March 19, 2009 at 8:43 pm #2621alaaaaaaaaanParticipant
Alright, i’m looking to get a bike but the insurance situation confuses the hell out of me. I got a quote from Geico and it came to $$1169.58. I am 21/m/Fl and i know it’s gonna be high what confuses me though are all the coverage options.
When i filled mine out, just to get an idea this is what i chose:
Bodily Injury Liability(BI) 25/50 $140.00
Property Damage Liability(PD) 25M $77.00
Medical Payments(MED) REJ $.00
Uninsured Motorist(UM) 25/50 $319.00
Comprehensive(COMP) REJ $.00
Collision(COLL) 500 $622.00
Towing(TOW) REJ $.00
I was talking to a friend who works in the insurance business while i filled it out but she wasn’t very good at explaining what was what. So i turn to you, the knowledgeable BBM crew to help me sort it out.
What should i DEFINITELY get, what could be spared, what should i set them at etc, etc…
Sorry to bug you all but i have no clue what I’m doing and don’t want to get shafted when i go price comparing.
Thanks for the help guys/galsMarch 19, 2009 at 10:25 pm #17172KellisanthParticipant
What’s your bike plan?
Are you going new, or used? Financed or outright purchase? Did you also inquire for quotes from other companies (e.g., Progressive was cheaper than Geico by at least 250 or so for me).
If you plan to finance, keep in mind some lenders might require you to have comprehensive insurance.
As for the roadside assistance, some clubs like AMA, RoK offers some kind of assistance to their members so there’s no real need to duplicate that (unless you want peace of mind).
As for the an explaination of what does what… look at the followingMarch 19, 2009 at 10:51 pm #17174SantaCruzRiderParticipant
IMO: there are several major factors that affect the rate.
1) Your age, gender and riding experience (not much you can do here)
2) Your bike — typically, the smaller the engine, the lower the rate
3) How much coverage do you need? You’re not getting a quote for comp, so it looks like the bike is paid for. Could you reduce the cost of Collision by either lowering the coverage or increasing the deductible? Note that this increases your risk/exposure, so it’s not necessarily the answer.
4) Then, as Kel said, get quotes from several companies. Geico worked for my requirements, but I don’t think there is one company that is the lowest in all circumstances.March 20, 2009 at 1:49 am #17176alaaaaaaaaanParticipant
I should have specified, i plan on buying used and paying cash for the whole thing. I definitely want to check other companies i am just not sure on what was what and what i can live without.March 20, 2009 at 2:47 pm #17186RidleytheRedParticipant
If the bike is several years old, you really only need liability and maybe uninsured motorist. The other stuff is for brand new bikes.March 20, 2009 at 10:55 pm #17198nau_lax21Participant
shop around. progressive turned out to be the cheapest insurance for me.
- You must be logged in to reply to this topic.