Insurance

[JRBL1A1]

I offer some advice for those of you wondering about insurance:

#1. Get some.

#2. Do NOT get state minimums for liability limits. Be sure you can pay out a minimum of $100,000 in bodily injury. Would YOU accept $15k or $20k if you were seriously injured by someone (miss work; partially paralized, or worse)??? Didnt think so. For $5 more a month, get proper protection.

#3. If you have custom parts, you need to make sure you let your insurance company know, otherwise it probably isnt covered. Many policies will not cover custom parts unless stated as such in the declarations page. If you are able, insure for a stated amount. Also, keep your duductables comfortable. I have both comp/collision set at $500, it saves me $150 a year. That adds up quick. If I dont get into a claim situation in 3 years and a few months, I am further ahead. Think it over.

#4. Prices will be similar with few exceptions. This I do know: I HIGHLY suggest you have your bike where ever you have your home and auto insuraced. It pays to have everything under one roof. If you'd pay $20 a month with XYZZ discount company and $25 (or even $30)a month with the same company as your auto/home,... do the smart thing and get the bike with the same company. It will get you much further if something happens. You wont miss the extra few $$$ you might pay. Trust me.

Why trust me? I've been an insurance agent for over 8 years now with a major insurance company (one of the 3 largest in the US). I've seen enough, heard enough, and been though it all myself.

Carry on.

JRB

[ALStensby]

And if you have a few other things (we have two cages, the house and two scoots), an umbrella isn't a bad idea in the event things DO get outside of the regular policies.

[JRBL1A1]

And if you have a few other things (we have two cages, the house and two scoots), an umbrella isn't a bad idea in the event things DO get outside of the regular policies.

Precisely. That is the next stage, imo. Stop and think of things this way: if you get into an accident and you are a paraplegic/quadrapligic due to an accident that is the other guys fault, just what are you going to settle for? Certianly not the state minimums ($15k-$20 usually), which means you sue of his house. Not enough? That means you sue to have have his wages garnished. The person at fault will pay, even though they dont think they have anything to give or pay with... they will pay.

How much is enough??? The age old question. Think of this: A million dollars invested conservatively will yield about $60,000 a year in earnings. That $60,000 a year is likely enough to pay for the special housing and special care needed to care for the newly handi-capped. So, having $300,000 in liability on the car/bike and a 1 million "umbrella" policy is a very good way to go. How much does have 1 million dollars of liability cost??? I pay $16 a month and it covers my entire family and my 3 cars, my motorcycle, and my house. If you injure someone else, you will have a **team** of corperate lawyers sitting in your place in court while you home or at work not have a single worry.

A very cheap price to pay for the amount of protection you recieve.

btw... there is a program out there called "pre-paid legal"... it is the biggest joke there is. Yeah, they may give you advice and pay for your lawyer, but if you lose guess who pays??? You do. If the insurance company loses guess who pays? They do. Do you want a tele-lawyer defending you in court? Oh, and pre-paid legal cost how much a month? About $30. Think that one over.

[ALStensby]

And all of that suing is why I have a LOT of our retirement tied up where lawyers can't touch it, no matter how hard they try.