redrx1rkt
Expert
Got a dilemma.
I am trying to decide how much insurance to put on my '04 RX-1. It is three years old with almost 7000 miles on it. Does that warrant full coverage? Or just comprehensive and liability? Or just liability?
Last year, I had comprehensive and liability and it came back to bite me in the a$$. I went off trail, hit a rock and caused $700 worth of damage to an A-arm.
What type of coverage do you think is best?
I am trying to decide how much insurance to put on my '04 RX-1. It is three years old with almost 7000 miles on it. Does that warrant full coverage? Or just comprehensive and liability? Or just liability?
Last year, I had comprehensive and liability and it came back to bite me in the a$$. I went off trail, hit a rock and caused $700 worth of damage to an A-arm.
What type of coverage do you think is best?
NY_Nytro
TY 4 Stroke Master
I always go with full coverage since I started buying new sleds in 1996 (liability, comp & collision). There was a few years I felt like skimping because I never had to make a claim. But last year I made my first claim and I was very glad I had the coverage. One claim covered those premiums over the past ten years.
ecarnell
Extreme
I think you need to shop around a little (unless you have a bad record).
The past two years my 03 RX-1 has been $165 Canadian - just fire/theft to $5,500/liability. I figure that it's more than likely going to get stolen before it gets smashed up - and if I do, it will probably be my fault and I'll deal with it then.
Eric
The past two years my 03 RX-1 has been $165 Canadian - just fire/theft to $5,500/liability. I figure that it's more than likely going to get stolen before it gets smashed up - and if I do, it will probably be my fault and I'll deal with it then.
Eric
redrx1rkt
Expert
Nationwide is the cheapest I've found locally...$300 for full coverage, $100K liability and $250 deductible on theft, fire, plane falling on the sled, and collision (watch out...trees are active in the winter and one may jump out in front of you).
Liability is dirt cheap - $70. Comp is like $150.
Liability is dirt cheap - $70. Comp is like $150.
ecarnell
Extreme
If you can get full coverage for $300 I would stay with it, especially if trees really like you 
Eric
Eric
redrx1rkt
Expert
During my first ride a couple of years ago, I went off trail within 5 miles of starting. I got he*l for it, too. My excuse? "I had never seen that type of bush before, and I really wanted to get a better look at it." Needless to say, this has been an ongoing joke since.
I went off-trail another time on that trip with no bushes or trees around...my excuse that time? "Oh, I was just checking the conditions off the trail...you know, depth of the snow, moisture content, etc."
I went off-trail another time on that trip with no bushes or trees around...my excuse that time? "Oh, I was just checking the conditions off the trail...you know, depth of the snow, moisture content, etc."
Red2003
TY 4 Stroke Guru
I would DEFINITELY go with full coverage on the RX1. One moderate hit in the front can break a bulkhead, and you're looking at $1000.00 + to put it back on the trail. Not worth risking it for a couple hundred bucks.
LazyBastard
TY 4 Stroke God
If its a couple hundred $, and your damage is $1000. Assuming that you crack up once like that every FIVE years, you break even. If you crack up MORE than every five years, you gain. If you crack up LESS than every five years, its NOT WORTH IT.
Remember that insurance companies are in it to MAKE MONEY - that means that overall, the claims are lower than the premiums. That means that you have to be a BAD DRIVER or REALLY UNLUCKY to benefit from more than the legal minimum insurance.
If I bought all the extra insurance on all my vehicles, there would be AT LEAST two fewer vehicles that I own right now due to the additional cost. If I completely loose one, I'll still be ahead.
Insurance is a ripoff. Thats all there is to it.
Remember that insurance companies are in it to MAKE MONEY - that means that overall, the claims are lower than the premiums. That means that you have to be a BAD DRIVER or REALLY UNLUCKY to benefit from more than the legal minimum insurance.
If I bought all the extra insurance on all my vehicles, there would be AT LEAST two fewer vehicles that I own right now due to the additional cost. If I completely loose one, I'll still be ahead.
Insurance is a ripoff. Thats all there is to it.
Red2003
TY 4 Stroke Guru
Well, I have a slightly more optimistic view on it then that. For starters you can't "plan" on how many bulkheads you're gonna crack up every 5 years. That's why they call it an accident, and not a scheduled event. If I go 5 years with no major accident, I'm not pissed I spent $1500 on insurance, I'm glad I went 5 years without an accident. The reason for full coverage isn't bad luck or your driving skills. It's the the fact that there's a hundred other yahoos on the trail with you at any moment 
. If I ran all by myself in an open field with 5 feet of powder, I'd run just liability too. 
. If I ran all by myself in an open field with 5 feet of powder, I'd run just liability too.
LazyBastard
TY 4 Stroke God
You completely missed the point.
You can DEFINITELY plan your use of insurance by establishing in advance, the PROBABILITY of crashing based on how many times you've crashed in the PAST, and the severity of those crashes.
If your pattern is 10% chance of crash in any year (one crash per 10 years), at a cost of $500 (present value) in damages, then the additional insurance is worth no greater than $50 per year (10% of $500), otherwise you are WASTING MONEY. Insurance companies KNOW THIS based on YOUR driving record, so they charge you $50 + profit = $200.
Except for one thing;
The fact that you are probably insuring 3 or 4 vehicles. Then you've got a TOTAL value of insurance of $50 (just because you crash one doesn't mean you'll crash them ALL), so they charge you $600-800 (thats way too low, isnt it?) when you could BITE THE BULLET for $500 *IF* you really did crash that year. Thats called "self insurance", and it ALWAYS saves you money if you have multiple vehicles.
You can DEFINITELY plan your use of insurance by establishing in advance, the PROBABILITY of crashing based on how many times you've crashed in the PAST, and the severity of those crashes.
If your pattern is 10% chance of crash in any year (one crash per 10 years), at a cost of $500 (present value) in damages, then the additional insurance is worth no greater than $50 per year (10% of $500), otherwise you are WASTING MONEY. Insurance companies KNOW THIS based on YOUR driving record, so they charge you $50 + profit = $200.
Except for one thing;
The fact that you are probably insuring 3 or 4 vehicles. Then you've got a TOTAL value of insurance of $50 (just because you crash one doesn't mean you'll crash them ALL), so they charge you $600-800 (thats way too low, isnt it?) when you could BITE THE BULLET for $500 *IF* you really did crash that year. Thats called "self insurance", and it ALWAYS saves you money if you have multiple vehicles.
Red2003
TY 4 Stroke Guru
If I could get away with no insurance at all, then I follow your logic. I could save $300.00 a year. In Vermont, you must have at least liability to run the trail system. The difference between the minimum liability for just the riding season and full coverage, year long, minumum deductable is less then $70.00. So one bad crash of lets say $1500.00 (not hard to do on an RX1) would take me 21 years of accident free riding to break even. To me in my situation, that just doesn't add up.
NY_SXR700
Pro
- Joined
- Dec 30, 2003
- Messages
- 149
- Location
- Webster, NY
- Website
- www.sohonetworksny.com
- Country
- USA
- Snowmobile
- 2001 SXR700
2006 Apex-GT
RedRX1.. where on South Shore of LO are you? I am insured through Nationwide also for my Apex-GT $330.00 for everything and my 01' SXR-700 $110.00 for everything. As a note on the $700.00 A-arm repair. I personally would never call my insurance company for anything that cheep to repair. Your rates will go up big time (if it's totalled then I call). Also, never combine your car/house/sleds/boat or any of that. Keep them on different companies if you can. My insurance guy is a good friend and he said if my sled/truck/house/boat are on the same company any problem I have with any of the insured items would cause a jump in my preimium on the others as well (they never tell you this). So, I am now in the process of getting boat/truck/house seperated. I have both my sleds through Jan Parisi at Nationwide. Doug
RX1-er-2005
Expert
I'm insured with TD General Insurance for full coverage on my '05 RX1-ER for $485.00/Cnd.
I couldn't beleive it when I first spoke to them...I've been with them now for 2 years.
Here's the ph#866-454-8910 or 416-233-2879
Good luck.
I couldn't beleive it when I first spoke to them...I've been with them now for 2 years.
Here's the ph#866-454-8910 or 416-233-2879
Good luck.
NY_Nytro
TY 4 Stroke Master
NY_SXR700 said:
I had a $2600 claim last year and my rate went from $249 full coverage to $299 full coverage. And you know a little of that $50 is typically yearly increase.
redrx1rkt
Expert
NY_SXR700 - Sodus Point. Your prices @ Nationwide sound the same as the quotes I got today. I am anal about liability coverage ever since my friend was in a minor car accident that screwed up his elbows and back...and racked up $128,000 in medical bills. That's why I want $100,000 liability. The state minimum of $10,000 doesn't cover squat if you destroy another sled and hurt someone in the process.
