comp vs liab insur

[klimber]

Now that I've gotten used to the Tenere's weight and handling, I'm feeling more comfortable and in control;

My Comp Insurance policy is about $500/yr, and I'm thinking I could reduce that a lot by switching coverage to "Liability only."

For my last bike, a 2005 DL650, KBB value <$2k, I didn't mind having Liability only. Now for a $8k+ value motorcycle, seems like the extra coverage is worth it. But being a pretty conservative defensive driver, I imagine I could probably go a long ways paying for the extra coverage and not ever need it.

I ride it only occasionally, maybe 2-3 days a week, or less, around Oakland, CA.

I'm wondering if other Tenere owners have thoughts on this.

 

[Edbo1960]

Now that I've gotten used to the Tenere's weight and handling, I'm feeling more comfortable and in control;

My Comp Insurance policy is about $500/yr, and I'm thinking I could reduce that a lot by switching coverage to "Liability only."

For my last bike, a 2005 DL650, KBB value <$2k, I didn't mind having Liability only. Now for a $8k+ value motorcycle, seems like the extra coverage is worth it. But being a pretty conservative defensive driver, I imagine I could probably go a long ways paying for the extra coverage and not ever need it.

I ride it only occasionally, maybe 2-3 days a week, or less, around Oakland, CA.

I'm wondering if other Tenere owners have thoughts on this.

I am in insurance (yeah, I know!), anyway, the best way to look at insurance is a risk financing method. You can "self insure" (probably not liability due to state laws) the collision and comprehensive if you have the financial wherewithal. And remember the comp covers theft, if your garage burns down with the bike in it, or a tree falls on it etc not just collision.

It boils down to a personal descision, I have two bikes that are now over 10 years old and dropped the comp/coll as they just aren't worth much.

Don't forget UM/UIM, this pays if the offender is not insured or underinsured and can be a big part of your premium. If you have group health, that will cover it but subject to a much larger deductible. Hope this helps, Edbo

 

[maverick2076]

I will never own a bike without full coverage insurance. $500/year is a cheap price for peace of mind.

 

[Edbo1960]

I will never own a bike without full coverage insurance. $500/year is a cheap price for peace of mind.

Everybody has different "risk tolerance", some feel safer with insurance and some would rather roll the dice. Many of my friends would never ride a motorcycle as it seems too risky!

 

[Sierra1]

I don't own ANY vehicle without comprehensive insurance. It's cheap, and covers everything EXCEPT it you hit a car or person; including, but not limited to hail, fire, theft, vandalism, squirrels eating your wiring harness, etc. I DOES cover deer strikes. On my Tenere, in TX, comp & liability are about $350ish a year. On my cars I have a $50.00 deductible; it costs about $20.00 a year more than a $500.00 deductible. When the squirrels at my wiring harness, the bill was $1800.00; it cost me 50 bucks. And yes, don't forget the UM/UIM. Once the vehicle is payed off, I drop collision. Collision is the lion share of your premium.

 

[OldRider]

Shop around, you're paying to much for insurance.

 

[Sierra1]

Shop around, you're paying to much for insurance.

Not for around here. They are the wreckinist bunch of drivers around here.

 

[Checkswrecks]

I don't own ANY vehicle without comprehensive insurance. It's cheap, and covers everything EXCEPT it you hit a car or person; including, but not limited to hail, fire, theft, vandalism, squirrels eating your wiring harness, etc. I DOES cover deer strikes. On my Tenere, in TX, comp & liability are about $350ish a year. On my cars I have a $50.00 deductible; it costs about $20.00 a year more than a $500.00 deductible. When the squirrels at my wiring harness, the bill was $1800.00; it cost me 50 bucks. And yes, don't forget the UM/UIM. Once the vehicle is payed off, I drop collision. Collision is the lion share of your premium.

Good points from Sierra1. Comp covers a lot of the things that "get" us and we don't realize. For example, when a dog or deer runs in front of you.