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Prohibitive Insurance Cost!

E

elmerfud

New member
Joined
Jul 31, 2011
Location
east bay
Moto(s)
none
I've been thinking of upgrading to a bigger, newer bike, but I'm just shocked with the insurance cost to do so.

I'm over 30, clean driving record. I've only had the M1 endorsement for a bit over a year though (dirt bike experience only before that). I've had the class C since I was 16. I've never been in an accident.

On my current 2009 650R progressive charges $520/yr broken down as:

$100k/$300k injury + $50K property damage ($77/yr)
$500 deductible collision ($249/yr)
$250 deductible comp ($92/yr)
$25k/$50k uninsured motorist ($95/yr)
roadside assistance ($7/yr)

The price when I bought that policy was in-line or lower than what other companies were charging.

The same policy for a 2013 Ninja 1000 is $2800/yr. Cripe!

A new Yamaha FZ8 is $1520/yr.

Just for comparison I priced going from a 2009 Ninja 650 to a 2013 Ninja 650 and that's $950/yr. So, just buying used saves almost half, I guess.

Am I shopping with the wrong insurance company? Is the problem just that I haven't had the M1 long enough? Or, is this just what a decent policy for a bigger newer bike costs? If its the latter, I suppose I'll be staying with the bike I've got.
 
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Who's your insurance company? That seems kind of nuts given the record you say you have.

BTW, in California an M1 is not an endorsement. :teeth
 
Kornholio said:
Who's your insurance company? That seems kind of nuts given the record you say you have.

BTW, in California an M1 is not an endorsement. :teeth
Click to expand...

Progressive, I had to look for it too. I thought that was one of the better ones from what I've read on here, guess not
 
Progressive insurance.

I'm sure I could get a cheaper policy by dropping coverage (liability only would be under $100/yr on my current machine), but I'd just as soon stay with a less flashy bike and better coverage all else equal.
 
I had a 650R when I was 27 and wasn't paying that much. No where near it actually. But I was with State Farm. You might want to try them.
 
Progressive has raised prices, try Travelers or All State. Your one year on the road is not helping but Progressive is not competitive right now.
 
elmerfud said:
Am I shopping with the wrong insurance company? Is the problem just that I haven't had the M1 long enough?
Click to expand...

The last time I started a new motorcycle insurance policy, they asked me if I had had my M1 for three years or more. So, apparently 3 years is the magic number, at least with my company (USAA).
 
Just for the 2009 650R with the same coverage both Geico and Allstate hate me too:

Allstate: $1574/yr
Geico: $1004/yr

Geico was in the $600/yr range the last time I went insurance shopping in Aug 2011. I guess I better just keep a low profile until my M1 reaches its 3rd birthday.
 
Kornholio said:
State Farm
Click to expand...

+1 State Farm!

Just my 0.02 worth as I've been through this recently as well. And I'm a n00b to BARF and want to contribute :)

Initially I tried Geico and Progressive, because they have online quoting engines. But guess what? Online quoting engines tend to suck badly, apparently. It's always tempting to use them, because you can hammer in 100 different bikes just to get ideas of what costs are like. On on the toilet. Whilst drinking a beer. With the stereo on loud. At 3am. I mean, theoretically you could - I never do that :)

I was pricing up insurance for a 2007ish FZ1. My licensing background is NZ car license 23 years ago, converted to UK car license 13 years ago, 16-years-ago NZ learner bike endorsement that is probably meaningless outside NZ. California C + M very recently. MSF course taken & passed.

Geico's engine gave 2800+ for its quote. Even their local rep couldn't bring the price down at all, even after I told him how uncompetitive it was. Progressive's online quote wasn't toooooo bad, 100-200 higher than the best quote I got, which was from State Farm. The guys at MotoJava recommended State Farm, I called them, and they nailed it down to about $600. Every bike or VIN I've thrown at them they've given pretty good quotes to me, fast turnaround, quick email response, and the guy (Lonny) phones me every few days to find out if I've found a bike yet, etc.

There's some 13-14 year threshold where it goes down a little more, so I'm waiting for the NZ LTSA to send me my driving record. Also, he said I get the Good Driver Discount based on my car history. I double-checked that - asked Geico but they said nope, they need to see years of motorcycle history. Go figure.
 
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USAA wanted 3 years; State Farm was happy to insure me, cheaply, after only 1 year on the M1. Give 'em a call.
 
Tharkûn said:
Progressive, I had to look for it too. I thought that was one of the better ones from what I've read on here, guess not
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Run from progressive. They wanted over a grand to inure the 1098s geico came in at 570 for the same policy with 500 deducts vs progressive 1000 deduct. Fuck that compony.
 
I've had State Farm for years and they are great. Prices are very fair and when I've had to use them for a claim it has been pain free. Also, if you bundle your autos and bike they will give you multi vehicle discounts.
 
You can always go with a higher deductible to reduce your yearly cost.
 
I've found Progressive to be the best company for me surprisingly - I had a 2006 650R and just switched to an '06 Daytona 675. I just did these quotes a month ago and Progressive was the cheapest... but knowing insurance companies not surprised it fluctuates per person even if your record appears similar.

Liability 250 / 500 - $223
Uninsured 250 / 500 - $318
Comp 100 deductible - $144

No collision on my policy. 27 yrs old, M1 for only 9 months. Clean record.
 
I use progressive.

2000 2008
Honda Husqv
$66.00 $29.00 250/500/100 BI & property
$95.00 $53.00 UIM 250/500
$12.00 $11.00 Medical 1000
$43.00 $59.00 Comp deductible 100
$82.00 $57.00 Collision 250 decuctible
$2.00 $2.00 UIM collision deductible waiver
INCL INCL 3k accessory
$7.00 $7.00 roadside
$307.00 $218.00 Premium by Vehicle
$525.00 Total Policy Premium

The following discount(s) are listed on this policy:
Multiple Vehicle (see above)
Multiple Policy (renters)
Loyalty Association (AMA, HRC)

I am 31 with moto license at 25. Not having any motor vehicles ages 19-25 kept my record clean

My total premium decreased when adding a second bike. I bumped coverage and paid 4$ less than insuring just one bike. Made me think, maybe one can find a vin for a low cc bike frame and insure it to save $. And increasing deductibles to 1k would net me less than 30$.
All quotes for other larger bikes I was considering were ridiculous >1k. I am giving serious thought to state farm.

My agent regarding association discounts:
Your renewal premium would drop from $556 to $529 ($27 savings).

If you are a AAA Roadside Member, the discount is larger. You would save
$56 annually making your total annual premium $500. To be eligible for this
discount, you need to have been a AAA member for at least 180 prior.
Click to expand...
 
Used Progressive for years and when I had one big claim, they were fantastic about it. When I got back in years later, I went back to them and their rates were ridiculously high on sportbikes. Turns out they jacked their rates in CA because they just don't want to insure them. Went to Geico and got the same coverage for about 1/3rd the price.
 
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