MC insurance for the Valk - Honda Valkyrie F6C Forum
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post #1 of 25 (permalink) Old 03-23-2019, 11:31 AM Thread Starter
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MC insurance for the Valk

Why does it feel like the insurance premium for the comprehensive and collision coverage on the F6C is priced for a $18,000 bike as in the original MSRP instead of the $9K-ish that many of us paid last year. So what happens if, heaven forbid, the bike is totaled?
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post #2 of 25 (permalink) Old 03-23-2019, 02:37 PM
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They reimburse you book value on the bike. I totaled a CTX1300 a few years ago, and it was a similar situation -- actual prices dropped faster than KBB could keep up. New prices plummeted and book value was way over what anybody was selling them for, which was good for me since I bought it as soon as it came out for close to sticker price.

On the other side, if book value is less than what you think it's worth, you can present your insurance company with dealer quotes, and sometimes they'll come up and give you a better number.

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post #3 of 25 (permalink) Old 03-23-2019, 09:22 PM
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I dunno every Harley Ive ever owned for the last 20 years was between 45-50 dollars a month... from a lowly 883 to a V-Rod from a basic softail to a 2 CVO's I bought the Valk last year went in to insure it... $25 bucks my jaw hit the floor
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post #4 of 25 (permalink) Old 03-24-2019, 03:40 AM
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The insurance on my Valk for full coverage is about $40. In contrast with the insurance on my previous bike which was a 98 honda xr650l dual sport, which had the same full coverage for about $30.
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post #5 of 25 (permalink) Old 03-24-2019, 06:13 PM
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From personal experience, you want to get all that you can afford. IT pays off because we don’t know what will happen. I only have this great machine due to my understanding of of insurance and my stupid mistake.


I work for an insurance company although I do not have them for bike insurance.

Do not make getting low
premiums your goal.
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post #6 of 25 (permalink) Old 03-25-2019, 08:26 AM Thread Starter
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Originally Posted by DillPickle311 View Post
.....I work for an insurance company although I do not have them for bike insurance.

Do not make getting low
premiums your goal.
Agreed that good insurance coverage is important.
Since you work for an insurance co. perhaps you have insights into my original query: If the premiums are based on a $18,000 MSRP, but if a claim arises and is benchmarked to the book value which has caught up with the reality of clearance prices by Honda, are we not paying overpriced premiums? Also is adjustment to the claim made for a 2014 model being purchased new in 2018. I suppose they look at the miles on the odometer, but what about the price paid by the insured.
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post #7 of 25 (permalink) Old 03-25-2019, 08:37 AM
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The value of the bike pales in comparison to having to pay out a claim if someone is hurt. The bike's price is not really a big factor in the price. My wife just bought a 2019 Can Am Spyder F3 Limited and it is worth @ $30K. Her old bike was a 2015 F3S that is worth @ 17K. The new bike is actually $60 cheaper for for insurance for a bike that is worth almost twice as much. The deciding factor is that the F3S is considered a sport bike while the Limited is considered a touring bike. The coverage on both was the same. I guess with the F3S they figure that you will be driving crazier.
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post #8 of 25 (permalink) Old 03-25-2019, 12:32 PM
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Quote:
Originally Posted by sanmo View Post
Agreed that good insurance coverage is important.
Since you work for an insurance co. perhaps you have insights into my original query: If the premiums are based on a $18,000 MSRP, but if a claim arises and is benchmarked to the book value which has caught up with the reality of clearance prices by Honda, are we not paying overpriced premiums? Also is adjustment to the claim made for a 2014 model being purchased new in 2018. I suppose they look at the miles on the odometer, but what about the price paid by the insured.
Premiums are not solely based on price of motorcycle or cars. See all the answers from this link.

https://www.trustedchoice.com/motorc...coverage-cost/
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post #9 of 25 (permalink) Old 03-25-2019, 09:33 PM
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In Manitoba, premiums are based mainly on the engine size, anything over 500 cc is grouped together, so my cruiser is grouped in with crotch rockets. I have merits on my DL, so I get a discount on my insurance. Harleys are in the same group, but then they have to pay another premium because of the theft problem with Harley parts.
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post #10 of 25 (permalink) Old 07-06-2020, 03:52 PM
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I agree with all that has been said here. I too am an insurance man but don't work for my insurer. One poster said not to make low premiums your objective, and I absolutely agree with that. You go with a cut rate insurer and you will find out why at claim time. They want to nit pick everything you claim and likely will drop you afterward. Some look actively for reasons to deny, restrict or minimize claims. I'm not going to recommend any carrier, but will suggest doing your research. I also agree with the poster who said to buy all you can afford, especially uninsured motorist liability. When some uninsured jerk slams into you and you're laid up in a rehab facility for a year, who is going to pay for that? YOU are. So I carry maximum limits on that policy and also a personal umbrella liability policy that supplements it.


As to the question of whether you're paying for the original value but only going to get book at claim time, they are not basing your premium on original value. They will depreciate it annually. And that is, as Dill Pickle said, only one of many factors used in rating.


Just find yourself a good insurer, buy all you can afford, and go with it.


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