Insurance - comprehensive and collision yay or nay

StephanSF

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Mar 10, 2020
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Las Vegas, NV
I am a new (used) Tenere owner and am considering what insurance options to go for. I can add Comprehensive which I believe covers damage from the elements and theft of the motorcycle and Collision insurance which covers the vehicle suffering damage from colliding with an object or overturning - which would pretty much cover riding off a cliff or into a cliff or over a cliff or into a tree etc etc if the language is to be believed.

I asked the agent whether there was an exclusion if the collision occurs offroad and she said no, and that it would cover the cost of repairs to the bike regardless of the amount.

I am curious what insurances other have. My bike is a 2012 and I paid around $7k for it. I have a mistrust of insurance companies and am not sure that their idea of the cash value of a 9 year old bike is the same as mine. Same for the collision, will they really pay what is needed to fix it ? And will they really not say, Oh, the accident occurred on an unpaved road, we don't cover that.

What does the forum think and what kind of coverages do you carry.
 

Sierra1

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Well, MY opinion is liability and comp. Your collision portion is the lions share of the bill. Comp covers all damage, other than running into something. Squirrels ate the main wiring harness is my Jeep. I paid my $50.00 deductible, and the insurance paid the remainder of the $1,800.00 repair bill. I don't crash often, (yes, I am knocking on wood) so collision is a waste of money for me. What I save on premiums will pay for repairs if I do hit something.
 

Venture

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Price out the coverage and then make a decision. Collision on older bikes is very reasonable because they only pay out up to the book value of the bike if it's crashed and totaled. Replacement parts are usually OEM because unlike cars, nobody makes aftermarket replacements. OEM=$$$. Due to this even a simple lowside can cause a bike to be totaled easily because it costs so much for the parts.

The only reason not to insure is if you have enough crash protection and don't care what gets scraped up as long as the bike is still rideable.

One more thing to consider is accessory coverage. Side cases, crash bars, even your riding gear can be very costly to replace.
 

StephanSF

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Las Vegas, NV
Well, MY opinion is liability and comp. Your collision portion is the lions share of the bill. Comp covers all damage, other than running into something. Squirrels ate the main wiring harness is my Jeep. I paid my $50.00 deductible, and the insurance paid the remainder of the $1,800.00 repair bill. I don't crash often, (yes, I am knocking on wood) so collision is a waste of money for me. What I save on premiums will pay for repairs if I do hit something.
Well the very largest part of the billis the liability and UI portion. The rest of the coverages are optional. one of the two, comprehensive or collision, I dont recall which one is a lot higher than the other. In my caseo one was something like $170 and the other about $40
 

StephanSF

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Las Vegas, NV
Price out the coverage and then make a decision. Collision on older bikes is very reasonable because they only pay out up to the book value of the bike if it's crashed and totaled. Replacement parts are usually OEM because unlike cars, nobody makes aftermarket replacements. OEM=$$$. Due to this even a simple lowside can cause a bike to be totaled easily because it costs so much for the parts.

The only reason not to insure is if you have enough crash protection and don't care what gets scraped up as long as the bike is still rideable.

One more thing to consider is accessory coverage. Side cases, crash bars, even your riding gear can be very costly to replace.
Indeed that Is what am doing (pricing the coverages and trying to make a decision) hence my posting my questions.. Your point about the accessories is well taken, I just got the bike and it has alt-rider crash bars and skid plate and so in my head it was all part of the bike, but you're right that in the eyes of insurance, that is an accessory.

As to book value, is there a source for this like Edmonds or KBB for cars that insurance companies use ?
 

EricV

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Welcome to the forum. It would be helpful if you put your location in your profile, as it gives context to your posts and allows others to more specifically answer your questions. Insurance costs vary widely by location, demographics of the individual and the blind monkey throwing the dart.

Comp is cheaper than collision. Comp covers things like animal strikes, (dog in the neighborhood runs in front of you, deer out on the highway), as well as theft, vandalism and other things. In some cases, what coverage you have for home owners or renters policy may dictate what you want on bike coverage. The things on your bike, luggage, etc, would not be covered by your bike policy, but by your home owner or renter policy. One of my past Ins agents told me to keep my receipts for accessories and if a loss occurred, treat them like items I had bought and were sitting in the back seat of my car. Thus a home owner policy claim for theft or loss. Talk to YOUR agent about how a loss would be or should be claimed, relevant to your policies. You don't have receipts for the AltRider bars and other things that were on the bike when you bought it, but those are also easy to find replacement costs on since they are still in production. Take photos to document what was on the bike when you bought it NOW. Consider riding gear and accessories in your policy needs. This is often a rider that can be added or increased separate from your basic Liability, Comprehensive and Collision coverage. Some policies include XXX for gear and accessories and you may want to increase that to XXXX depending on what gear you wear or accesories you have on the bike. It's not uncommon for the gear and accessories to be $3500-5000. My riding gear alone would cost north of $1500 to replace if it was all a loss. (Klim jacket, Carbon helmet, boots, gloves, pants)

At the very least, get Liability and Comp. If you owe a dime on the bike, you are obligated to have Collision as well, by the terms of your loan agreement, (in most cases). If you can't afford to replace the bike if it were totaled in a crash, it's probably a Good Idea™ to have Collision coverage.

Document any accessories you have now. Keep the receipts for anything you add later. If an accident occurs where you are not at fault, this will all help you get better compensation from the other person's Insurance company too. Regardless of what coverage you decide on.

In terms of liability, think about how much you could stand to lose if an accident is YOUR fault. What assets do you have that would be taken to compensate someone else for their loss if you were at fault? House? Car? Other tangible assets? Your limit of liability should be high enough to avoid them taking those things. Imagine you accidentally hit a person and cause lifetime impact to them. Or sideswipe a Ferrari in traffic. Would the insurance policy cover it, or would you lose everything?

Insurance sucks, but it's a reality we deal with. A bet we hope to never have to collect on. Because I'm a home owner and retired, I have a 300CSL policy and a 1M Liability umbrella policy.
 

Sierra1

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….In my caseo one was something like $170 and the other about $40
Yeah, I forgot to mention that comp is not very expensive. The $170 will be the collision premium. And, in Texas....with State Farm....a comp claim does not raise your premium. Where as if you file a collision claim, your annual premium with raise 10% for three years.
 

SHUMBA

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Dec 29, 2018
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Location
ONTARIO, CANADA
I am a new (used) Tenere owner and am considering what insurance options to go for. I can add Comprehensive which I believe covers damage from the elements and theft of the motorcycle and Collision insurance which covers the vehicle suffering damage from colliding with an object or overturning - which would pretty much cover riding off a cliff or into a cliff or over a cliff or into a tree etc etc if the language is to be believed.

I asked the agent whether there was an exclusion if the collision occurs offroad and she said no, and that it would cover the cost of repairs to the bike regardless of the amount.

I am curious what insurances other have. My bike is a 2012 and I paid around $7k for it. I have a mistrust of insurance companies and am not sure that their idea of the cash value of a 9 year old bike is the same as mine. Same for the collision, will they really pay what is needed to fix it ? And will they really not say, Oh, the accident occurred on an unpaved road, we don't cover that.

What does the forum think and what kind of coverages do you carry.
I'm going to assume you are in the United States somewhere.
I'm in Canada and can tell you if:
You have a mishap on a raceteack or off road...you are on your own..no coverage. A lot of insurance companies don't offer motorcycle insurance. Insurance is mandated by the government, but only collision theft etc. would be required if the bike was purchased with borrowed money as in a bank loan.
As far as theft of the bike goes, its the least of my worries because Teneres sold in Canada have the "magic" ignition keys.
The bike comes with three keys.
The master key is used to create additional keys. The master key is red in colour and is critical. If all keys were lost, then so I'm told, the bike would be useless and only good for salvage and parts.
SHUMBA

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Stantdm

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Jan 23, 2020
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Belle Fourche South Dakota
If you are in the US try Geico's website for a quote. Quite reasonable on my 2012 ST ($137 annual cost) and while I have had no claims on it they have fixed my cars three times for comp. claims on striking deer with no issues. They also offer coverage for accessories and you can talk to an agent if you desire to answer any questions. I live in a low population rural area which does get lower rates compared to what I paid when I lived in a large city so your rate may be a lot higher than mine.
 
B

ballisticexchris

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I have full coverage which includes everything including all my accessories. I take frequent pictures of my bike and have receipt's for everything. AAA is not cheap insurance but the claims process has always been very fair and the payout prompt.

Also do not forget uninsured motorist!! In my state insurance is required but the laws are very skewed. If you are a US citizen and have a job then you are going to jail if you get in a wreck without insurance. If you are an illegal alien or released criminal on probation/parol, then it's a simple promise to appear and a ticket. But regardless, no insurance company will pay out damage from fault of of another driver (without insurance) if you do not have uninsured motorist.
 
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SHUMBA

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If you are in the US try Geico's website for a quote. Quite reasonable on my 2012 ST ($137 annual cost) and while I have had no claims on it they have fixed my cars three times for comp. claims on striking deer with no issues. They also offer coverage for accessories and you can talk to an agent if you desire to answer any questions. I live in a low population rural area which does get lower rates compared to what I paid when I lived in a large city so your rate may be a lot higher than mine.
Gee, $137. a year!! I live in a smaller city in Ontario Canada. I have a clear driving record along with no accidents or claims.
My 1018 Tenere ES costs me $930 (Canadian) a year. And no, you can't buy a partial year.
Sucks it does. It costs me more to insure my tenere than my 2016 Subaru Forester!
Robbery I say.
SHUMBA


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StephanSF

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Joined
Mar 10, 2020
Messages
98
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Las Vegas, NV
Welcome to the forum. It would be helpful if you put your location in your profile, as it gives context to your posts and allows others to more specifically answer your questions. Insurance costs vary widely by location, demographics of the individual and the blind monkey throwing the dart.

Comp is cheaper than collision. Comp covers things like animal strikes, (dog in the neighborhood runs in front of you, deer out on the highway), as well as theft, vandalism and other things. In some cases, what coverage you have for home owners or renters policy may dictate what you want on bike coverage. The things on your bike, luggage, etc, would not be covered by your bike policy, but by your home owner or renter policy. One of my past Ins agents told me to keep my receipts for accessories and if a loss occurred, treat them like items I had bought and were sitting in the back seat of my car. Thus a home owner policy claim for theft or loss. Talk to YOUR agent about how a loss would be or should be claimed, relevant to your policies. You don't have receipts for the AltRider bars and other things that were on the bike when you bought it, but those are also easy to find replacement costs on since they are still in production. Take photos to document what was on the bike when you bought it NOW. Consider riding gear and accessories in your policy needs. This is often a rider that can be added or increased separate from your basic Liability, Comprehensive and Collision coverage. Some policies include XXX for gear and accessories and you may want to increase that to XXXX depending on what gear you wear or accesories you have on the bike. It's not uncommon for the gear and accessories to be $3500-5000. My riding gear alone would cost north of $1500 to replace if it was all a loss. (Klim jacket, Carbon helmet, boots, gloves, pants)

At the very least, get Liability and Comp. If you owe a dime on the bike, you are obligated to have Collision as well, by the terms of your loan agreement, (in most cases). If you can't afford to replace the bike if it were totaled in a crash, it's probably a Good Idea™ to have Collision coverage.

Document any accessories you have now. Keep the receipts for anything you add later. If an accident occurs where you are not at fault, this will all help you get better compensation from the other person's Insurance company too. Regardless of what coverage you decide on.

In terms of liability, think about how much you could stand to lose if an accident is YOUR fault. What assets do you have that would be taken to compensate someone else for their loss if you were at fault? House? Car? Other tangible assets? Your limit of liability should be high enough to avoid them taking those things. Imagine you accidentally hit a person and cause lifetime impact to them. Or sideswipe a Ferrari in traffic. Would the insurance policy cover it, or would you lose everything?

Insurance sucks, but it's a reality we deal with. A bet we hope to never have to collect on. Because I'm a home owner and retired, I have a 300CSL policy and a 1M Liability umbrella policy.
Thanks for the detailed feedback. I hadnt considered the accessories since they came with the bike and so it didnt register in my head that they are additional.. good advice. Yes, I for sure have Liabilty and UI ($300/$100 for each). On my Goldwing I added Comprehensive with a $1k deductible, but I might change that deductible, I have no collision on that bike, another thing I might change.

Oh, and I added my location (Las Vegas) as per your advice.
 

StephanSF

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Mar 10, 2020
Messages
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Las Vegas, NV
Gee, $137. a year!! I live in a smaller city in Ontario Canada. I have a clear driving record along with no accidents or claims.
My 1018 Tenere ES costs me $930 (Canadian) a year. And no, you can't buy a partial year.
Sucks it does. It costs me more to insure my tenere than my 2016 Subaru Forester!
Robbery I say.
SHUMBA


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My policy on my 2015 Goldwing with $300/$100 Bodiliy injury, Property Damage and Uninsirued motorist is $464.00 per year. That includes Comprehensive with a $1k deductible. I havent insured the Tenere yet as NV DMV is closed and I cannot register that bike, but it should come in less than the Goldwing
 

StephanSF

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Mar 10, 2020
Messages
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Las Vegas, NV
I have full coverage which includes everything including all my accessories. I take frequent pictures of my bike and have receipt's for everything. AAA is not cheap insurance but the claims process has always been very fair and the payout prompt.

Also do not forget uninsured motorist!! In my state insurance is required but the laws are very skewed. If you are a US citizen and have a job then you are going to jail if you get in a wreck without insurance. If you are an illegal alien or released criminal on probation/parol, then it's a simple promise to appear and a ticket. But regardless, no insurance company will pay out damage from fault of of another driver (without insurance) if you do not have uninsured motorist.
I dont think I can even insure the bike without UI, you get Bodily Injury, Property Damage Liability and UI.. you can configure the limits but you cannot opt out of UI as near as I can tell, at least not with Progressive who I am insured with.
 

StephanSF

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Mar 10, 2020
Messages
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Las Vegas, NV
If you are in the US try Geico's website for a quote. Quite reasonable on my 2012 ST ($137 annual cost) and while I have had no claims on it they have fixed my cars three times for comp. claims on striking deer with no issues. They also offer coverage for accessories and you can talk to an agent if you desire to answer any questions. I live in a low population rural area which does get lower rates compared to what I paid when I lived in a large city so your rate may be a lot higher than mine.
I have always found Geico to be significantly more expensive than Progressive, to the tune of several $100 more for my car per 6 months for identical coverage. They must be paying that gecko a lot of money. My $2015 Goldwing with $300/$100 Liability and UI and Comprehensive ($1k deductible) is $464 per year. Thats a lot more than what you pay, I am in Vegas so that may be part of it. Ill do another quote with them when I can get the Tenere registered and see what it comes out at.
 

StephanSF

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Messages
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Las Vegas, NV
I'm going to assume you are in the United States somewhere.
I'm in Canada and can tell you if:
You have a mishap on a raceteack or off road...you are on your own..no coverage. A lot of insurance companies don't offer motorcycle insurance. Insurance is mandated by the government, but only collision theft etc. would be required if the bike was purchased with borrowed money as in a bank loan.
As far as theft of the bike goes, its the least of my worries because Teneres sold in Canada have the "magic" ignition keys.
The bike comes with three keys.
The master key is used to create additional keys. The master key is red in colour and is critical. If all keys were lost, then so I'm told, the bike would be useless and only good for salvage and parts.
SHUMBA

Sent from my SM-A520W using Tapatalk
I dont think I have a magic key..I rubbed it and no genie appeared, but it does start the bike and I have 3 spares that were made at Home Depot, and it's black. Im mostly concerned because with car insurance there is often a clause that stipulates if you take the car off paved roads, you're on your own. By definition an adventure bike is made to be taken offroad so such an exclusion would defeat the purpose.
 

SHUMBA

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Dec 29, 2018
Messages
1,242
Location
ONTARIO, CANADA
I dont think I have a magic key..I rubbed it and no genie appeared, but it does start the bike and I have 3 spares that were made at Home Depot, and it's black. Im mostly concerned because with car insurance there is often a clause that stipulates if you take the car off paved roads, you're on your own. By definition an adventure bike is made to be taken offroad so such an exclusion would defeat the purpose.
You are in the U.S. To my understanding, Teneres and possibly other bikes are not equipped with these "magic" keys. In Europe and the U.K. Teneres have these keys as well. Not sure why Yamaha didn't keep it simple and have these "paired" keys on all Teneres.
Opinions, additional information please??
SHUMBA

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Kwatters

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Dec 22, 2014
Messages
164
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Indiana
I am a new (used) Tenere owner and am considering what insurance options to go for. I can add Comprehensive which I believe covers damage from the elements and theft of the motorcycle and Collision insurance which covers the vehicle suffering damage from colliding with an object or overturning - which would pretty much cover riding off a cliff or into a cliff or over a cliff or into a tree etc etc if the language is to be believed.

I asked the agent whether there was an exclusion if the collision occurs offroad and she said no, and that it would cover the cost of repairs to the bike regardless of the amount.

I am curious what insurances other have. My bike is a 2012 and I paid around $7k for it. I have a mistrust of insurance companies and am not sure that their idea of the cash value of a 9 year old bike is the same as mine. Same for the collision, will they really pay what is needed to fix it ? And will they really not say, Oh, the accident occurred on an unpaved road, we don't cover that.

What does the forum think and what kind of coverages do you carry.

I have full coverage. It is only $179 per year.
 
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