New Rider Insurance question..

[sharpmagna]

I'm paying $452 per year on an '87 Yamaha XV535. This includes collision and comprehensive ($250 and $100 deductables respectively), passenger medical payments, uninsured motorist, $25k basic economic loss, and 50/100 liability.

I'm 25 and have no motorcycle experience but [will have] taken the MSF course. I do not have any tickets or accidents on my driving record.

Wow and I thought I was paying a lot for insuarance on an old bike!!

I pay $365 a year for my 87 Magna 700cc and this is full coverage. I've had 3 speeding tickets in the last 3 years and a month after getting the insuarance with State Farm, I was sent a notice that they were going to cancel my motorcycle insuarance. I called them to complain and told them their records were wrong because on the notice it stated that I did not have a license to ride motorcycles. They said they'd keep my insuarance active, but if I get one more ticket they're dropping my bike insuarance. I also have my 4Runner and house under with them.

[VermilionX]

I also have my 4Runner and house under with them.

that's why it's cheap despite your 3 speeding tickets.

[jonnythan]

Wow and I thought I was paying a lot for insuarance on an old bike!!

I pay $365 a year for my 87 Magna 700cc and this is full coverage. I've had 3 speeding tickets in the last 3 years and a month after getting the insuarance with State Farm, I was sent a notice that they were going to cancel my motorcycle insuarance. I called them to complain and told them their records were wrong because on the notice it stated that I did not have a license to ride motorcycles. They said they'd keep my insuarance active, but if I get one more ticket they're dropping my bike insuarance. I also have my 4Runner and house under with them.

The passenger medical payments, uninsured motorist, and economic loss premiums pushed the total up a bit. I am also a brand new rider and I'm 25. Premium is supposed to drop a good bit after the first year, or so they say.

[Flting Duck]

There's plenty of good bikes out there to ride for under $1500. Like a late 80s UJM(univerals Japanese motorcycle.) For a bike like that, you don't have to worry about anything but liability insurance so that would keep the rates down some.

Besides, as a beginner, you probably want a bike that you can dump without having it cost you tons of $$$ if you drop it. Ride a used UJM for a couple of years until the DUI moves off of your record. You'll still have fun and it won't cost you a mint.

[ickis54]

thanks for all the suggestions =) im thinking about getting an 06 ninja 250r to learn on for a year or two.

[pacedawg]

Not sure what state you're in but check out Rider Insurance. I don't even remember them asking about DUI's. They are more concerned with age and type of bike. I checked with all the big name companies and some smaller ones. The cheapest I found was Rider followed by AAA and then Progressive. I'm sure it changes from state to state but those are the results I got in NJ. I have full insurance on a new 05 M50 and am paying $611/ yr.

[M109R]

My bike is $625/yr with a clean driving record on Progressive.

[spyklee]

so is full coverage the way to go? i have been hearing that on a motorcycle liability is the way to go because if you do wreck it bad it would just be totaled. and if you have a minor scrape like a cracked fairing, or broken lights etc. it would just be cheaper to take care of the problem yourself.

[M109R]

It depends on how much you paid for the bike.

I just laid out $11,000 for mine and want some coverage if the bike was totaled. If my bike only cost me a couple grand then I would only have liability and uninsured motorist coverage.

Really need to think about all the money you are dropping on collision and comprehensive compared to what the bike is worth. May be better to put the extra money in a savings account to use towards your next bike or repairs if something happened to the first one. Might end out ahead.

Plus with insurance these days DO NOT make any claims unless the impact would severly hit your wallet. Insurance companies are prone to drop you if you make too many claims over a long period of time.

[yoda731]

I just switched our auto insurance to Allstate from State Farm, and they gave me a great rate on my MC insurance too.

We've had State Farm forever (over 15 years for my wife-- her father was a SF rep), and still have them on our condo, but their auto rates in FL skyrocketed (as least in Orlando area). My wife and I have NO tickets, NO accidents, the vehicle is paid for, but our rate still went up $90 every six months. I called SF to discuss, they said they couldn't do anything about it, so...Allstate gave me the same coverage-- 50/100/50, plus 50K property damage, plus rental car reimbursement, plus medical, for $110 less every six months.

The motorcycle insurance is $130 annually for the same coverage amounts, because the stacked uninsured on the auto covers my bike as well...

So, all in all I am happy with Allstate right now.