0.2 or 1M liability?

J

JustinRR

Well-known member
Does a bike actually need 1M liability?? Cuz it's not like a car you could cause as much bodily harm nor other infrastructure that might you might get sued or claimed.

For a car, I do 2M, but for a bike, I don't think is necessary for 1M, what do you guys think and have?

I am thinking to lower it to 0.2M and use the savings to add to collision, lower deductible, all that stuff, so at the end premium is gonna stay the same or cost a few bucks less/more.
 
The savings are minimal and ambulance-chasers are hungry, plus we have a strong insurance fraud industry in Ontario. Go with 1M
 
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Get 1m minimum.
 
JustinRR said:
Does a bike actually need 1M liability?? Cuz it's not like a car you could cause as much bodily harm nor other infrastructure that might you might get sued or claimed.

For a car, I do 2M, but for a bike, I don't think is necessary for 1M, what do you guys think and have?

I am thinking to lower it to 0.2M and use the savings to add to collision, lower deductible, all that stuff, so at the end premium is gonna stay the same or cost a few bucks less/more.
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Really????

What if you run down a pedestrian. They don't sell 1M in liability in case you accidentally crash through a Lambo dealership.
 
1Mil Hands down. Better have it and not need it than end up selling your "family jewels" to pay for what you destroyed.
 
Like others have said, the increase/decrease in liability doesn't change your premium much.

Imagine this, you hit a 30 year old office admin who makes $30,000 per year and he/she loses the use of their hands. Just to replace their income you'd need 1.05 million (35 years * 30,000 per year). Now try that again with say someone making 50k+ per year.

I've got 2M.
 
Either way 1.0 or 2.0 million is nothing if you seriously injure someone. The courts do not base the max. limit of the award on how much coverage you have. Just because you have 1 million or 2 million liability it still may not be enough. You will still be ruined financially. They will still come after everything you own and garnish your wages. The 1.0 million liability is usually a min. that insurance will want you to purchase as part of a motorcycle insurance policy.
 
JustinRR said:
Does a bike actually need 1M liability?? Cuz it's not like a car you could cause as much bodily harm nor other infrastructure that might you might get sued or claimed.

For a car, I do 2M, but for a bike, I don't think is necessary for 1M, what do you guys think and have?

I am thinking to lower it to 0.2M and use the savings to add to collision, lower deductible, all that stuff, so at the end premium is gonna stay the same or cost a few bucks less/more.
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If you hit a pedestrian as has been stated make sure you KILL them then, just "maybe" the 200,000 might be enough, to cover their death, but then their estate will sue for loss of enjoyment, loss lifetime earnings, etc etc etc.

But your probably right a bike can't do as much damage.... to a building, (well unless the bike explodes on impact and sets that building on fire)...lol but to a person a bike at say 80km is pretty devastating.

Follow the advice and keep at minimum 1 mill, the "savings" aren't worth it.
 
I went for $2 Million. Just because the minimum required is only $200K doesn't mean you should jump at it. For the sake of saving a few $ a year would you really want to be personally responsible for any claim exceeding the $200K. I'd go without collision insurance before I'd even think of going less than $1Mill liability.
 
the price from 0.2 to even 2m is so small its not worth thinking about
I just priced mine, it was $35 to go from 1m to 2m...no brainer.

specially if you pay monthly, its insignificant.

When the government allowed for sub 1m policies (or whatever it was a few years ago) someone posted the average figures for an accident that required extended hospital stay, rehab, etc...$200k would run out in flash...
 
I was discussing another matter with my insurance agent and this subject came up. He related a case where a biker lost control and the bike shot onto the sidewalk, hitting a pedestrian. So far the tab is $1.3 million.

I carry $2 million and would sooner give up collision than liability. I can save up for a new bike faster than a new house.

Also consider having a crash in the USA where the ambulance chasers are on steroids.
 
My thought has always been: If you hit something non-living, you won't do 200k worth of damage on a motorcycle (or it's unlikely). If you hit something living, it's very possible that even 1 or 2 million won't cover it anyway. We all take a huge risk riding and driving on the road.

I've always wondered though, is hitting a pedestrian absolute liability? Some idiot jumps out in front of you on an 80km/h road, is that really your fault? I'd be interested to hear from someone that knows for sure.
 
Don't forget to look at your own medical benefits if you crash. The standard benefits have been cut back to $50,000. That's about $45,000 USD. Have a crash in the USA and your financial future is toast. The payout number is greater only if the injury is catastrophic. i.e losing an arm instead of breaking it.
 
nobbie48 said:
Don't forget to look at your own medical benefits if you crash. The standard benefits have been cut back to $50,000. That's about $45,000 USD. Have a crash in the USA and your financial future is toast. The payout number is greater only if the injury is catastrophic. i.e losing an arm instead of breaking it.
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Always always always carry travel insurance when travelling. Most people probably have coverage and don't know it; many insurance policies have different limits for out-of-country (often higher), many employer group benefits have travel insurance, many credit cards have it included etc etc.

But the bottom line is, you should probably never leave the country without a solid insurance policy.
 
drumstyx said:
Always always always carry travel insurance when travelling. Most people probably have coverage and don't know it; many insurance policies have different limits for out-of-country (often higher), many employer group benefits have travel insurance, many credit cards have it included etc etc.

But the bottom line is, you should probably never leave the country without a solid insurance policy.
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True but I've posted about Travel medical insurance in the touring / cruising forum and from the basic research I've done I don't trust travel insurance policies.

Sorry for the rant but insurance companies are so full of bafflegarb it is impossible to get a straight answer. They have all kinds of stats to justify rate increases but when you ask for stats to enable you to make a prudent decision they don't have any.

Wait until the NDP rate decrease comes in. Your benefits will drop to a coupon for a cup of coffee and the pink slip will be adhesive backed to double as a bandage for your rashed azz. BTW bikes don't get the rate increase only the coffee coupon and azz bandage.
 
on a motorcycle, think of it this way......

1) if you hit a padestrian... make sure you kill them. Its cheaper.
2) if you have a colision with a vehicle, and you are in anyway going any where even remotly close to 200 000$ in damages and expenses, Face the light here people. YOU WILL PROBABLY BE DEAD. In that case, who the **** cares what coverage. What are they going to do, claim your body at the morgue and whore out your corpse untill they get the money from you..... TFB keep the money in your pocket even if it is only 10 cents a year cheaper than 1mill.

on a car, Dont be dumb, get 1M liability. Its easy to do 200 Thou in a cage and survive. But just like I said up there^ If you hit some one on whos not in a cage, Kill them its cheaper.
 
Kyle said:
on a motorcycle, think of it this way......

1) if you hit a padestrian... make sure you kill them. Its cheaper.
2) if you have a colision with a vehicle, and you are in anyway going any where even remotly close to 200 000$ in damages and expenses, Face the light here people. YOU WILL PROBABLY BE DEAD. In that case, who the **** cares what coverage. What are they going to do, claim your body at the morgue and whore out your corpse untill they get the money from you..... TFB keep the money in your pocket even if it is only 10 cents a year cheaper than 1mill.

on a car, Dont be dumb, get 1M liability. Its easy to do 200 Thou in a cage and survive. But just like I said up there^ If you hit some one on whos not in a cage, Kill them its cheaper.
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A cager hit and killed a jay-walker in Montreal a year or so back and the cager went after the pedestrians estate to pay for the car deductable. Other than the cager being accused of being callous over wanting the pedestrians meager belongings I don't know what happened.

However if I was going to need millions in medical assistance for the rest of my life and the rider that lost control of a wheelie only had minimum insurance ($200K) I would go after the dead rider's estate. If his careless actions caused my suffering why should my family suffer in poverty while his kept their house?
 
nobbie48 said:
A cager hit and killed a jay-walker in Montreal a year or so back and the cager went after the pedestrians estate to pay for the car deductable. Other than the cager being accused of being callous over wanting the pedestrians meager belongings I don't know what happened.

However if I was going to need millions in medical assistance for the rest of my life and the rider that lost control of a wheelie only had minimum insurance ($200K) I would go after the dead rider's estate. If his careless actions caused my suffering why should my family suffer in poverty while his kept their house?
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If you're debating between liability amounts (actually quite a small portion of your total premium, accident benefits, which cannot be reduced, is much more) it's either because you're young, you're broke enough that $20 a month makes a decent difference, or both. So basically, what estate? Yeah I've got life insurance, but that's not much anyway.

There's potential for you to get screwed. It's a risk you take by simply going outside, and living close to other people. One million is more than reasonable to cover almost any damage, and $200,000 would cover most any damage done by a bike. And you've got to thing rationally here; $200,000 might not be enough, as you say, to cover all your costs, and that's ok. Why? Because all of us take the risk of existing in this world of automobiles. It's why you can take out accident insurance for yourself.
 
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