Insurance rates

[carlson_mn]

I recently looked up insurance rates for a Kawi Ninja 1000 out of curiosity.     $1600+/year for comprehensive with $500 deductibles.  I'm 29 married with clean record (within past 5 years  )   I was surprised how expensive.

Right now for my 2008 FJR I pay $250/year for comprehensive with $175 collision deductible through Progressive who I've been with for years.   During the winter I reduce it to the minimum and actually save about $70, so a net cost of $180/year.

Sometimes I think about a 2nd bike but it would have to be one with insurance I could afford.  If you don't mind, post up what you pay for your bike for comparison and who you go through.

[beedawg]

I pay $72/year for my R6 with $0 deductible comprehensive.

My F650 is $85, and my KLX250 is $69, both with the same coverage as the R6.

Debby's FZ6 has the same coverage PLUS $0 deductible collision for $83/year.

$10 of each premium is for roadside assistance.

We're in our 50s with clean driving records.  Progressive paid me a couple thousand last fall after a deer strike.  Add in a $1 theft prevention surcharge for each policy, and it comes to $313/year for four bikes with Progressive.

Brent

[beedawg]

I just quoted replacing my KLX250 with a 2011 Ninja 1000 with $100 deductible collision and comp.

My annual premium would increase by $842.

If I drop the collision altogether, my premium only increases by $147.

[Tumbler]

The collision rates are where they get you.  My 09 GSXR 1k was about $400/yr the first year I owned it but it has gone up since.

Part of this is due to a couple claims in 2009 but mostly due to State Farm re-rating that bike given the number of total claims they have been experiencing with that bike.

I now pay almost $1k/yr on that one but at least my Victory has stayed fairly constant at about $600/yr.  Clean record, mid 30's, & only the couple incidents I mentioned above.

I believe I have $500 deductibles on both bikes so I don't have to come up with a ton out of pocket if I have a claim.  I would bet if I lowered my deductible though I wouldn't be able to afford to ensure either bike.

State Farm has always treated me well & my agent in Woodbury has been fantastic but overall I can't stand the insurance industry.  I view it as a necessary evil.

TK & I have talked about that the past couple times we've gotten together.

[flyinlow]

I have state farm, full coverage, $250 deductible on each bike. The lowest premium is $264/yr on the Harley and the most expensive is $336/yr on the KTM RC8R.

[Ray916MN]

State Farm covers all my bikes, cars and home. I only buy liability insurance, but I get the maximum liability coverage available ($200K or $250K?) because this is a requirement for the umbrella personal liability policy I have. Rates range from about $115 to $135 per year per bike. My record sucks, but because I only get liability insurance it has virtually no impact on my rates.

[carlson_mn]

I did some research and I can add a newer Ninja 250 or an EX500 to my policy and it only increases it by about $50 a year (or $20 if I just do liability).... it would be nice to have a high MPG commuter that doesn't eat tires, - I convinced myself I would SAVE money by doing such a thing.

The wife put an axe on that idea in about 50 milliseconds when I mentioned it....

 

[Greg]

I "self insure" and only carry liability. My yearly premium is $100 with Geico. My driving record is good (I average about 1 ticket every 3 years) but I detest insurance companies and only want to give the what I'm forced to, ha.

[flyinlow]

I have the max liability as well because I also carry an umbrella policy through State Farm.

[gdawgs]

Off topic but maybe good to add this.  I pay $78 liability for vstar650 '00 and also $101 liability and comprehensive on the 636 ninja 04  It is only 17 bucks for comp so I have theft protection. 

Noone wants to steal the vstar so I don't think theft is a problem.  I am with the others here about not buying collision because it is such a money maker for the industry. 

I would like to ask peeps about why they have umbrella, and how much that costs.  (I don't have it myself and am not really educated as to how I would use it). 

[DaleB]

I would like to ask peeps about why they have umbrella, and how much that costs.  (I don't have it myself and am not really educated as to how I would use it). 

I had a $1M umbrella policy until it was canceled because I wouldn't insure my motorcycles with the same company (American Family). I wouldn't insure my bikes with them because they wanted about three times what Dairyland is charging me. Never got a decent explanation as to why they wanted to link the bikes and the umbrella.

Anyhow, I had the umbrella policy because I'm the principal race officer (PRO) for the Calhoun Yacht Club. The PRO runs the races. I also occasionally do PRO work for other yacht club regattas and/or other race committee work for regional regattas. I also sometimes do other volunteer work. The Umbrella policy is just added protection above my home owners insurance.

When I first got an umbrella policy about 15 years ago it cost ~$100 a year. Last year it was $320.

Dale B

[carlson_mn]

On my 04 FJR going from liability to full comp with collision only increased from $77 to $155 a year, so I made that choice after noticing how cheap it was.  People with FJRs must not crash much!

When I was younger my rates were ridiculous so I always just had liability.

[burn-z]

I'm 50 and have a house, three cars and two bikes with State Farm. I get full coverage w/$500 ded. on my '09 R1 for $236/yr and I had one claim in 2010 that paid out $6k. My wife's '09 Ninja 250R with same coverage runs $76/yr. Neither of us have had any tickets. With literbikes I think the biggest factor is the insured rider's age. My friend in TX pays about $600/yr with State Farm and he's mid 30's.

[Hope2Ride]

I don't recall the exact amount but I pay about $650-700/yr for full coverage with a $500 deductable on my 2011 CBR 250 through Geico.

[Chris]

I don't recall the exact amount but I pay about $650-700/yr for full coverage with a $500 deductable on my 2011 CBR 250 through Geico.

That seams super high for that bike.