Insurance -vs- value of sled

[Jeff C]

Just wondering what your cut off point is to insuring something like a sled versus what you are willing to take a risk on losing if you total your sled.

For example

Insurance costs $200/yr, sled is worth $4,000. Do you still insure it?


Me personally, I finally cut off the insurance ($223/yr) on my sled that I know would not bring $2,000. So I guess my risk tolerance is about 10% premium to value ratio.

When do you call it quits (On sled value) on insurance?


Edit: I should have been more clear, I do still have liability insurance, I am just talking about collision type insurance.....

 

[76FOMOCO]

what happens when you run into some one? body/sled damage?
but i do the same thing do not insure under 4500.00

 

[Oregongirl]

I still carry insurance for liability reasons. I would hate to have something happen and have someone else's body or machines harmed and NOT have liability insurance to cover my @$$. Just my $.02.

 

[Chubbydog]

I really never carried insurance until I bought brand new, and realized if I totaled my sled, I'd be out 10grand. If nothing else, I'd at least buy liability considering it's only $40-$50 a year. I'd really hate to cough out 3 or 4 thousand dollars to pay for somebody elses sled, because mine went down the mountain by itself, and ran into someone elses sled. Saw that happen, and the guy had to claim it under his insurance, and now the insurance company is going after the guy who did the damage. $4500 in damage would have bought the guy liability insurance for 100 years.

 

[jafraune]

nevermind this....

 

[jafraune]

yes i buy insurance

 

[Blu Du]

I was hit on march 1st head on by a 13 year old boy. he had no insurance. i ended up with back injury that is on going. i ended up having an extra coverage for bodily injury it,s only $50,000. but say if i broke my neck i would be screwed. in mn you don't have to have any coverage on sled boat or wheeler. my isurance company is going after his dad for a minnium of $20,000 so far. so having insurace is a good thing having some extra coverage for your self is even better

 

[2zeros]

Insurance..................

At some point you all have to realize what you are doing! This is not driving your car down the highway, it is a sport that comes with some risk! I agree that liability is a good thing, and resposible to have. But, you need to understand the danger involved, and decide if you are going to participate. Do you tell your agent, Well I was climbing up through the trees and the snow went vertical and I didn't make it. So my sled went tumbling end over end a few times and hit a tree or two! But, I wasn't doing anything wreckless or risky! I just need you to buy me a new one. Be honest if you told the truth do you feel you would still be coverd? If you still say yes, maybe all the people on the hillclimb circuit should get coverage? I bet they wreck a lot of stuff every year. Now we know why insurance is so pricey. The money all comes from somewhere, our pockets! I wonder if all the people who die climbing Everest have life insurance, and if they are coverd? -00's

 

[Griff]

On the premium...it's a personal finance question. On insurance... I am with 00's.

 

[onlyrotax]

required coverage

South Dakota requires at least liability coverage for snowmobiles that are ridden anywhere other than the owners private property.

 

[tudizzle]

I think it comes down to what you have to loose, not talking about sleds.

Once you get to the level of owing multiple properties, owning your own business, family members to think about, you begin to realize that you are not trying to replace your sled but to stop some sue happy fool from taking everything you own.


So 200$ a year on my daughters $1500 sled could end up being a priceless investment

 

[Nate]

I was hit on march 1st head on by a 13 year old boy. he had no insurance. i ended up with back injury that is on going. i ended up having an extra coverage for bodily injury it,s only $50,000. but say if i broke my neck i would be screwed. in mn you don't have to have any coverage on sled boat or wheeler. my isurance company is going after his dad for a minnium of $20,000 so far. so having insurace is a good thing having some extra coverage for your self is even better

Bad deal on both sides of that coin

 

[Jeff C]

It appears to me that some of you have a serious case of ADD.

I am not talking about wether you should have liability insurance, YOU SHOULD.

At some point the sled is not worth enough to keep insuring in terms of COLLISION!

I was wondering what the value of the sled needs to drop to BEFORE YOU TAKE OFF THE COLLISION INSURANCE!

 

[76FOMOCO]

Just wondering what your cut off point is to insuring something like a sled versus what you are willing to take a risk on losing if you total your sled.

For example

Insurance costs $200/yr, sled is worth $4,000. Do you still insure it?


Me personally, I finally cut off the insurance ($223/yr) on my sled that I know would not bring $2,000. So I guess my risk tolerance is about 10% premium to value ratio.

When do you call it quits (On sled value) on insurance?




Edit: I should have been more clear, I do still have liability insurance, I am just talking about collision type insurance.....

O now the ADD thing is funny Chit.

 

[HUNDO]

I think that once the sled value drops to $3,500, it's not worth claiming the loss. On the flip side though, having coverage on my sled makes it much easier to let it go if I get into a bad situation. Sounds stupid but having insurance has made me a better rider because I really don't worry about damage anymore.

Also, $200/year for $500k liability, personal injury, and sled coverage seems like a no brainer...I know, not the topic but just my $.02

 

[rmkboxer]

I just carry liability, fire and theft on mine, just incase I hit someone else. $80 a year

 

[Flit-e]

just wondering who to go through for insurance?

Flit

 

[Scott]

Mine is insured for what it would cost to replace itl.

 

[dmkhnr]

I think that once the sled value drops to $3,500, it's not worth claiming the loss. On the flip side though, having coverage on my sled makes it much easier to let it go if I get into a bad situation. Sounds stupid but having insurance has made me a better rider because I really don't worry about damage anymore.

Also, $200/year for $500k liability, personal injury, and sled coverage seems like a no brainer...I know, not the topic but just my $.02

I'd have to agree!
I totalled my 07 sled this year, and the Ins gave me more for it than my new 08 cost me. Not to mention, I bought it back so I'd have the option of fixing or selling.

 

[2zeros]

Just what I thought.

This is the reason insurance costs so much! The $200/yr for sled ins. is cheap. I hate the $100 or more a month for my car! The one I have never been in an accident, or have any tickets, or have ever made a claim on! Someones out there makin claims and we are all paying for them.