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Thinking about dropping your motorcycle full coverage insurance?

Early yesterday morning, I was on my way to pick up my bike at the storage facility where I store my ZX-14, to participate in the Philadelphia Breast Cancer Walk. A couple of blocks from the location I noticed the flashing lights.

An overnight fire destroyed 18 storage units. Because it was my lucky day, my bike is stored at the other side of the building where the fire ocurr. Thankfully, my ZX-14, and some of my friends bikes came out unscathed from the fire. Lots of vehicles, including about a dozen bikes, four wheelers, and a 2012 Kawasaki Ninja ZX-14R burned to the ground.

Coincidentally, since I don't ride my bike as much as I want to, for the past month I've been thinking about dropping my motorcycle full coverage insurance next year. My bike insurance is full paid till April 2014.

Sometimes we don't think insurance is important....until we need it.

Kofla

Riding My Own Biography
2010 ZX-14 MotoVlog

If you buy a bike via financing..........you don't get a choice.

I usually don't carry much more than what the law requires...........guess I'm playing the odds.

I've lost......had my R1 stolen from my underground parking after having it about 8 months.......odd combination of being sad and so pissed off.

I've lost......had my R1 stolen from my underground parking after having it about 8 months.......odd combination of being sad and so pissed off.

That's just terrible. The main reason why I decided on full coverage is because when I attend motorcycle events in other states, I stay overnight in hotels. Won't be a happy camper if when I woke up in the morning my bike's gone.

Kofla

Riding My Own Biography
2010 ZX-14 MotoVlog

I wonder if the storage unit operator is liable for any of the losses.

Used like new 2012 zx14r for sale. Couple of minor blemishes. Adult owned. VERY LOW MILES!!!

That sucks dude. So many nice bikes gone to waste just like that, poof up in smoke. I'm glad to hear your bike is ok!

* Last updated by: nasty on 10/20/2013 @ 8:34 PM *

"Used like new 2012 zx14r for sale. Couple of minor blemishes. Adult owned. VERY LOW MILES!!!"

It's one HOT bike........

Hurts to see that zx toast like that....sure does.So glad yours was okay Kolf;)

* Last updated by: Grn14 on 10/20/2013 @ 9:41 PM *

I wonder if the storage unit operator is liable for any of the losses.

I am not sure, I'll have to check the small print in my contract. I remember when I signed the contract, they asked me if my bike was insured, lol

Kofla

Riding My Own Biography
2010 ZX-14 MotoVlog

So many nice bikes gone to waste just like that, poof up in smoke.

I don't know what I would do if this happened to me.

Kofla

Riding My Own Biography
2010 ZX-14 MotoVlog

Hurts to see that zx toast like that....sure does.So glad yours was okay Kolf;)

Thanks Grn!

Kofla

Riding My Own Biography
2010 ZX-14 MotoVlog

It's one HOT bike........"Used like new 2012 zx14r for sale. Couple of minor blemishes. Adult owned. VERY LOW MILES!!!"

Lots of nice used bikes out there for sale, but there is nothing that can replace the sentimental value of my bike.

Kofla

Riding My Own Biography
2010 ZX-14 MotoVlog

* Last updated by: KoflaOlivieri on 10/21/2013 @ 3:59 AM *

I only buy as much ins as the law requires, even when brand new. If it gets stolen or damaged, that's life. Odds are I will save a ton of money by going cheap. Guaranteed to cost the price of a new bike in a few years if I go with fulll coverage---so why not just a buy a new bike in a few years??? That's how I see it.

Dropped my busa twice. I paid for it myself. That was ten years of liability coverage that I spent to fix it. Coulda just added comp to my coverage for a few bucks more / year. But like some one said. We're playing the odds. You can't be prepared for every situation so you look at the chances and go with what makes the most sense for you.

+1 Rook

I only buy as much ins as the law requires, even when brand new. If it gets stolen or damaged, that's life. Odds are I will save a ton of money by going cheap. Guaranteed to cost the price of a new bike in a few years if I go with fulll coverage---so why not just a buy a new bike in a few years??? That's how I see it.

Dropped my busa twice. I paid for it myself. That was ten years of liability coverage that I spent to fix it. Coulda just added comp to my coverage for a few bucks more / year. But like some one said. We're playing the odds. You can't be prepared for every situation so you look at the chances and go with what makes the most sense for you.

Rook, I hear you, but it's a tough call I am not ready to make yet.

Kofla

Riding My Own Biography
2010 ZX-14 MotoVlog

I paid cash for my bike and with the price of full coverage insurance, 5 years of ownership would have bought it twice, so I went with liability only. 3 years down, two to go to break even.

Danno:

Are you putting away the savings, so to buy the next one at the "break even" point?

I'm kind of liking the proposed argument to my wife:

"Hey Sweetie, can I go buy my new cycle, now that I've saved up all the dough from not buying insurance?"

"Money? You got money? Lets go to Europe!"

Oh well...

I dont carry full coverage, either. I'm "self insured" for comp / collision. The cost of it took my breath away when I heard the number. So, yeah, I actually put the saved cash aside, and work very hard about remembering who insures the thing if it's dropped or laid down.

My finances are pretty much garbage in, garbage out and if I catch a month where something is left over, I sock it away. The wife is out of that loop since I took the checkbook away from her years ago because she can't handle money. It's much like water in her hands. I just think the insurance rates on these things is too outrageous to pay. I guess if I had a new one with $15K stuck in it, I'd have to reconsider, but at this point, it's get by the cheap way. With two kids in college, I've got bigger fish to fry.

At the end of the money there is some month left over

* Last updated by: 06BlueZX14 on 10/22/2013 @ 3:34 PM *

Glad all is well Kofla!
Shame about the other dudes bike.
As for full insurance, never a doubt. Though if mine was lost in a fire I would not recoup her total worth!

Glad to hear that your bike faired well. I have been riding only a little over 7 years, and am on my 10th bike. I never considered full coverage until I totaled my zzr in the summer of 2012. I only had the bike for a month, and truly loved it. I faired pretty well since I got the bike for a great deal, and was able to recoupe the corbin bags and sell the bike for parts. But, I decided to take full coverage on my bikes after that. I now have full coverage on my M109 and my new zzr for around $900 a year. Maybe one day I will drop it, but not right now.

Glad your bike is OK! Man, those pics hurt. I can actually smell that smell. Nothing smells like a fire after it's put out with water. I can imagine your relief! First the smoke, the thought of your bike in it, then.....allright, my baby's safe!
As for insurance, I'm with Rook. I've always had the basic bodily injury/property damage coverage, though I don't go with California's minimum coverage. It's not near enough. I have $100,000/$300,000 for the bodily and $300,000 for damage. Maybe I'm wrong, but my thinking is how much damage can a bike do, plus, the way I've always ridden the accident wouldn't be my fault anyway. I also have excellent medical/health coverage through my employer. As said by others, the higher prices I could be paying would soon be more than what I could buy a new bike for.
I'm insured through Geico. 56 and no tickets/accidents and good drivers discount. For my '07 14 and my '79 GS1000 combined, just $113/year.