Triumphrat

JoeyF · 07-29-2005

Hey Todd

I have thought the same thing about the insurance thing.

I am pushing 60, Got great credit, so what is the deal???

I have 3 auto's and 3 scooters to ride...

total ins bill apx $2600.00 per year

But why 704 for the rocket for full coverage...I did finance my Rocket..3.9% for 5 yrs

The 31K V-rod is less than a 15K/ 12 K put 3k down.

something does smell about this ..here in NC

Joey

JoeyF · 07-29-2005

Hey Todd

I have thought the same thing about the insurance thing.

I am pushing 60, Got great credit, so what is the deal???

I have 3 auto's and 3 scooters to ride...

total ins bill apx $2600.00 per year

But why 704 for the rocket for full coverage...I did finance my Rocket..3.9% for 5 yrs

The 31K V-rod is less than a 15K/ 12 K put 3k down.

something does smell about this ..here in NC

Joey

sbljr · 07-29-2005

Quote:

On 2005-07-29 11:14, RocketlessTodd wrote:
I'm in Charlotte. Progressive is $668 for Rocket and $342 for Guzzi. No tickets for 3 years, good credit, no claims.
Maybe we've got some sort of North Carolina/ Progressive problem going on.

I'll say. $196 on my Rocket for a year $100/300K paid last Sept. Still had 1 speeding on record at the time (they sluff off after 3 years).

Ron_S · 07-29-2005

"minimum coverage"? Meaning liability only?
___________________________________________
Rocketless,
I'm sorry I didn't make that clear. By "minimum", I meant the lower amounts of each kind of coverage...full coverage including collision...just minimum amounts on things I have a choice on. plus a higher deductable of $1000. It covers extras up to $3500.
Ron

Diego · 07-30-2005

Todd, if you opt for the surgery, you'll then have TWO reasons to finally change your username here. You'll need to become RockeTina, perhaps.

Ron, interesting thing about deductibles...higher deductible doesn't always mean a lower rate. When I was shopping this last time, I received one quote from Geico for the Rocket and Speed Triple, which are presently on a policy together. The quote was based on $250 deductibles all around, and it was a bit higher than my old company's renewal premium. So, thinking I'd be clever, I asked to amend the quote for $500 deductibles--and they RAISED the quote by more than $300, with everything else the same. (Fortunately, my car insurer now covers motorcycles too, so I was able to switch to them instead at a better overall rate.)

Aussiebikerdave · 07-30-2005

My policy on insurance is that I hate to pay it so where I can, I take the risk and save the money. I figure that as a motorcyclist, I'm a risk taker anyway.

If I add the money I would have spent on insurance over the years, I could have near bought a new Rolls Royce so I figure if there is a total loss of a $25,000 motorcycle once in a lifetime, we're still way in front. Fact is, there is rarely ever a TOTAL loss situation as there's always the salvage value. For example, that wrecked Rocket that was put to auction recently made about half of it's new purchase price.

Is there anyone else that thinks this way or am I a loner on this one?

Davo

Diego · 07-30-2005

Most of us don't have that choice, Davo. Liability insurance is required almost everywhere in the States now, so most of us have to have some insurance.

If the bike is financed, the lender requires collision and comprehensive coverage. No way around that except to not buy on credit.

After the note is paid, and once the market value of the bike falls to the point where an insurer is likely to total the vehicle for just any damage at all, then a lot of us will get by with liability (and sometimes uninsured motorist) only.

Of my current rides, 75% were never financed, but I keep them fully insured because they still have sufficient market value that I would want compensation should something happen to them. The other one--the Rocket--will be a joint venture with GE Capital for some time to come, so I have no choice in the matter.

Aussiebikerdave · 07-30-2005

John, yes you are quite right with regard to vehicles under finance. It's the same deal here, if you want to finance something then you've got to have insurance.

Years ago you could buy "third party, fire and theft" which used to be a less expensive alternative to what's called "full comprehensive" insurance downunder. I am not sure if that cheaper option is available anymore but if it is, it would be worth looking at to provide cover for potentially the worst case senario of someone wanting to sue for negligence or whatever. We live in perilous times! Davo

Diego · 07-30-2005

> Years ago you could buy "third party, fire and theft" which used to be a less expensive alternative to what's called "full comprehensive" insurance downunder.

Interesting. That's similar to something we used to have here for a while under some other name. But it quietly went away in the aftermath of the "no fault" insurance era, once the insurance companies discovered it was actually more profitable to have to establish fault and be able to sue each other for recovery. The consumer ended up with fewer options and higher premiums all around. But it's our duty. Mustn't keep the shareholders wondering where their next filet mignon is coming from, after all.

RocketlessTodd · 07-30-2005

"Mustn't keep the shareholders wondering where their next filet mignon is coming from, after all. "

Now, now, Diego. If you buy insurance from a mutual company, YOU are the shareholder. At least that's what the cats at the boardroom will tell you, while they increase your premiums.