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Old 03-05-2009, 05:56 PM   #1
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Default Would you cancel covereage?

I have a 2004 Honda Shadow Aero. She's been sitting in the garage now for 2.5 years and I see no chance in the near future that I will EVER have time to ride it. I have 2 babies in the house and share the burden of transport to or from daycare with my wife (using 2 seperate vehicles).

I do maintain the bike but, in 2.5 years the most I have done is ride around the block.

I find myself searching for Insurance (Home and Auto) and I can;t help but to ask myself why I bother keeping coverage on the bike.

Would you?

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Old 03-05-2009, 05:59 PM   #2
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Now taht I have posted I realize that I have had to keep it insured in order to keep it tagged and avoid fines for late tagging.

Stupid laws.

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Old 03-05-2009, 06:00 PM   #3
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Check if your homeowners insurance covers it while its parked in your garage.

Of course if you really don't see a chance of you ever having time to ride it, it sort of begs the question of why you don't just go ahead and sell the bike ?

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Old 03-05-2009, 06:02 PM   #4
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Being a licensed insurance agent in Ohio, I would reccommend that you keep at least physical damage on the bike. Best bet, call up Progressive or Geiko and ask for a motorcyle quote for only physical damage. This will cover your bike in case your house catches on fire, it is stolen, etc. Your homeowners insurance will not cover the vehicle in your garage. This coverage will not cover you for any type of liability though. So if you plan on taking it back on the road, you can just call your agent or insurance company to add liability back on. Once you're done riding, give them a call back and let them know that you want to go back to just physical damage coverage.

I'd hate to hear that your bike got stolen or something like that and you had absolutely no coverage on it at all. With that being said, if you don't care about the bike and if you can afford to go out and replace it if something happens, maybe dropping it off of coverage is not a bad thing for you.

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Old 03-05-2009, 06:06 PM   #5
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I have considered selling it. But, it's paid for so it's not like I have a payment looming over it. I have the room to store it and I do very much enjoy this bike.

And finally, I just don;t see me getting what it's worth (to me) considering how deeply discounted some bike are going for now.

I paid around $8k for the bike (new) and all the accessories (bags, etc, etc) and couldn;t see selling for less than $5k or $6k. And I don;t think that is a realistic expectation right now (maybe ever).

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Old 03-05-2009, 06:13 PM   #6
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I read one of these guys is an agent? Why didn't you mention "storage insurance"?

I used to store my Fiero over the winter using SI. It only cost me like $65 for the year. I used to do it every year...and you can still take it out for a spin every once in a while......just not daily.

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Old 03-05-2009, 06:13 PM   #7
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Dude you need to get a bike you enjoy more, I've had bikes I liked riding but they never really made me want to ride them all the time, thus they sat in the garage a lot. The bike I have now gets me excited about riding, it makes me want to ride. That's the sort of bike you need, something that is easy to get on and be thrilled. Despite being really busy there is always time to fit in a 30 min ride ever once in a while, hell use it as a commuter and then you'll get more riding in, that's what I do in the good weather months.

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Old 03-05-2009, 06:41 PM   #8
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One of my friends used to only insure his bike during the summer, canceled the insurance in the winter and parked the thing inside, re-instated the insurance every spring.

There are of course pros and cons to not having the bike insured, the biggest con is not being able to take it out any time you want and waiting a week to get everything in order before you ride it again.

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Old 03-05-2009, 06:47 PM   #9
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Keep the bike, but get basic insurance and put a "non-op" on it if you don't plan on riding it. Get some fuel stabilizer in the tank and run the bike for a few minutes. Also get some oil additive as well. This should keep the oil and gas from gunking up and costing you money to restore the bike in a few years.

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Old 03-05-2009, 06:58 PM   #10
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Homebrewer... storage insurance is just another name for a physical damage only or non-op policy. And yes, I've been a licensed P&C agent in Ohio for over 5 years. Dealt with this all the time at the company I used to work for. And no... you cannot take that bike out for a quick spin if you don't have liability insurance. I mean, you could, but if you were pulled over you will for sure get your license suspended as you are required by state law to carry liablility coverage whenever your tires hit public roads.

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