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Hi all,
Somehow during the move from MN to WY, I managed to drop down to liability for my bike insurance. I had it fully covered in NV and MN, but we switched and my wife made the phone call and all. I called them and asked a question about my bike and somehow we started talking about coverage and it was brought to my attention that the bike isnt under full coverage like it previously was. Well Im not too worried now as the bike is in storage, but I still have to pay it off and need better coverage than just liability...so Im wondering what you guys get for coverage? I think I had pretty good numbers at the time 100/300k and higher depending on the various areas and it was still fairly cheap. But I figured while Im waiting the winter out...Id see what coverage everyone else has or recommends.

Thanks,
Zigs
 

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Zig,

It really depends on your financial position - I would at least have state/finance company minimum required if I was on a tight budget.

I have the basics covered with a good buffer but upped my medical to $500,000.00 (for that just in case accident).
 

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The danger of you being at fault with your motorcycle is just as great as if you are in a car. Your coverage should be enough to cover medical and property damage of the others in the your fault accident. Look at an example, you cause a car of four people to crash and the driver is a coal field worker in your area of Wy and the wife is a RN. The kids are 3 and 5 years old. They are driving a Humvee. The driver breaks both legs and a arm, the wife breaks her back. The kids each break a leg. What will it cost you? Yes medical expenses. Your guess as good as mine. A few hundred 1000's of dollars. The replacement of the Humvee. But that is not all, you will be responsible for missing wages, care for the kids when they get out of the hospital and their parents are still in. The dollars just keep adding up. I bet it would get close to 500,000 to 1 million dollars. Do you have this type of money in the bank? No but you do have a nice retirement once you retire, the moment you retire, they take that from you to cover your accident bills. Now if you can afford the possible accident you may not need much more then 100/300 for liability, but with that coverage you are talking about a small accident. A few dollars more you can actually protect your self. Only you can decide.
 

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I believe mine is 100/300/100. I have my own medical taken care of so I dont have medical on mine and I have a 2 Million umbrella policy. Call your agent again and talk to them about more specifics.
 

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Insurance

Zig, you may want to check with your lienholder. You don't want them to place a single interest policy on the bike and charge you for it. Your loan contract will specify that you carry comp and collision on the bike. If they place coverage, it will only protect the loan, not you, and it's very expensive.

Secondly, to your question, you need to carry as much coverage as you can, both for liability and un and underinsured motorist for yourself. For your bike policy you need to ask specific questions on whether your medical is covered and your passenger. Some policies offer one or the other and some neither. You also need to ask about coverage provided for your helmet and specialized clothing. If you run with a trailer, you need to ask about physical damage coverage for it.
 

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Toyo is exactly right....underlying coverage plus an umbrella is the way to go. Check your medical insurance policy. In NY, there is no exclusion for mv accidents in my health insurance policy; no need for high medical limits on my mc policy.
 

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All good points.. If there's a loan, you must have collision and comprehensive (fire, theft etc.) at minimum levels dictated by your bank..
One thing in some states is they allow a policy without uninsured/underinsured motorists coverage.. This is a MUST HAVE!!!! If you get tapped and the driver leaves, or if they catch him/her and there's no insurance you're screwed for everything!!! I know a few folks who went without because it was not clear what it covered.. HUGE MISTAKE!!!
 

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I have the 500K - 250K coverage and an umbrella policy. I believe the factor is how much can you afford to lose. Jurys are quick to approve high settlements and medical bills can be out of this world. I wish to protect the money I've saved in my 401k. If all I owned in life was my motorcycle I'd be less protective.
 

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consult your insur agent

everyones situation is different
 

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I have 100K/300K/100K coverage and found the best price from Foremost. I did go through an independent insurance agency to get the best deal. If you get the AMA Magazine, Foremost has an add.

Besides coverage, I'd shop around for the best deal. Each state is different, so your results may vary.
 
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