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Kris
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   Posted 1/5/2012 11:44 PM (GMT -7)    Quote This PostAlert An Admin About This Post.
Hello again.  So I have been doing the online insurance quote dance and my oh my those prices are high.  I was looking at all 600 cc sportbikes as well as some naked streetfighters.  The average price for full coverage is about 2k a year and slightly less than half for something like the Yamaha FZ-8.  Mind you I have a great driving record w/ no accidents or tickets etc., I am 32 and have had Motorcycle license for about 10 years.  These were for new bikes and I only checked Progressive, Allstate and McGraw.  I also was not combining my auto insurance.  Is this about right or am I over-insuring?


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skyhawk04kilo
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   Posted 1/6/2012 4:35 AM (GMT -7)    Quote This PostAlert An Admin About This Post.
Initial cost and insurance are ridiculous on a new sportbike. And they're not even good bikes for the street... there is no reason to buy one. Get a used naked bike! Do I sound like a broken record yet?

My bikes are worth about $1000 and $2500. I don't have full coverage because neither bike is worth anything. I have both insured for liability only and I pay $250/yr in NJ. I am under 25 years old but have never had an accident or a ticket. I've heard of people paying thousands of dollars for insurance on top of the insane prices they pay for new bikes (more than $10k!). I'll never understand it.


2001 Suzuki Bandit 1200S
1978 Yamaha XS650 Special

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Andy VH
Where is the earth shattering kaboom!?



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   Posted 1/6/2012 6:01 AM (GMT -7)    Quote This PostAlert An Admin About This Post.
I would certainly not pass on underinsured/noninsured coverage, liability coverage (100/300 is common), collision, basically don't pass on coverage that would leave you hanging becuase some cage driver was inattentive and caused the crash. ANY of the sportbikes will be more expensive just because of the swoopy plastic all over them. In many cases if a sportbike so much as falls over in the driveway you are looking at a $500 repair bill. Some states may require a medical policy as well, and "no-fault" state rates are higher. Insurance companies don't come right out and say it, but I am certain the rates for sportbikes are higher just because of the bikes they are, they attract the young inexperienced rider who is more likely to crash. Many insurance companies do give pretty decent discounts for riders who have completed a MSF rider training course.

Here in Wisconsin I have always carried full coverage and still do on my main ride, a 94 BMW R1100RS, but I do a lot of two-up riding. I now have bundled my home owners with my pickup truck and motorcycle to reduce the cost, through State Farm. Prior to that I had Dairyland (Sentry) for many years. I pay about $250 a year, but I am 54 with 40+ years of riding, no tickets/no crashes/no claims. I carry a $500 deductible as my "incentive" to ride my best ride all the time. Most insurance companies hit you harder $$$$-wise as a new insurance risk and then adjust rates down as you prove yourself, and then offer better rates if you continue with them, and even if you simply maintain a policy year to year. And these days they have better rates if you have better credit ratings (never quite figured that one out).

Its the plastic on many bikes that drive the rates up, sportbikes especially. So to that, a "standard" or "naked" bike that you add a windshield or fairing onto may be a good choice. Bundling your insurances always seems to help, as does higher deductible of course. Everytime I checked Geico, Progressive, esurance, Markland, at the time when I had Dairyland, they were all more expensive. So it doesn't hurt to also check the majors like State Farm, Allstate, etc. DO NOT get an online insurance quote unless you are willing to get MANY 800 and 888 calls, incessantly, even after getting insurance. I made this mistake when shopping for insurance on my 2001 Dakota pickup back in March. I am STILL getting nuisance calls DAILY, about two to five a day, from these 800 and 888 numbers that are auto-computer calls that leave no message if I don't pick up. I will NEVER get an online insurance quote again from any insurance company!


Training, the best safety and performance "equipment" you can get!
Get MSF trained, check out: http://www.msf-usa.org
 

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GAJ
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   Posted 1/6/2012 9:31 AM (GMT -7)    Quote This PostAlert An Admin About This Post.
Definitely try Progressive.



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jon
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   Posted 1/6/2012 9:40 AM (GMT -7)    Quote This PostAlert An Admin About This Post.
Andy VH said...
I would certainly not pass on underinsured/noninsured coverage, liability coverage (100/300 is common), collision, basically don't pass on coverage that would leave you hanging becuase some cage driver was inattentive and caused the crash.
yep, at least have UIM with it. having just liability coverage is not a good idea.
 
to the op, check with state farm. there was a new rider here a few years back that couldn't find any reasonable rates for his new daytona 675 so i suggested state farm and it did the trick for him.
 
there are so many variables with insurance writing guidelines that you just have to check with as many company as possible...good luck.
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Casper
The teddy bear of doom,,,



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   Posted 1/6/2012 10:26 AM (GMT -7)    Quote This PostAlert An Admin About This Post.
Click around these sites a little and you'll see why moto insurance rates are so high. Look at the minor dropsie's and easy damage that has a lot of these poor turkeys in hock with a salvage title.  Remember that for every one of these totalled motorcycles some insurance Co. cut a check for full book value.
 
 
http://www.racersedge411.com/

Unless you are a racer and need the latest-greatest to win, there is no good reason to buy a new motorcycle. None. Older non-sport bikes ensure very cheaply.


The world's a funny place,
full of funny people,
doing funny things.

Post Edited (Casper) : 1/6/2012 5:34:26 PM GMT

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DataDan
Rodent Of Unusual Size



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   Posted 1/6/2012 10:29 AM (GMT -7)    Quote This PostAlert An Admin About This Post.

Sportbike insurance--in particular, collision coverage--is expensive because their owners crash a lot, and the bikes can be very expensive to fix. A ding on the frame, not compromising the structure but visible and ugly, often means totalling the bike. If you think you're much less likely than the average Gixxer owner to wad his new scoot in the first year, then your insurance premium is subsidizing the rest and you're paying too much.

However, collision coverage is usually optional by state law, though required if you finance the bike. Simple solution: Don't finance and don't buy collision coverage. You may save $1000 or more per year, which you can think of as a set-aside in case of a crash. And the fact that you aren't covered for a crash you cause is a powerful incentive not to crash. Note that a crash damage caused by another driver is still their responsibility to fix.

As Andy said, make sure you get good un/underinsured motorist coverage--both for you and your motorcycle and gear (the latter may be listed and priced separately as "uninsured motorist property damage").



A superior rider uses superior judgment to avoid problems that would demand his superior skill.

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louemc
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   Posted 1/6/2012 11:18 AM (GMT -7)    Quote This PostAlert An Admin About This Post.
DataDan said...

Sportbike insurance--in particular, collision coverage--is expensive because their owners crash a lot, and the bikes can be very expensive to fix. A ding on the frame, not compromising the structure but visible and ugly, often means totalling the bike. If you think you're much less likely than the average Gixxer owner to wad his new scoot in the first year, then your insurance premium is subsidizing the rest and you're paying too much.

However, collision coverage is usually optional by state law, though required if you finance the bike. Simple solution: Don't finance and don't buy collision coverage. You may save $1000 or more per year, which you can think of as a set-aside in case of a crash. And the fact that you aren't covered for a crash you cause is a powerful incentive not to crash. Note that a crash damage caused by another driver is still their responsibility to fix.

As Andy said, make sure you get good un/underinsured motorist coverage--both for you and your motorcycle and gear (the latter may be listed and priced separately as "uninsured motorist property damage").


That's the big issue here... A Sport Bike is commonly totalled out with a simple tip over.  Scratch a muffler, break turn signals/ mirror/ crack plastic, and replacement parts cost like ten times as much as they did on the bike from the factory (plus labor)...so it's simple math.
Finance a bike and you are covering the lenders ass, with a policy.  Not a policy that You choose.
 
As a comparison on price of insurance..I Ride a ZX-10R..I pay cash for my bikes, and both I and my insurance company know that I know how to ride and handle the bike...My annual premium is $80.  They are confident the money is only going one way...from my wallet to theirs.
 
I've been doing this for close to 60 years, and never made a claim, and I have a clean license as well...so that says I'm not just flappin the gums on staying out of trouble.
 
 


 Focus the forces, Be The Force

Post Edited (louemc) : 1/6/2012 6:22:58 PM GMT

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ZX Rider
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   Posted 1/6/2012 5:47 PM (GMT -7)    Quote This PostAlert An Admin About This Post.
Same here except for the years, only 48 for me, insurance for the turbo 14 is $18 per month. A proven track record is money in the bank for another motorcycle. 
louemc said...
DataDan said...

Sportbike insurance--in particular, collision coverage--is expensive because their owners crash a lot, and the bikes can be very expensive to fix. A ding on the frame, not compromising the structure but visible and ugly, often means totalling the bike. If you think you're much less likely than the average Gixxer owner to wad his new scoot in the first year, then your insurance premium is subsidizing the rest and you're paying too much.

However, collision coverage is usually optional by state law, though required if you finance the bike. Simple solution: Don't finance and don't buy collision coverage. You may save $1000 or more per year, which you can think of as a set-aside in case of a crash. And the fact that you aren't covered for a crash you cause is a powerful incentive not to crash. Note that a crash damage caused by another driver is still their responsibility to fix.

As Andy said, make sure you get good un/underinsured motorist coverage--both for you and your motorcycle and gear (the latter may be listed and priced separately as "uninsured motorist property damage").


That's the big issue here... A Sport Bike is commonly totalled out with a simple tip over.  Scratch a muffler, break turn signals/ mirror/ crack plastic, and replacement parts cost like ten times as much as they did on the bike from the factory (plus labor)...so it's simple math.
Finance a bike and you are covering the lenders ass, with a policy.  Not a policy that You choose.
 
As a comparison on price of insurance..I Ride a ZX-10R..I pay cash for my bikes, and both I and my insurance company know that I know how to ride and handle the bike...My annual premium is $80.  They are confident the money is only going one way...from my wallet to theirs.
 
I've been doing this for close to 60 years, and never made a claim, and I have a clean license as well...so that says I'm not just flappin the gums on staying out of trouble.
 
 



Asphalt, the greatest tattoo remover.

Post Edited (ZX Rider) : 1/7/2012 1:00:50 AM GMT

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thesoapster
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   Posted 1/6/2012 9:21 PM (GMT -7)    Quote This PostAlert An Admin About This Post.
I use State Farm. I'm 23 and have had them since I was...19 I believe. With the multi vehicle discount I think my R1's yearly is a bit under 900 for full coverage minus collision. Keep in mind that putting collision coverage on a new(er) bike adds a significant amount to the cost.

But yes, insurance rates are nuts.
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ZX Rider
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   Posted 1/6/2012 10:23 PM (GMT -7)    Quote This PostAlert An Admin About This Post.
State Farm also with five motorcycles with them. Good folks that treat you as you deserve to be treated. They recognize the exception that doesn't fall into profile.
thesoapster said...
I use State Farm. I'm 23 and have had them since I was...19 I believe. With the multi vehicle discount I think my R1's yearly is a bit under 900 for full coverage minus collision. Keep in mind that putting collision coverage on a new(er) bike adds a significant amount to the cost.

But yes, insurance rates are nuts.


Asphalt, the greatest tattoo remover.

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Meanie_Intruder
Posted a Pic of a Man Thong



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   Posted 1/7/2012 3:53 PM (GMT -7)    Quote This PostAlert An Admin About This Post.
Several factors cause rates to increase are driving record, age (you'll pay for being young), bike style (you'll pay for a sports bike), location (you'll pay for a location they consider risky, especially if it's not garaged or locked during park), marital status (single may pay higher than married - pure bullsh*t, IMO) and owning a home (will pay if not own home). Though, the biggest causes of high rates are the age, record and bike style.

In Michigan, we have this bullsh*t addendum to our insurance called the MCCA (Michigan Catastrophic Claims Assoc) which in a nutshell, covers those who failed to carry insurance. It's pure crap and we're the only state to have it. That initial cost is the same for every insurance policy and re-evaluated every year. Thus, each insured person pays an additional $172 per policy. I pay $226 a year for full coverage on my bike. If we did away with that MCCA, the cost would be substantially lower.


"A nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people"

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el SID
merely a man equipped with a bag a seedless grapes



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   Posted 1/8/2012 3:57 AM (GMT -7)    Quote This PostAlert An Admin About This Post.
Ahh the mcca. Don't you love Michigan politicians. Pure crap. Boy thats an understatement. It would be nice if they had a law that charged the people with out insurance a yearly fee...... Oh wait we have that too. So not only do we get charged for the people who arent insured. The people who arent insured also pay a "drivers responsibility fee." $600 for 2 years, effectively 1200 bucks. Where does the money go? Nobody knows. Not to the folks who have been injured by an uninsured driver, thats for sure.


Best bike out is the one Im on,sod the rest lmao
current hacks


1996 honda vfr
2012 tuono rsv4 aprc on order baby.... march 2012
1973 kawasaki h1
1998 suzuki rm 125 I have broken her back. I feel guilty. she may have to be laid to rest.

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Smitty
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   Posted 1/9/2012 9:42 PM (GMT -7)    Quote This PostAlert An Admin About This Post.
They are staggering high in most of Canada & especially this Province of B.C., plus we know compulsory insurance will be hiked up another 30% of a bit more in a while.


Remember all the others on the road are crazy & out to kill you.

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Meanie_Intruder
Posted a Pic of a Man Thong



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   Posted 1/13/2012 10:42 AM (GMT -7)    Quote This PostAlert An Admin About This Post.
el SID said...
Ahh the mcca. Don't you love Michigan politicians. Pure crap. Boy thats an understatement. It would be nice if they had a law that charged the people with out insurance a yearly fee...... Oh wait we have that too. So not only do we get charged for the people who arent insured. The people who arent insured also pay a "drivers responsibility fee." $600 for 2 years, effectively 1200 bucks. Where does the money go? Nobody knows. Not to the folks who have been injured by an uninsured driver, thats for sure.


It goes deep into the pockets of our beloved politicians. After all, they need their monthly vacations and luxurious living.


"A nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people"

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Smitty
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   Posted 1/13/2012 12:44 PM (GMT -7)    Quote This PostAlert An Admin About This Post.

Though must admit when it comes to insurance, mine for my m/cs or my cage is ONLY LIABILITY along with fire & theift.  Not things that can happen to my vehicles on my own doing.  Note I get the lower prices because I am over 25 yrs of age & even more so 65 or or older small discount.

Believe me insuring all the other ways for protection of your bike is simply far to steep for me & probably enough for me to only keep it as above on LIABILITY insurance or stop riding toot-sweet.

I can see if someone has bought a bike through bank loan then the bank people will demand the MAXIMUM which to me is NO BUYING OR RIDING.



Remember all the others on the road are crazy & out to kill you.

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Budoka
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   Posted 1/16/2012 4:06 PM (GMT -7)    Quote This PostAlert An Admin About This Post.
There isonly one underwriter in these parts that will insure my SP2, and they lump all supersports into the "facility" category. Facility is the grouping where all the "high risk" insurables get put, to be more specific, inexperienced and/or unlicensed operators! PL/PD, fire, and theft coverage on my SP2 is almost double the full coverage I have on my Wing, and it's 6 years newer and cost over 5 times as much. Now statiscally the numbers do prove that sport bikes get binned far more frequently than tourers or dual sports and plain Janers do, but damn it, I'm no squid for crying out loud!shakehead No claims ever, and it's been over 10 years since I even got a speeding ticket (although that could be subject to change at any time on the SPblush). Insurance companies, financial institutions and governments...they all bend us right over and give it to us!mad


I never get lost, there's always lots of people telling me where to go!

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Smitty
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   Posted 1/18/2012 2:11 PM (GMT -7)    Quote This PostAlert An Admin About This Post.
Agree with you Budoka, for with two sportbikes I know what YOU mean & from '97 till last Auturmn I had a 3rd sportbike being a Yamaha YZF 600R----so insurance for the three bikes then the Subaru was just a bit to much & only sold the 600 because inurance & LP were so costly OTHERWISE the bike was almost in perfection form what with new sprockets, tyres & such.  True a bit of scuffing on the can, but that was the good reason most would not want to steal it when there were more modern bikes they could steal.


Remember all the others on the road are crazy & out to kill you.

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