I was lying in bed thinking about all the deaths on motorcycles this year and somehow my brain switched over to insurance.
We're being ripped off in a huge way! Motorcyclists probably represent 1-2% of the motoring public yet we pay similar insurance rates to our big gas guzzling vehicles. Insurance mainly insures you against PL & PD (public liability and property damage). Compared to my big Dodge Ram pickup how much damage would you expect my 400-500 lbs. motocycycle is going to do?
I don't know this for sure but how much insurance do you think was paid out to the 20+ dead riders this year, I suspect it was 0, nil, zilch. Dead riders don't have bank accounts.
In the event of an accident since we are insuring ourselves for the damage we might do to others, how much damage are we going to do to the car that makes a left turn as we enter an intersection?
Most bikes on the road today are well under the $20,000 mark before they leave the showroom floor (unless your happen to ride a BMW or Ducati or Harley), again compared to virtually any car they are cheap and contain far fewer parts to repair than any car or truck. They have also got to be far cheaper to write off than any other larger vehicle.
Granted, riders who survive an accident are generally into longer term rehab and reconstruction but compared to the general accident survival population what percentage do motorcyclists represent? I would suggest that it is well below the 1%-2% of the motoring public that we represent.
Sorry if I am sounding some what morbid but it really doesn't make sense that motorcyclists should pay high insurance rates. We ride vehicles that create less environmental damage (smaller mass), use less fuel (pollute less), in the event of an accident are likely to do less public damage and in the event of an accident are less likely to survive which costs the insurance company less.
So based on all of that why aren't we paying $200/year instead of $2000? Is it just because no one is asking these questions? or have we just allowed insurance companies to tell us that we are the most dangerous people on the planet who are going to reek the most havoc on our fellow man.
Just some thoughts gang. I'll be interested to see what the guys who have access to facts and figures can do to spin this in a different way.
Well, basic insurance for smaller bikes is really low, $450 for my 400cc. I think that is in line with what could happen should I cause an accident with another vehicle. On the other hand, its almost $1k for my 750, which IMO is steep. Why would I be twice as likely/cause twice the damage/some combination of the two riding my 750? The reason its $2k is that bikes get stolen alot, especially new ones. At least that is the impression I get reading a lot of these threads. Collision is also very expensive because of all the single vehicle accidents that ppl actually claim. Bikes do get dropped a lot more often than cars run off the road, and the damage is almost always higher (slide out at 30k - crack/rough up fairings on half of the bike $1500+ easily. Car will just slide out of it, may need a wheel alignment if it hits the curb.
So while I have not seen the stats on collision and theft, I do not believe them to be completely out of line with the risks that are being insured. On the other hand, basic should be pretty similar. Unless basic covers the rider for any rehab they have to go through, in which case it kind of makes sense, assuming the truth of a stereotypical newb who on an R1 R6 or GXR1k slides out with no gear and has to get pain meds for four months. In that case, it would seem there is a proportionate rise in injury payouts with increasing cc, at least for sportbikes.
No bike for now...
Don't they have beneficiaries? If their bike was totalled, someone should be getting the insurance money for the bike.
Originally Posted by Granny22
When you insure your bike you insure yourself for nothing if the accident is your fault, you are insuring against injuring the other party.
Icbc will pay for the bike "declared value only" to the estate, and give the family $2500. toward the funeral and thats it. if your injured and its your fault, from previous experience they pay $300. for lost earnings and then you go to EI medical benefitis and thats for 15 weeks, so don't die, don't be the cause of the accident and then if your injured you can collect millions--like the passenger that lost part of her leg in yesterdays province, she got $lmillion for being the passenger on the back of a bike that crashed.
I'm dealing with all this crap with ICBC right now and it ain't pretty.
They don't really give a dam..so make sure you have another form of life insurance especially if you are single.
Again, I'm not sure about this but I don't recall assigning a beneficiary for my vehicle coverage. I think that only applies to life insurance. There is at least one insurance agent on this board who would likely be able to answer that question.
Originally Posted by Betamax
ICBC insurance covers the loss of use of the bike. Or replace the value of the bike. The beneficiary is the person insured. So if the rider dies in the accident the insurance money from ICBC is payed out to the estate of the insured. The bigger the CC's the more you pay out in premiums. The rational for that is the difference is the value of the bike. Also note that if a bike gets into an accident the chances of the bike being a write-off is more likely than a car. The chance of sustaining a serious injury is higher on a bike than a car.
I suggest that all riders have a proper life insurance policy. There are many types of policies out there. A few points to remember when you buy insurance:
- Have enough coverage to payout all of your debts and taxes.
- Have enough coverage to cover the cost of funeral and final expenses.
If you have a family, then you would want to make sure that they are looked after. The mortgage, debts, children's education, emergency funds, loss of salary. There is a few more items. You get the idea.
I have alot of opinions about life insurance and there are some very bad policies. Like a friend of mine that died on a bike. His life insuance policy was very badly put together and his family suffered financially. Wife and 2 very small boys. They got only $10k instead of $750k. Read and understand the policy before you sign. And alot of insurance agents do not know how the policies work. They are taught to sell the product!!! Please be careful!!!!
If anyone has a question about insurance you can pm me.
The best insurance is being safe and responsible!!!
Icbc Death Benefit
There Is No Death Benefit With Icbc--you Only Are Covering Against Injuring Another Person Or Vehicle. If You Die On Your Bike And It Is Your Fault You Will Only Receive $2500.00 For Your Funeral. No Other Money Unless You Have Dependents. I Am Dealing With This Crap Right Now--and All I Have Received Is The Funeral Expense Payment Maximum Of $2500. Most People Think They Have Coverage On Them When They Buythere Insurance--well You Don't--just Ask A Few Questions The Next Time You Renew-it Will Shock You Just What Your Buying And The Amount You Pay
If The Accident Is Charged To The Other Person And Your Dead You Can Sue But If Your Young & Single The Maximum Payout From The Courts In About $2500.-$5000. As I Said Your Worth Nothing And Its Just Not Right.
From The Family Of Dawson----fighting For His Rights, Now As We Speak And Getting Nowhere