Here is a topic that I hate

[Gary in NJ]

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.

 

[Sdaniels]

I prefer to use as little insurance as possible. I have always dropped to liability-only on every vehicle once it was paid off (or paid cash for entire purchase). I did this because I never planned to use the collision coverage...always paid for things out of pocket with the only exception being the cost was more than I had in savings & those almost always were totalled anyway. I know the cost at my (and your) age is quite a bit less than when I was still in my teens but I still prefer it this way. I think you love what you do when you do these rebuilds so the only part that might be hard to stomach is the initial cost of parts. I don't see you being bitter about having to split cases...you enjoy it.

 

[trepetti]

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.

Remember this....? https://www.600riders.com/threads/might-be-getting-another-fz6.59671/#post-645835

I had full coverage and hit some diesel fuel on an on-ramp. The Progressive payout was enough for me to buy all new parts and add an Ohlins rear shock and now a Dominator exhaust. And I still have some $ left over.

 

[Gary in NJ]

I played with the Progressive on-line quote tool a bit. I lowered the liability coverage to 100/300 and I also lowered the deductibles to $250. There may have been other tweaks, but in the end my annual premium for full coverage for all four bikes was $203 per year.

I hope I never need to use any of it, but for $51 a year per bike I feel a bit better having full coverage.