Insurance -vs- value of sled

[travydog]

I had a 1998 rmk bought it last winter smoked a rock totaled it out and my insurance paid me 50 over what i paid for it a year ago i have comp and colition on every one i have ever owned no mater how much the sled is worth. I dont have the extra money to replace if i total it by hitting a rock or a tree or something like that. But i did learn one thing after hitting that rock even tho it is a act of nature my comp didnt pay for it my collition did, but if i would have hit a tree or a deer my comp would have been used. I run a 250 comp 500 collition on my sleds.

 

[jimmy buffet]

it depends on what you pay for lib. and full cov. if the diff. is between 100 bucks than yes, full cov. would i pay 500 for onsur. for 1500 sled, no. % wise, 20 percent of the diffrence between lib. and full cov.

example
sled 5000
full cov 250
lib 100
diff is 150
deductable 250
so yes less than 20% (dont forget the deductable you have to pay)

 

[2zeros]

Comp vs. collision

The tree would be collision, and the deer would be comp. The differance is, one is stationary. The other is moving. Usually comprehensive has a lower deductable. I'm not going to mention spelling. - 00's

 

[HUNDO]

The tree would be collision, and the deer would be comp. The differance is, one is stationary. The other is moving. Usually comprehensive has a lower deductable. I'm not going to mention spelling. - 00's

Wouldn't it be just the opposite? Generally a collision would involve 2 moving objects.

 

[xsummitx]

well all of this a mute point.every dollar your paid by insurance(claims)...they profit 2.fact.its why i stopped selling it(former insurance agent).guilt.insurance is a scam industry.95%-98% of those paying dont use it.spread the liablity over the masses.all pay it few use it.i put the money in a money market account,like the insurance companies do.self insured,is the only way to go(except life).i made $2780 in interest off my premiums this year.do i pay ,yes every week.to myself.insurance companies are number 1 profit industry and make more money than the number 2 and 3 industries combined.fact.to be self insured takes discipline and you can never touch the money you pay yourself.i self insure everything even my car.and i never put a claim to my self.so if i ever do have a situation that calls for $100,000 in coverage,its there.

other than $2,000,000 in life.i would never give insurance a penny

 

[2zeros]

Comp/Collision

Comprehensive, is like you are driving down the road and somthing falls on your vehicle or you are hit by somthing. Collision, is like there is somthing in the road and you hit it. It was not moving, like flying debris or a deer. So if you ever hit somthing stationary, like a rock, tree, gaurdrail, it would be coverd by your collision coverage. If you hit a rock that is falling off a truck, a tree that is falling, or a gaurdrail that is flying in the wind, that would be covered by your comprehensive coverage. It is all in how you word your statement that you give your agent, as to what coverage will be used. So think about it, you may want to say somthing in a differant way, so that it will look better on your behalf. -00's

 

[travydog]

Sorry for the speling errors. Now on my insurance it dont mater when i hit a deer it is a comp claim and they told me that for my sled if i hit a deer or a tree it is a comp claim but the rock i hit would be part of my collision.

 

[xsummitx]

Comprehensive, is like you are driving down the road and somthing falls on your vehicle or you are hit by somthing. Collision, is like there is somthing in the road and you hit it. It was not moving, like flying debris or a deer. So if you ever hit somthing stationary, like a rock, tree, gaurdrail, it would be coverd by your collision coverage. If you hit a rock that is falling off a truck, a tree that is falling, or a gaurdrail that is flying in the wind, that would be covered by your comprehensive coverage. It is all in how you word your statement that you give your agent, as to what coverage will be used. So think about it, you may want to say somthing in a differant way, so that it will look better on your behalf. -00's

yes how you say it to your agent means everything.think,before you speak.your words are the key to the money.say it wrong and all is lost.

 

[jimmy buffet]

well all of this a mute point.every dollar your paid by insurance(claims)...they profit 2.fact.its why i stopped selling it(former insurance agent).guilt.insurance is a scam industry.95%-98% of those paying dont use it.spread the liablity over the masses.all pay it few use it.i put the money in a money market account,like the insurance companies do.self insured,is the only way to go(except life).i made $2780 in interest off my premiums this year.do i pay ,yes every week.to myself.insurance companies are number 1 profit industry and make more money than the number 2 and 3 industries combined.fact.to be self insured takes discipline and you can never touch the money you pay yourself.i self insure everything even my car.and i never put a claim to my self.so if i ever do have a situation that calls for $100,000 in coverage,its there.

other than $2,000,000 in life.i would never give insurance a penny

i agree insurance makes tons of money, but how do you insure yourself. if you have a car payment or house payment you must show proof of insurance. if you made $ 2,700 in intrest for a year. must have taken a long time to save about $100,000. for most people $200 a month is alot for auto and house. but thats only $2,400 year. (would take them 37 years for that) if five years goes by and car crash or house burns your in a world of hurting. car $50,000 or house $500,000

 

[rmk8hundo]

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

Same here I put too much time and effort into building it, I would cannot afford to start over from scratch with a junk sled. $200 now or $8000 later its a nobrainer IMO
Even if it was only worth $4000, it is not stock and it is worth it to me.

 

[PowderMiner]

Neighbor’s wife hit tree with 03' 700 Summit, probably $4000 sled; called insurance they would give him $2000 and sell back to him for $200. He took it to the dealer spent $1500, into fix, everything but minor cosmetic damage. He figured it was worth it to pay out of pocket, instead of a drop in cheap coverage or a major increase.

Bummer thing is, the next ride from the shop the fixed sled seized. Still hasn’t taken it in, but sure it will be costly. So he may have wanted to take the $ from the insurance and spend the extra $1500 plus the potential engine cost for a newer sled, and dealt with the increased premiums.

I grew up in a family that will not make any small claims, use insurance only in true economic difficulty; that depends on you financial situation is a $4000 sled getting $1500 in damage a severe burden to you then it might be a good idea. I agree there is a time to drop the comp/collision coverage but it depends on the potential premium increase cost differential and your attachment or need to fix the particular sled you ride. Major Mods will most likely not be covered your dealer may be able to help you “adjust” your estimate, but that depends on the blue book value range (2000 sled BB, 6000 in mods your outa’ luck)

I shopped my policy around last fall and I think the premiums are going up substantially. You can generally see the potential cost increases by shopping for another agency and seeing the increase between policies.

Yes liability should be mandatory, especially since it is generally a mom, with kid aboard, that gets hit around the corner or by a rambunctious inexperienced rider loosing control of a sled. I try and tell all newer riders I ride with to take extra precaution to stay right on the trail and never park and watch a hill climb from the base of the hill!

I hope to continue to roll into a new sled every 3rd or fourth year, mainly for reliability, and technology. With newer sleds insurance is a no-brainer.

Oh yea; not to get too philosophical, insurance companies do lose $, some times, and they are in business to make $, so they need to price to mediate for the uncertain risk. Sure there are potentials for scandal, but the kid next door may be stealing your lawn mower gas (example). I know! The government can tax us all and form a panel and hire clerks, investigators, study groups, administration, and a corrupt person telling you that you only get 42% of the value of your sled. Then someone can decide you should work at a shoe factory and then stand in line at the end of the day to pick up your allotted loaf of bread. Please be careful, the things you gripe about, your kids get to live with the implications you allow or impose. Yes things are costly, shop around learn the methods that reduce your personal costs and it will work out!