Using your comprehensive insurance policy.

[Northshore__Paul]

I have read several posts where individuals had problems with the bike due to debris on the roadway, potholes, etc. I will relate an incident a friend had with his Mercedes diesel several years ago. He struck a deep pothole that punctured a hole in his oil pan. He had a oil pressure gauge but no idiot light. He rode until the engine seized. He was insured by a reputable company, USAA and called them. They honored the claim as a comprehensive claim and paid for a new engine. This got me to thinking about one post about someone who lost a radiator due to road debris that punctured a hole in the coils. Honda declined the claim as it was not a mechanical cause but as a result of something striking the radiator, probably thrown up by the front wheel. I would call my insurance company and see if it covered as a comprehensive claim or a collision claim. How is this different from striking a rock with the windshield and having a comp claim. It is worth the try, all they can say is no! If not comp, why not collision? I don't think collision requires striking another vehicle, but should cover striking anything. We pay a lot for insurance, we should be able to have a claim satisfied when it is legit.
One other incident that happened to me. I was pulling into my driveway when my two large dogs, one is a 100 pounder,ran up to me in being happy to see me return, and the large dog hit my front wheel causing me to spill over in a low speed fall. Called my insurance company and they covered it as a comp claim. All I had to do was pay the deductible and you would be surprised how fast the numbers add up when you start calculating the cost of replaceable items.
Just my two cents.

 

[ld_rider]

Collision insurance is for colliding with a <non-living> object such as another car, pole, building, etc.
Comprehenisve is for everything else such as flood, animal strike, theft, vandalism, stolen car, tree falling on your motorcycle, etc

Glass coverage is technically the result of a collision (with a stone) but is covered under comprehensive rather than collision. At some point, the stone was sitting peacefully on the roadway when some force acted on it and threw it into your windscreen (or radiator). Similar to a tree branch falling on your car, the stone strike is considered a comprehensive claim.

 

[Northshore__Paul]

Thanks for the reply, I hope the member who paid upwards of $750 to has his repaired sees this and files a claim for reimbursement.

 

[Beemerphile]

The way insurance companies make money is that on the average you lose. That is why it does not make financial sense to insure something that you can afford if it happens to you. So, I haven't paid any comprehensive or collision premiums and haven't had any busted radiators or dogs take me out. My last collision damage to a car or motorcycle was in 1991 and the cost was minimal.

I guess you could make a "peace of mind" case for it if that has value to you. The only reason I have homeowner's insurance is because it worried my wife not to have it.

 

[ld_rider]

Insurance makes a lot of financial sense. Especially comprehensive coverage with its insignificant premium. I pay $12 year for my automobile and $41 year for the motorcycle each w/$100 deductible.

When I hit an animal (comprehensive claim) they paid me $12,300 for a nine-year old Goldwing w/144,000 miles. During those nine years I paid State Farm about $540 for that coverage, basically peanuts compared to the value of the asset. Money well spent whether a claim is made or not.

 

[Northshore__Paul]

I could not have said it better myself. Everyone has to make the decision for himself, whether to roll the dice and take a chance or pay and hope you never have to file a claim. My reason for starting the thread was because I assumed the member who was bemoaning the lack of coverage under his warranty probably did not think to file under his comprehensive. I would think that if he were someone who buys extended warranty protection, a form of insurance, that he would also have comprehensive coverage.

 

[Beemerphile]

Insurance makes a lot of financial sense. Especially comprehensive coverage with its insignificant premium. I pay $12 year for my automobile and $41 year for the motorcycle each w/$100 deductible.

When I hit an animal (comprehensive claim) they paid me $12,300 for a nine-year old Goldwing w/144,000 miles. During those nine years I paid State Farm about $540 for that coverage, basically peanuts compared to the value of the asset. Money well spent whether a claim is made or not.

And if State Farm paid everyone $12,300 who paid them $540 there would be no State Farm. Just as someone wins the Powerball lottery, most do not. The average customer loses - actuaries and underwriters are hired to make sure of it. Since they are not a government, other than investing premiums, the insurance company has no way to create money. The "winners" are paid from the larger pool of "losers". Northshore-Paul is most likely to be correct that someone who had extended warranty protection would also have comprehensive insurance, and if you pay for it, you should use it. I know people who pay for insurance and then don't report the claims because they do not want their premiums to increase.

"Rolling the dice" and "pay and hope" are both what I call "peace of mind" reasons and still do not equate to financial sense. Peace of mind has more or less value to different people and of course everyone must make that decision themselves. If everyone felt as I do, insurance companies would be much fewer and smaller. My wife thinks homeowners insurance is "worth it". I have paid them $1,100 per year for decades and received nothing. If I break my motorcycle, I will fix it. If I total it, I will buy another.

 

[670cc]

He struck a deep pothole that punctured a hole in his oil pan. He had a oil pressure gauge but no idiot light. He rode until the engine seized.

That pretty much explains how "idiot light" got it's name.

 

[ld_rider]

Anyone else see the possible irony of suggesting buying cheap insurance makes <no financial sense> while they are riding a motorcycle around in circles? Or paying interest? Or going to a ballgame? Or out to dinner? Or buying a beer?

I think most people think it doesn't make sense, right up to the time they need it...then it makes perfect sense!

 

[670cc]

I think most people think it doesn't make sense, right up to the time they need it...then it makes perfect sense!

Another way of looking at it:

If my lottery ticket turned out to be the winner, then it made perfect sense to buy it. But since the chances of that happening were very slim, then it made no sense to buy it.

 

[happy]

Paying for comprehensive insurance "make sense" only if you have an expensive bike which you do not know how to fix or you do not wish to fix on your own.
Another factor is the roads you ride and the surrounding drivers and road users. If they are deemed as a big risk factor (meaning they collide into you) then you should consider paying for that cover.
Lastly, it comes down to you and your own assessment. If you are an experienced rider who does everything under the limit and you know your limits, then you are low risk to yourself.
Measuring all the above parameters is a science, perfected by the insurance company. Many insurance company do take the easy way out by using other people's statistics over the years (in your area) and then come up with a cover charge (insurance premium).
While it is strange to hear a comprehensive cover for a, say, $15000, bike to be under $100 per year, it is bonkers not to pay this type of premium. However, it is also a good practise to know whether such a good deal company will actually pay out in the event of a claim.

Nothing is for free. Someone else is paying for your damage. eg: 200,000 people pays for 1 person's claim in a long isolated event.

I don't pay for full comprehensive insurance for the NCX, because it cost me about 8kusd new, and now it is worth about 4kusd. However, if it was damaged in a big fall (no 3rd party), then I am ready to write it off (no repairs but scrap it).
If it was a new or near new 15,000usd bike, maybe I will pay for the comprehensive insurance (about 1kusd per year) for the first year.
As someone here said, it is actually for the peace of mind.

My 3 cents...
(1 went to the insurer)

 

[Northshore__Paul]

Happy, you should possibly review your choice of policy holder. For comprehensive coverage on three motorcycles, including my 2014 N700CX, I pay $90 per year. I am willing to pay that amount for "peace of mind" for all the things comprehensive covers me for.

 

[Beemerphile]

Happy, you should possibly review your choice of policy holder. For comprehensive coverage on three motorcycles, including my 2014 N700CX, I pay $90 per year. I am willing to pay that amount for "peace of mind" for all the things comprehensive covers me for.

Happy lives in Switzerland where the economics of everything is different. Also, the "policy holder" would be Happy.

 

[bvogel7475]

Insurance

Happy, you should possibly review your choice of policy holder. For comprehensive coverage on three motorcycles, including my 2014 N700CX, I pay $90 per year. I am willing to pay that amount for "peace of mind" for all the things comprehensive covers me for.

Northshore, what insurance company do you use for your NC700X? I am paying $500 year and I bought a 2015 model in December and would love to get your rates. I am located in California and am aware that insurance is more expensive out here in Orange County where I live.

 

[Northshore__Paul]

Northshore, what insurance company do you use for your NC700X? I am paying $500 year and I bought a 2015 model in December and would love to get your rates. I am located in California and am aware that insurance is more expensive out here in Orange County where I live.

I have three bikes, a 2001 Kawa W650, a 2012 Suzuki Burgman 400 and my 2014 NC700X. I have liability and comprehensive coverage on all bikes and collision on the NC700X. My yearly premium is $531 and I am with GEICO and have been for at least ten years. You can get a quote in seconds using their website and there is no obligation. It is worth checking. I lived in Southern California for three years and had two bikes back in the '90's and my insurance was less expensive there than here in LA. Good luck.

 

[bvogel7475]

I have three bikes, a 2001 Kawa W650, a 2012 Suzuki Burgman 400 and my 2014 NC700X. I have liability and comprehensive coverage on all bikes and collision on the NC700X. My yearly premium is $531 and I am with GEICO and have been for at least ten years. You can get a quote in seconds using their website and there is no obligation. It is worth checking. I lived in Southern California for three years and had two bikes back in the '90's and my insurance was less expensive there than here in LA. Good luck.

I am with Progressive. I thought your earlier post said that you pay $90 per year for all your bikes. I have full comprehensive and collision. Have a loan on the bike through Honda and they would not let me keep it uninsured even though I don't have any intention of doing that. I will check out Geico.

 

[TigerDude]

I just had a $3000 claim on my Acura (DCT of course) for running over a muffler on the interstate. It did a ton of damage to the undercarriage. I paid my $200 deductible. USAA.

After reading other posts, comprehensive is also for theft/fire/vandalism.

 

[showkey]

If we are reviewing insurance coverage.............uninsured and under insured coverage is far more important than comp and collision, (the bike is $4k claim) making sure this coverage includes medical. It is easy to have a $100k claim if your injured by a uninsured driver.

 

[Beemerphile]

If we are reviewing insurance coverage.............uninsured and under insured coverage is far more important than comp and collision, (the bike is $4k claim) making sure this coverage includes medical. It is easy to have a $100k claim if your injured by a uninsured driver.

That speaks to the logic of insuring something that you could not afford if it happened.

 

[anglachel]

The way insurance companies make money is that on the average you lose. That is why it does not make financial sense to insure something that you can afford if it happens to you. So, I haven't paid any comprehensive or collision premiums and haven't had any busted radiators or dogs take me out. My last collision damage to a car or motorcycle was in 1991 and the cost was minimal.

I guess you could make a "peace of mind" case for it if that has value to you. The only reason I have homeowner's insurance is because it worried my wife not to have it.

I've read that the way insurance companies make money is by taking your money and then giving it back to you after it's worked for them.

Sure there is some bit of some people getting more money back than others, but the goal for the insurance companies is to take your money, invest it, and then give you the principle back (you being some collection of people paying for insurance).

Float is where insurance companies make their money.