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elenchos (Disputatious Dennis) View all posts in this topic  
Fri Mar 06, 2009 2:37 pm
Re: Insurance is fun        

I say full coverage is not worth it. Put enough money in the bank to replace your bike and you'll save that many, many times over the years. More if you invest it (just kidding -- in the old days you could invest money and get a return -- ask your grandfather).

Anyway, I never buy more insurance than required by law, and I don't buy anything on credit that won't appreciate (such as vehicles) so there's no bank saying I have to get full coverage to protect their bike. Over the years I've gotten shafted on almost every insurance claim I've ever made. Sure, sometimes you get lucky but it is the insurance company's goal to not pay. To them paying a claim is a "loss" or the opposite of "profit" and they are in this game for the profit. They have skilled staff who are very good at finding a reason not to pay claims, and it isn't easy for a normal guy to outwit them. Even if they do occasionally pay you, they turn around and raise your rates to get their money back.

I say don't buy insurance. Many people will disagree with me, but since you asked..

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