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Discussion Starter · #1 ·
My '14 is worth about $NZ6000 to 7000 now. I'm thinking of self insuring. My one concern is damaging another vehicle or property. But I have never done that with a bike. In fact, I haven't had an accident that was my fault on my private bike.
Stupid idea? What say you, oh forum of unbounded intellect?
 
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My '14 is worth about $NZ6000 to 7000 now. I'm thinking of self insuring. My one concern is damaging another vehicle or property. But I have never done that with a bike. In fact, I haven't had an accident that was my fault on my private bike.
Stupid idea? What say you, oh forum of unbounded intellect?

Madness! What's the cost of insurance for the bike? Past results are no guarantee of future outcomes, as all the investment companies say.
 

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I have comprehensive and collision coverage on my bike that will completely replace it in the even of anything. It’s worth it to me, but costs almost $1K a year. I ride everyday with it as my main transportation, so I worry less about it. Let us know what you decide.
 

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I have comprehensive and collision coverage on my bike that will completely replace it in the even of anything. It’s worth it to me, but costs almost $1K a year. I ride everyday with it as my main transportation, so I worry less about it. Let us know what you decide.

Wow - that's a lot, tho' many factors can come into it as we all know. About AUD$430 for my 2020 SP, even tho' that was loaded as I'm a geriatric, albeit with a great no-claims history, ever.
 

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I just bought insurance for a 21' MT-09 for $595 USD annually. It includes $100k/$300k liability + uninsured + underinsured + comprehensive coverage. Also includes original value replacement (only available for first 3 years) and one accident waiver per year (if I'm at fault no premium increase). This is in Milwaukee, WI with Allstate.

/edit, There's also $2,000 of coverage for mods when I eventually get them. Only added $2.91 per year.
 

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Wow - that's a lot, tho' many factors can come into it as we all know. About AUD$430 for my 2020 SP, even tho' that was loaded as I'm a geriatric, albeit with a great no-claims history, ever.
I also have coverage on my "upgrades" as the insurance company calls them. So I get the cost of the bike plus all the mods. :p
 

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Here in the good old USA you better have really deep pockets or no pockets to self insure. In a worst case scenario they can sue you into oblivion.
 

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What does self-insure even mean? As far as I can tell it means zero insurance.

Many places in the US require every vehicle owner to have at least liability insurance. Big fines or even jail time if you get caught without it, particularly if you're in an accident and at fault. Makes total sense, if someone else is at fault they better be paying for my vehicle and medical fees.
 

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In BC Canada we can choose full comprehensive or just third party. I went the full comprehensive at about $1,100/year. including $3M 3rd party liability. I intend to cancel the coverage from Nov to April during the winter (rarely see snow but it is cool and WET on the coast) so I'll get some of that back.
 

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Do the math, and if it works out in your favor go for it.

I've no idea what the 'laws' are over there regarding liability, and what your health care costs are like. I wouldn't simply self-insure because you haven't had an accident in the past.
Here in the USA there is way to much risk to run without insurance - even a minor accident could leave someone here facing $100,000's in medical bills and if you were 'at fault' open you up to essentially unlimited liability & legal fees.

If you have the financial resources to weather that kind of s**t storm without ruining your future prospects than insurance is simply a waste of money - save it and invest in yourself instead. I personally do not and so I choose to save money on insurance by buying the things that are most important to me. I buy up as much medial and Under insured motorist coverage as I can, and do not buy any compressive/theft/disaster type insurance. My bike only cost 5k and every year its worth even less. I also buy as little property damage insurance as possible - its unlikely that my bike is going to do 200k worth of damage to someone elses stuff and most policies here that is the bottom limit. Ultimately my goal is to protect my self from the financial & health burdens of an accident (even if the other person has no insurance).

Again I would not choose based on the - I've not been in an accident yet - argument, you never know when disaster will strike and you'd literally be gambling with your own health and your own future happiness. This is a simple math problem.
 

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Geico has me all covered at 100 a year... this year was free thanks to all of the COVID rebates they handed out last year. When I self insured they wanted almost 400 a month to cover me...
 

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Discussion Starter · #14 ·
Madness! What's the cost of insurance for the bike? Past results are no guarantee of future outcomes, as all the investment companies say.
They do don't they. But they're arse covering, I'm thinking of doing that myself. But, I have followed your thinking all my life. That's a lot of unused insurance.
 

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Discussion Starter · #15 ·
Here in the good old USA you better have really deep pockets or no pockets to self insure. In a worst case scenario they can sue you into oblivion.
Yeah, it's different here. We have universal accident coverage, it's third party damage you have to worry about. Like hitting a Ferrari, or worse, a bloody Tesla.
 

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Discussion Starter · #16 ·
OK, I'm convinced. Another renewal then.
 

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OK, I'm convinced. Another renewal then.

Murphy's Law will now come into play, and you will be a blameless rider for the foreseeable future!!
 
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Reminds me, I have to renew mine this month. Good to know everyone's prices tho. I'm around the same range.

So hard to compare insurance. It's like apples to oranges depending on the levels you choose.
 

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Reminds me, I have to renew mine this month. Good to know everyone's prices tho. I'm around the same range.

So hard to compare insurance. It's like apples to oranges depending on the levels you choose.
It's crazy what factors into your cost. Zip code, credit score, own or finance, years riding, courses taken, how long been with insurance company and claims.
 
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