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post #1 of 13 Old Feb 16th, 2007, 7:19 pm Thread Starter
 
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collision insurance

Hey All

Just a quick question. How long do you keep collision insurance on your LT. Mine is a 2000 LT and i know if I got into some sort of accident(heaven forbid ) that it would be very expensive to repair. So should I keep collision on it or cancell it and hope for the best. It is not me I am worried about, just all the other idiots on the road.

Thanks for your replies.
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post #2 of 13 Old Feb 16th, 2007, 8:11 pm
 
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I suppose it all depends on whether you have the disposable cash on hand to fix your bike if you cause the damage.

I don't have that kind of money lying around, so I find it more economical to keep it fully insured. Just got my insurance bill the other day and it was $650/year for my '03 LT and my wife's '05 Moto Guzzi.

Keith
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post #3 of 13 Old Feb 17th, 2007, 8:26 am
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Insurance Question ?

My 02 bike is now 5 model years old. Wonder what I'd get from my carrier if it were totaled? Is it replacement value or is it depreciated value? Wonder if it is really worth insuring the bike itself at this point?

Dano
Tampa, Fl.

12 K1600 GTL
02 K1200 LT (gone but not forgotten)
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post #4 of 13 Old Feb 17th, 2007, 8:57 am
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Quote:
Originally Posted by beemerrider
Hey All

Just a quick question. How long do you keep collision insurance on your LT. Mine is a 2000 LT and i know if I got into some sort of accident(heaven forbid ) that it would be very expensive to repair. So should I keep collision on it or cancell it and hope for the best. It is not me I am worried about, just all the other idiots on the road.

Thanks for your replies.
I have it on mine, a '02 with a few miles on it, anyhow it may serve you to up your deductable and lower your premium enough to keep collision ins on it, i just went through pricing several options on mine. i raised my deduct enough so it is only a small amount per month more to have collision theft fire vandalism on it,

check it out you will be surprised or at least with state farm I was surprised

Tom

'07 GS Adv (mine), '06 GS <(My brides)
(the only bmw's in the stable)
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post #5 of 13 Old Feb 17th, 2007, 9:04 am
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Quote:
Originally Posted by dandiver
My 02 bike is now 5 model years old. Wonder what I'd get from my carrier if it were totaled? Is it replacement value or is it depreciated value? Wonder if it is really worth insuring the bike itself at this point?

FL ins companies pretty much pay nada average retail + some of your add ons

so go take a look at the nada guide for your model
my came up with this
Base Price

low retail $7,835 high retail $10,310
Options

CB Radio: $64 $86

TOTAL PRICE low retail $7,899 high retail $10,396


nada does not show mile deductions for motorcycles, but I bet the ins company will!

Tom

Tom

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post #6 of 13 Old Feb 17th, 2007, 10:37 am
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My collision coverage is a little under 200$ a year.
I guess for a bike that can sustain expensive damage pretty easily--or for about a 9K payoff if totaled, that's pretty reasonable.

Brian Heller
2001 LTC-Pacific Blue
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post #7 of 13 Old Feb 17th, 2007, 11:01 am
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Decision Algorithm

Quote:
Originally Posted by beemerrider
So should I keep collision on it or cancell it and hope for the best.
The economic decision runs like this:

If the total amount covered, less deductible ($9k)

Times (x)

The probability of loss during the policy period (5%, let's say)

Is Greater Than

The yearly premium ($200, for example)

Then

Buy the insurance.
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post #8 of 13 Old Feb 17th, 2007, 11:17 am
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Replacement Value

Quote:
Originally Posted by dandiver
Wonder what I'd get from my carrier if it were totaled? Is it replacement value or is it depreciated value?
Your policy will spell it out. Dig that thing out of the file cabinet and read it over. It'll probably say something like, "We will pay those amounts reasonably required either to repair the damage or replace the Insured Vehicle, at Our option."

By "replace," they mean to get another 2002 LT when your 2002 LT is totalled. You should end up where you started. You won't get an 07 LT out of the deal, but as TMGS mentioned, you should get somewhere around the NADA average for your 02 plus add-ons.
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post #9 of 13 Old Feb 17th, 2007, 11:26 am
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Tricky Add-Ons

Quote:
Originally Posted by tmgs
FL ins companies pretty much pay nada average retail + some of your add ons
Add-ons can be tricky. They have to be permanently installed to be covered, and...

1. If they were installed by the factory, they're usually automatically covered, but

2. If after-market (HID, GPS, leather seats, etc.), you'll have to comply with the policy language for them to be covered. For example, my Geico policy says that I have to give written notice of these add-ons to Geico before they will be covered.

This is something that's controlled by each company's policy language, so you gotta read that thing to be sure.
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post #10 of 13 Old Feb 17th, 2007, 11:38 am
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I Own my 05 LT outright and the $340 policy yearly premium give me piece of mind.... Buy the insurance I say

47+ Yrs Daily Motorcycle Street riding for Therapy

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post #11 of 13 Old Feb 17th, 2007, 6:13 pm
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Quote:
Originally Posted by dandiver
My 02 bike is now 5 model years old. Wonder what I'd get from my carrier if it were totaled? Is it replacement value or is it depreciated value? Wonder if it is really worth insuring the bike itself at this point?
A lot of that would depend on your insurance company,
State Farm gave me book value which was 14K for my 02 last May,
I am very happy I had the insurance.


Hans
St. Petersburg FL

2002 K1200LTE
"Silver Buffalo" Totaled 5/06
2005 LT
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post #12 of 13 Old Feb 20th, 2007, 7:00 am
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I pay $51 additional on my policy for collision with a $500 deductible. I have a '99 LT. Couldn't replace it for that amount. I think it's well worth it.

Ray Rau
Brewster, NY
'99 LT - Champagne
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post #13 of 13 Old Feb 24th, 2007, 6:27 am
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Quote:
Originally Posted by beemerrider
Just a quick question. How long do you keep collision insurance on your LT? Mine is a 2000 and i know if I got into some sort of accident (heaven forbid), it would be very expensive to repair. So should I keep collision on it or cancel it and hope for the best? It is not me I am worried about, just all the other idiots on the road.
Having insured three different models now, M/C insurance has continued to be very reasonable. I have kept full coverage on all my bikes even though I am no longer legally required to (because I have the pink). The risk just wouldn't be worth $200 or less of yearly savings!

"Those who would give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety." (Some really OLD friggin' White dude who couldn't have possibly known what he was talking about!) WARNING: Official HATE speech!
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