almost hit them. They were gone in a matter of seconds. I wanted to beat the life out of them.
I just wanted to cover all my bases before I committed to a motorcycle.
April 4, 2010 at 3:39 pm #25396SantaCruzRiderParticipantIt sounds like you’ve done what you need to do as far as finding the cheapest insurance for that particular bike.
I’d mirror earlier comments about the relatively low limits on your coverage. You can eat through $25k coverage really fast.
As much as it might hurt to consider, the best formula for further cutting your insurance costs are to find a motorcycle that insurance companies see as a lower risk (you’ll have to do some research, but perhaps a dual sport). Also, get one that is used and has a low-enough value so that you don’t need to carry any comprehensive.
This may not match your dream of getting the newer Ninja, but it could dramatically cut your insurance costs and in a couple years you’ll probably find your insurance costs are dropping.
At this point, the motorcycle is a luxury and spending a third of your take home on insurance will leave little for other items (gear, maintenance, gas, college, burgers, etc)April 5, 2010 at 5:13 am #25422DinugePampleParticipantI’m pretty set on this bike. Even though today I’ve had my boyfriend and his friend tell me that I wouldn’t be able to handle it, I think it’s just because I’m a petite girl.. We will just have to see, I was was just trying to get an estimate and see what all I needed. I’m not really too worried about the cost at this point, seeing as I’m still a few good months away from actually getting a bike. I still need to get my gear and take my classes. I was planning on getting used, because knowing me I will definitely drop it.
But I understand what you’re saying. Hopefully I’ll be able to work it all out perfectly. I’m just that way. I like to have a lot of information on things before I make a decision.
April 8, 2010 at 3:12 am #25514owlieParticipantThey don’t want you to start with a Ninja 250 because it is too big? What do they want you to start with???
My guess would be that it isn’t the specific bike. More likely they just don’t want you to ride.
My two cents- do what you can to make your parents comfortable with your decision, but find a boyfriend who will support you as you find your path through life.
April 8, 2010 at 4:07 am #25518DinugePampleParticipantHe supports it, he’s getting an old cafe racer soon. Or so he hopes. I just don’t think he wants me to get hurt. I think he thinks that the street bikes are too much. He doesn’t really like the crotch rockets, how you have to lean and everything.
Plus, his friend doesn’t know anything. So he’s probably thinking it’s a crotch rocket too, and that I’ll get myself killed. I’m pretty set on living, so I don’t think I’m going to be getting killed anytime soon.
But my boyfriend and I are going to the dealership tomorrow to see if I want it or not. Gonna test it out, see if I feel it’s a good fit.
April 8, 2010 at 1:41 pm #25537briderdtParticipant“He doesn’t really like the crotch rockets, how you have to lean and everything.”
I’ll forego my comments on my hatred of the term “crotch rocket”… But seriously, “how you have to lean”? Uh, show me ONE bike that you don’t have to lean. Please, I’ll wait. In the meantime, while I’ll be collecting my Social Security checks, who ever it is that’s looking will STILL be looking. Cruiser, dirt bike, fully-raked-out chopper, sport bike — the ALL turn by leaning. Yes, sport bikes have higher pegs and are built such that you can generally lean it over farther, but that certainly doesn’t exempt any other bike from HAVING to lean in order to turn.
“So he’s probably thinking it’s a crotch rocket too, and that I’ll get myself killed.”
Again with the crotch rocket thing… But believe me, you can kill yourself just fine on a cruiser or motard, a sport bike by itself doesn’t make it any more likely. Cars turn in front of touring bikes just like any other, they merge into you, “don’t see you”, etc. In fact, though, in a situation where you go into a corner a little too hot, a sport bike is actually better equipped to come out of it on the road. Not saying that makes it okay to rail every turn, just that it’s all in the rider’s control.
Not wanting you to get hurt IS a good thing, but I think his arguments need some more work.
April 8, 2010 at 3:00 pm #25545Sean_DParticipant… “hates how you have to lean” that he may be referring to the more lean forward, tucked-in position riding position compared to a cruiser, standard, etc. At least that is how I took it after the initial read. Having injured my back I am not a fan of it myself, nor the cafe bikes., which have a similar riding position, so I don’t get his argument there if that is what he means. I find them uncomfortable after about 30 minutes, but that is one of those personal choice arguments with no right or wrong answer.
As far as the term “crotch rocket,” every one of my friends (male and female) who own one refer to them as that. So I won’t touch that one
April 8, 2010 at 7:49 pm #25551DinugePampleParticipantEveryone has their own terms they like to use. He meant leaning forward. He likes the style, not like he’s ever ridden one before. I told him to do more research on his bike.
We aren’t really having an argument over it. I think you’re taking it the wrong way. They just said I wasn’t fit for it, but they can think what they want and I’ll prove them wrong. Plus he’s never seen the bike before.
April 8, 2010 at 9:23 pm #25555ShamRock229ParticipantAt the end of the day, youre the one who is going to be riding your motorcycle, not him or anyone else. That being said, you need to get one that is within your own personal limits, no matter the type.
-
AuthorPosts
- You must be logged in to reply to this topic.