Insurance

Message

Maverick33 · Thu Apr 21, 2005 6:49 am

Holy cow! Was $4100 for everything including medical as well?

icariz83 · #22 Unread post by **icariz83** » Thu Apr 21, 2005 7:45 am

Maverick33 wrote:Holy cow! Was $4100 for everything including medical as well?

I just found this out the sad way. After being pre-approved for a new bike, I found out that insurance for it will be way too much. $2400 for full coverage, $3,600 more if I added medical($6,000 a year!!!). I find that funny because I can buy the bike for 8,000 brand new and the insurance is 75% of the bikes value! So I am majorly bummed out but I am still happy with my current bike.

Moral of my story: As long as you are riding, don't be sad about the bike you can't have.

Maverick33 · Thu Apr 21, 2005 10:15 am

What bike did you get a quote for? And who was the insurance company? How old are you? And finally, have you had many tickets, or anything else that would reflect badly on your driving record? ...just curious.

Optimusprime · Thu Apr 21, 2005 3:35 pm

Yeah I just checked out insurance costs today actually. I have an old bike so I just signed up for the basic comprehensive from progressive. It ended up being $98 for 12 months. So, I thought, WOW. Thats like nothing at all. Im only 24 so I dont think that would make it so cheap, but I do live in NH and they dont require ins at all soo, I dont know. Thats what it is here.

Shawn

icariz83 · #25 Unread post by **icariz83** » Thu Apr 21, 2005 4:17 pm

Maverick33 wrote:What bike did you get a quote for? And who was the insurance company? How old are you? And finally, have you had many tickets, or anything else that would reflect badly on your driving record? ...just curious.

I don't know if that was to me but I thought I might answer it just for reflection.

I actually got a lot of quotes, but they all fall under the same category, super sport (Katana 600 (what I really wanted), 750, CBR600F4, CBR600RR, YZF-R6, etc).
Insurance company is American Family and I do get big discounts through them on my current bike. When I was first looking around for insurance I got quotes of $950 a year and the rate I have from Am. Fam is 550 for a year.
I am 21 (22 in 1.5 months) and no tickets since I was 16,17 and stupid. All insurance companies told me that most tickets reflect if they are 3-5 years from the present day. For example, if you got a speeding ticket in April of 1999, it would not be counted against your insurance (just what I was told by major companies, not all).

Maverick33 · Fri Apr 22, 2005 4:40 am

Yessir, that question was for you. Thanks for the info. Wow, so it was 2400 a year to cover the bike?! That's like a slap in the face. Would an older model of the same bike lower the cost at all?

icariz83 · #27 Unread post by **icariz83** » Fri Apr 22, 2005 6:17 am

Maverick33 wrote:Yessir, that question was for you. Thanks for the info. Wow, so it was 2400 a year to cover the bike?! That's like a slap in the face. Would an older model of the same bike lower the cost at all?

That's the funny thing, she was like it will save you like $30 a year.
I think I will just buy a new SV650S. It is hard to beat and for traffic around here you don't have to worry about revving it up to get the power to the wheel (so I hear from the IL 4 Cylinders).

Optimusprime · Fri Apr 22, 2005 3:32 pm

The amount you pay for insurance, amongst other factors, is largely dictated by the value of the bike. An older bike should certainly have an effect on the amount you pay for insurance, but this will not show much variation over less than a couple years.

Shawn

daveoner · #29 Unread post by **daveoner** » Sat Apr 23, 2005 6:35 am

Bike category is a big factor. A sport bike costs more to insure than a touring bike. Get a naked sport bike or a sport touring bike with no fairing and the premiums are much lower than fully faired sport bikes.

For youthful operators to insure a sport bike- the premium for full coverage for one year is usually as much as the bike's msrp.

You will pay the most for insurance if you live in a major city. Traffic and crime rates factor into it as much as age and engine size.