[quote=CafeMoto]I carry 300K liability 100K property damage, no uninsured, no collision or comp (theft). Costs me $290 a year (two liter bikes). Clean record, 40 yrs old…
I have health insurance, longterm disability, and 1MM in death/dismemberment. Wear full gear no matter how hot.
Not sure what more insurance is smart to add, umbrella? I am less worried about myself and more worried about covering another persons loss. Does any homeowner insurance kick in after 300K?
As far as living forever, you ride a moto you take your chances. I typically ride at the crack of dawn while fewer are about, and roll back into San Diego extra carefully. Enjoy your rides mate.[/quote]
I can’t speak about motorcycle insurance, but wrto umbrella insurance. It’s there mainly to cover liability for anything in excess of your liability on each of your insurance coverage.
Your homeowner’s insurance only covers things related to your home (including liability on your property). Your auto or motorcycle insurance only covers liability related to things you do on those things…If you get umbrella, your umbrella would cover liability above the amount of your liability on each of your other types of insurance (homeowner, auto, motorcycle). So in your case, if get into an accident with your motorcycle, and someone sues you above $300k and wins, your motorcycle insurance would pay $300k, and anything above that would be covered by your umbrella.
Umbrella covers liability above your homeowners/auto/motorcycle. It extends liability on your rental properties, watercrafts, etc. In some cases, even when the event doesn’t occur with your home,auto,motorcycle. The caveat is it usually requires a minimum liability coverage for home, auto, motorcycle, and every watercraft, airplane, property you own (including rental properties). I think my minimum liability is $250k. If you don’t keep the minimum liability for each property, the umbrella won’t kick in for anything.
Umbrella was actually pretty cheap for me. I think It was $500 /year for a multi-million policy from my employer discount….You want a large umbrella liability coverage, because if someone comes along and sues you frivolously you want a big insurance company with their lawyers to make sure the other guy doesn’t win.
