Martin Said that:

What I take from this statement is that he wouldn't carry collision, but he was required to carry liability, therefore protecting the public (at least in a financial sense) from rider cause mayhem. Anydamaged plastics orother bike damagewould come from his pocket. In effect Martin would not be a financial menace to others, but only to himself, which he has already done by buying a bike he can't afford and not performing due diligence on the price of ownership. However, since he is in the military, he used the word 'stationed' he would have health insurance to pay for his own injuries.

Since motorcycle accidents tend to be far worse on the rider than the general innocent bystander public and that most 20 years olds have enormous levels of testosterone and adreneline it only stand to reason that our buddy Martin should be fine if he doesn't ride like a maniac and if he does screw up a little, he'll only screw up plastics (cheaper than depreciation + insurance) which really don't always need replacement or if he screw up badly and totals the bike he will probably be a cripple and his military insurance will kick in and a crashed bike will be the last of your worries when you are in a wheelchair for a year. But this is a moot point because the cripple risk is one we all face everyday and deep down we know riding a motorcycle is foolish, but we do it anyway because it is our passion.

So the debate boils down to how much money do you spend to insure a $7000 depreciating assett? $1000, $1500, I put the number at $700, or 10%. If you start spending 20% to insure an assett then in less than 5 years you could have purchased another one (4 years if you think time value of money and compounding). My insurance is $400 for full insurance, if I had to pay $1000 I would not insure at all, when my bike is worth ony $4000, I will get rid of collision.

So the worst case scenario is to have to wait a few years after you total your bike to afford another bike sinceMartin is a smart guy andwould be putting that insurance money into an interest bearing account and not spending it on strippers and booze like most men.

While insurance makes sense formost people, I have faith in our buddy Martin that he can ride like a sane person and not crash his bike therefore negating the need for collision insurance and those assiciated costs.

Others have tried and failed, but you are more than welcome to attempt the impossible. Now I must go finish my plans for world domination.

 

Ok seems you've wriggled once again out of being totally evil but I still think you're reprehensible.... I may be only a slip of a girl but I'm crack shot with the Holy Water...

I'm taking you down Mr. Fish!!!!


..lol

Jules

 

Thats pretty risky riding without Ins. you could lose eveything "IF" something happens thats bad enough, guess I'm too old for this not having ins stuff, but I would not do it I got too much to lose [>:]

 

Just at the local church...siphoning off all their Holy Water...got a feeling I'm gonna be needing LOTS!!!! ....lol

 

The mistake of overextending himself financially has already been made.


If he sells the bike he loses massive first year depreciation, maybe 25%, and has nothing to show for it.

If he keeps the bike and rides sane and behaves himself and avoids high risk times of the day and risky behavior, then he may keep keep the bike in one piece or maybe light fairing damage if it is a small spill. He still takes the first year depreciation but he also keeps the bike to enjoy the next few years of depreciation. Not everyone totals their bikes.

If he has no insurance and crashes massively (or gets stolen), then that isbad, no question, but in the scheme of things, your health is the main worry there, not the bike, so it is really a moot point.Many riders never crash hardand those that are very careful crash even less and less hard. His demographic tends to crash alot, so he has to really keep his head in the game and ride smart.

The only absolutes in these scenarios are the depreciation of bike. That is a fact of life, but that decision was made when he bought a new bike instead of a 2 year old RR and this point it is set in stone, And the only way to minimize the pain of depreciation is to ride the bike for a long time, therefore he has to keep the bike.


http://www.youtube.com/watch?v=CVnSG...eature=related

 

I'm still taking you down Mr. Fish!!!

 

This is actually pretty funny! Fish you pretty much nailed it on the head, how I have been riding, as in the "Oh sh_t, cant ride stupid, no insurance"

For some reason I completely understand exactly what you have said. Andyour completely right about if I total the bike out,I can buy a new bike in a couple years or so, rather than paying that ungodly amount for insurance.

Thanks for the replies everyone.

 

Can't your Dad or brother take out the the insurance and list you as an alternate rider ?
Probably a lot cheaper.

 

What's done is done.....


At the minimal... ride with full liability. I know Progressive's Full Liability covers theft, fire, and other unforeseen accidents in which you weren't involved. They will also cover that family member say something happens. Only thing that isn't covered, is if you wreck the bike yourself, no one else involved. You nor the bike would be covered.

I would recommend keeping the bike if you can financially afford both the full liability insurance and bike itself. Don't take chances riding in the rain, heavy winds, etc. The bike will basically become a toy that you should only ride when the weather is perfect and traffic is minimal.

In the mean time... slow down and keep the driving record in check. My parents tried telling me this back in the day but I didn't listen and Im still paying for it now. [&:]

If you are falling behind in payments towards your bike or your liability only insurance, then sell the bike and take the hit. You're too young to be messing up your credit.

 

I would check out State Farm like everyone else said. Unless you have a disastrous driving record they will be the cheapest, guaranteed! I love State Farm[sm=smiley20.gif]