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How much insurance coverage do I need?

greenmonster

greenmonster

Well-known member
Joined
Nov 7, 2013
Location
Pleasanton
Moto(s)
2022 Suzuki Hayabusa
Name
Ed
My Geico moto policy is coming up for renewal so this a good time to make some changes if needed.
Currently I have Bodily Injury Liability $15,000/$30,000
Property Damage Liability $25,000
Uninsured/Underinsured Motorist $0

I think I may be underinsured.

I also have Comprehensive and Collision

What coverage amounts do you think are necessary to keep me out of trouble?

I ride a 2015 BMW R1200rt if that matters
 
I have a $2 mill umbrella policy that requires $100k liability policy on the vehicles.

I am comfortable with that. Weird shit happens and medical expenses get huge. I don’t think I have ever hit anyone and had a claim yet…

The liability is not that expensive. I have never had comp and collision. So far I don’t hit stuff.
 
You absolutely need uninsured coverage, especially given the amount of unlicensed and uninsured drivers in CA.
 
greenmonster said:
My Geico moto policy is coming up for renewal so this a good time to make some changes if needed.
Currently I have Bodily Injury Liability $15,000/$30,000
Property Damage Liability $25,000
Uninsured/Underinsured Motorist $0

I think I may be underinsured.

I also have Comprehensive and Collision

What coverage amounts do you think are necessary to keep me out of trouble?

I ride a 2015 BMW R1200rt if that matters
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I guess it really depends on what you have to lose. I believe you can increase your coverage substantially for not much more money per year. Do the homework. You could exceed your 25K property damage easily bouncing down the sides of a couple cars in a spitting accident.
 
scootergmc said:
You absolutely need uninsured coverage, especially given the amount of unlicensed and uninsured drivers in CA.
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I’m thinking the same thing. Too many bozos out there with no insurance and no license even.
I don’t ride much, maybe 300-400 miles per month so maybe I’d be better off with one of those pay by the mile plans if there any for motos.
 
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I personally do not cheapen out - it’s not as unlikely as I’d like that an accident may involve a freaking Bugatti or Lambo in the Bay Area - going basic coverage could potentially make life VERY unpleasant, that plus uninsured coverage.

The cheesy commercials have it right - talk to your agent. Using the same coverage for your housing (renters or homeowners) plus vehicles and life insurance made ours FAR more reasonably priced.
 
It's a complex question. Something you should probably discuss with your financial advisor.

Basically, you need enough to protect your assets. If you own a home, have significant savings, ISO's, you need to figure out the value of all that and make sure your coverage takes care of that. If you are married, don't forget any assets your partner might have as well.

Remember that people have expensive cars here as well.

If you don't have a lot, you might be able to do with the basic.
 
All good advice. I need more coverage for sure, and I’m going to shop around some and see if I can get more for less. I’m with Geico and my annual premium seems a bit high for what I’m getting.
 
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You need as much insurance as you’re going to be sued for. If you live in your mum’s basement, you need state minimum. (You should get proper levels, tho.) If you own a home, have retirement account, toys, family, etc, you should buy the maximum your insurance sells.
 
scootergmc said:
You absolutely need uninsured coverage, especially given the amount of unlicensed and uninsured drivers in CA.
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Cannot stress this enough. Adding uninsured motorist coverage is pennies on the dollar compared to liability and collision. If you're on a budget consider adjusting your deductibles so you can get an adequate amount of coverage for your situation.
 
Call an independent insurance agent and get a quote.

They are a great resource, good ones will ask about where you are in life, will make suggestions, know of any discounts you will qualify for. And represent several different insurance companies, some companies will offer coverage but don’t really want to insure certain vehicles so charge higher rates then another company.

I have found that if I call Geico or Progressive directly the rate they quote is higher then when calling an independent agent and getting a quote for Geico or Progressive.

Best way to find a good agent ask friends (usually older folks) who their agent is.
 
Last time I read an article on the subject it said over 80% of car drivers in California had state minimum liabilty insurance, or less. And the state minimum liability insurance is only $15,000. If one of those drivers hit you their insurance company is going to write a check for $15,000 and walk away and you're left with all the rest of the damages like long-term disability miss ed work all the inconvenience of driving to physical therapy physical therapy is not covered by your health insurance none of these damages are covered by your health insurance or your motorcycle insurance unless You have uninsured or under-insured motorist coverage, In which case your insurance can cover those things.
 
All my other insurance is with Allstate but I don’t think they insure motos. It might be a good idea to call my agent to see if he can recommend someone. Even if he can’t help me directly he should a least try to keep me happy with a good referral.
 
Marcoose said:
If you own a home, have retirement account, toys, family, etc, you should buy the maximum your insurance sells.
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That's when you need an umbrella insurance policy. I have one of those for $1M so that if I get sued it comes out of that instead of my retirement and investments.
greenmonster said:
All my other insurance is with Allstate but I don’t think they insure motos.
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My motorcycles are insured with Allstate. I've had my bikes insured through Allstate ever since I got back into street riding in 1997.
 
Food for thought also even though you did not mention it. Life flight for a year is also very inexpensive and great assurance cause if needed….ugh…. $$$$ speaking from a buddies perspective
 
Second the shop around comment. I just switched from allstate to progressive and saved at least $4k a year in insurance costs for even better coverage. Allstate wanted to charge my daughters like $250 a month to be on my policy. With Progressive it wound up being $120 and my vehicles, motorcycle and ATV all dropped dramatically.

I think I am going to stop being loyal and will shop around every couple of years to make sure I am getting the best deal.
 
ScottRNelson said:
That's when you need an umbrella insurance policy. I have one of those for $1M so that if I get sued it comes out of that instead of my retirement and investments.
My motorcycles are insured with Allstate. I've had my bikes insured through Allstate ever since I got back into street riding in 1997.
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Good to know about Allstate, huh, I coulda had better coverage for maybe a cheaper price considering home, car and wife’s umbrella policy for her business is with them.
 
scootergmc said:
You absolutely need uninsured coverage, especially given the amount of unlicensed and uninsured drivers in CA.
Click to expand...

100% agree with this! Usually your uninsured is only as strong as your liability, shop this, but typically a carrier will not sell more UM/UIM than liability. Additional iability coverage is not that more expensive than what you have.

Make sure your policy covers gear and modifications. Progressive automatically provides $3000 CPE (custom parts & equipment) but it may be more advantageous to purchase this coverage separately.

There are brokers on barf check under sponsors. Get a broker/agent that undersatnds motorcycle policies.

My :2cents
 
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