Sportbike Insurance...

[drew231506]

Wasn't sure if I should post here or on the Insurance forum. Anyway, I was looking at a 2006 Gsxr-600, for around the town and some track days...i think its a great deal at $6000...with only 1000 miles on it and an aftermarket pipe. I called my insurance today and they said it would be $1200 for full coverage!? My fjr is half that. My question is do people actually pay for this insurance on these bikes?? In two years i would have already spent half of what the bike is worth on insurance alone. So talk to me...

 

[wfooshee]

Probably will get moved.

Like any insurance, there's the demographics of the "typical" rider and his "typical" behavior.

Losses are higher on these type of bikes because of the type of things done to them by racer wanna-be's. These are the "cool" bikes that untrained invincible high school (and even middle school!) kids want to have, and the kind they want to learn wheelies and stoppies on (in traffic), and go triple-digit speeds everywhere they go.

I generalize, but there you have it.

Only 1000 miles? Somebody may have just called his own insurance agent and had an OMG moment.

If you think the coverage is too high, just cover yourself and your liability, and take the collision risk. Toss the bike if it gets busted. If it lasts 4 years, maybe you've saved enough to replace it.

 

[exskibum]

I'll just say that with the very best possible rating on all factors that GEICO considers, my Blackbird's insurance (based upon an estimate of half the miles per year that I estimate for my FJR) costs close to twice as much as my FJR and KLR together on the same policy, same limits.

 

[C&C]

A couple of suggestions, if you really want the bike (and you are a fairly responsible rider); drop the the collision or raise your deductible. Remember, when buying insurance, you are betting the insurance company that you are going to need to make a claim one day. If you take on some of the finacial responsibility/risk, the rates come down somewhat.

 

[fjr]

I won't even post what they wanted for full coverage on my R1200S.

My agent did some work and got it down.

 

[drew231506]

i just got a quote from Progressive, who was very high when i first bought my fjr. Now their quote is $742 for both bikes....way better than Dairyland. Hmmm....

 

[Jagermeister]

Every insurance company must file their rates (and approved discounts, etc.) with each state's Department of Insurance each year. Most states don't allow deviation from those rates throughout the year. If the company had good claims experience in your state during the previous year, this year's rates may be substantially lower or higher in your state.

Most companies also rate by Zip Code, so the best premium 10 miles from you may not be the best premium in your hometown. Since each company's filed rates are specific to your area, and so many other factors are used to calculate premium, each rider must shop for themself to find the best fit.

 

[clutchless1]

I deal with Progressive myself and they use several factors when putting a quote together for someone. Ont thing a lot of people don't think about is their credit rating? Sure they look at that to see how responsible you are, so a bad credit rating........not very responsible. Another couple of things they look at are, age, where you live, do you have any points on your license, have you had an accident within the last few years, and age bracket.

If you show them you credit rating is good, you're an older more responsible rider, and your license shows no points and no accidents I would remind them of this when getting them to give me a quote. Another item they like to see is more than one bike being insured on your policy and you are the only rider in the household. I know when I got my FJR I was given a quote that was twice as high as I was used to insuring my other bikes, when I called and wrote a letter asking why my rates were so high and pointing out I had several bikes on my policy with them, they actually came down quite a bit when they issued my first payment schedule.

If that doesn't work, do like the others have suggested and just do the liability insurance with a higher deductable.

 

[Ijuggle]

If you have a clean driving record, try National General Insurance (GMAC). Rider Magazine usually has a quote form stapled to their cover. I have found them to be terrific, (they pay up fast) and very cheap. Full coverage on the FJR is 314/year. Full coverage on my 99 Blackbird (sold in 04) was 127/year. Get some tickets and they will drop you like a hot potato.

 

[pmeysemb]

Drew, FYI, I have been checking into this question lately (as you may already know). Mid-sized sportbike insurance was VERY acceptable for me. I was surprised, actually. Just checking my options before plunking down the $$ for a street/track bike.

I had them check 3 diff bikes for middle-aged me.

93 CBR600 - about $190/yr

'00 CBR600 - about 230/yr

'02 YZF600 - about $250/yr

My '05 FJR is about $275/yr, btw.

This is Allstate with clean record. I guess age (old) has one advantage.

 

[SR-71]

Depending on your driving record, credit rating, martial status, etc, etc, $1200 might be a typical quote for that 600. But $600 for your FJR definitely seems to be on the high side.

Crotch rockets riders (especially new ones) are notorious for turning their pretty new machines in to scrap fairly quickly - and of course the insurance companies have to pick up the tab - and the insurance companies pass that on to the rest of us through higher insurance rates. Unfortunately - about the time some of these new riders learn how to use a clutch, they think they're ready to become professional riders. :crazy: One of the saddest things I saw was a mother buying her 16 year old son a new Hayabusa. It was his first bike... (Hopefully it wasn't his last.) :dribble:

But getting back to insurance... Hell, even at the ripe old geezer age 51, with a clean record and an excellent credit rating, I was quoted $1750 for my Hayabusa. And most of the big name companies I called were priced about the same. Thankfully State Farm came in at a reasonable $500 for a full coverage annual policy.

Get a quote from State Farm. From what I understand SF only goes by the displacement of the bike, not the type of bike. (God help the Wing and Rocket III guys, eh?).

Dairyland insured for my FJR at $350 and SF was about the same. Do yourself a favor and call around.

SR- 71