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Discussion Starter #1
So I just got my bike insured once again for the new season, and when I went in I decided to get a quote on extended coverage to see how much extra for the year it would cost.

The quote I got back on my ninja 250 was $325 for the year, for comprehensive, as well as gear coverage, roadside assistance, bike rental, storage, theft, etc..

Wondering if this seems like a good deal, or for that matter, if it's a good idea in general to get such coverage. An entire year of insurance only ends up costing me about $400 so this would bring me up to $725 to ride fully covered for the year.

I did finally after 3 years or so of riding have a hit and run happen to me, which ended up costing me $750 for the deductible and 2 months of waiting for the repairs (which were kinda shabbily done to be honest).

thoughts?__?
 

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Fookin Prawn
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7,006 Posts
A good deal compared to what? Give us some information. Throwing a random number at us means absolutely nothing.

Is this for ICBC or private? If so, what underwriting?

What value are you specifying?

What is your discount percentage?
 

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Lee RideFar
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5,463 Posts
When my bike (or car) costs less than $10,000 I really question the cost effective value of comprehensive. For a few seasons I just ran with basic coverage. At the end of the day my motorcycle is a pure luxury item and if something bad happens to it and I am on it. I am going to worry more about my ability to make money more than how much it will cost to fix my bike.

If your riding on a ninja 250 and paying $325 a year that is probably close to 10% of the value it is covering. That cost is far too much for such little value. If I am paying for insurance I want to know what my payout will be before paying the premium.
 

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Three hour tour guide
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A good deal compared to what? Give us some information. Throwing a random number at us means absolutely nothing.

Is this for ICBC or private? If so, what underwriting?

What value are you specifying?

What is your discount percentage?
What Frosty said, some people here like to think they can read minds, but they really can't, you've got to give more info to get assistance that means anything..
 

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It depends how much you can afford, or are potentially willing to lose IMO. If having your bike stolen or written off isn’t the end of the world to you, perhaps you don’t need insurance that covers that kind of loss. If it would be a financial disaster for you, you probably do want the extra coverage.
 

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Fookin Prawn
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7,006 Posts
When my bike (or car) costs less than $10,000 I really question the cost effective value of comprehensive. For a few seasons I just ran with basic coverage. At the end of the day my motorcycle is a pure luxury item and if something bad happens to it and I am on it. I am going to worry more about my ability to make money more than how much it will cost to fix my bike.

If your riding on a ninja 250 and paying $325 a year that is probably close to 10% of the value it is covering. That cost is far too much for such little value. If I am paying for insurance I want to know what my payout will be before paying the premium.
As far as I know, if you don't have collision and cause an accident, ICBC will cover the other party through their own coverage, but will come after you for the money. Might not be a big deal but let's say you rear ended a Ferrari and the rear bumper is going cost $50,000 to replace.

As for comprehensive, it covers theft, fire and acts of god, striking animals without an increase in premiums. Good enough for me.
 

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hanging out at timmies
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whatever happens to your bike is immaterial compared to what can happen to your body in the context of a crash.
i learned the hard way with this. double your icbc part 7 coverage (medical expences and rehab) and get a
temparary and permanent disability coverage from bcaa. both plans cost about $60-100 per year. its worth every penny of it. i wish i had it when i had my crash, i wouldn,t be sleeping in the back of a truck and eating 1 meal a day like i am now.
 

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Lee RideFar
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5,463 Posts
+1,000,000 to what rawdonflyer said. This is why individual Disability and Critical Illness insurance is far superior. However the ones he quoted for $60-100/year won't cover much either.

As for what basic covers. It covers the other person and 3rd party liability can cover the rest. Comprehensive covers what you did to your bike and acts of god, etc.
 

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Fookin Prawn
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7,006 Posts
+1,000,000 to what rawdonflyer said. This is why individual Disability and Critical Illness insurance is far superior. However the ones he quoted for $60-100/year won't cover much either.

As for what basic covers. It covers the other person and 3rd party liability can cover the rest. Comprehensive covers what you did to your bike and acts of god, etc.
What YOU did to your bike? Uhhh no. That would be collision. Comprehensive covers what others do to your bike. Like if someone pushes it over in a parking lot.
 

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As far as I know, if you don't have collision and cause an accident, ICBC will cover the other party through their own coverage, but will come after you for the money. Might not be a big deal but let's say you rear ended a Ferrari and the rear bumper is going cost $50,000 to replace.
I don't believe this to be the case. Collision insurance is to repair or replace your vehicle if YOU are at fault.

If you hit someone and damage their goods, or cause an injury... you are covered by basic insurance up to $200,000.. or more if you have extended 3rd party liability.
 

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whatever happens to your bike is immaterial compared to what can happen to your body in the context of a crash.
i learned the hard way with this. double your icbc part 7 coverage (medical expences and rehab) and get a
temparary and permanent disability coverage from bcaa. both plans cost about $60-100 per year. its worth every penny of it. i wish i had it when i had my crash, i wouldn,t be sleeping in the back of a truck and eating 1 meal a day like i am now.
This is of utmost importance in the case of someone who is self employed... and doesn't have this coverage through their employer.
 

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Fookin Prawn
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7,006 Posts
I don't believe this to be the case. Collision insurance is to repair or replace your vehicle if YOU are at fault.

If you hit someone and damage their goods, or cause an injury... you are covered by basic insurance up to $200,000.. or more if you have extended 3rd party liability.
Sorry you're right. It's the 3rd party liability I was thinking of. If you go with the $200,000 minimum you could be out of pocket if say you brain damaged a surgeon and wrote off his 911 turbo.
 

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Lee RideFar
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What YOU did to your bike? Uhhh no. That would be collision. Comprehensive covers what others do to your bike. Like if someone pushes it over in a parking lot.
My bad. collision and comprehensive are separate. Through beacon they are the same.
 

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New season is coming El Bandito!

YAY!!! Turn it on!
Yes, I'm so excited. You are like the groundhog to me... once Elevation pokes his head into BCSB, you know the season is about to start.

Just not sure how long.

My bike is just about ready for the new year... and my storage policy is about to expire. Wonder how long until someone posts up the annual "Cascades" opening thread.
 

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The quote I got back on my ninja 250 was $325 for the year, for comprehensive, as well as gear coverage, roadside assistance, bike rental, storage, theft, etc..

Wondering if this seems like a good deal, or for that matter, if it's a good idea in general to get such coverage.
As someone with a Ninja 250 in his garage....

1) That price is about the best you can expect for 3rd party collision/comprehensive coverage. $325 seems to be about the minimum premium charged. So you're likely paying the same as people with bigger/more valuable bikes - but you aren't likely to find anything cheaper.
2) It's not as easy to find 3rd party for a Ninja 250 as other bikes. Many of the providers won't touch it because it is a "Ninja". Coast Capital was making noises last year that this is the last year I'll have coverage through them.
3) Is it worth it? That's something only you can answer. Can you afford to fix/replace the bike if you wad it? Will you still be able to get to/from work or school without it? If it's not going to break you financially, you may want to forgo it. 5 or 6 claim free years, and you've got most of the bikes value saved.
4) Pay attention to those who say to examine your 3rd party liability and/or personal injury insurance. You will be out FAR more money if you can't work for a couple months than you will if the bike spontaneously bursts into flames and dies. If you had a machine in your basement that printed (legal) money - you'd sure as heck insure it, wouldn't you? Same thing with your body. It's a money generating machine.
 
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