So I read a few insurance posts and, while informative, I have a few more questions. Got a quote with details below:
Quoted numbers are for 30% as that's what I thought I had. My discount is actually 25% (values below will be slightly higher), 600cc bike, 3000-3500$ declared value.
6 month 3rd party with extension for 1,000,000 is 600$
6 month collision (500$ deductible) is 160$
6 month comprehensive (300$ deductible) is 220$
1) I heard that it is cheaper to ask for insurance for a year and cancel after 6 months. Is this true?
2) Looking at ICBC I see that comprehensive covers theft, vandalism and lightning strikes. Seeing as the bike will be stored in gated garage, I think I can skip this. I also plan on getting an alarm to mitigate my fear of theft. Is there any good reason you can think of to keep this?
3) I heard that if I crash the bike (even partly my fault) and claim the collision, my discount goes down to hell and I end up paying more overall on future insurance than if I replaced my own 3000$ bike. Any thoughts on this?
4) Should I declare a value of less than 3000$? If so, would ICBC pay the book value or the claimed value in case of a write-off?
Just looking for your guys' thoughts.