insurance adjustments

[boo]

At what value do you decide to drop full coverage on your scooters and go to liability only?.
My insurance company is ripping me off. Our scooters are at least three years old and they are still charging premiums like when they were new. State Farm.
Both scoots are worth about half of what they were new.

[ScooterLar]

I'm glad you brought this subject up. I've had full coverage on both my 2013 Like 200's since buying them new in 2013. I checked KBB and they are presently worth about a 1/2 to 2/3 less than I originally paid for them. I just called my insurance company to see what the difference would be if I only kept liability insurance. I was currently paying over $150 for each bike for full coverage. After removing the collision/comprehensive portion of my coverage, the premium was now about $68 each. That's a pretty significant difference. Hence, I decided to remove the collision/comprehensive portion of my insurance.

I guess to answer your question, it just depends on your situation. If it's your only bike and your only means of transportation, then you might want to consider that. You also have to look at your financial situation and see if you could afford to replace your bike if it was totalled/damaged. Another thing to consider is the area in which you primarily ride. Is it a high crime area? Is it a high traffic/accident area like NYC? If so, you might want to consider maintaining full coverage.   You can't just look at the depreciated value of your bike.

For me, it was a no brainer. I own 5 other scooters, it's not my principal means of transportation, I live in a relatively rural, low traffic/accident/crime area, and in the event they are wrecked, I can afford to replace these scoots even without receiving the depreciated value of my Likes.

[ole two wheels]

I completely agree with you ScooterLar, plus you must look at how likely you are to cause really high dollar damage to anything you may impact with your scooter. I only ride my bikes for pleasure and the likely hood of me incurring a financial nightmare with them is very remote. By the way, boo, State Farm is the leader in high and rising insurance premiums. IMHO In my case I only carry what is required by law. I can't imagine having full coverage on 6 bikes. My pockets aren't that deep.

[MJR]

Dropped mine after the financing is over. The repair cost of any of them would total them because the parts cost is so high compared to their value, just not worth it to me besides that I have 2 Jeeps, a Nissan Frontier, 3 B650's, a MyRoad, and Aprilia Atlantic to insurance on.

[Redk]

Insurance is a practice of assigning liability for your actions to someone else.

It is usually an exercise in futility to contest acts of the legislature.

I direct agents I am forced to deal with that I desire no more than what is required to meet State mandated requirements.

To do so, the carrier requires that I sign a certain waiver identifying the policy as minimal PL/PD.
There is no effective benefit having higher than a $500 deductible.

All this goes out the window if you personally have extensive assets you must protect from nefarious persons.
redk

IF you are among those very wealthy scooter riders, that value should be in a trust, anyway.

[CROSSBOLT]

Was really disappointed at the payback on the DT300i that was stolen and wrecked-totalled. It brought about 2400 bucks. Now with new car replacement value..... sounds great but paying for it is unrealistic. Insurance is a rip at our level.

Karl

[Redk]

Karl, it's most likely all those 'actuarial tables' or whatever they are protect the profitability of the insurance company.

When the nice lady decided her space in time defied physics and chose to T-bone my F-150 on the driver's door her company gave me 5k and the title.
To me it was a loss, yet probably fair, considering she did not succeed in killing me.

If anyone was unaware, the side intrusion I beam in the door of my Ford saved my life when her suv tried to co-occupy space.
The 3 point seat belt and airbag saved my bacon.
I was able to climb out through the passenger door after a near rollover and screeching stop while avoiding a utility pole.

...any landing you can walk away from...
redk