Check with your lienholder first, some banks have funky requirements. IE, must carry $500 or less deductibles (the thought being, if you can't afford to pay the deductible you may just ditch the bike and stop making payments) But double check first! And remember, you have to pay the deductible out of pocket BEFORE they repair damage, so if you wreck your bike and do $1100 of damage, with a $500 deductible you're paying $500 for $1,100 in repairs, so you got a $600 benefit. With $1,000 deductible you're paying $1,000 for $1,100 in repairs = bad idea filing a claim.