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After wrecking my bike near the end of November, Nationwide finally called me today. I had turned in an estimate for my 01 zx for around 3400.00..... They told me today that they did an (Market study) for an idea of my bikes worth. They said 5100.00 minus 750 for a salvage title to be put on the bike, which brought my estimate just over 75% of the worth of the bike. So they said they would only give me $3850.00 and let me keep the bike with a salvage title and I would recieve 3 points on my insurance, which would cost me 1269.00 over the next 3 years. Sh%^, Why do I even have insurance.... So I decided to withdrawl my claim to keep my insurance from going up and keep a clean title. I cant win for loosing..[V]
 

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Yeah that sucks big time [V]. I've just gone through a big argument with my insurance for damage to my car which got hit in the car park :(. Had a police report and a witness to the accident. Had the details of the car and the owner but was told that without the name and licence of the driver I would have to pay $850 till the driver was charged [:0]. Luckly one of the cops gave me the owners details and I went to his house and got the guys licence number and so now I don't have to pay:D.
 

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Insurance = getting f*cked in the ass.

(It's a loose,loose situation, and the greatest "legal" scam going!)
[}:)]
 

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In NYC the premiums are ridiculous to say the least. Therefore I only have liability, so does all my other friends, cause If i wreck they raise my insurance so I have to pay alot more for that, plus all that time I'm dishing out money previously for full insurance? NO WAY!! Its a no win situation.
Why the hell should i pay lets say-$2,000 a yr. compared to $650 liability, and I never crash, I save me some bucks. Then lets say you wreck with full insurance, your gonna be forced to pay out of your pocket anyway!! I'll risk the bike getting stolen for what insurance companies are asking for, besides within 3yrs. of premium insurance, its the insurance companies that are stealing your bike.
 

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I would just get wrid of it and get more money. screw that.
 

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Yeah.. I only have liabilty and pay $169/yr because I only paid $3600 for my bike. Why should I pay $2600/yr for full coverage insurance, almost more than the bike.
 

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Originally posted by 2001ZX6R
Yeah.. I only have liabilty and pay $169/yr because I only paid $3600 for my bike. Why should I pay $2600/yr for full coverage insurance, almost more than the bike.
i did the smae thing, even if i complete wrote off my bike, its cheaper to just eat it, then pay collision and claim it... as a result i did write it off and im in the process of rebuilding it, complete wiht a new frame.
 

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Unless you are an older fellow who has the luxury of paying lower premiums, full coverage is a rip off. For the price you pay on insurance for a few years, you could have yourself a new bike.

So, just don't wreck your dumb bike once a year and you are already ahead of the game.
 

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Originally posted by Speedvlaze
Unless you are an older fellow who has the luxury of paying lower premiums, full coverage is a rip off. For the price you pay on insurance for a few years, you could have yourself a new bike.

So, just don't wreck your dumb bike once a year and you are already ahead of the game.
So Speed, are you saying it'd be wiser to have liability (the bare minimum in Canada) and fire & theft, but not collision?

...I'm only asking because I JUST got my renewal papers and with a clean record it's increased another $350.oo... (Up to some rediculous dollar number.) I need to start making some quote calling. [V]
 

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Originally posted by BSHAP


So Speed, are you saying it'd be wiser to have liability (the bare minimum in Canada) and fire & theft, but not collision?

...I'm only asking because I JUST got my renewal papers and with a clean record it's increased another $350.oo... (Up to some rediculous dollar number.) I need to start making some quote calling. [V]

Liability is the bare minimum here in the U.S. as well. All I am saying is that if you were paying an outrageous price on your insurance premium, then yes, it would be wiser to drop the collision coverage. When you factor how much you pay to have that coverage, you would be just as well off fixing your bike if anything happened to it. You will probably even save money by going that route unless you are a really crappy rider and total a bike once a year. But, if you totaled one a year, your premiums would soar to the moon so it wouldn't matter what way you chose to go, anyway. You would have to count your losses and decide from there. If you have full coverage, you are paying all that money so you are 'covered' should you have a crash. But, you would probably be further ahead (with more money in your bank account) if you would have taken some of the money that you paid towards your collision policy and just fixed your bike. It also saves you the headache of dealing with some rather impudent insurance adjusters. So, all you are really buying is a false peace of mind. You end up with an expensive solution to nothing when you could have just fixed your bike on your own for less.

The only time I see the benefit of collision coverage is when (usually) older people get rates that are reasonable and not out of this world. Then, and only then, would it be more economical to have collision coverage included on your policy.
 

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Thanks for the advice Speed, I appreciate the insight as I was thinking the same thing but I just want to hear it from others...
[8D]
 
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