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Old 12-26-2012, 08:37 PM   #1 (permalink)
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Default How much insurance do I really need?

Hello all,

New to the forums, looking forward to being an active member of the community as I get into motorcycling.

I'm 20 years old, in Florida, which is a no fault state (but I'm not even entirely sure what that even means). I'm trying to go about buying my first bike (likely a used 250) as responsibly as possible. I plan to follow ATGATT and be a safe rider, but feel I should take some extra steps. In Florida, insurance isn't required for motorcyclists, but I have been told and heard of horror stories of people being on the hook for millions in damages and bodily injury just because they swerved outta the way of a pothole and lowsided and caused the semi behind them hauling fuel to turn over. Probably an extreme example, but it leads me to my question.

How much do you all feel is necessary for us as motorcyclists. Obviously our vehicles can do a ton of damage at high speeds, but we typically will do less than a car can.

I dont intend on getting any comprehensive or collision insurance, as its fairly expensive and I will have a very cheap bike. I looked into Progressive, and can get $250k/$500k bodily injury liability and $100k property damage liability for a little over $100 for the whole year, which sounds like a great deal to me. I would like to add in some uninsured/underinsured motorist coverage as well, but I find that it makes the price jump substantially, and also I have Blue Cross health insurance through my mom's employer, so really don't know if UM/UIM is necessary for me.

What do you all think? More/less PD and BI? Add in UM/UIM? I've never shopped for insurance before which is why I'm so clueless. I wanna try to avoid going off of an insurance agents advice because I hear they try to sell you as little as possible to get your business. I can't really ask my parents because they're against the motorcycle thing. While I am out on my own paying for my own apartment and almost completely financially independent (besides $200 a month for groceries), its probably best just not to piss them off, and I dont want my mom to be nervous wreck.

Any help is appreciated, just keep in mind the fact that I have health insurance and live in Florida, a no-fault state, if anyone has a firm understanding of what that means cause I sure dont.

Thanks in advance and I'm excited about joining this community,
--Art Vandelay
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Old 12-26-2012, 11:04 PM   #2 (permalink)
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100/300 is pretty standard. 250/500 is a lot, IMHO. Ins. is also to cover your net worth, so if you don't have a lot of assets right now, I wouldn't worry about it. 100/300/100 should be plenty.

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Old 12-27-2012, 01:03 AM   #3 (permalink)
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I think I have a million $ liability.

Also good for you, bikes are cheap to repair and buy...no point in getting full coverage.
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Old 12-27-2012, 11:51 AM   #4 (permalink)
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If you can afford to be out the money on your bike, go without the full-coverage.

As for liability, cover what you're worth.

-Will
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Old 12-27-2012, 12:10 PM   #5 (permalink)
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as much insurance as you can afford each month.
and, as much as you're willing to "give away" under the assumption you never use it, and will never see a return.
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Old 12-27-2012, 12:39 PM   #6 (permalink)
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Thanks in advance and I'm excited about joining this community,
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Old 12-27-2012, 02:38 PM   #7 (permalink)
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Quote:
Originally Posted by sprorchid View Post
100/300 is pretty standard. 250/500 is a lot, IMHO. Ins. is also to cover your net worth, so if you don't have a lot of assets right now, I wouldn't worry about it. 100/300/100 should be plenty.

welcome to the forum.
Thats what I hear is standard. AS a college student, I'm worst essentially nothing, but I would just be worried about wage garnishment or having to file for bankruptcy as a college graduation "present" lol

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as much insurance as you can afford each month.
and, as much as you're willing to "give away" under the assumption you never use it, and will never see a return.
Yeah, I'm hoping to keep it under $30 a month. I mean, I cooould afford to do something thats just the MacDaddy of liability coverage for liek $1500 a year, but I'd be really pinching and not saving any money. I could just do a couple hundred thousand in liability coverage (if I leave out UM/UIM), but if I ever caused like a million in damages or bodily injury I'd be screwed.

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Old 12-28-2012, 02:27 AM   #8 (permalink)
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If I run full coverage I make sure to have enough to replace the bike with its equivalent if something stupid happens. If the bike (or car) is only worth like a grand, I just run liability. I have $500 detectables on everything. I have decent medical insurance so I dont need coverage for that to a very large extreme.

As for liability, IIRC, I'm covered up to a little past how much damage I could possibly cause to someone else before actually dying myself. If I hit someone hard enough on my bike that I die, I really dont care much about there repair bills or medical expenses.

Now if my 78 GMC rear ended a Ferrari... I would probably drive away but total the ferrari.. I'm not 100% sure if I would be fully covered in a situation like that. But we dont have those cars hear and I drive for a living so I doubt it will happen.
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Old 12-28-2012, 08:42 AM   #9 (permalink)
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Old 12-28-2012, 08:46 AM   #10 (permalink)
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full coverage is always nice if it's not 453 every 45 days, boils down to what you want to protect and how much you think your bike is worth. Obviously if you go down hard more then likely the bike is going to be totaled. With bike insurance I look more into protecting property|persons and damage.
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