How much do you pay each year for motorcycle insurance?

GitGoFast · 12-30-2007, 12:59 AM

$288 for my 2005 ST1300 – Progressive – Liability / Collision.

slickwill · 12-30-2007, 7:55 PM

Just got a quote from State Farm for my two cars and my bike. The quote for my cars was just a little more than I pay with progressive. The quote for my bike was a lot less from State Farm. The State Farm price for full coverage with collision was less than I pay for just liability and comprehensive from Progressive. We're making the switch this week.

GitGoFast · 12-31-2007, 12:42 AM

Thanks for the tip. My cars are with State Farm also. I’m gonna give ‘em a call re: the bike.

08cbr600rr · 01-06-2008, 8:41 PM

With Geico, I pay 103 dollars a year for liability coverage. I just bought my first bike, a '08 cbr600rr, and now a month later the dealership i bought it from calls me and tells me that the company im financing throught requires full coverage and for them to be listed on the insurance policy as well. So i called Geico and they told me that full coverage(liability,comp.and collision), will be right over 3,000 a year. I called the dealer back and asked why they did not tell me I had to have full coverage when I bought the bike and their response was "we'll call you back" Has anyone been in this situation? I did read my copy of the finance contract and it does state that the company requires me to have full coverage on the bike. Am I screwed? If i would have known this i proably would have found another way to get a bike. Its been 1 month since I bought the bike and they just now decide to call. Any suggestions, anyone? I guess i'll try other insurance companys to see the price of their full coverage, if not, I guess let the bike go back. I can't afford almost 4,000 dollars a year on a bike.

segiano · 01-06-2008, 8:55 PM

Every finance company requires you to carry full coverage. The collateral on the loan is the bike. If the bike gets totaled and does not have collision insurance,and you decide to stop making payments, the finance company get screwed. If you do not get the full coverage insurance yourself, the finance company will buy the insurance for you and add the cost to the loan. If you think the $3000/year from Geico is high, wait and see what the finance company hits you with. The sad thing here is that the dealer knows this and should have made it clear to you. Sounds like your salesman was hot to make a sale.

segiano · 01-06-2008, 8:57 PM

One more thing... I am paying about $600 a year for full coverage on an 07 1000RR. I am 45 years old. You should shop around for a better deal.

slickwill · 01-07-2008, 3:19 PM

Finalized everything with State Farm. $156 a year for FULL coverage. I was paying Progressive $410 a year for Comprehensive and Liability, no collision. They wanted $1200 a year for collision. My bike is paid for so I don't need full coverage but now that it is only $156 a year it is a no brainer. At $1200 a year I would have nearly paid for the bike in the two years I had it. Basically the only catch is that you also have to be insuring a car with them also. I'm paying insurance on two and a half cars anyway so it works for me.

Quote:

I just bought my first bike, a '08 cbr600rr, and now a month later the dealership i bought it from calls me and tells me that the company im financing throught requires full coverage and for them to be listed on the insurance policy as well. So i called Geico and they told me that full coverage(liability,comp.and collision), will be right over 3,000 a year. I called the dealer back and asked why they did not tell me I had to have full coverage when I bought the bike and their response was "we'll call you back" Has anyone been in this situation? I did read my copy of the finance contract and it does state that the company requires me to have full coverage on the bike.

I'm not trying to put you down here but I'm going to tell it like it is. It is basically common knowledge to anyone who has ever owned a vehicle that you have to have full coverage if you are financing. I'm 99% sure that when you got your insurance with Geico they asked you a question like, "Is their a lienholder?" or, "Do you hold the title?" or "Is there a finance company that we need to send proof of insurance to?, if so what is the address" Every insurance company has to ask that question when they write your initial policy for the liability insurance. So either intentionally or unintentionally you lied to them when you said "no." If they didn't ask then they screwed up. I got that question two different times when I got my new SF policy last week. Even though the answer is "No" in my case they have to ask.

Quote:

Its been 1 month since I bought the bike and they just now decide to call.

This would be about right because normally when you buy a new bike (or car) there is the line in the contract that says you are required to carry full coverage insurance (like yours does) right with that line it will usually give an address where the proof is supposed to be sent. This is usually done by your insurance company and the finance company would wait a month or so for the proof to show up in the mail. They will wait awhile and when it doesn't come then they will call you.

Quote:

Any suggestions, anyone?

Call around and look for a better deal. Check progressive. Decide what you can actually afford (and still leave money for gas and good gear, food is optional). If you don't come up with an insurance quote that is reasonable try to get as much out of the bike as you can and keep saving. Get a cheaper bike that you can afford to pay cash for. Technically you can put the bike on a credit card and then wouldn't have to have insurance. Bad, bad idea. If you crash the bike then you are out of a bike and still have $10K on a credit card with a terrible interest rate.

slickwill · 01-07-2008, 3:37 PM

Quote:

Any suggestions, anyone?

FYI, I have had a MC license (and drivers license) for 13 years now. Never had an accident in either a car or on the bike (other than getting hit in a parking lot) and haven't had a ticket in 5 years. I have never cost an insurance company a single dime. So that keeps my rates low. Rates are also influenced by credit score. I had a bunch of tickets between 17 and 23 years old. I didn't insure a bike through those years, it was too expensive and it was my own fault. I don't know if you are young or if you have a bad record but if you have either of those then you can expect high rates for a bike. If that is the case, just be patient and all will be well eventually (like three years, maybe five if you are 18).

08cbr600rr · 01-08-2008, 12:11 PM

Yeah, this sucks. That explains the behavior of the sales person. I appreciate all the advice everyone. Thanks for all the help.

blue1000rr · 01-08-2008, 11:45 PM

im 18 and on my own policy. i pay $140 a month for a 01 gsxr 750, 06 cbr1000rr, and 2000 chevy impala, all with full coverage through Country Financial and insurance. pretty cheap i would say

919hooligan · 01-09-2008, 4:14 PM

I'm 33, no tickets, living in NC. Allstate charges me around $200.00 a year for liability, fire & theft. No collision. When I had full coverage with Nationwide it was $486 every six months with a $500.00 deductable. They were ripping me off so I switched and dropped collision as soon as the bike was paid for.

segiano · 01-09-2008, 11:02 PM

I think that the reason that my full coverage insurance is more expensive than what some of you have posted is that in New Mexico only about one in four people actually carry insurance. If you are smart, you carry uninsured motorist coverage which is about 50% of our total premium. This coverage will pay for your bike and medical bills if some nut-job with out insurance causes the accident. When I moved here from California my vehicle insurance doubled and my home owners insurance dropped in half.

slickwill · 01-09-2008, 11:10 PM

Quote:

Originally Posted by segiano

I think that the reason that my full coverage insurance is more expensive than what some of you have posted is that in New Mexico only about one in four people actually carry insurance. If you are smart, you carry uninsured motorist coverage which is about 50% of our total premium. This coverage will pay for your bike and medical bills if some nut-job with out insurance causes the accident. When I moved here from California my vehicle insurance doubled and my home owners insurance dropped in half.

I think we know why only one in four carry insurance.

Iowa is supposed to be one of the cheapest places in the nation for insurance. I finally did the math and mine works out to $125 a month for both cars and my bike. I'm not going to complain about that.

08cbr600rr · 01-12-2008, 12:04 PM

Well, I finally found a great price on Insurance. I tryed 3 places including Geico. Geico was over 3000, the other place around 1500 and now, "StateFarm" which has offered me 311 dollars for full coverage every six months. I'll go with state farm and I feel a lot better now having full coverage insurance. I appreciate all the helpful advice and tips guys!

BALDGONZO · 01-12-2008, 12:27 PM

State Farm- $415 per year. $124 Liability. $55 Comp (250 deduct). $88 Colis (1000 deduct). $144 Underinsured Motor Vechc. Bodily Inj (250,000/500,000). $4 Underinsured property damage (100,000).

Washington State- Age 41-clean record (For Now)!

slickwill · 01-12-2008, 12:49 PM

Quote:

Originally Posted by 08cbr600rr

Well, I finally found a great price on Insurance. I tryed 3 places including Geico. Geico was over 3000, the other place around 1500 and now, "StateFarm" which has offered me 311 dollars for full coverage every six months. I'll go with state farm and I feel a lot better now having full coverage insurance. I appreciate all the helpful advice and tips guys!

That's good news. That should make it a lot easier to sleep at night.

FB1000inPA · 01-16-2008, 4:46 PM

2 bikes (1000rr '05 and 07') $1,240.00 with
Comprehensive: $500 deductible (with disappearing deductibles)
Collision: $500 deductible (with disappearing deductibles)
Roadside Assistance: No coverage
Accessory coverage: $1 - $3,000
for both bikes.

Bigtoe · 01-21-2008, 3:34 PM

I'm 35 and I just bought and insured a 07 CBR1000RR and I went through State Farm. They wanted $573.00 a year with a $250 ded. Progressive, which I have my other two bikes with, wanted $2655.00 a year. Screw that!

silntmoves · 01-21-2008, 7:12 PM

I pay $389 a year with a $500 deductible with Geico for full coverage on a 2006 Honda CBR1000RR in el paso texas

rockyz1000rr · 01-22-2008, 4:02 AM

$36 per month state farm, full coverage 04 cbr 1000rr

fizzerchris · 02-04-2008, 4:21 AM

Country Insurance, Portland Oregon
Male 30, 1997 CBR900, 0 violations, $500 Deductible
50k/100k Comprehensive (liability/uninsured/underinsured/property damage/theft)

$19.72/month, $236.64/year

GhostRider · 02-04-2008, 8:38 AM

I don't understand how one ins company charges $3000 and another charges $500...for the same bike and the same coverage. It's all a scam to squeeze the customer dry.

In Canada, bike ins rates are on the high end permanently, and now our registration rates are going through the roof too.

machinehead · 02-05-2008, 5:51 PM

just renewed, £230 fully comprehensive cover, protected bonus, almost clean licence, no past claims, £450 excess (the amount you pay in the event of a claim), no garage, declared PCiii, aftermarket can. Highway underwriters, H&R Insurance were the broker, beat Carol Nash, but only just. Another broker, Bennetts, that sponsors BSB wanted 3x this for less cover and £850 excess and no bonus protection, no wonder they can sponsor the BSB series - RIP OFF!

speedy.929 · 02-18-2008, 12:10 PM

i pay $257 per year for liability only on the 929 through geico. but i think Texas is generally cheaper than other cooler states. and I'm a 21 year-old male with 1-year experience.

adriano1k · 02-21-2008, 2:25 PM

i got all you guys beat. im 24 with one ticket and ive had my liscence since i was fifteen and a half. geico wanted between 5 and 6k for six months on my 07 1000rr. my buddy's 30 with an 07 gxsxr 1000 with about eight grand in work done to it. no points no convictions almost seven thousand for 6 months. i think its a little rediculous. as soon as they heard liter bike, didnt matter what age we were. they said our bikes are the most stolen and accident prone vehicles in the country. i think im gonna look into getting that personal injury protection. also for the guy with the 08, in florida anythings thats financed over 10k requires full coverage no matter what. maybe thats where they got you. either way they shouldve known and i dont think you shouldve even considered giving your bike back.

Jaranden · 02-23-2008, 1:59 AM

04 RC51 - $450/yr for liability
22, 2 totals and 2 tickets, unrelated incidents.
Progressive was actually the cheapest. Totaled the two cars on my State Farm policy...apparently they think I'm a bad luck charm. Seeing as I've totaled two cars through getting rear-ended, perhaps they're not so wrong...and I still ride?

strategy400 · 03-06-2008, 1:25 PM

When I bought my bike my payment was going to be $132 and my insurance payment was going to be $150 (WTF?)

I could buy a whole 'nother bike and still have money for beer! Anyone see the stupidity in that? I went and told the bank I needed a home improvement loan to put a new roof on my house (I was renter and they went for it), took the check to the bike dealer and paid cash and got some cheap liability insurance. With the money I saved by not getting full coverage the bike could be totalled or stolen and I'd still come out even (the beer money goes to liability) and if nothing happens I come out thousands ahead.

(BTW the loan is long paid off and the bike is still like new).

blue1000rr · 03-06-2008, 3:58 PM

18 with 2 tickets like $40 a month for my gsxr and 1krr, full coverage on both

ddawgnd · 03-07-2008, 5:44 PM

I remember when I was sixteen I was looking at a GSXR600 and state farm wanted something around 4000$ a year to insure me....needless to say we spat on there feet and walked away.

For the good news, my quote with progressive AND geico were both less than 50$ a month for the 08 1krr. I'm all over that one!

slickwill · 03-08-2008, 9:05 PM

Quote:

Originally Posted by ddawgnd

I remember when I was sixteen I was looking at a GSXR600 and state farm wanted something around 4000$ a year to insure me....needless to say we spat on there feet and walked away.

Yeah, that's why I was 26 before I got my first sport bike. I kept getting ridiculous quotes when I was young. Now I pay $13 a month for full coverage.