how much insurance should i get? im buying my first bike this week probably and im not sure how much 3rd party liability, collision and comprehension i should get. Thoughts?
It all depends on your insurance discount rate and your bike value.
For collision insurance:
If your bike is worth $4000 and you have a claim which will ding your discount 6 steps,
Evaluate your total cost in extra premiums and current premiums vs no insurance premiums.
More often, no collision insurance is cheaper.
These claims don't affect your discount rates and as bikes are easily stolen,
2 guys, one pick up truck and 30 seconds.... that is a must
3rd party insurance:
That is to pay for the damages you cause to others, including to your passengers.
Minimum 2 million, but you'll notice that the premiums between 2 and 5 million is not much more, so go big.
ICBC's extra insurance rates are outrageous as they cannot deny insurance, so they have to insure everybody that pays,
on the other hand, private insurance is much cheaper but they only insure low risk riders with experience.
R.I.P #48 Shoya Tomizawa (December 10, 1990 – September 5, 2010)
R.I.P. #58 Marco Simoncelli (January 20, 1987 – October 23, 2011)
I agree with 90% of Shovelhead's post - it is good and balanced advice.
I'd offer these as additional points as this has been posted in "new rider's," area.
Perhaps you don't have enough experience to enjoy the benefits of "own damage," and "extended liability," from private insurers as they typically require 10 years of class 6 riding experience.
When looking at Comprehensive/Specified Perils I'm a proponent of Comprehensive, *not* Specified Perils. Quite simply, the reason Specified Perils is so inexpensive (1) -relatively speaking- is that the parameters for payment are so narrow. It's often called "fire and theft," by the consumer and that's pretty much the truth. No vandalism coverage. No coverage for animal impact. No coverage for flying objects (unless its part of an airplane).
While my personal riding doesn't put me in much peril of vandalism (secure parking at home and work) i'm often in deer or critter country and have my fair share if impacts and near impacts. So for me, I'm more at risk of incurring a Comprehensive claim than a Specified Perils claim.
So ask yourself, where do I ride?
As far as collision coverage I don't use the value of the motorcycle as the primary consideration. Here's a few scenarios where collision will help you out…
You are struck by someone whom is from out of province. With no collision coverage, you pay towing, storage and attempt to extract the funds from the other motorists insurance company. Time consuming and potentially resource draining until you get reimbursement - especially if you are injured. With Collision coverage your insurer handles all the towing/storage/disposal costs and then surrogates from the liable insurer. Particularly useful if you crash in a jurisdiction *that does not allow you to leave your salvaged vehicle there*. In some places they force you to take it with you.
Unidentified motorist. AKA "Hit and Run." The deductible for damages caused by an Unidentified Motorist in BC is $750. Or your collision coverage deductible. Whichever is less.
Again, ask yourself where you ride and what the likelihood of any of these scenarios would be and balance that with the context of the value of your motorcycle and your personal risk threshold.
Have a frank discussion with an insurance agent at a time when their office isn't very busy. They'd be delighted to share their expertise to ensure you pay a correct premium for the most applicable coverage.
(1) I know, I know. Using the term inexpensive in a bike insurance thread is laughable. I really mean it's less expensive than Comprehensive premiums.