Motorcycles BS Thread 2.0

For vehicle insurance is I'm pretty sure that the liability portion of insurance which is typically the minimum requirement for vehicle insurance in most states IE you don't need comprehensive or collision. The liability portion only covers the OTHER parties in the accident not you if you are found at fault. Hence the need to cover your own ass as far as your net worth etc with a liability coverage amount around the net worth of yourself.

Now there is uninsured/underinsured motorist coverage which is something that will be paid to you in that instance of the other party not having insurance or not having enough insurance.

Then there's comprehensive which covers everything on the vehicle when it's not moving ie theft damage from it being parked and something hitting it etc.

Then there's collision coverage which as the name implies covers the vehicle when it's moving.

At least that's how it was explained to me. Needless to say insurancees won't cover other insurances if they're available. For example renters insurance doesn't cover vehicles at the residence in a fire because a vehicle can be insured on its own. Same goes for health insurance versus payouts from (your own) car insurance

 

Totally understandable. I'm in no way trying to get you to buy anything extra. Not my circus not my monkey. Everyone has their own reasons for their choices and I am totally on board with that.

I just wanted to clarify what I meant as it had caused confusion.

 

thats just confusing why cant we just have one and done lol

 

wait wait wait ............................................... you have a monkey! and havent shown us! i feel betrayed now!

 

I have neither a circus nor a monkey. That is how I know any given circus and/or monkey is not mine.

 

boooooo i was excited to see a monkey now my long boring day at work just got more boring lmao

 

The other thing to keep in mind, though admittedly a stretch, is what if you are at fault and hit a high end car like a Ferrari or Lamborghini? You could quickly do over 50k in damage and eat up that state minimum coverage and open your self up to being sued for the difference.

 

Which is why I maximize my coverage. That, and my medical insurance only covers 80% of most things, so having more in tge vehicle policy can pick up some of that remaining 20%.

 

Seeing this post with your edit feels like your kid is looking at you through the phone like “….really…?” As you consider the purchase

 

Being in Southern California where supercars and classics are rampant, this is a constant legitimate concern of mine. My coverage is high but still…

 

Kids will end up costing you more lol

 

true no kid life lets goo lol

 

"Dad, why are you buying a bike when you could be buying me toys, that's my money now"

 

just say the bike is for them in the future!

 

All you need to do is start a Roth IRA for your child. Then you won’t feel guilty buying another motorcycle.

 

529 plan can be used for education (which can get your kid more money later in life) and can also be transferred back to your pocket under certain terms, so can also buy you another motorcycle if it goes unused, and is generally a good tax avoidance strategy anyways.

 

Or be me: Single dude with a good paycheck life

 

i agree with this lol

ive been single for years so im pretty happy being able to spend my time with someone now lol

 

I didn’t like the terms of the 529 plan that is why I stated Roths for both my sons.