I'm taking the MSF course right now and planning on buying my first bike very soon. I'm interested in a 1998 Suzuki Katana 600F. The seller is requesting $3000. The cheapest insurance quotes I got for it came from Progressive. They want about $150 a year for liability only and around $1000 a year for full coverage. In 3 years with full coverage, I'll have spent more on insurance than I spent on my bike! What coverage do I really need for a bike like this? Is there any reason to stay away from Progressive? Should I add on theft, comprehensive, collision, etc? What other options would I want to add on?
I don't really know what to expect insurance-wise. Can someone please give me some suggestions? What kinds of policies do people with roughly $3000 bikes have?
Thanks in advance!
Insurance
If I were you, I'd want to carry comprehensive/full coverage on the bike, simply because of the various things that can happen to it, and to you.
I had the same problem with Progressive. Call around to other places like State Farm and GMAC. I'm with GMAC Riders' Insurance at $659/yr comprehensive coverage with a $150 deductible.
I had the same problem with Progressive. Call around to other places like State Farm and GMAC. I'm with GMAC Riders' Insurance at $659/yr comprehensive coverage with a $150 deductible.
-Psycluded-
2005 Honda CBR600F4i - STOLEN
2005 Honda CBR600RR Black Tribal Edition
2005 Honda CBR600F4i - STOLEN
2005 Honda CBR600RR Black Tribal Edition
if you can handle the loss of 3k on the bike. i would suggest just liablity. because if you have a crash (claim) of any level your insurance will shoot to the moon. thats just how bikes are. those bikes are not very popluar to steal.
so you can probally skip that. for sure.( though you never know).
so you can probally skip that. for sure.( though you never know).
say what
Yeah I think I actually based who I called on one of your posts (although I could be confused). I called GMAC first and they quoted $240 for liability and about the same as Progressive for full coverage. State Farm wouldn't give me a quote: they said I needed to have car insurance from them to get bike insurance. Geico gave me outrageous numbers. I haven't called Alfa yet.
What do I need comprehensive coverage for? Isn't that just coverage against things like hail and other non-riding hazards that could damage my bike?
What do I need comprehensive coverage for? Isn't that just coverage against things like hail and other non-riding hazards that could damage my bike?
i got my 03 katana600 for 3 grand 
i use progressive and pay 500$ a year for 500,000$ coverage. my bike isnt covered because i dont see the point in paying that much to cover it. basically every 2 years your buying your bike again. just put that money into an account and if you do total your bike you got the cash to buy a new one no insurance hassle.
farmers(at least in my area) sub contracts out to progessive and charges twice as much for the same coverage direct from progressive.
i use progressive and pay 500$ a year for 500,000$ coverage. my bike isnt covered because i dont see the point in paying that much to cover it. basically every 2 years your buying your bike again. just put that money into an account and if you do total your bike you got the cash to buy a new one no insurance hassle.
farmers(at least in my area) sub contracts out to progessive and charges twice as much for the same coverage direct from progressive.
03 katana 600
Is $3000 too much for that bike (assuming it's in good shape; it looks like it from the pictures). The value on KBB.com is $3120 and I think it assumes many more miles were put on the bike than what is on this one. I'm going to called Progressive and GMAC back and see what prices they can give me on different types of coverage. I'm also going to call Nationwide (my car insurance provider) and see if they'll cover this bike; although from what I was told last time I called, it's extremely doubtful that they will.
Are you pleased with your Katana? Is there anything you can tell me about using it as a beginning bike?
Are you pleased with your Katana? Is there anything you can tell me about using it as a beginning bike?
Thanks for the input everyone. I've decided that I might as well get full coverage on the bike; especially since it'll be my first. My MSF instructors recommended full coverage as well, and they definitely know what they're talking about! It'll be parked in the city fairly often, and a lot of things can happen to it while it's there. Better safe than sorry.