ideas for insurance for 1st time rider.

[TonySilver]

Hello,

I was wondering what do you recommend when it comes to insurance coverage for a first time rider. I have done a couple of quotes but I do not know what is best to have on a bike.

This is one of the quotes that I have gotten.

Your 12-month policy premium is $318.00 if paid in full, or start a policy today for $56.10.

Policy coverages

Bodily Injury & Property Damage:$20,000 person/$40,000 accident/$15,000 property damage

Uninsured/ Underinsured Motorists Bodily Injury:$20,000 person/$40,000 accident

Medical Payments: No coverage
Transport Trailer: No coverage
Vehicle coverages for 2012 HONDA NC700X
Physical Damage Options: No coverage
Comprehensive: No coverage
Collision: No coverage
Disappearing Deductibles: No coverage
Uninsured Motorist Property Damage: No coverage
Roadside Assistance: No coverage
Accessory coverage: No coverage
I have done some research and I believe I should have comprehensive and accesory coverage, I think collision I don't really need, what do you think I should include, I also think roadside assitance might be a good idea.

Thank you for your input

 

[OriginalRocket]

Join the AMA, and get road side assistance and discounts on other various items and places. I saved 7 bucks by declining with my foremost.

You live in Chicago. I'd raise those limits much higher. 100k/300k. If you crash can you afford to write off the cost of the bike? Do you have the title on hand? If not full coverage!

How is your medical insurance? Will it suffice? Bodily injury costs are extremely high in Chicago. I know, I deal with private/Medicare/HMO insurance with my patients. Those not for profit multibillion dollar hospitals costs lots of $$$!


Lastly shop around. Its not riding season yet, use this time to get the coverage that fits your needs at a price you can afford. Take note, some insurance will cover mods to the bike up to a certain amount , and then you can raise that coverage too.

 

[Bug Dr.]

Progressive still lists the NC as a sport bike in my area, at least. They wanted more premium than my Beemer for less coverage. Shop around like was previously mentioned. A MSF course will knock a few bucks and is a good idea anyway for a new rider.
Mike

 

[showkey]

Uninsured/ Underinsured Motorists Bodily Injury:$20,000 person/$40,000
Uninsured Motorist Property Damage: No coverage

We have discussed this before in the insurance thread ...........but uninsured underinsured coverage has the most value in the chance you get hit by the very common uninsured vehicle. $20,000 can be used in one day at the hospital.

 

[yticolev]

Progressive quoted me $75 for the statutory minimum, the least of five companies I checked - less than yours but my age/state/credit report may be in my favor. Full coverage would cost me $300 a year, same as my full auto coverage (seems excessive to me). I do have medical insurance, so my major concern would be liability and losing assets in the unlikely event I'm found at fault (hasn't happened in 40 years of driving and riding). I may reconsider. But at least for now, I'll be good in a traffic stop.

 

[danrev]

Do insurance companies in the colder areas of the country (like Chicago) adjust coverages for the fact that people will only be riding for part of the year? Or do the individual riders only carry coverage during the months they actually can ride? It seems to me if you can't ride your bike year round the companies should make allowance for this.

 

[OriginalRocket]

They "do". But I have no way to quantify this. The guy from foremost asked my average millage from last year. I told me 2k from my PCX. Qualifies for recreational status, like a motor home. I was also asked where I store the bike in the winter. They automatically assume you do not ride when their is snow. But, You are still covered year round.

 

[670cc]

Do insurance companies in the colder areas of the country (like Chicago) adjust coverages for the fact that people will only be riding for part of the year? Or do the individual riders only carry coverage during the months they actually can ride? It seems to me if you can't ride your bike year round the companies should make allowance for this.

Just speculation here, but I would think regional rates in colder climates would be set by loss history/prediction and also by industry competition and state regulations. If (strictly for example) people in Minnesota only ride 6 months out of the year but they turn in twice as many claims as (strictly for example) Arizona, then I would not expect rates to be lower up north just because the northerners ride fewer months. If the northerners do actually have fewer claims, then if you like, you could say they get a break because of the winter layup.

The actuaries decide.

Greg

 

[frozenpoet]

Progressive can suck a fat one lol. They quoted me over $500/yr for the nc. Rider insurance was less than 300/yr and I think I have the higher options.

 

[kjang]

I am not sure, but it depends on which region/zip code you fall in. Some are more expensive than others. Length of time you had your motorcycle license, Length of time you have been driving (in general), If you have a house or not and the limits you want. Some discounts apply if you taken a rider coarse and belong to some riding clubs. I had some outrages quotes (very high) with the limits that I wanted. The very low limits were also very low quotes. To make things fair, You should ask for what you feel safe with and have all of these insurance company quote you.

Ken

 

[TonySilver]

Thank you for the good replies everybody!

I did read the other thread about insurance. Still, I just wanted to make sure if there would be any differences when it comes to new riders. Like if there was a particular coverage that I should make sure I have, Also I will continue to shop around since as some of you said it is still not riding season in Chicago.

Thank you OriginalRocket for the specific reply, I do have a decent health care plan, still I will raise those limits.

Thanks

 

[TonySilver]

Your 12-month policy premium is $318.00 if paid in full, or start a policy today for $56.10.

Policy coverages

Bodily Injury & Property Damage:$20,000 person/$40,000 accident/$15,000 property damage

Uninsured/ Underinsured Motorists Bodily Injury:$20,000 person/$40,000 accident

Medical Payments: No coverage
Transport Trailer: No coverage
Vehicle coverages for 2012 HONDA NC700X
Physical Damage Options: No coverage
Comprehensive: No coverage
Collision: No coverage
Disappearing Deductibles: No coverage
Uninsured Motorist Property Damage: No coverage
Roadside Assistance: No coverage
Accessory coverage: No coverage

POLICY COVERAGES AS FOLLOWS:
ANNUAL
LIMITS PREMIUM
BODILY INJURY AND PROPERTY DAMAGE LIABILITY 20/40/15 $143.62
PROPERTY DAMAGE LIABILITY
COMPREHENSIVE $500 DEDUCTIBLE ACV $135.73
COLLISION $500 DEDUCTIBLE ACV $434.43
UNINSURED 20/40 $62.60
TOTAL OF 12 MONTH PREMIUM $776.38
MONTHLY PREMIUM (SERVICE CHARGE NOT INCLUDED) $64.70

I also found this, what do you guys think is better? Thanks a lot for the help!!

 

[Daboo]

I recommend you contact one or more Independent Insurance agents before settling in on a policy. I was always the type who went with the big name insurance companies till I married my wife. Her dad is an independent insurance agent and I've seen what he can do for people over the years. An independent agent will shop around for you to get you the best coverage for the least cost. He's not limited to one company only.

My daughter also worked for a year in a big name insurance agency as part of the office help. The agency wanted her to move into sales and she wouldn't. She could see they were charging almost double what other companies would charge for the same coverage.

You usually see people shopping around between like Progressive and Geico for instance. I like the commercials too. But your premiums are paying for them.

Chris

 

[670cc]

POLICY COVERAGES AS FOLLOWS:
ANNUAL
LIMITS PREMIUM
BODILY INJURY AND PROPERTY DAMAGE LIABILITY 20/40/15 $143.62
PROPERTY DAMAGE LIABILITY
COMPREHENSIVE $500 DEDUCTIBLE ACV $135.73
COLLISION $500 DEDUCTIBLE ACV $434.43
UNINSURED 20/40 $62.60
TOTAL OF 12 MONTH PREMIUM $776.38
MONTHLY PREMIUM (SERVICE CHARGE NOT INCLUDED) $64.70

I also found this, what do you guys think is better? Thanks a lot for the help!!

I don't think it has anything to do with being a new or an experienced rider. It's all about what risks you want to take. Based on the bare minimum liability limits and the inclusion of collision coverage, the quote above is for someone that isn't concerned about the big picture, i.e. protection of assets and future earnings, but is concerned about loss to the motorcycle with self inflicted damage.

If you have secured a loan using the bike as collateral, the lender will probably insist on certain insurance coverages.

As was mentioned several times before, uninsured/underinsured coverage is very important, but this quote shows minimal uninsured coverage and no underinsured coverage at all.

To be very blunt, for me this quote stinks. but your goals may differ.

I would want:
100/300/50 as a minimum for liability and uninsured/underinsured. Comprehensive $1000 deductible (only if it's fairly inexpensive). No collision (simply don't crash your bike). No medical (if you have good health insurance). No roadside assistance (join the AMA and get it there for free). Pay for the policy annually and save the fees.

But then that's just me.

Greg

 

[TonySilver]

I recommend you contact one or more Independent Insurance agents before settling in on a policy. I was always the type who went with the big name insurance companies till I married my wife. Her dad is an independent insurance agent and I've seen what he can do for people over the years. An independent agent will shop around for you to get you the best coverage for the least cost. He's not limited to one company only.

Chris

To be very blunt, for me this quote stinks. but your goals may differ.

I would want:
100/300/50 as a minimum for liability and uninsured/underinsured. Comprehensive $1000 deductible (only if it's fairly inexpensive). No collision (simply don't crash your bike). No medical (if you have good health insurance). No roadside assistance (join the AMA and get it there for free). Pay for the policy annually and save the fees.

But then that's just me.

Greg

Hey guys!

Thank you much for the honesty in your reply. I definately want to be responsible, safe and do not want any surprises when it comes to insurance. I will try to get something more like what Greg recommended and also check with an independent insurance agent, as Daboo said.

I just need to find the place where I will get the most coverage for my money.

 

[670cc]

Hey guys!

Thank you much for the honesty in your reply. I definately want to be responsible, safe and do not want any surprises when it comes to insurance. I will try to get something more like what Greg recommended and also check with an independent insurance agent, as Daboo said.

I just need to find the place where I will get the most coverage for my money.

What I would do is decide on the coverages and limits you want first, then take that same list to at least six (or a dozen if you have the time/energy) companies/agents so you can compare apples to apples rather than have each one recommending different policies. You will get back quotes with a very wide range of prices for the same coverage. I find I get better deals by speaking to agents directly (on phone or in person) rather than just doing automated on-line quotes.

Then you can pick the insurer of your choice.

Greg

 

[OriginalRocket]

What I would do is decide on the coverages and limits you want first, then take that same list to at least six (or a dozen if you have the time/energy) companies/agents so you can compare apples to apples rather than have each one recommending different policies. You will get back quotes with a very wide range of prices for the same coverage. I find I get better deals by speaking to agents directly (on phone or in person) rather than just doing automated on-line quotes.

Then you can pick the insurer of your choice.



Greg

Exactly what I did. Took 2 months, lots of phone calls and internet quotes, but I got a great policy for a great price.

 

[StratTuner]

Progressive got me $124 a year rate for a California home address.

 

[Spaceteach]

I imagine you have already thought of this, but another thing to keep in mind is that most insurance companies offer discounts if you insure more than one vehicle, so if you have a car ask your current insurer what the bike (and car) insurance would be after any applicable multi vehicle discount. It would probably be a good idea to ask other insurers what it would cost to insure all your vehicles. A multi vehicle discount would apply to your car as well as the bike.

Of course, if the bike is your only vehicle, feel free to disregard the above.

Bob

 

[670cc]

I imagine you have already thought of this, but another thing to keep in mind is that most insurance companies offer discounts if you insure more than one vehicle, so if you have a car ask your current insurer what the bike (and car) insurance would be after any applicable multi vehicle discount. It would probably be a good idea to ask other insurers what it would cost to insure all your vehicles. A multi vehicle discount would apply to your car as well as the bike.

Of course, if the bike is your only vehicle, feel free to disregard the above.

Bob

It's good advice to at least inquire about multi-policy, multi-vehicle discounts. But often just because the company says they are saving you money, don't believe it until you work out all the numbers.

I was doing some shopping one time to see if I could get a better rate on my home insurance. Home was with company A, auto was with company B. I request a home quote with B to see if already having the auto there also would get me a better deal. B quotes me their home policy and figures the multi-policy auto discount. Agent asks, "well with that discount you're now going to get on your auto policy, we're saving you money". I said' "Sir, your quoted premium for your homeowner's policy is so much more than what I'm paying now at company A, that if you just GAVE me the auto policy totally for free, you're still not even close!"

And so it was that staying with two separate companies was the cheaper option. In fact, I usually have two to three different insurance companies for all my stuff because having separate companies usually costs less because multi-policy discounts don't usually save me money.

Multi-vehicle discounts usually save money, but for multi-policy discounts it can go either way, so do the math and shop around.

As with any aspect of insurance, YMMV.

Greg