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Insurance
Just typing the word makes me throw up in my mouth a little bit.
Here's a quick background before I get to my question. My homeowners and automobile insurance is with Allstate and has been for many (many) years. So has my motorcycle insurance. I've never owned a new, or even expensive bike, so I've always just purchased liability only (100,000/300,000). When I had one motorcycle it was no big deal, $130 per year. Then when I added a second it was an additional $120. Then I added a third and the premium was again $100. That's $350 for liability only...and I can only ride one at a time. I now need to add a 4th bike to the policy and I can assume that I will be paying $450 for coverage.
It now has my attention...and it's ridiculous. So yesterday I went on Progressive's site and got a quote. The premium for all 4 motorcycles is just $150 - with higher coverage (250,000/500,000) AND they included agreed value coverage for both the cafe racer and the CB900. For some reason the there is an extra charge for ACV for the FZ6 and DRZ, but even with this coverage the annual premium is $463. I payed less than $1,000 each for the cafe racer, street tracker and CB900C, but have multiples of that invested into each.
So this is an easy decision, I'm moving the coverage to Progressive. The question is, is it worth the extra $300 to insure the physical damage and theft coverage on the other two bikes? On one hand I've been street riding for over 40 years and have never had a problem. On the other hand I'm now closing in on 60 years old and my reaction times and vision aren't what they use to be. It seems to me that not buying the full coverage for all 4 bikes is being penny wise and dollar foolish. None of the bikes are "valuable" and it wouldn't create financial problems to loose one. However, each of the bikes are highly custom and have high value to me personally. I have a lot of time and money invested into all four.
Spend the money or save the money? I have saved thousands of dollars over the last 40 years not buying the coverage and over the next 10 years I will spend over $3,000 to have that coverage.
Just typing the word makes me throw up in my mouth a little bit.
Here's a quick background before I get to my question. My homeowners and automobile insurance is with Allstate and has been for many (many) years. So has my motorcycle insurance. I've never owned a new, or even expensive bike, so I've always just purchased liability only (100,000/300,000). When I had one motorcycle it was no big deal, $130 per year. Then when I added a second it was an additional $120. Then I added a third and the premium was again $100. That's $350 for liability only...and I can only ride one at a time. I now need to add a 4th bike to the policy and I can assume that I will be paying $450 for coverage.
It now has my attention...and it's ridiculous. So yesterday I went on Progressive's site and got a quote. The premium for all 4 motorcycles is just $150 - with higher coverage (250,000/500,000) AND they included agreed value coverage for both the cafe racer and the CB900. For some reason the there is an extra charge for ACV for the FZ6 and DRZ, but even with this coverage the annual premium is $463. I payed less than $1,000 each for the cafe racer, street tracker and CB900C, but have multiples of that invested into each.
So this is an easy decision, I'm moving the coverage to Progressive. The question is, is it worth the extra $300 to insure the physical damage and theft coverage on the other two bikes? On one hand I've been street riding for over 40 years and have never had a problem. On the other hand I'm now closing in on 60 years old and my reaction times and vision aren't what they use to be. It seems to me that not buying the full coverage for all 4 bikes is being penny wise and dollar foolish. None of the bikes are "valuable" and it wouldn't create financial problems to loose one. However, each of the bikes are highly custom and have high value to me personally. I have a lot of time and money invested into all four.
Spend the money or save the money? I have saved thousands of dollars over the last 40 years not buying the coverage and over the next 10 years I will spend over $3,000 to have that coverage.