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Old 07-21-2017, 08:58 AM   #1
AlmightyS
 
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Insurance question/opinion

Curious in people's thoughts on the topic of when to reduce insurance coverage from full to just standard PLPD and essentially dropping the comp/collision


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Old 07-21-2017, 09:49 AM   #2
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As soon as the bike is paid off
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Old 07-21-2017, 10:51 AM   #3
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Quote:
Originally Posted by bbancsov View Post
As soon as the bike is paid off


But if you had a value of let's say 10k, you'd be willing to take that at a total loss on a car or bike?


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Old 07-21-2017, 11:09 AM   #4
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Depends if your bike is a $10k bike or a $2k bike, and how often and hard you ride it.

I keep good coverage on my 2014 FJR, but had minimal insurance on my Honda Shadow, because the Shadow wasn't worth much and rarely drove it. Also it was hard to get into speed type trouble on the Shadow. The VTX1800 I keep fully insured because I'm riding it weekly, even though the value is minimal.

Steve, not sure how often you ride the Kawi with that big boat also taking up your Summer plans. If it is just sitting might not be a bad idea to put the minimum on but bump it to full coverage for the week of Deals Gap.
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Old 07-21-2017, 12:11 PM   #5
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More so thinking of this on our second car as well as its value is probably 5k at best and don't think the Kawie is worth much more maybe 6k. It's the car that I am most pondering as the bike insurance is only 500/yr full coverage.


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Old 07-21-2017, 01:07 PM   #6
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How much do you stand to save if you remove full coverage? There needs to be a gap assessment, break out the excel sheet!
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Old 07-21-2017, 02:10 PM   #7
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I've kept collision on cars with low value because the savings of dropping it were so small. Since we never had a claim, it was money lost though.
Did find that if you are not at fault, the other drivers insurance will pay out. Got most of my car paid for by a fender bender....
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Old 07-22-2017, 01:50 PM   #8
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I bought my bikes cash, but still have full coverage on the 2009 K1300GT.

That aside, everyone be sure to carry uninsured/under-insured coverage on your bikes! MI no-fault ins law does not recognize motorcycles as "motor vehicles", and as such you aren't eligible to PIP med ins if you get hurt on 2.
Costs about 80-/yr for $100,000-.
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Old 07-22-2017, 08:12 PM   #9
EJFudd
 
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I'll tell you a recent story..

I insured a 2008 Chevy COBALT in MI for about $125/month. It was the highest of my fleet due to the fact the cars total themselves on a pot hole. It was low miles, excellent, and my daughters car.

I moved to Ohio and transferred the policy here, and it changed to about $40/month, full coverage.

Finally time to let my 28 year old daughter now in the medical field pay her way, she takes the car title, and insures it for PLPD along with her new car back in Michigan due to cost.

Her and Fiancee go to dinner, spend money, get housing. Fiancee totals the Cobalt. No money. Kids struggle to scrap up money for a cheap car, or dig deeper in debt paying the $2000 more a dealer wants because he finances.

Both sides of the story. Sorta like a Prius, in the sense that the Prius without hybrid option (not available) would cost much less.......YOUR FINANCING GASOLINE.

SO, Your financing your down payment on the next car with full coverage. This applies to a value up to 6K IMHO. I agree for a value of $10K, you may wish to fully cover it. I generally covered cars and bikes over 5K real value, and PLPD anything else.

You must ask what is the realistic value of the vehicle, and do you have $2K or so available now to get out of trouble if the asset is lost.

Oh, and I used to pay $730/Month in Michigan to insure my fleet, it is $290 in Ohio with better coverage. Don't be bullshit into believing it is a good idea to pay that kind of money (MI rates, #1 USA) for any reason.
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Old 07-24-2017, 09:34 AM   #10
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Quote:
Originally Posted by bbancsov View Post
How much do you stand to save if you remove full coverage? There needs to be a gap assessment, break out the excel sheet!


lol I've lost my love for excel macros
I'm going to talk to my agent and see what the cost difference might be. With the car worth 4-5k at best in a sunny day and diminishing value annually, I might just bump up my deductible a bit for now. We just bought a new car and will have that paid off in about 24 months so might wait a bit since I am not as flush as I'd like to be


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