Insurance question

[earlfor]

I pay $70 a year with Progressive for liability and uninsured motorist on the Bandit 12. Been with them for bikes for 20+ years, no claims or accidents, or tickets.

[glib]

I pay $70 a year with Progressive for liability and uninsured motorist on the Bandit 12. Been with them for bikes for 20+ years, no claims or accidents, or tickets.

This would be for a 19 year old though—new motorcycle endorsement.

[Nessism]

This would be for a 19 year old though—new motorcycle endorsement.

Yes, but motorcycle guys don't typically crash into cars and cause property damage, and they only very rarely cause someone physical harm. That's why motorcycle liability coverage is so cheap.

[glib]

Yes, but motorcycle guys don't typically crash into cars and cause property damage, and they only very rarely cause someone physical harm. That's why motorcycle liability coverage is so cheap.

Agreed. I'm sorry that my son gets lumped in with the crazies though. He is not a risk taker like you see in the videos of riders wheelieing down two lane roads into oncoming traffic and such. You can fall asleep in the car with him at the wheel. Of course, accidents are still possible so insurance is necessary but he'll pay more than he should because of the demographic. No way around it really.

[jdion81]

�� That must include physical damage to the bike, correct? For “full” coverage I did get a quote for $4600. Not much point in insuring a $3000 bike by paying over 100% of its value each year to the insurance company.

Wow, $4600.... wth. I know I'm not 19, but I just got comprehensive & collision coverage with $100 deductible on each for $274 per year.

[aclaytonb]

$4600? Thats my annual insurance on three vehicles, house, AND all my utility bills. The insurance industry is going to collapse here shortly....

[earlfor]

Agreed. I'm sorry that my son gets lumped in with the crazies though. He is not a risk taker like you see in the videos of riders wheelieing down two lane roads into oncoming traffic and such. You can fall asleep in the car with him at the wheel. Of course, accidents are still possible so insurance is necessary but he'll pay more than he should because of the demographic. No way around it really.

Have you checked with Geico? Although they are known for being the devil to get to pay claims, if you're only interested in liability and uninsured motorist, you wouldn't be collecting anything anyway and can let the insurance companies fight it out.

[glib]

Have you checked with Geico? Although they are known for being the devil to get to pay claims, if you're only interested in liability and uninsured motorist, you wouldn't be collecting anything anyway and can let the insurance companies fight it out.

By way of update, the first time through he (my son) couldn?t navigate the tight cones to the instructors satisfaction and had to do a second round. But that gave us a couple weeks to practice together at the local community college and of course he had to give the old GSs a try. A 135lb kid on a 550lb bike through tight cones. He was well tuned for the second time in the class and passed no problem. Watching your kids learn to do something you love is real sweet.

Anyway, about Geico, they are one of the companies I checked and for the reason you cited as well. Seems like $300-350 will get enough liability to get on the road.

[glib]

Time to get the insurance bound so we can ride and I thought Progressive was the place to go but sadly I had unconsciously put my birth-date in the quote instead of my son's (our bd's are very close except for the year) and when we corrected it, it was painful.

The good news is that I went to State Farm, who has had our homeowners and autos for many years now. For whatever reason, I hadn't thought they would be competitive with the bikes--especially with a new rider. The various discounts really paid off. Multi-line, multi-vehicle, loyalty, good driver, etc. They are going to insure the bike for $168 for 6 months including comprehensive (wanted theft protection). That's a quarter of what Geico and Progressive wanted. Big win.

[bwringer]

Excellent!

As with all insurance companies, keep an eye on 'em -- they love to get you on board and ratchet up the premiums at the next renewal period.

[argonsagas]

Originally Posted by argonsagas
This is an interesting thread, because of the comparison in costs.. The three hundred dollar figure, especially.

In the Toronto area a 19 yo with a 600cc sport bike as his first ride would likely find insurance at ten times that cost to be a bargain.

I have met riders who pay over $5k a year!

When I bought my first GS, the 1100G, I had a long argument with the insurer that I had been with for years as they insisted it was a sport bike and refused to insure it. Eventually they accepted it, but wanted over $1k for the first year. That was 1998 or 99. Almost 20 years later my insurance has gone down to $550/yr for the current Bandit/GSX1250FA

�� That must include physical damage to the bike, correct? For “full” coverage I did get a quote for $4600. Not much point in insuring a $3000 bike by paying over 100% of its value each year to the insurance company.

Sorry to have taken so long to reply, but the answer is no. For a young rider with a sport bike, and looking for his first insurance policy, $3000 would get mandatory basic coverage for liability and medical, but would NOT cover collision damage. Adding collision would add at least another thousand, depending on year and value of the bike although choosing higher deductibles can affect the rates.


EDIT.....I am unsure of other Provinces, but in Ontario no insurer I have heard of sells motorcycle policies for less than a full year. Insurers decided many years ago that they wanted to keep as much premium as possible, and ceased offering part-year policies. For most riders the season can begin in April but often starts in May, depending on weather for each year. It ends in November for most riders, with a rare few that ride in winter months.

I used to ride the GK through the winter, but not the Bandit that replaced it, as the power output was higher than the Bandits replacement, the gSF1250FA and I was afraid of the torque on sports tires when snow was around..

The GSF1250FA/new Bandit does see winter riding, (at least once a month for two years)but only with clear roads and very little presence of salt/sand..

[Guest]

Very actual for me now. You raised important topic here, many thanks. I think in a car accident insurances matter a lot, no matter if it is a health or a car insurance.

[BigD_83]

In BC, we can insure for shorter periods, but at adjusted higher annual rates.


On my 550, insurance just went down about 20% to something like $752...that's liability only, and with a max discount for being an old fart with 35+ years experience.


note: in BC, we are obligated to carry liability insurance through one insurer, and one insurer only. ICBC, which is in effect a government office.

[Nessism]

In BC, we can insure for shorter periods, but at adjusted higher annual rates.


On my 550, insurance just went down about 20% to something like $752...that's liability only, and with a max discount for being an old fart with 35+ years experience.

Wow! Time for a revolution!

[Cipher]

In BC, we can insure for shorter periods, but at adjusted higher annual rates.


On my 550, insurance just went down about 20% to something like $752...that's liability only, and with a max discount for being an old fart with 35+ years experience.




note: in BC, we are obligated to carry liability insurance through one insurer, and one insurer only. ICBC, which is in effect a government office.

Wth mine 275 plod on 550
1000ish for kbike