If you don't have uninsured motorist insurance...
Road Warrior
Joined: Dec 2010
Posts: 1,892
Likes: 3
From: New Hampshire
I go the other way. I have always only carried the absolute minimum liability only coverage that Illinois requires. Back in the day before mandatory insurance I never had any.
Since I have been riding since 1956 and have had multiple bikes since the 70's that is one heck of savings over full coverage.
I have 7 bikes and minimum coverage is $542 for them. Full coverage would be about that for one. So, I am saving about $3K/year.
Insurance is to protect from a catastrophic loss that is not affordable. Since I pay cash for the bikes and even if they all burned up in the garage, I could go out and buy all new and a garage. Therefore I don't need the coverage.
It is not something that I would recommend to the weak of heart.
I pay less than MSRP with my cash purchasing so there is no interest cost. I do my own maintenance and avoid the extended warranties ( which are more correctly service contracts) and only about $80/yr/bike insurance my ownership costs are very low. Since I keep them and don't sell or trade them in, I am even exempt from any depreciation.
I have been doing this since the 70's so if I would have kept a log on the amount saved I am sure that it would amount to at least a couple of bikes by now.
That is part of the reason that I have more $ than my contemporaries who had the same income but wanted "piece of mind".
Since I have been riding since 1956 and have had multiple bikes since the 70's that is one heck of savings over full coverage.
I have 7 bikes and minimum coverage is $542 for them. Full coverage would be about that for one. So, I am saving about $3K/year.
Insurance is to protect from a catastrophic loss that is not affordable. Since I pay cash for the bikes and even if they all burned up in the garage, I could go out and buy all new and a garage. Therefore I don't need the coverage.
It is not something that I would recommend to the weak of heart.
I pay less than MSRP with my cash purchasing so there is no interest cost. I do my own maintenance and avoid the extended warranties ( which are more correctly service contracts) and only about $80/yr/bike insurance my ownership costs are very low. Since I keep them and don't sell or trade them in, I am even exempt from any depreciation.
I have been doing this since the 70's so if I would have kept a log on the amount saved I am sure that it would amount to at least a couple of bikes by now.
That is part of the reason that I have more $ than my contemporaries who had the same income but wanted "piece of mind".
Seasoned HDF Member
Joined: Sep 2009
Posts: 17,143
Likes: 6,165
From: SE Michigan
If thats the case then his post was off topic, because the original post was about the cost of medical bills if you dont have uninsured motorist coverage
Stellar HDF Member
Joined: Jun 2009
Posts: 3,423
Likes: 421
From: Northern, Ohio (Yuck!)
I go the other way. I have always only carried the absolute minimum liability only coverage that Illinois requires. Back in the day before mandatory insurance I never had any.
Since I have been riding since 1956 and have had multiple bikes since the 70's that is one heck of savings over full coverage.
I have 7 bikes and minimum coverage is $542 for them. Full coverage would be about that for one. So, I am saving about $3K/year.
Insurance is to protect from a catastrophic loss that is not affordable. Since I pay cash for the bikes and even if they all burned up in the garage, I could go out and buy all new and a garage. Therefore I don't need the coverage.
It is not something that I would recommend to the weak of heart.
I pay less than MSRP with my cash purchasing so there is no interest cost. I do my own maintenance and avoid the extended warranties ( which are more correctly service contracts) and only about $80/yr/bike insurance my ownership costs are very low. Since I keep them and don't sell or trade them in, I am even exempt from any depreciation.
I have been doing this since the 70's so if I would have kept a log on the amount saved I am sure that it would amount to at least a couple of bikes by now.
That is part of the reason that I have more $ than my contemporaries who had the same income but wanted "piece of mind".
Since I have been riding since 1956 and have had multiple bikes since the 70's that is one heck of savings over full coverage.
I have 7 bikes and minimum coverage is $542 for them. Full coverage would be about that for one. So, I am saving about $3K/year.
Insurance is to protect from a catastrophic loss that is not affordable. Since I pay cash for the bikes and even if they all burned up in the garage, I could go out and buy all new and a garage. Therefore I don't need the coverage.
It is not something that I would recommend to the weak of heart.
I pay less than MSRP with my cash purchasing so there is no interest cost. I do my own maintenance and avoid the extended warranties ( which are more correctly service contracts) and only about $80/yr/bike insurance my ownership costs are very low. Since I keep them and don't sell or trade them in, I am even exempt from any depreciation.
I have been doing this since the 70's so if I would have kept a log on the amount saved I am sure that it would amount to at least a couple of bikes by now.
That is part of the reason that I have more $ than my contemporaries who had the same income but wanted "piece of mind".
Will your $3K savings pay to me back together?
I don't care if you are willing to gamble with yourself. I care when you start gambling with my well being.....
Outstanding HDF Member
Joined: Mar 2006
Posts: 3,411
Likes: 22
From: Connecticut
Sammi
Ultimate HDF Member
Joined: Feb 2010
Posts: 8,039
Likes: 1,305
From: Jayhawk Country
Man, there's a lot about this post that doesn't make sense to me. The obvious one, he never hit the car so his full coverage should pay for it. The other thing is why in the world is the dealer handling the insurance? Hope you heal soon.
Club Member
Joined: Jun 2007
Posts: 3,435
Likes: 28
From: Living in open carry state :D
Ah yes.. The so called free health care... But you have to go onto a waiting list for procedures. And if it is not life threatening then forget about it..... Why do you think Canadaians come to tue US for just such procedures?
Road Warrior
Joined: Feb 2007
Posts: 1,270
Likes: 1
From: Atlanta, GA
I live in Georgia too and the uninsured/underinsured motorist coverage is real screwed up here. To get that from Progressive, Dairyland or the other typical insurance companies would have cost a fortune. The state requires some sort of notice about the coverage when you obtain a new policy, but it is easy to miss the real reason to have it, especially when the dealer is handling obtaining the policy. Therefore, I put my bike on the same policy with my cars so that I could make sure that I had adequate unisured coverage. To the OP, good luck with everything - once the accident report is written up, you are pretty much set in stone (they probably made it akin to a hit in run since the driver left the scene - hopefully she will get her just due at some point in time!) To the guy who has minimal coverage - don't know what your state requires, but good luck to you if you ever get in a similar situation.
Tourer
Joined: Feb 2012
Posts: 383
Likes: 4
From: Seattle
Not sure if this was mentioned, but in addition to uninsured motorist, PIP (personal injury protection) is something else to consider. This may or may not be included with uninsured motorist. PIP would have covered the injuries for both you and your GF up to the level of your coverage.
I'm not in insurance, but I drive clients around and need to have these passengers covered.
Hope you guys have a speedy and full recovery
I'm not in insurance, but I drive clients around and need to have these passengers covered.
Hope you guys have a speedy and full recovery
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Ultimate HDF Member
Joined: Feb 2010
Posts: 8,039
Likes: 1,305
From: Jayhawk Country
This doesn't sound to me like an uninsured motorist case. He never hit the car so it would fall under PIP or your medical coverage. If you had PIP on a motorcycle you would know it because the policy would triple in price. Another reason to have medical coverage.
Outstanding HDF Member
Joined: Jun 2011
Posts: 2,062
Likes: 4
From: Boca Raton, FL
holy crap folks dont you guys have medical insurance?
if you go down in an accident and don't have UM then your health insurance pays your bills
additionally, to you folks that are talking about being 30 yrs old and being disabled for 35 years, and having $400k in medical bills - how much UM coverage are you thinking about carrying?
holy crap! your talking about worst case scenario and then thinking just adding UM is going to get you $1m in coverage, HA HA! most UM policies are for $50k or something like that
if you have questions, call your ins agent and find out for yourself and talk about what happens IF
if you have health ins, that will cover your medical, then they will go after the asshat that caused the wreck, and if there is no fault, then that is why you have health ins
if you go down in an accident and don't have UM then your health insurance pays your bills
additionally, to you folks that are talking about being 30 yrs old and being disabled for 35 years, and having $400k in medical bills - how much UM coverage are you thinking about carrying?
holy crap! your talking about worst case scenario and then thinking just adding UM is going to get you $1m in coverage, HA HA! most UM policies are for $50k or something like that
if you have questions, call your ins agent and find out for yourself and talk about what happens IF
if you have health ins, that will cover your medical, then they will go after the asshat that caused the wreck, and if there is no fault, then that is why you have health ins