DAAAAANNNNNGGGGG! (Bike Insurance)
I've got a buddy (50 years old) who traded in his Honda VTX1800 for a Kawasaki ZX14 Ninja last year. He paid the cash difference for the bikes and road it off of the lot free and clear using the insurance card from the VTX.
Now, he has to register it next month and had never purchased insurance on it. So, he got some quotes.
Full coverage = $3148 a year with $1000 deductible.
Liability only = $1426 a year.
$3148 a year! He only paid $10,000 for the bike new! That's 1/3 the new price! My Goldwing, that costs $17,000 new, only costs me $424 a year for full coverage with $1000 deductible. The Suzuki only costs $172 a year or full coverage with $1000 deductible.
You sport bike guys are getting ripped!
PS, his driving record is crystal clear with no claims in the last 25+ years!
Now, he has to register it next month and had never purchased insurance on it. So, he got some quotes.
Full coverage = $3148 a year with $1000 deductible.
Liability only = $1426 a year.
$3148 a year! He only paid $10,000 for the bike new! That's 1/3 the new price! My Goldwing, that costs $17,000 new, only costs me $424 a year for full coverage with $1000 deductible. The Suzuki only costs $172 a year or full coverage with $1000 deductible.
You sport bike guys are getting ripped!
PS, his driving record is crystal clear with no claims in the last 25+ years!
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Only costs me $3.00 a year to insure my Moped!!![:D][:p][:)]
And that includes the sidecar!!![:0]0 -
quote:Originally posted by pabooger
Only costs me $3.00 a year to insure my Moped!!![:D][:p][:)]
And that includes the sidecar!!![:0]
Sandy's 250cc scooter is $24.00 a year for liability![;)]0 -
I have a perfect driving record (no tickets or accidents in 38 years) and GEICO wanted $900 per year for my Kawasaki Nomad; Progressive only wanted $300 per year for full coverage PLUS roadside assistance! You gotta shop around! However, the majority of bike accidents are "crotch rockets" so the loss risk is higher. 
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quote:Originally posted by Spider7115
I have a perfect driving record (no tickets or accidents in 38 years) and GEICO wanted $900 per year for my Nomad; Progressive only wanted $300 per year for full coverage PLUS roadside assistance! You gotta shop around! However, the majority of bike accidents are "crotch rockets" so the risk is higher.
His agent told him he bought the worst of the worst. It says "Ninja" on it which tripled it immediately, then, it has 200cc more engine than the previously largest sport bike insured, so they bumped it again.
I use progressive, but I'm thinking of changing to Geico next year.0 -
If the insurance is over 3 Grand for a Ninja, it is because insurance co. statistics show that these bikes get into lots of wrecks. 0 -
Progressive is very anti gun!! They ain't getin my $$$$$$ 0 -
quote:Originally posted by pabooger
Progressive is very anti gun!! They ain't getin my $$$$$$
Found that out a few months ago. I'm just waiting for my current policy to expire. I know if I cancel it they'll refund the difference, but it's less a cancellation fee that I'm not paying.
All three bikes will be insured by someone else in 4 months.0 -
quote:Originally posted by allen griggs
If the insurance is over 3 Grand for a Ninja, it is because insurance co. statistics show that these bikes get into lots of wrecks.
I'm giving him a hard time for not checking it all out before he bought! He's kind of an impulsive guy, and already has his heart set on a retro 2007 Camaro in red. I think he's going through a midlife crisis since all the kids are gone![}:)]0 -
quote:Originally posted by dheffley
I've got a buddy (50 years old) who traded in his Honda VTX1800 for a Kawasaki ZX14 Ninja last year. He paid the cash difference for the bikes and road it off of the lot free and clear using the insurance card from the VTX.
Now, he has to register it next month and had never purchased insurance on it. So, he got some quotes.
Full coverage = $3148 a year with $1000 deductible.
Liability only = $1426 a year.
$3148 a year! He only paid $10,000 for the bike new! That's 1/3 the new price! My Goldwing, that costs $17,000 new, only costs me $424 a year for full coverage with $1000 deductible. The Suzuki only costs $172 a year or full coverage with $1000 deductible.
You sport bike guys are getting ripped!
PS, his driving record is crystal clear with no claims in the last 25+ years!
Hehehe! I own a Yamaha V-max. A 1,200cc V-4 that when introduced was the most powerful, fastest motorcycle in the world. Still about the fastest cruiser. I'm 64, last ticket was in 1994 and I only pay somewhere around $264.00 per year through State Farm in the KC area.0 -
here a question'
just what in the hell does your credit rating have to do with how much you pay?
Back in my younger days, I had saved up the money for a 63 vette.
before I paid for it I checked my insurance, ouch.
never did get my vette. but 4 yrs ago I bought a surburban from 46270. total coverage was only 484 a year, I was going to trade it in on a new truck, my credit anit great but hell, I dont have any tickets. but after paying for the truck, I cant afford a new truck.0 -
It would have cost me 3600.00 for full coverage on my bike and I didn't get it. I hit an elk last summer and it cost me 1800.00 in parts and I put the bike back together myself. I asked the agent what it would cost for full coverage If I had a cruiser and he said somthing like 250.00 poer year. 0 -
I just priced it for my 78 Suzuki GS1000, $145 a year. Can't beat that. 0 -
quote:Originally posted by Kimbercolt
just what in the hell does your credit rating have to do with how much you pay?
People with bad credit ratings have more claims than those with good credit ratings. Also, the insurance company fears if someone is in financial trouble, they'll burn, set up to be stolen or otherwise dispose of the vehicle to get insurance to pay it off.
A few years ago, Texas made the insurance company's furnish information to prove their case or drop credit ratings from insurance rates. I never heard what happened.0 -
I ran a quote on that bike through Geico as an inexperienced rider aged 50 in CT with 100/300/50 liability, 100/300 uninsured motorist and $500ded for comp&collision and it came up with $2402 for the year.
It's the comp and collision that's hurting him...here it's $1882 out of the $2400. If it were me, I'd take my chances and self insure the damage to my bike. If I went two years without a scrape I'd save almost 4 grand - more than enough to cover the cost of a laydown. And if the accident is another driver's fault their insurance pays to fix the bike anyway.
For some reason Progressive was three times as much for '06 Shadow than Geico's $330 year.0 -
Ever watched the kids on the Ninja bikes on Fri or Sat nite at the local hangout ? Now you know why insurance is high. I would think age would play a part in the cost ! [:D] 0 -
yikes, my Ducati monster 750 ins. was only $67 month Full Coverage... 0 -
Go here: http://www.bike-line.com/
I am 42, ride a 2005 995cc Triumph Tiger. Full coverage is $237.00 a year with $250.00 deductible.0 -
I have a Yamaha 750 Virago & a Majesty. With Progressive I pay a total for both of $150/yr for full coverage & fairly high limits. I noticed that raising the limit didn't change the rate at all. 0 -
couldn't tell you how much i pay for insurance but it isn't that much 0 -
A LONG time ago, when I had a motorcycle, I first insured it with State Farm, where I had my cars and home insured. At that time, State Farm would not insure ANY motorcycle except for existing customers who also had other vehicles on the policy. Also at that time, State Farm had a list of motorcycles they would not insure under any circumstances, and the agent had me examine the list and make sure my bike wasn't on it. On the list was just about any motorcycle that had any kind of factory bodywork, such as touring bikes and donorcycles. My scooter wasn't on the list, so I was insured.
I forget how much it was, but it was too much. After the first year, I switched to Dairyland and saved over half.
How a vehicle is labeled matters a lot. I was talking to a man a while back, and he had just bought a new Chevy Tahoe. Said he chose it over the Suburban because it was shorter, easier to park, and a lot cheaper. The cheaper part didn't help him out much when he went to insure it. Seems his insurance company had the Suburban classified as a station wagon, while the Tahoe was a sport utility vehicle, and had a much higher rating.0 -
My Harley is $124 a year for full coverage. 0 -
I just checked Geico, they wanted 230 for the same coverage Progressive quoted 145. Gotta see what USAA requirements are, should get it the cheapest there. 0 -
my advice though, instead of buying a bike, buy a Barrett m82[}:)] 0 -
Kind of like here in Northern AZ, people consider it very chic to get his/her 16 year old son/grandson a new Corvette and btch about the Insurance. NO SHT!!! If you are 50+ and buy this bike you are going to Die on it, and Gieco/Progressive is going to have to pay. 0 -
Around $150 a year here, but it's not a sports bike. [:D] 0 -
Full on my bagger is $348.00 for the year and the 1966 triumph is $24.00 for the year for full coverage. DAMN is right. Have him check here www.chicagolandsportbikes.com for some really good info on sportbike insurance. I'll start the thread tell him to look for it.
PJ0 -
Dheffley, here is the link to my post on the sport bike forum. Hope it helps.
http://www.chicagolandsportbikes.com/forums/showthread.php?p=739819#post739819
PJ0 -
I pay n$50 na year to Dairlyland Insurance out of Wisconsin (where else?) for liability. Buit that's for a Harley. The high powered sport bikes are tougher to cover. Sort of like when I was a youngster and trying to insure a 425 horse power Dodge. 0 -
About $500 per year on my beemer. We are both old too, but not inexperienced, lotta miles. 0 -
quote:Originally posted by pabooger
Progressive is very anti gun!! They ain't getin my $$$$$$
Hey pa, could you provide me a link to that info?
Ben0
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