Full coverage vs Min. coverage

architect

architect

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Is there a general rule whether to go full coverage vs only liability?

I have an EX500 2007 and the quote was $1200 for liability only and $1400 for extra fire, theft, and collision with State Farm. Wondering if the return on the extra $200/year is worth it.

I'm thinking might not be worth it because I have a lower end bike.

Thanks all.
 
Well. If your bike gets stolen will you regret not having spent an extra 200? Most likely. I have a 500 and have had a scooter stolen. People will steal anything. Doesn't matter what it is.

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I have liability only, but that's partly because my bike isn't worth that much. If I wad it up, I can just shrug it off and replace it. Can you do that? (And if anyone tries to steal it, there's a good chance they'll break their ankle because nobody ever expects it to be so top heavy, hehe)
 
I have liability with theft and comp. The money I save is enought to buy a new bike every few years.
 
It is entirely up to the individual's circumstances.

Personally, I never own a bike that is worth so much that I would be financially disadvantaged if it were gone tomorrow. I always go with the mandatory liability coverage and add Comprehensive (i.e. Fire/Theft). If you are NOT at fault in a Collision, your bike is covered whether you have Collision or not. If you are involved in an at-fault collision, then you'll have to eat the cost of the bike.

If you're financing the bike, the financing company will require full coverage. If you own the bike and it isn't worth a heck of a lot (relative to your financial situation) and you're a safe rider, then you're probably best off with just Liability and Fire/Theft. If you own the bike and it's worth a lot, you'll probably want to add Collision as well.
 
Good to know. Thanks all.

I thought comprehensive = full coverage that had collision for not-at-fault already.
 
architect said:
Good to know. Thanks all.

I thought comprehensive = full coverage that had collision for not-at-fault already.
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Liability (Mandatory) -- Pays if you are sued by a third party
Accident Benefits (Mandatory) -- Pays for your injuries regardless of fault
DCPD (Mandatory) -- Pays for damage to your vehicle if you are not at fault
Collision (Optional) -- Pays for damage to your vehicle if you are at fault
Comprehensive (Optional) -- Pays for damage/loss of your vehicle due to Fire, Theft, Vandalism, etc.

People refer to "Full Coverage" as having all of the above coverages.
 
It's good to note that Collision is also the coverage that's used when you can't identify who the at fault party is. This is particularly useful with bikes, as there are a higher number of incidences of hit and runs.
 
What is everyone's experience using comprehensive? With a $500 deductible I'm guessing there would have to be a major damage on my EX500 before it's really even worth claiming? The only scenario I imagine it being useful is if someone drove into my bike while parked or it was stolen.
 
architect said:
What is everyone's experience using comprehensive? With a $500 deductible I'm guessing there would have to be a major damage on my EX500 before it's really even worth claiming? The only scenario I imagine it being useful is if someone drove into my bike while parked or it was stolen.
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I had this happen to me the other day. Some zip car renter backed into my parked bike, knocking it over. Since he was not a regular driver he didn't want to pay up on the spot and settle it like a man (less than $500 damage). he just differed to his $11 insurance. We exchanged details and went on our ways.

Turns out the insurance is based out of Georgia and they were also aware that Ontarion has a no fault system. I am worried they will just screw me and not pay up on behalf of their client / company. I am also worried by making a claim, I get stuck with the deductable and then my premium goes up.

What happens in a situation like this, where clearly it is another person's fault but the incident is so minor insurance companies would rather just default to the no claims proceedure? Based on principle alone I want to force the Zip Car company to pay, but what are my options to avoid incurring costs or a premium hike?
 
awyala said:
I had this happen to me the other day. Some zip car renter backed into my parked bike, knocking it over. Since he was not a regular driver he didn't want to pay up on the spot and settle it like a man (less than $500 damage). he just differed to his $11 insurance. We exchanged details and went on our ways.

Turns out the insurance is based out of Georgia and they were also aware that Ontarion has a no fault system. I am worried they will just screw me and not pay up on behalf of their client / company. I am also worried by making a claim, I get stuck with the deductable and then my premium goes up.

What happens in a situation like this, where clearly it is another person's fault but the incident is so minor insurance companies would rather just default to the no claims proceedure? Based on principle alone I want to force the Zip Car company to pay, but what are my options to avoid incurring costs or a premium hike?
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The No-fault system isn't really a no-fault system. It is more of a 50/50 fault.
That being said that mostly occurs when both people are in the car or one car is parked illegally.
Since you were not on the bike at the time, it is very hard to fight that you were at any fault.
 
CruisnGrrl said:
a set of forks could be 500$

i think comprehensive covers wild life too
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Wildfire? Not sure when that'll happen in my garage?

Also damaging the forks sounds like a freak accident too. It's an additional $150 to get comprehensive. So I'm paying $650 to cover the first freak accident anyway unless I get some drastic damage.

Unless you guys get your forks messed up often ... I'm starting to think it's not a worthwhile investment.
 
awyala said:
I had this happen to me the other day. Some zip car renter backed into my parked bike, knocking it over. Since he was not a regular driver he didn't want to pay up on the spot and settle it like a man (less than $500 damage). he just differed to his $11 insurance. We exchanged details and went on our ways.

Turns out the insurance is based out of Georgia and they were also aware that Ontarion has a no fault system. I am worried they will just screw me and not pay up on behalf of their client / company. I am also worried by making a claim, I get stuck with the deductable and then my premium goes up.

What happens in a situation like this, where clearly it is another person's fault but the incident is so minor insurance companies would rather just default to the no claims proceedure? Based on principle alone I want to force the Zip Car company to pay, but what are my options to avoid incurring costs or a premium hike?
Click to expand...


Since you were not even on the bike, you are definetly not-at-fault, and there's really no way your insurance premium can go up. On top of this, you've already got the other driver's information, which eliminates any possibility of a Hit & Run (Hit & Run without an identifiable Third Party is paid out under Collision WITH a deductible, provided there's a police report, but does not affect insurance rating/price). Therefore, your claim, if you go through with it, will be paid out under DCPD (Direct Compensation Property Damage). Your deductible should be $0, as this is the Ontario standard, unless you've changed it to $250 or $500. This does not affect your record in any way. Your insurance company can then subrogate against the other driver's insurance company to collect money for the damages paid out - however, this happens largely behind the scenes, and usually does not happen for smaller payouts. Either way though, your insurance company would notify the other one that one of their insured's had an at-fault accident, and chances are it would show up as an AF accident on their record.
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