Is worth it for me to get Collision and Comprehensive coverage?

Question

I live in upstate NY and you only need liability coverage here to operate a motorcycle. Im a poor college student so i plan on only getting the minimum. I dont live in a high crime area so im not really concerned about vandalism or theft but are these extra insurance coverages worth it?

Answer 1

If you own the bike and don't have a loan to pay off, you can take the risk and cut the collision and comp on your bike.  The bank requires collision and comp to protect their interest in getting their money back if you crash the bike.

Of course, if you do drop the extra insurance and then drop the bike, you will be on your own to get it fixed.

Answer 2

If the bike is struck by an uninsured driver, then your own insurance will kick in (full coverage) and your insurance will sue the other driver and they will deal with the damage.

That is a good reason.

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For me I decide it was still cheaper in the long run to cancel those parts of the insurance.

Good Luck...

Answer 3

It all depends on the Value of the Bike that you have,my Ins full coverage in Pa is about 200.00 per year on a 98 Wing,sport bikes are a lot higher,because there riders are considered a higher risk.as are the bikes.

Answer 4

If you think you are going to lay it down a lot or you ride recklessly yes. But which is cheaper? Fixing the bike your self when you lay it down or paying the insurance guy the money to have it fixed for you?

If you are already poor get the minimum and ride sanely and make sure you wear good gear...all the time.

Answer 5

The best thing to do is get a quote or two and compare the value of the machine to the cost and see if it is worthwhile.  Consider this, however.  If you get hit (heaven forbid) and the at fault driver has no insurance, you likely have no way to pay for the bike.  Comp covers a ton of exposures (weather, fire, theft).  If the bike is low value, it may be worth going "bare".  If it would hurt financially to lose it, however, and the cost of insurance is not bad, I'd error toward being covered. I've been in claims for nearly 20 years and having seen every shape and form of loss and calamity possible, I tend to have more coverage than most people (though my deductibles tend to be higher since you want to use your coverage for only more serious losses to avoid adverse claims history.)  Happy riding.