Insurance woes

[rugaluga]

Man I'm 26 and SINGLE... the insurance company should be paying me to insure my bike If I was married I'd be incline to be reckless jk

[Sev]

Man I'm 26 and SINGLE... the insurance company should be paying me to insure my bike If I was married I'd be incline to be reckless jk

Hahaha

[MotoF150]

Insurance Co's are not stupid! They know how fast a crotch rocket can go and they know when you crash at 150mph ur hamburger meat and ur funeral is expensive and after ur dead and gone that bike is expensive to fix back up and cleaning the blood stains so somebody else can buy the bike used, the insurance co has to get some money back. It is less expensive if ur dead than the cost if you live and the high hospital bills and the rehab, learning to walk again thats a lot, that nurse that feeds you pureed ground meatloaf with a baby spoon is making $26 an hour.

[MidSSouth]

Actually a lot of motorcycle insurance won't cover medical bills. Mine has $10k in medical coverage and that ain't jack if you get hospitalized. Most motorcycle insurance is to replace the bike. So think about this, if you have a $6k bike and they want $4k a year to insure it the company fully expects you to total that bike within a year and a half.

What annoys me is the broad classifications. For instance, my Ninja is called a sport bike, and insured appropriately, because the way it looks. Full fairings and a little windshield...must be a crotch rocket. Nevermind the fact that you sit upright, your footpegs aren't behind you they are under your, and it only has 30hp and 248cc's.

[ofblong]

Insurance Co's are not stupid! They know how fast a crotch rocket can go and they know when you crash at 150mph ur hamburger meat and ur funeral is expensive and after ur dead and gone that bike is expensive to fix back up and cleaning the blood stains so somebody else can buy the bike used, the insurance co has to get some money back. It is less expensive if ur dead than the cost if you live and the high hospital bills and the rehab, learning to walk again thats a lot, that nurse that feeds you pureed ground meatloaf with a baby spoon is making $26 an hour.

wow you got some high paid nurses. I dont know of any nurse who makes more than $14/hr unless they are the "head" nurse.

[Venarius]

$800 for a year! (Actually $789.) That just seems high.
*sigh* Perhaps my goal of a bike is further off than I thought.

Ha that would be nice. Over here in massachusetts we have standardized insurance so there is no compitition in prices and we pay out the A$$ for insurance.

I currently pay closer to $1500/year for full coverage...and it just went DOWN from $1700 last year even though my license points went UP.

However thats for a $14,000 bike new in '03.

If you want a trick, get a really old model bike with lower milage. Part of the way the Insurance agencies gauge how much to charge you is based on the ORIGINAL cost of the Motorcycle.

For example, my first bike was a 1981 CB-750. I bought it for $500 in 2002, however because the bike only cost $3000 NEW in '81, I ended up only paying $33 a month for insurance!

There you have it...if your low on money and just trying to start out on motorcycling...The older the bike the better for insurance costs.

[froldt]

If you want a trick, get a really old model bike with lower milage. Part of the way the Insurance agencies gauge how much to charge you is based on the ORIGINAL cost of the Motorcycle.

For example, my first bike was a 1981 CB-750. I bought it for $500 in 2002, however because the bike only cost $3000 NEW in '81, I ended up only paying $33 a month for insurance!

There you have it...if your low on money and just trying to start out on motorcycling...The older the bike the better for insurance costs.

Well, maybe I should tell the insurance company what I'm going to pay for the bike. However, it is an 81 CB-650C with about 25,000 miles. The guy's asking $1,000. Oh, wait, you said original cost. I'm not sure what that is, off-hand.

If I can get the insurance down to about $30-something a month, then I can go for it. I'm hoping that they looked at more coverage than I am wanting, so that's why it's so expensive.
Tomorrow I'll be calling around and finding out.

[froldt]

ok, so I checked back in with the insurance company today. Not only is the car insurance more what I was expecting (yay!) but also, the bike insurance is more what I was hoping for.
The $800 rate was for a motorcycle only type of deal. They can get me a cheaper (liability only) rate, that would only be $100-200 or so. That's more what I am looking for, currently.
Of course, that includes no health for me, so I'll have to be looking at health insurance from work, I suppose.

the bike search continues unabated!

[DivideOverflow]

Original cost shouldn't matter. It is based on what the value of your bike is.

With a $500 deductable, insuring the value of my bikes was pointless (one is worth $700, and the other is worth $1800). So without covering the value of the bikes, it works out to be $30/mo each. Which is better than the $80/mo that I was paying for my new 250cc worth $3k. 22 year old single male.

Check with other insurance companies if you can't get a good rate.

[dieziege]

Original cost is *usually* a good indication of repair and other costs. A car that cost $50,000 new will have a more expensive engine, clock, bumper, etcetera than a car that cost $15,000 new. An engine for a $20,000 BMW will cost more than my whole Ninja 250.

So they are right to base insurance costs for comp/collision on the original price of the vehicle.

Of course, they then say, "the KBB used price is $1500 and replacing the wheel will cost $1800 so we are totaling the vehicle." ... that's another subject.