I’ve never bought auto insurance before, so I don’t really know anything about what to look for. In normal times, I’d ask my dad for advice, but he’s recovering from a stroke and perennially exausted, and all my mom knows is she’s been on Geico for forever. I’ve got a few quotes, but those are just prices. What else do I need to look at with insurance? I don’t want to just go with the cheapest option, right? I’m guessing that might not be the best value.
To complicate matters, I’m insuring a bike, not a car. Long story short, I do feel that I need a motorized vehicle, but I don’t feel like it needs to be a car. I’m comfortable with bikes moreso than cars, I can use my dad’s car or Uber if I absolutely need a car specifically. It’s so much cheaper, too. All my insurance quotes are under 1K annual, for liability + under/uninsured motorist coverage, for my first bike, in a high risk neighborhood and age category. Full coverage prices seem exhorbitant (basically the value of the bike annually), but I didn’t finance the bike, I bought it outright, so I don’t need full coverage. The gas mileage is amazing, the purchase price was cheap, it’s a gorgeous machine, and I don’t have to go looking around for ways to get my hands on bikes anymore. It’s a Kawasaki Vulcan S with ABS. 650cc cruiser. Starfleet Blue, already ordered Star Trek stickers for it.
I just need to know what to look for in an insurance company, so I can get a policy on this thing before I ride it.
For years I had a Ninja that I rode like I stole, so please understand I am a motorcycle lover… if you are a first time rider, you need more coverage than just bare bones liability + under/uninsured motorist. Full coverage is expensive because there is a high chance you will need it. Think about what that means - the odds are you will have an accident.
You need both good medical and more than bare bones coverage unless you’re OK with a total loss on the bike.
State Farm used to be one of the best motorcycle insurers, but that probably varies by area so you’ll need to check around. Think about taking a riding course even if you think you know how; you will learn safety tips and get a discount. Plus, your instructor can give advice about good insurance in your area.
+1 what @milee30 said. Mr. B was on a jury duty involving a lawsuit about who got to pay the $250k hospital bill (complicated). The injured person was on a motorcycle and hit by an underinsured motorist. As my friend used to say, “When you drive a car, drive like everyone is trying to hit you. When you ride a bike, ride like everyone around you is trying to kill you.”
I completed a safety course last week, actually. I was going to do one-on-one training later this week, but Coronavirus nipped that in the bud. I am definately aware that I need professional instruction to develop better riding habits.
My issue with full coverage is, Progressive quoted me the full price of the bike annually. I know that covers medical, too, but it’s just so much relative to what I bought the bike for.
Listen to what the insurance is telling you - odds are high and the liability isn’t about just the bike.
Where do you live and in what conditions will you be driving?
I live in Silicon Valley, so admittedly it is kind of crazy around here.
I’ll have to think more. My thing is, if full coverage basically costs what the bike costs, am I not better off with liability+un/underinsured, and then paying out of pocket to get a new bike if it gets totalled? Assuming I’d probably get a cheaper bike if I had to buy another bike, that sounds like it would cost less at the end of the day in the event of a serious crash.
In the event of a serious crash, you’ll be lucky to be typing afterward, much less figuring out how to get a new bike.
Get a bike because you love riding, because you have a car for regular transportation and to protect you in dangerous driving areas and then ride the bike on weekends or open conditions. I rode the Ninja for fun and commuted in my built-like-a-tank Mercedes.
Getting a bike to save money on transportation and then cheaping out on insurance is the definition of penny wise pound foolish.
What you want to do is check a few different insurance companies and get the breakdown of which part of the price is for necessary liability and which part is for optional coverage like for damage to the motorcycle. Checking a few different insurance companies can show you if some are much more or less expensive than others (be sure to specify the same coverage amounts). See if the insurance companies have web quotations to make it easier.
Then you can make a more informed decision regarding your questions in reply #5.
You guys are right. I was looking at this the wrong way. My insurance isn’t just about physical damage to the bike, it covers medical costs (specifically, it covers my medical costs if someone else hits me), and if I want to save money? Compared to car insurance, this is still cheap. I decided to get more liability coverage than just the California minimum, because, for a motorcycle, liability coverage isn’t where the cost is. It’s in the total loss coverage on the bike and uninsured/underinsured motorist insurance (which I have, and I got the uninsured/underinsured amount that matches my higher than minimum liability). Plus I got some health coverage regardless of fault. And I have a transponder in my bike who’s company matches my insurance payout in case of theft, which doesn’t help me any if I don’t have an insurance payout in case of theft. All of this is still less than half what car insurance would likely cost me, for worse coverage. I’m still saving money, here.
Shop around and get quotes. The Vulcan S is unique because it’s not quite a cruiser. It’s a Ninja 650 with a cruiser body. It’s definitely going to be cheaper than a supercharged liter bike. Some, if not most, insurance companies are going to put the Vulcan S in a “race bike” risk category, because that’s basically what it is. Others might treat it like a 650cc cruiser. So basically, the insurance companies are putting you in the category of young inexperienced adult with a low-end race bike. Just something to keep in mind.
As far as coverage. Bikes are fairly inexpensive to replace. Your auto policy is really injury insurance. You want to get good bodily injury protection, because medical insurance doesn’t normally cover auto accidents. If something happens on a slick road and a minivan, God forbid, that’s something I wouldn’t want to short-change myself on.
Yea, I have a good bit of medical coverage on my bike’s insurance policy. I made sure of that, and it was one of the reasons I decided shelling out a lot actually does make sense. I didn’t end up getting a policy that costs as much as the bike, but I didn’t cheap out, either.
I think my insurance considers the Vulcan a cruiser. I do find it kind of ironic that some companies consider it a sport bike. I know it has a Ninja engine in it, but one of the big selling poings of the Vulcan S is that it’s an extremely good motorcycle for beginners, unlike the Ninja 650 (I’ve heard a lot about the Ninja 250 and 300 being great for beginners, but sports bikes are a totally different world to me, and don’t fit my wants and needs in a bike). Nice conveniences, too. I have a fuel gauge so I actually know when my tank is running low (I don’t know why that isn’t common), and I’ve got ABS (which saved me some money on insurance).