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-   -   Insurance Rates Question (https://www.motorcycle.com/forum/mo-vs-world/2016-insurance-rates-question.html)

pnerenberg 08-01-2003 08:25 AM

Re: Insurance Rates Question
 
Could it be a first post? Anyway, I have pretty hefty liability coverage and comprehensive (theft, flood, etc.) coverage on my SV650. I personally don't bother with collision coverage - if I crash into something, I'm willing to pay for it. Just not worth the amount of money it costs for a 20 year old male in my mind. I think the comprehensive is good to have (I live in the ghettos of Baltimore...well not quite, but you get the point) so your bike will be covered if it gets nabbed.



Just my $0.02,



Paul

dmteter 08-01-2003 08:25 AM

Re: Insurance Rates Question
 
Wow. Is this through Guido and Vinnie? I've got a couple of bikes (BMW, Ninja, dirt) that are fully insured and I'm paying less that $500/year for insurance through Dairyland. I'm late-30s with no claim and only one speeding ticket in the last 2 years.

12er 08-01-2003 08:27 AM

Re: Insurance Rates Question
 
If you have payments you have to have full coverage. You can only get liability if you have paid the bike off. Shop around, shop around then shop around some more. Affordable coverage is out there if you have a clean record. If not then maybe a bike isnt for you.

Labrat 08-01-2003 08:44 AM

Re: Insurance Rates Question
 
That's steep!! I'm 34 with a ZX9R and only one ticket and I'm paying about $300 a year for full coverage through State Farm. However, when I was 22, I had an FZR600 and it was running about $1000 a year. How old are you and what's your driving record like? Those are both big factors in the cost.

Closet_Bad_Ass 08-01-2003 08:47 AM

Re: Insurance Rates Question
 
Pay cash for the bike! Or, at least see if you can get some source of unsecured financing at a decent rate and then forego the collision coverage. The way I figure, if I crash my bike so bad that I can't afford to get it fixed I probably will have other, more pressing concerns.



If you feel you want collision coverage look into policies with $1,000, or $500, deductables.



I second the thought from the previous post . . . if your rate is high because you are a high risk (accidents and tickets from running red lights) you may want to think about another form of transportation.

seruzawa 08-01-2003 09:02 AM

Re: Insurance Rates Question
 
How old are you? Guys under 23 or so pay vastly higher rates for bikes that are considered performance bikes.



I pay $180 per year for liability coverage on my GSX1100. But I'm 54 with 39 years experience and no accidents since 1972.





The only thing to do is shop around a lot.

gorthak 08-01-2003 09:27 AM

Re: Insurance Rates Question
 
It seems if you pick a "non-obvious" sportbike, you've got a better chance at getting cheap insurance. I just bought my second bike last month, a 2003 Suzuki SV 1000S. With full coverage and $1000 deductable Im paying $830/yr. Im 22 years old with a completely clean driving record.



Im guessing my insurance company didn't realize that just because its a "naked" bike, doesn't mean it lacks sport pedigree.



As a comparison, a friend of mine has a SuperHawk, with 1 accident on his record... 3-4 years ago in a car. He pays the same ammount I do, but for only liability.

longride 08-01-2003 09:27 AM

Re: Insurance Rates Question
 
Yeah, but your MSF scores suck and you can't bench press worth a damn.

Ducgroupie 08-01-2003 09:32 AM

Re: Insurance Rates Question
 
It all depends on how the insurance company rates it's bikes. I have State Farm and they go by the CC's. I have my car with them too so that might be the rate they give their Auto customer's. So for me it's cheaper to insure a GSX-R 1000 then it would be for a Shadow 1100 even thoug the GSX is over twice as powerful.



You just have to check all the companies you can find. I know there used to be a site called riderpoint.com that would get quotes from 4-5 different places. When I used to check it a few years ago the prices varied by $1000/yr between some companies.



by the way I pay $50/yr for my '85 Kawi GPz 600r Ninja for liabilty.





Ducgroupie out

longride 08-01-2003 09:34 AM

Re: Insurance Rates Question
 
There are so many variables, it's difficult to pinpoint why your rate is so high. Could be due to age, driving record, location, bike classification, or insurer. I'd suggest shopping and comparing not only companies, but motorcycles that you can live with. It's nuts paying more for insurance than ofr the whole bike. My ZX9 is 360 a year with State Farm, and I'm old and stupid, but somehow managed a perfect driving record, so I guess that counts for something.


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