make a donation to the fz1oa
fz1oa chat
fz1oa picture uploader
maintain your own photo albums
locate fz1oa members
Members Assistance Guide
search the entire board
click here for fz1oa web site home page
register a new account, it's free!
fz1oa store
email the fz1oa webmasters
read the fz1oa guidelines
read the fz1oa policy
open pat's fz1 site in a new window
open iowaz fz1 site in a new window
technical tips

Go Back   FZ1OA Message Board > FZ1 & Fazer Owners Association > Purchasing, Insurance, & Warranty

Reply
 
Thread Tools Display Modes
Old 09-27-2011, 05:52 PM   #101
mrmotoman37
Registered User
 
Join Date: May 2009
Posts: 137
Bike Stolen!

So much to my disappointment, I went down to get on my bike to ride into work this morning, and she was gone. I had a sense that something was wrong as I could see the bike parked from my apartment when I got home from work around 10pm last night, and when I went to go to the elevator this morning I did not see from the window. I kind of had a "Gosh, did I park my bike where I could see it" moment and hoped that I was mistaken or at the worst someone had knocked it over.

Anyway, does anyone have adivice for going through the claims process? I have not had the experience of this happening before, and from what the officers had told me, bikes that are stolen in NYC/Brooklyn are pretty much gone. IF that is the case I wanted to make sure that I don't get shorted on what insurance will give me for compensation, especially with all of the accessories that I had added to the bike over the last year and a half.


Thanks guys, and I hope that this is not my last FZ1!
__________________
Ivanized, Sans AIS, Carb Coolant Bypass, Pazzo's, Hole-shot shortened, Corbin GF, Zero Gravity, CRG's, Gen II Bars, R-1 Shifter, Traxxion 1.0kg front springs, R6R Rear Shock (Thanks Dean!),
mrmotoman37 is offline   Reply With Quote
Old 09-28-2011, 04:52 AM   #102
vsiddhartha
Registered User
 
vsiddhartha's Avatar
 
Join Date: Sep 2007
Location: Newark, NJ
Posts: 760
Quote:
Originally Posted by mrmotoman37 View Post
Anyway, does anyone have adivice for going through the claims process? I have not had the experience of this happening before, and from what the officers had told me, bikes that are stolen in NYC/Brooklyn are pretty much gone. IF that is the case I wanted to make sure that I don't get shorted on what insurance will give me for compensation, especially with all of the accessories that I had added to the bike over the last year and a half.


Thanks guys, and I hope that this is not my last FZ1!
File a police report (sounds like you already did). Call your insurer, tell them what happened, give them the report #. I imagine it will be pretty straight-forward. Unless you have a weird policy, your accessories should be covered, up to a limit, as long as you have receipts. When my bike was totaled, State Farm covered all the accessories, with depreciation. Protective gear was covered at full face value.

Sucks you have to deal with this. I can imagine it's a terrible feeling. Hopefully the bike doesn't turn up, as there's no telling what would have been done to it. Did you have a lock or alarm? If not, I'm surprised the bike lasted 1.5 years in Brooklyn!
vsiddhartha is offline   Reply With Quote
Old 09-28-2011, 03:24 PM   #103
mrmotoman37
Registered User
 
Join Date: May 2009
Posts: 137
Gone

Unfortunately I was complacent this time and did not chain to something stationary...that was my fault.

Not many recepits, though when I moved to Bklyn from the City this May, I took pictures of the bike just in case something happened so I would at least would have have documentation of what I had on the bike. The problem is that the accessories that were on the bike mostly were purchased from members on this board so that is the worry. Plus, though I would prefer that I do all of my own work, without garage space, it makes it tough to do any larger jobs such as my jet kit, suspension, or tires. Just sucks that is for sure!
__________________
Ivanized, Sans AIS, Carb Coolant Bypass, Pazzo's, Hole-shot shortened, Corbin GF, Zero Gravity, CRG's, Gen II Bars, R-1 Shifter, Traxxion 1.0kg front springs, R6R Rear Shock (Thanks Dean!),
mrmotoman37 is offline   Reply With Quote
Old 11-23-2011, 01:51 AM   #104
Adjuster
Retired from the WR.
 
Adjuster's Avatar
 
Join Date: Oct 2006
Posts: 7,351
How did the theft claim work out?

Just for reference, thefts are covered under Comprehensive, and generally have a 30 day waiting period before the company will pay anything.

Most companies use NADA, CCC or similar data to determine the ACV. (Actual Cash Value.) This can then be added to depending on the policy limits/terms for coverage on what Progressive calls CPE. (Custom Parts and Equipment.)

Last time I dealt with a bike claim, they have up to 3000.00 in CPE coverage on the standard policy, and will sell endorsments for more coverage on CPE. (Say you have a custom chopper with billet controls, custom tank, paint, seat, wheels etc.) It adds up fast, and you can take a "standard" Big Dog chopper that's selling for 30k new, and add 30k on top of it before you roll out the door of the dealership.

Most bikes however, are going to be fine with the 3k of CPE coverage. Reciepts are nice to have, but a few good photos of the bike prior to the loss really can help determine what was on it too for the claims adjuster.

Hope the theft claim was resolved smoothly.
__________________
Gone, but not forgotten: Shift Red 06 with all the fun free/cheap mods done. Down to just one car, soldering on with a 2001 S8, AKA Ronin-mobile in silver with black leather, could be worse I suppose...
As an Independent Claims Adjuster, I offer free consultations for claims, and insurance questions.

http://www.adjusteridaho.com
Check out my blog.
http://www.adjusteridaho.com/blog.html

greg@adjusteridaho.com
Adjuster is offline   Reply With Quote
Old 02-09-2012, 01:44 PM   #105
halouis
Registered User
 
halouis's Avatar
 
Join Date: Nov 2011
Location: Central Virginia
Posts: 957
Quote:
Originally Posted by James Bialas View Post
Of course, don't forget the argument for not carrying comprehensive and collision.

Here's how I justify it. Say I ball my bike up pretty bad next spring. Assuming I had carried full coverage with a $500 deductible, this is what I would have ended up with:

(This is using a $753 quote from Dairyland- best I could find, and a current value of the bike based on kelly blue book retail)


Suppose I crash it bad enough that the insurance company totals it, which given the cost of bike parts is highly likely for even some relatively minor crashes:

I'd get $6235 minus my $500 deductible. Of course, I'd have spent about $1400 on insurance at that point- so, effectively, I'd end up getting about $4335 out of the deal.

That wouldn't even come close to buying a similar FZ1- especially where I live.

The deal only gets worse as you spend more money on insurance and the value of the bike drops as time marches on.

It's such a bad deal that I'm willing to bet any crash damage I might get could easily be covered by the money I saved on premiums.

Furthermore, this isn't like my car where if I were to have an accident, I'd need transportation of some sort the next day to get to work. With the bike, I have time to scour used parts dealers and reassemble the thing myself- maybe make a few upgrades along the way.

On top of that, knowing I have to deal with consequences of my actions tends to encourge less risk taking and staying aware of what other drivers are doing.

The racket just doesn't add up to me. And insurance companies themselves just piss me off. Can't I just look at a table to figure out my rate given all the factors that count? No, I've got to fill out forms and harass agents about possible discounts for certifications and memberships so much, I eventually get pissed and just settle for one.

Then there's the whole claims headache as well. I've talked to plenty of mechanics who have nothing nice to say at all about some of the chiseler agents they've had to deal with.


Arrggghhh.... see what happens when I can't get out and ride? Endless rants. Time to go eat dinner and play in the snow in the Jeep.
anyone else NOT carrying comprehensive/collision? for my FZ1 it's $9 for Comp and $82 for collision. doesn;t seem like a tremendous amount, but yeah I only paid 3500 for the bike. that's w/ 250/250 deductibles. not sure if it's really worth while.
__________________
-Hal


'03 FZ1 "Lisbeth"
halouis is offline   Reply With Quote
Old 06-04-2012, 12:41 AM   #106
BruinFZ1guy
Chronically obsessive.
 
BruinFZ1guy's Avatar
 
Join Date: May 2012
Location: Glendale, CA
Posts: 681
Quote:
Originally Posted by halouis View Post
anyone else NOT carrying comprehensive/collision? for my FZ1 it's $9 for Comp and $82 for collision. doesn;t seem like a tremendous amount, but yeah I only paid 3500 for the bike. that's w/ 250/250 deductibles. not sure if it's really worth while.
For my bike I buy state-minimum liability. It's about $120 a year. I can't remember what the full coverage with a $500 deductible was. I think about $80 a month (with a dui from a few years ago). I figure I'll risk it. Although reading about the theft in the last post makes me wonder (hopefully no one wants an '05 FZ1). I guess I just figure the low risk is worth the cost savings. A brand new R1 and I'd buy it, but then again the premium here was gonna be over $200 a month, which is one of the reasons I didn't buy a new R1!
BruinFZ1guy is online now   Reply With Quote
Old 06-04-2012, 04:00 AM   #107
mel
Registered User
 
Join Date: Jun 2004
Posts: 182
I only carry liability (State Farm) on my '03 Bee. I very seldom park in a spot where theft is a possibility, and figure I'll deal with the damage if I crash.
mel is offline   Reply With Quote
Old 06-05-2012, 07:05 AM   #108
packnrat
Registered User
 
Join Date: Jan 2012
Location: valley springs
Posts: 1,077
Post

well at 51 years past my prime.

08 ford compact car (payments)
84 CJ-7 03 chevy (mom's) owned out right...but my mom has items on her record....soon to be a non driver. after getting the front end "fixed" from one accident, she totaled the front end..again gassed into a steel parking pole.
04 FZ1 (sad but payments). short term.
01 rv owned out right..any want to buy it? pm me for details.
renters. theft fire etc.
umbrella (what ever this is?)

but just moving from stockton to valley springs my rates dropped a good third.

0nly $249.30 a month. and my coverage is over the top. mom's car cost almost the same as the bike. but the ford costs more than the bike.
i have not had ANYTHING on my record in a good twenty (yes 20) years.


and yes insurance is just a scam. but needed as medical, and repairs costs are out of sight. then there are the scamers out there just trying to get a payment from a insurance company...or your pocket book.

sf did not care about a msc. no discount there.

and no the bike did not get damaged on turn 9 at sears point. is was the tight turn on hwy 4.
packnrat is offline   Reply With Quote
Old 08-08-2012, 10:22 PM   #109
travis30653
Registered User
 
Join Date: Jul 2012
Posts: 17
My rates are $46/yr on my 2001 FZ1...liability only.
travis30653 is offline   Reply With Quote
Old 08-09-2012, 03:32 AM   #110
mel
Registered User
 
Join Date: Jun 2004
Posts: 182
That's really a low rate, Travis. What company, and what are your coverage amounts?
mel is offline   Reply With Quote
Old 08-09-2012, 06:28 AM   #111
JohnnyLfromCT
MILF bait
 
Join Date: Apr 2005
Location: Stratford, CT
Posts: 8,277
You guys who carry liability only on anything but an absolute jalopy POS are out of your gourds...

IMHO, of course.

__________________
My Penis!!!
JohnnyLfromCT is offline   Reply With Quote
Old 08-09-2012, 10:23 PM   #112
travis30653
Registered User
 
Join Date: Jul 2012
Posts: 17
Quote:
Originally Posted by mel View Post
That's really a low rate, Travis. What company, and what are your coverage amounts?
I'd have to check but its the minimum required in NC. I use Geico, I have 10+ vehicles with Geico, 2 other motorcycles so I'm sure that comes into play as well. Also, I have my dad on the policy as the main driver and me as the secondary so that lowered it a bit....we both ride each others bikes quiet frequently. With just me (19yr old male) it was $96/yr and I have not taken any safety courses but have been riding for more than 3 years.
I believe it is:
Bodily Injury: $30,000/$60,000
Property Damage: $25,000
Uninsured Motorist $30,000/$60,000

With collision ($1219) and comprehensive ($979) (with a $500 deductible) it came out to $2297.92.....only $200 less than I paid for the bike plus the deductible so I felt it was a rip-off and not worth it.

Still, crazy cheap prices for a liter bike with just liability....my dad' shadow 600 and 1100 are both more expensive than that.

My girlfriend just went with Nationwide and got her 1998 Ninja 500 covered for $133/yr (Liability)....she's never ridden or taken any safety course either....geico was $137 plus her car was with Nationwide so she just left it there.
travis30653 is offline   Reply With Quote
Old 08-09-2012, 10:33 PM   #113
travis30653
Registered User
 
Join Date: Jul 2012
Posts: 17
Quote:
Originally Posted by JohnnyLfromCT View Post
You guys who carry liability only on anything but an absolute jalopy POS are out of your gourds...

IMHO, of course.

Maybe but when the insurance for one year plus the deductible is more than you spent for the bike then I think it makes sense to just have liability. Even if you wreck the bike unless its totaled you can fix the bike with what you saved from just having liability in just a few months. Plus it keeps you from acting stupid....IE, stunts, wheelies ect. will be payed out of your own pocket if you screw up.
travis30653 is offline   Reply With Quote
Old 08-09-2012, 10:48 PM   #114
grommet
kinetic mentality
 
grommet's Avatar
 
Join Date: May 2011
Location: hangin' with Toto
Posts: 12,220
Quote:
Originally Posted by travis30653 View Post
Maybe but when the insurance for one year plus the deductible is more than you spent for the bike then I think it makes sense to just have liability. Even if you wreck the bike unless its totaled you can fix the bike with what you saved from just having liability in just a few months. Plus it keeps you from acting stupid....IE, stunts, wheelies ect. will be payed out of your own pocket if you screw up.
You must be young. Which is great. But it's a bummer for insurance. I pay $278/yr for full coverage; comprehensive, collision, even roadside assistance and towing. I think my deductible is $500. So for me, your math does not add up on a $3000 - $3500 bike.

I'm 43, by the way, and aside from a number of performance bonuses, I have a clean driving record. No accidents. Ever. (Well, there was the time a car pulled out in front of me and I totaled my bike, but that was the other driver's fault, and I got a new and better bike out of the deal.)
__________________


Partly stabilized, partly curious.


Be your own man; don't be an owned man.

Some people would rather be dead than wrong.
grommet is offline   Reply With Quote
Old 01-08-2013, 12:16 PM   #115
bucky
Registered User
 
Join Date: Dec 2012
Posts: 24
I am 62, clean driving record. I have 4 bikes. For $500k CSL liability, Underinsured motorist liability of $25k/$50k, Underinsured Property of $10k, Comp w/$100 ded, Collision of $1000 ded, and towing/roadside assistance and trip interruption for full year coverage on the 08 FZ1 cost is $145 with Progressive.

I think a rule of thumb (on collision coverage) when the annual premium on that coverage is more than 10% of the value of your bike you should consider self insuring by having no coverage, in my case that ratio is less than 1% on colllision coverage. Progressive allows you to carry comp coverage only so and you can get underinsured property damage so if someone hits you with no insurance you get coverage too in case of an accident assuming it is not your fault. Obviously if you do not own the bike outright the bank requires you to have full coverage and if you can't afford to take the hit of self insuring these rules of thumb might not be feasible either.
Washington is one of the few states that does not require any insurance, not even liability to ride a bike. I would never do that as even though you may think your little bike can cause little liability damage, think again. You can cause plenty of property and personal damage to others if you cause an accident.
bucky is offline   Reply With Quote
Old 02-18-2013, 08:41 AM   #116
OSUFZ1
14' National Champions
 
OSUFZ1's Avatar
 
Join Date: May 2006
Location: Columbus, OH
Posts: 1,892
I read an interesting article in MCN legal advice column. The question of the month was insurance and the attorney's advise was to get as much un/underinsured coverage as you can afford. That is the place where motorcycle riders get screwed. Some guy hits you, he is at fault and you have a stack of hospital bills.

If that guy is un/underinsured, has little to no possessions and has a very low income then how are you going to get help? You're not....unless you have good un/underinsured coverage.
OSUFZ1 is offline   Reply With Quote
Old 02-25-2013, 06:16 PM   #117
gmagz06
CNC machinist-in-training
 
Join Date: Jan 2013
Location: North Central CT
Posts: 355
Lesson Learned with Progressive

Today I got pissed off at Progressive raising my monthly payment for my auto insurance after a supposed discount they gave me about 2 months ago.

I went on Geico.com and received a quote for a policy with the same coverage as Progressive for literally, a THIRD of what I was paying. I was shocked and immediately felt ripped off by Progressive (surprise, surprise..).

I call Progressive and explain to them what Geico quoted me for and basically gave them an ultimatum that they need to drastically lower my payments or they will lose me to their competition within the hour.

Here's where it gets interesting...

I am from CT. Progressive informs me that there is a law in CT that forbids insurance companies from re-running a customer's credit upon renewal of a policy. It is intended to protect those with damaged credit from having their rates jacked up by insurance companies.

The last time Progressive ran my credit was 3 years ago. They never thought to ask me to run my credit upon renewal since then. I've been a customer with them for 5 years and have always resided in CT. Today they inform me of this, re-run my credit, and because my credit has apparently improved quite a bit over the last 3 years.....

My monthly payment dropped from $170.00 to $82.00 a month for my car!! All because they couldn't legally run my credit upon renewals and they chose not to inform me of this at any time, or the first time I questioned their premiums and all they could do was lower my payments by a measly $12.00 a month.. Unbelievable.

Out-of-date credit scores certainly accounted for the huge difference in my current payments and Geico's offer.

I chose to stay with Progressive after working this out, but I am annoyed that they did not inform me of this sooner..

So, moral of the story, it may be worth it to Re-quote your insurance policy every so often (CT peeps!), or at least make sure that your insurance company is basing its prices upon your current credit score.. Sneaky Progressive got me good for a while, but I won't make this mistake again..

Well, saving about $90.00 a month should help the new bike fund
gmagz06 is offline   Reply With Quote
Old 03-15-2013, 06:00 PM   #118
cl97405
Registered User
 
cl97405's Avatar
 
Join Date: Mar 2011
Posts: 7
Quote:
Originally Posted by gmagz06 View Post
Out-of-date credit scores certainly accounted for the huge difference in my current payments and Geico's offer.
My insurance premiums have also declined as my credit has improved over the past few years.

The number one rule in car/bike insurance is, shop around every six months or whenever your policy expires, whichever happens first. The insurance industry loves to jack up your rates a bit at time, using the old "boiling frog" trick, and the best defense is to be ready to tell them...

cl97405 is offline   Reply With Quote
Old 05-06-2013, 02:33 PM   #119
packnrat
Registered User
 
Join Date: Jan 2012
Location: valley springs
Posts: 1,077
Post gap insurance from under water..by a lot.

how about something called "gap" insurance?
is it required or will most of the big names pay off the loan on a bike,cage, pu truck, etc. not just pay the value of the item?


.
packnrat is offline   Reply With Quote
Old 08-17-2013, 09:05 PM   #120
Mr Gone 57
Registered User
 
Join Date: Aug 2012
Posts: 12
Progressive Raped me

I initially had Progressive. USAA rolls you over to them

Progressive charges $915 for maxed out PA coverage

Rider gave me same coverage for $293
Facts I'm 55
2010 FZ1
2010 New Rider
No Tickets ext last 3 years

Try Riders for quote
Mr Gone 57 is offline   Reply With Quote
Reply

Go Back   FZ1OA Message Board > FZ1 & Fazer Owners Association > Purchasing, Insurance, & Warranty


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -7. The time now is 12:38 PM.


Questions? Comments?
Click on name below to contact via PM
Rabeet (Admin) Desmo (Admin)

Powered by vBulletin® Version 3.7.4
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
Website and Message Board Contents Copyright 2001-2007 FZ1OA
The marks YAMAHA® and FZ1® are used under license from Yamaha Motor Corporation, U.S.A.
The information on this web site is NOT approved or endorsed by Yamaha Motor Corporation in any way.
Page generated in 0.09898 seconds with 9 queries