Ok I just got a 72 CB450 and the rate I was quoted was surprisingly high. Here are my coverage details that geico recommended: Coverage____________________________Limits----------------------Cost Bodily Injury Liability(BIL)_____________$25,000/$50,000--------$264.00 Property Damage Liability(PDL)_________$25,000-------------------$112.00 Medical Payments(MED)_______________I decline this coverage--$0.00 Uninsured Motorist Bodily Injury________$25,000/$50,000---------$83.00 Uninsured Motorist Property Damage____$25,000-------------------$39.00 Underinsured Motorist Bodily Injury_____I decline this coverage---$0.00 Underinsured Motorist Property Damage_I decline this coverage---$0.00 Comprehensive(COMP)________________I decline this coverage---$0.00 Collision(COLL)______________________I decline this coverage I have no idea about automobile insurance, my vehicle is a company vehicle. All I want is the bare minimum coverage to get a tag. I don't think I can cause that much damage on a 72 CB450, but I don't want to screw myself over if anything does happen. Any insight would be greatly appreciated.:up:
First and foremost, was this for 6 months or a year? Seems kinda high for that bike but your age & driving record play a huge factor. I would check around with other insurance companies. Geico wanted over $1300 a year for me with my current bike and I have a clean record. I now pay less than $600/year for full coverage for an 07 GSXR 750 with Farmers. I would also check with Allstate, StateFarm and Progressive
This was a year. I guess I thought it'd be lower since it was such an old bike, but that's not the case with cars so I don't know why I thought that.
I would be inclined to think the same since (I'm guessing here) there is little value in a '72 bike. But again, age and driving record are a huge impact. I would shop around- it's not going to cost you anything to check other companies out
You have lots of stuff offered to you that you just do NOT need! That's why the cost is so high. They may or may not reduce the coverages as some companies will just give you a take it or leave it quote. BI - this is if you are found at fault for an accident & you hurt someone - medical coverage for those you injured. You need $25K per person & $50K per accident coverage? B.S. PD - that's coverage if you are found at fault for an accident & you damage other vehicles. $25K is pretty high/good for a bike & many states have minimum coverage you are required to have in this category so you may have no choice depending on your state's minimum coverage limits. It is a little higher than what I would carry for a small displacement bike. You'd have to hit some vehicle pretty damn hard to do that kind of damage. That being said I saw a HD 883 that was piloted by a guy drag racing that hit a parked SUV so hard that it totaled the GMC SUV! The 883 was a friggin mess. YIKES! Needless to say the rider was a DOA. Uninsured Motorist PD is the max the insurance company will pay you for your bike if they find the person who hit you didn't have any insurance at the time of the accident. This is a B.S. amount as Geico will not cut you a check for $25K for your bike if it is totaled by an uninsured motorist. What they will pay you is a fair market valuation by locating comps in the area that sold recently or they use Kelley Bluebook numbers. No way will it get anywhere near $25K so you are throwing out lots of premium money for money you will NEVER, ever collect coverage wise. So that is a pure B.S. coverage quote on that portion of the policy. Remember in many states insurance companies will require to get a positive ID on the vehicle that hit you (aka lic plate) in order for your UMPD to apply. If you ride most of the uninsured motorists out there will hit & run if they think they hurt you - in fact, the vast majority will flee. Kind of hard to get a positive ID on a car when you're sprawled out on the pavement! If it were me I would keep the PD & see if they could offer you a lower PD limit, around $15K should be fine. I would keep the UMBI just in case you do get hurt as your medical bills can skyrocket quickly & that amount they are charging you for that coverage is pretty low. I would kill the UMPD as your bike just isn't worth all that much so if an uninsured motorist takes your bike out I would take them to small claims court instead of paying all that money for something that won't be a big loss. Most of the time the person who hit you is so happy you weren't hurt & aren't gonna sue them that they will more than likely pay you a reasonable sum for your low value bike. I would also see about lowering drastically or eliminating the BI. That's way too much coverage for a person riding - unless you are into stop light to stop light drag racing that 72' 450 & think you may T-bone a Prius & hurt the people in it badly. If they don't want to play, you don't have to pay - go elsewhere. Insurance?
Thanks for the info. Yeah most of the "minimums" I saw I was like, man I'd be dead if I caused half of that much damage on a CB 450 haha. I guess I need to check state laws on minimums and shop around. Thanks again!
Not sure if they are in your area...but check "riders insurance". My buddy in Ohio has them crazy cheap!!! Good luck
I would guess that BI and PD limits are minimums for your state - quite a few states require 25/50/25. As far as collision being a waste of money, it wasn't included in the quote. Compare with as many companies as you can. everyone's rules are different.
This is the reason you may want to consider underinsured motorist coverage: I'm a State Farm Insurance agent and here's what I have on all my bikes: $250,000/$500,000 BI, $250,000 PD and nothing else. I'll file under my health insurance if an uninsured or underinsured person hits me. I also have a $1,000,000 liability umbrella policy in case my PD limits aren't enough. I'd rather pay a little more for high liability limits and not chance losing everything I I have because of a bad accident.
It's a 400 dollar piece of useless paper. Only thing you'll hurt on that bike is yourself. I run plpd on both my bikes. If I total em, F' it. They're paid for. I would of kept insuring them, but it was usually with a 500 or 1000 deductible. I'm not gonna give somebody 500 to insure, then another 500 because I crashed, so he can dick me around on a 4000 dollar bike. At that point you have 1000 cash in the bike.
