And i thought your insurance rates go DOWN when you turn 25? - Page 2

Corey · 02-14-2009, 08:36 AM

Man, I hate to say it, but that's not bad. You've got a lot of things that go against you. One, you're insuring your first bike. Two, it's a Hayabusa. And three, you really haven't been riding all that long in the eyes of insurance. Also, you're in South Florida, so the potential riding season is far greater, meaning you have the possibility of being on the road more, meaning you're exposing yourself to greater potential of getting in an accident.

Really, 25 is a nice milestone that would cut a nice chunk off of your premiums. If you don't believe it, run that same quote with your age listed at 24 or 23 to see where you're getting a cut, but that's about the only thing you have going in your favor. If you want to increase your discount, see if you would save more money by moving your auto policy to the same company for a possible multivehicle/multi policy discount. That'll help a little, but it's still not gonna be much. The biggest ding against your right now is that Hayabusa. It's a high horsepower sportbike that probably generates an obsene amount of collision and theft claims. The insurance companies are going to rate the bike according to the assumed risk that it creates and how much losses they take annually on that make and model.

Your best bet is to try and get every discount you qualify for. The things that knock off chunks of change are multiple vehicles or policies with the same company, marriage, homeownership, and having kids. Things that offer a smaller discount are having the MSF Course, being an AMA member, and certain other memberships, depending on the insurance company. Will the discount offered by being an AMA member offset the yearly membership fee? Dunno that one, but it's something to check out. Otherwise, that's just the breaks, and you're probably not going to see a substantial discount on that bike for years, or unless you move or get married or buy a house.

Edited to add: After a year of continuous coverage with a motorcycle policy, you should also see a bit of a drop in your premium. You may also qualify for other companies who won't take someone without continuous coverage.

Particle Man · 02-14-2009, 09:22 AM

that's one reason why I do liability only. I don't feel like paying for the damn bike every few years.

My ins policy for collision, etc? Bike savings account.

racedoll · 02-14-2009, 10:00 AM

I didn't read everything here - but don't forget that most companies now look at your credit report to help in determining your rate. Just because you have a clean driving record doesn't mean everything anymore.

Ninjakel · 02-14-2009, 11:47 AM

leon and I pay around 400 a year, full coverage with Geico, for my 750 and his 1000. When the Tiller was still here, all three were 600 a year.

But he is 34 and I am 31.

Trip · 02-14-2009, 11:52 AM

I got $400 a year when I got my first bike, the CBARRR is in the $300 range now and thats full coverage. Try state farm.

Dave · 02-14-2009, 12:32 PM

33 a mo for full here in nj (27)

Flexin · 02-14-2009, 12:49 PM

Quote:

Originally Posted by umairhashmi

So anytime you buy motorcycle insurance for the first time (regardless of age or driving history) the premium will be sky high for the 1st year? And they drop after that?

In 03 I was looking at over $2500 for full coverage insurance in my brand new R6. I think in the end it was $2000 or so after looking around. It dropped a bit every year. I was 28.

James

Smittie61984 · 02-14-2009, 01:01 PM

$178 a month for full coverage??? That's fucking sweet as shit for a fucking motorcycle that can run 200mph.

When I first tried to get a bike I almost got a Yamaha FZ6. Not even a sportbike and I had a fairly clean record. The bike payment was going to be $250 a month with a insurance payment of $250 a month. I looked into a CBR600rr a year or so later (At 24 with a speeding ticket off my record and nothing else on it). Roughly $250 A a month bike payments and $350+ a month for insurance. For funsies I looked into a 1000rr and it was $400 a month with a $1000 deductable.

So I wouldn't complain at that price.

My first bike was a 1994 Yamaha XJ600. $107 a year for Liability. Then I got a 1996 CBR600 F3 and it was roughly $250 a year for liability with Allstate.

MikeSP1 · 02-14-2009, 01:21 PM

Between squids and thieves, insurance for sportbikes is fucking ridiculous. Insurance alone offsets most of the financial benefits of riding a bike. There's absolutely no reason for me to pay as much in insurance as I do the bike. In 2-3 years I can just save up and buy a brand new one with cash.

L8 Braker · 02-14-2009, 02:35 PM

Quote:

Originally Posted by umairhashmi

So anytime you buy motorcycle insurance for the first time (regardless of age or driving history) the premium will be sky high for the 1st year? And they drop after that?

Yes, unfortunately, that's the game

The cool thing is, if you keep your record clean, it drops quite a bit as the years go by

02-14-2009, 08:36 AM	#11
Corey AMA Supersport Join Date: Nov 2008 Location: Florida Moto: Not a damn thing Posts: 2,612	Man, I hate to say it, but that's not bad. You've got a lot of things that go against you. One, you're insuring your first bike. Two, it's a Hayabusa. And three, you really haven't been riding all that long in the eyes of insurance. Also, you're in South Florida, so the potential riding season is far greater, meaning you have the possibility of being on the road more, meaning you're exposing yourself to greater potential of getting in an accident. Really, 25 is a nice milestone that would cut a nice chunk off of your premiums. If you don't believe it, run that same quote with your age listed at 24 or 23 to see where you're getting a cut, but that's about the only thing you have going in your favor. If you want to increase your discount, see if you would save more money by moving your auto policy to the same company for a possible multivehicle/multi policy discount. That'll help a little, but it's still not gonna be much. The biggest ding against your right now is that Hayabusa. It's a high horsepower sportbike that probably generates an obsene amount of collision and theft claims. The insurance companies are going to rate the bike according to the assumed risk that it creates and how much losses they take annually on that make and model. Your best bet is to try and get every discount you qualify for. The things that knock off chunks of change are multiple vehicles or policies with the same company, marriage, homeownership, and having kids. Things that offer a smaller discount are having the MSF Course, being an AMA member, and certain other memberships, depending on the insurance company. Will the discount offered by being an AMA member offset the yearly membership fee? Dunno that one, but it's something to check out. Otherwise, that's just the breaks, and you're probably not going to see a substantial discount on that bike for years, or unless you move or get married or buy a house. Edited to add: After a year of continuous coverage with a motorcycle policy, you should also see a bit of a drop in your premium. You may also qualify for other companies who won't take someone without continuous coverage. __________________ Half man, half horse, half motorcycle. All awesome. "Your game is shit, your company is shit. Activision ruined you! Activision ruined you." - Francis

02-14-2009, 09:22 AM	#12
Particle Man Custom User Title Join Date: Nov 2008 Location: Central NY Moto: 2003 SV650S Posts: 14,959	that's one reason why I do liability only. I don't feel like paying for the damn bike every few years. My ins policy for collision, etc? Bike savings account. __________________ I'm not "fat." I'm "Enlarged to show texture." Handle every stressful situation like a DOG: If you can't eat it or hump it, pi$$ on it & walk away.

02-14-2009, 11:47 AM	#14
Ninjakel Post whorette Join Date: Nov 2008 Location: South Florida Moto: 2006 GSXR 600- Posts: 3,992	leon and I pay around 400 a year, full coverage with Geico, for my 750 and his 1000. When the Tiller was still here, all three were 600 a year. But he is 34 and I am 31. __________________ I'm gonna punch you in the ovary, that's what I'm gonna do. A straight shot. Right to the babymaker. --Ron Burgundy-- Anchorman

02-14-2009, 12:32 PM	#16
Dave Chaotic Neutral Join Date: Feb 2008 Location: Cherry Hill NJ Moto: GV1200 Madura, Hawk gt Posts: 13,992	33 a mo for full here in nj (27) __________________ TWF Post whore #6

02-14-2009, 01:01 PM	#18
Smittie61984 I give Squids a bad name Join Date: Mar 2008 Location: Fly Over State Moto: 1996 CBR600 F3 (AKA the Flying Turd) Posts: 4,742	$178 a month for full coverage??? That's fucking sweet as shit for a fucking motorcycle that can run 200mph. When I first tried to get a bike I almost got a Yamaha FZ6. Not even a sportbike and I had a fairly clean record. The bike payment was going to be $250 a month with a insurance payment of $250 a month. I looked into a CBR600rr a year or so later (At 24 with a speeding ticket off my record and nothing else on it). Roughly $250 A a month bike payments and $350+ a month for insurance. For funsies I looked into a 1000rr and it was $400 a month with a $1000 deductable. So I wouldn't complain at that price. My first bike was a 1994 Yamaha XJ600. $107 a year for Liability. Then I got a 1996 CBR600 F3 and it was roughly $250 a year for liability with Allstate. __________________ lifts - R.I.P.

02-14-2009, 10:00 AM	#13
racedoll AMA Supersport Join Date: Nov 2008 Moto: '04 Kawasaki ZX6RR Posts: 3,392	I didn't read everything here - but don't forget that most companies now look at your credit report to help in determining your rate. Just because you have a clean driving record doesn't mean everything anymore.

02-14-2009, 01:21 PM	#19
MikeSP1 Perpetual trouble Join Date: Jun 2008 Location: at the base of the Alps Moto: VTX 1300C, RC51, CBR600RR, CBR929RR Posts: 715	Between squids and thieves, insurance for sportbikes is fucking ridiculous. Insurance alone offsets most of the financial benefits of riding a bike. There's absolutely no reason for me to pay as much in insurance as I do the bike. In 2-3 years I can just save up and buy a brand new one with cash. __________________ "Life is not a journey to the grave with the intention of arriving safely in one pretty and well preserved piece, but to skid across the line broadside, thoroughly used up, worn out, leaking oil, shouting GERONIMO!"