I carry full coverage. State Farm valued my bike at $12.5 . I was like..OK.... You can get a Stated Value policy too. They inspect the bike and you come to an agreement of replacement value. The difference between liability and fill coverage on my bike was only $80.00 per year so, it was a no-brainer.

 

Crazy to own any Harley without full coverage.

 

Your premiums make me sick. Full coverage for 2015 Breakout is $1900.00 for the year here. At the most I can get eight months riding in. Do not know what your liability coverage is, but minimum here is one million. I would be happy to pay half my rate. Good record, and thirty years accident free.

 

Holy crap. It is like you are buying a used Japanese bike every year! That is insanely high!

Just think if you were putting $1900 worth of upgrades on your bike every year how nice it would be.

 

Ouch sounds like you need an evo

 

Yeah but you get free health care.........

 

Yeah, like Obooboo care, we have you covered... with six feet of dirt...

 

 

Insurance companies make a profit by collecting more in premiums than they pay out in costs. Costs include claims, administrative expenses and agent commissions.


The average policy holder will pay much more in premiums than they receive in benefits. I want to participate in this process to the least degree possible.


Therefore I insure big risks like my house and liability. I do not insure cars or motorcycles for theft or damage. I have health insurance, life insurance and disability insurance.


I carry insurance only for the things that would be financially ruinous. I will take the risk on the others. Over my entire life, I have a high probability of coming out ahead, but not a certainty. There is some risk that I might be unlucky and come out behind.


I also have a little worry when I park my car or bike someplace and leave it.


But the insurance companies have all this figured out so their risk is covered plus admin cost, plus commission, plus profit, plus safety margin. They are going to make money. The money they make plus their operational cost comes out of our pocket.


If you can afford to take the risk, it is a gamble that has a high probability of paying off. But you have to be willing to play the long game. You could get unlucky and be out big in the short run.


But if you save on motorcycle and car insurance, carry high deductible on house, don't buy extended warranties it can add up to several hundred a year. Say it is $500 a year in savings all together. That is $5,000 every ten years. If you are 40 years old and live to 85, that is $22,500. Insurance can look inexpensive one benefit at a time. But add it all up over a lifetime and it can be big money.


On the other hand. If you would just spend the savings on something else. Then you might be better off carrying the insurance.

 

I checked the NADA value on my 95 FLHT.
In excellent condition it is worth $9250.
I may have to go for full coverage.