For those that pay for collision coverage...why?

xolak

2018
CBR650F
How do you warrant the excessive cost compared to the cost of the bike? I see a few people here and there talk about being glad they have it, but it's super expensive.
Collision coverage on my 650f increases my 400usd premium by more than 600/year - about 7% the cost of the bike's original MSRP and nearly 10% what I paid for it, and the total premium being about 13% the cost of the bike.
I see those numbers and just can't convince myself of its worth. For the record, I have a completely clean driving record, I've had my M1 for 6 years, and I turn 35 this year.
 

miweber929

2014
CBR650F
650 Alumnus
Staff
Feb 13, 2015
Woodbury, MN
Riding Since
1975
I look at it this way:

If I’m willing to lose whatever the value of the bike is, I don’t run collision, if I’m not, I do. My line is around $5k. Most people assume their wreck will cost them bodywork or a low amount like $1500 or so to fix, most of the time it is, others it’s not. I’ve seen bikes reduced to piles of smoldering metal, go off bridges, down ravines, be wrecked by things outside of their control that are collision-coverage wrecks.

Try increasing your deductible to like $1k or $2k, it will drastically drop your cost and you’ll get something back if the bike is a complete write off. I’m around $425/yr full coverage on my Ducati, my 650F was like $250/yr full coverage. I ran/run $1k deductible collision on both.
 

xolak

2018
CBR650F
These numbers are with a $1000 deductible :confused:
What are the best insurance companies for motorcycles? Progressive seems to be the cheapest I can find. I think I was around 320/year for my 300r, basic liability and comprehensive.
 

Devilsfan

2018
CB650F
Jun 5, 2019
Tampa, Florida
I just renewed with Progressive for FULL COVERAGE at $278/year. I've had Progressive for a while now and they've been really good with me.

The way I see it, and from MY experience, when I wrecked my VTX a few years ago they came out and totaled it...because of a scratch on the bottom of the passenger peg!!! So, I prefer to get full coverage whereas should your bike be totaled they will pay it out for the current value. Also get any accessory coverage if you have side cases, aftermarket pipes, etc...

If you're financing hopefully you added the GAP insurance as that will eat up any loss.

I figure if I wreck my bike bad enough...I want a new machine! I'm not going to try and salvage anything. Why bother when a good insurance package will cover a new bike! And for $278/year, that's an easy choice to make!
 

miweber929

2014
CBR650F
650 Alumnus
Staff
Feb 13, 2015
Woodbury, MN
Riding Since
1975
These numbers are with a $1000 deductible :confused:
What are the best insurance companies for motorcycles? Progressive seems to be the cheapest I can find. I think I was around 320/year for my 300r, basic liability and comprehensive.
I do car and motorcycles through State Farm. If you do your car through them they are by far the cheapest motorcycle insurer out there but you have to do both.

I have no idea what your situation is but just know the factors that go into rates are huge including where you live, where it’s parked, the year of your bike, that models past crash history, what your credit score is and if you have a loan on it. Driving record, age and marital status are also standard factors but the others I mentioned are huge as well.

So $1,000/year in a year round riding state with a new bike probably is high but not awful from what I’ve seen.
 

baugustine

2014
CBR650F
Staff
May 21, 2016
Ventura, CA
xolak @xolak Just some additional data points: motorcycle insurance here in CA is more expensive than most other states. There are several reasons, the two biggest being the bike can theoretically be ridden all year round and high taxation/regulation emanating from Sacramento always gets passed on to the end-user, despite the rhetoric the politicians spout about trying to protect us from ourselves. My 650F with full coverage is ~$350/yr, my 600RR is ~$400/yr. I am 50 yrs old with a clean driving record and those are also factors in the equation. Your bike is also new, which makes that $ go up. I’m with State Farm, but as miweber929 @miweber929 noted I have two trucks insured with them (& homeowners) so I get discounts for too many wheels in the fleet.
 

xolak

2018
CBR650F
Thanks everyone for all the information!
I don't own a car currently so I just have my two bikes through Progressive. I wouldn't be surprised if the insurance is high because of the area, but I'm not in Los Angeles either. No loan on it. Surprised you can get full coverage on a 600RR for $400, though multipolicy discounts are nice.
I would love to get full coverage on the bike if I could get it for a bit less. It's actually even cheaper for me to keep the 300 on the policy with the 650. My rate goes up a significant amount if I take the 300 off.

Ugh. I think insurance is a scam sometimes. Most times.
 

mako

2019
CB650R ABS
Dec 19, 2019
FL
Ugh. I think insurance is a scam sometimes. Most times.
I tend to fall into that belief also. Personally I can live with the collision costs, with appropriate deductible. What they charge for medical coverage is obscene though.
 

Jerry

2016
CBR650F ABS
May 18, 2017
The Netherlands
Is collision coverage just covering damage to your own vehicle, or is it something else?
Because I've got full coverage on my bike's insurance because it's really affordable (well under €400/$445 USD) annually. My no-claim bonus keeps increasing every year as well.
 

xolak

2018
CBR650F
I don't even have medical payments on mine. Collision coverage "pays for loss to your vehicle when it collides with another object or overturns."

Here are some actual numbers. It's $408/year without collision and $908/year for both bikes and collision on the 650. More without the 300.

I've also been pricing insurance for another person who will probably end up being on the same plan as me. As a brand new rider, they're not going to be helping the price at all, but it seems like it'll work out best if we're on the same plan.
With them added, that $908 jumps to $1500, which probably isn't all that bad for a brand new rider. And at that point, it's only another $130 to add the collision on the 300, which would put it at $1635.

Basically I'm looking at $908/year for just me and collision on the 650 or $1500-1635 with them.
Without collision it's $408 for just me and $684 for the both of us.
 

Devilsfan

2018
CB650F
Jun 5, 2019
Tampa, Florida
Call around! See what other companies can do for you. They are now putting in a customer loyalty bonus to try and keep you on - so you know that means they're getting competition, which is a good thing.

But like Mike mentioned, a lot of factors will determine your rates, so keep that in mind.

But shop around because, for example, when I called Geico (and I'll never forget this phone conversation!!!) she quoted me at $760 for the same coverage that I'm paying $278 through Progressive. When she told me Geico's rate I explained to her what my Progressive rate was and she says, "So, would you like to start a policy with Geico?"!!!!
 
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