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Discussion Starter · #1 ·
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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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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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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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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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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Discussion Starter · #6 ·
.....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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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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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/motorcycle-insurance/coverage-cost/
 

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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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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.


Richmonder
 

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I don't insure bikes or cars other than "3rd party only" cover on cars. And after 43 years of never needing it I reckon I'm well in front :)
 

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If my numbers are right it looks like I pay $547 a year for my 2013 F6B and $432 for my 2015 Valkyrie.
And the value is about the same on the bikes.
 

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If my numbers are right it looks like I pay $547 a year for my 2013 F6B and $432 for my 2015 Valkyrie.
And the value is about the same on the bikes.
Multi-vehicle discount? (You can only drive so many at once)
 

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I have 4 bikes at present and they don't seem to realize I can't drive them all at once. That has always been a sticking point with me. I feel like I ought to pay a fixed sum for all of them and that's it. But it isn't that simple. If I loan it to someone, etc., there can be multiple bikes on the road at once. Still there should be some way for one person to get all his bikes insured under an umbrella (used as an adjective, not a noun) policy that doesn't charge each bike for liability. It pains me that I'm paying so much for liability they'll never incur.



Richmonder
 

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I got full coverage from Progressive. $156 a year, paid in full. Deductible is $1000, but many things are covered.
I had All State before with $40 monthly payment, same coverage just lower deductible. CDL since 2012, moto school certificate, no violations/accidents ever.
 

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I got full coverage from Progressive. $156 a year, paid in full. Deductible is $1000, but many things are covered.
I had All State before with $40 monthly payment, same coverage just lower deductible. CDL since 2012, moto school certificate, no violations/accidents ever.
Even with that last sentence, and deductible that seems shockingly low. Is your address in a very low population / low accident rate county? Congrats on no accidents ever!!!!
 

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I too find that shockingly low for full coverage. Even for liability only, that is awfully low. I don't think a carrier can even make money on a rate that low. Costs them more in service just to keep it on the books. Something is amiss. I can't even imagine that's a semi-annual premium. Or maybe liability is at minimum limits, which is not advisable. I'd be curious to know what his coverages are.



Richmonder
 

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Just got my renewal invoice from Progressive. $1607 for my four bikes (Valkyrie, CTX 1300, VTX 1300 and VTX 1800). I called them to see what I could do. As stated before, I have maximum liability limits because I want maximum uninsured motorist limits, and the two have to be the same. 1 in 7 drivers is uninsured in Virginia and I am not going to get hit and have no recourse. And let this be a lesson to you guys who only carry state minimum liability. You get hit ny an uninsured motorist, you're out of luck. So think about it.



My first inquiry was whether I could reduce the liability on the two VTX's since I'm not riding them at the moment and just want to sell them. Nope, have to keep the same limit on them as I have on the others. Then I asked if I could write a separate policy on them with Progressive but with lower limits. Nope, can't do that - one policy per household.



Then I asked if I could take the two VTX's off and place them with another carrier. They said yes. I'm being billed $675 for liability on the two, but if I take them off, it only saves me $300 because the premiums on the Valk and the CTX then increase with only two covered bikes. So that's hardly worth doing, and an unreasonable response by the carrier. I guess that's how they justify charging for all your bikes when you're only riding one.



I had loss of income coverage, but since I'm not working, I'd never collect a benefit on that, so I took that off and saved maybe $65. I'm paying about $60 for $1,000 of medical expense benefit, which is not a very good value although nice to have. So I took that off.


Meanwhile, I am not getting their best rate because (as is also the case on my auto and homeowner policies) I have no recent credit or loans. So, I'm debt free entirely, I pay my bills on time and have all my life, my driving record is spotless, and I take care of everything I own. Yet, some dufus who is deep in debt and barely scraping by gets a better rate than me! They'd rather I have a car payment. It makes NO sense. But I suffer because I'm the best risk they could possibly have. It angers me every time I get a renewal.


So, my only option is to shop and see what I can get elsewhere. Hate this.



Richmonder
 

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Just got my Progressive bill this week, too. I’ll try to itemize payments/coverage as best I can:

$479/year if making monthly payments, or only
$389/year if paid by December 2nd, in full, obviously the way to go. This includes the following coverage:

$50,000 (each person/$100,000 each accident) Uninsured/Underinsured Motorist Bodily Injury
$500 Safety Riding Apparel
$50,000 Bodily Injury Liability, per person/$100,000 per accident
$25,000 Property Damage Liability, per accident
$10,000/person Medical Payments Liability
Comprehensive and Collision Disappearing Deductible
$3,000 Additional Accessories Coverage
$500 (each occurrence) Roadside Assistance costs with Trip Interruption Insurance

I’m 69 yrs. old, no accidents with any vehicles (except those that hit me – my car, truck, NOT bike - and their insurance paid, not mine) and I live in south/central Illinois. I really shopped around when I got it in 2016 and had never used Progressive before. My Independent Agent told me this was the very best he could find. If I got ripped off, go ahead and tell me. It won't hurt my feelings. Hope this helps anyone comparison-shopping!
 

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I couldn't ever go that low on liability and UM/UIM. As an insurance guy, I believe in insuring for the worst case. If some uninsured person hit you, and you were unable to function on your own the rest of your life, what is going to pay for your assisted living at $6,000+ per month? It won't be Medicare. To each his own, but I have to have MUCH higher limits. Statistics tell me that in Virginia where I live, 1 in 7 drivers is uninsured - 13%. And if I get hit, guess who of those 7 it's going to be? Yep - that one. I've never had an at fault accident, but have been affected by other drivers just like yourself. I have ZERO faith in the other guy to both be a responsible operator and have adequate insurance. I even carry a $2 million umbrella liability policy. And let's look at your property damage liability. $25,000? If you caused one decent car to be totaled, it would chew up that limit in a second. What's going to cover the difference? What if a little kid ran out in front of you? $50,000 would barely cover your court costs these days.



I don't intend to be critical - my intent is to point out the weaknesses in your coverage and the potential shortcomings in the event of a bad accident. None of us ever thinks we will be at fault, and none of us ever thinks we'll be disabled, but the odds are at some point, one of these if not both will happen. They say there's two kinds of bikers - those who've been down, and those who will be.



I think you have a good rate for what you have. No ripoff there. But I'd suggest higher limits of liability.


Now you're getting me down even more. I was hoping maybe Progressive had some serious competitors out there but it sounds like I'm doing as well as I can. But I am going to shop it next week.


Thanks!


Richmonder
 
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