Insurance

[dchakrab]

Hi all,

Since the V's turning over, I figured I'd go ahead and get it insured.

Called around to a few different places (StateFarm, Geiko, Progressive) ...only solid quote I got was State Farm at $220 for the year, payable monthly.

Then I called an agent who specializes in motorcycle stuff...Green Light, in Chicago. They quoted me $160 for the year on the V.

Coverage:

• $20k bodily injury for one party.
• $15k property damage.
• $20k bodily injury for my passenger (so my girlfriend's covered!)
• State mandated minimums (don't remember) for underinsured / uninsured motorists
• Covers anyone else riding my bike as long as they have my permission and a motorcycle endorsement.
• Covers me even if I don't have a motorcycle endorsement.
• I'll have problems if I don't transfer the title into my name and have an accident before then.

Does this sound decent for $160, for a 25 year old male with a clean driving history? He also gave me an AMA discount to bring it down 10%, and told me to add $38 for plates in my budget (I only knew about the title and tax amounts). And he knew the V(!) ...asked me right out if it was an '82 or an '83. Said they didn't sell too well in Chicago when they first came out, so it's rare to come across one.

He did the iron butt in a Honda Helix to prove it could be done...collects scooters and rides BMWs now. Seems like a cool insurance agent.

Thoughts? Could insurance get cheaper than this (or provide more coverage for the same price), or is this pretty standard?

  Thanks,

    Dave.

[Extent]

I dunno, sounds like a deal to me, but I pay about 460 a year for th V out here in Cali (23, clean record, but I cary 100k medical I think it was)

[dchakrab]

Yeah, I was surprised it was so low the first time I talked to Green Light...they quoted me ballpark $150 - $175 in an informal phone call a few months ago. Until then, I thought insurance was going to be something like $50 a month, so it was nice to see it that low. I'm going to get a car quote from them as well, if I ever get rich and buy a car...

Though in CA, I'd just use a bike for everything...maybe insurance is lower in Chicago because they know bikes are only going to be on the road for a few months?

  Dave.

[QBS]

Decent price.

[kwells]

Maybe just as a comparison you could try out Dairyland Insurance(the motorcycle division of Sentry) ...it's out of WI...mine is 102/yr

715-346-6000

[haunter]

230 for the V here with about the same coverage

[dchakrab]

230? The company this agent insured me with covers all of IL, so you could switch if you want...

[Kevin]

The price is in the ballpark. I was hit last september on my BMW.The girl was at fault, ticketed for failure to yield.The problem is she only had $20,000 worth of insurance. That didn't even cover my hospital bill treating a broken arm, and a concussion. My disability ins. from work paid most of the bill and I had $100,000 worth of underinsured motorist on my policy.You Might want to check into increasing the underinsured motor part for your own benifit.Thats my 2 cents worth.Kevin :) 

[Extent]

That's why I cary more than the minimum medical as well.  I figure chances are I'm more likely to hurt myself doing something stupid than someone else running into me though.  If my mother can rack up over 50 grand in hospital bills for a broken ankle I certainly want a little more coverage for a potential motorcycle accident.

[haunter]

230? The company this agent insured me with covers all of IL, so you could switch if you want...

I have an accident that was my fault on my record, and I am only 24

[dchakrab]

Hmmm...good points. I'm pretty sure I have $20k underinsured and $40k uninsured coverage, but basic liability doesn't cover me at all, as far as I know. Or am I covered by my insurance if I'm hit by someone who's underinsured or uninsured?

It might be worthwhile to increase the premiums a little to up the medical coverage. I cut my hand at work once, and my boss (jerk) fired me to keep from having to pay my medical bills...ended up with $1200 for three stitches in my thumb. Cut them out of my hand myself a week later because I couldn't afford to go to the hospital to have them taken out. Never paid the bill...no way I could. Sent it to the ex-boss every time it came in, and he kept stalling on it...found out a year or so ago that I could have reported it to the labor board, and they would have gone after him to pay as a workman's comp thing (but now it's been too long, and he never declared me as an employee or taxed me, so it'd be a royal pain proving anything).

Based on that, I can easily see myself having a minor accident (my fault or someone else's) and ending up with more than $20k in bills. Or it might be cheaper to look into the health insurance plan I'm getting from my new job in September, in case it's cheaper to get coverage through that...

Haunter, I think your rates might go down once you're 25, but I wouldn't know for sure...Google Green Light and give them a call. You never know...

  Dave.

[vavision]

$88 from progressive for the same coverage you named. 23 y/o male with a clean record. I think it depends mainly on where you live and your record.

[haunter]

Haunter, I think your rates might go down once you're 25, but I wouldn't know for sure...Google Green Light and give them a call. You never know...

  Dave.

yeah they are supposed to .

[MotorPlow]

$80 a Year with http://www.bike-line.com/ Basic Liability
You can get a free quote online at their website.