mn-msta.com
General Category => General Banter => Topic started by: carlson_mn on February 22, 2012, 12:33:48 PM
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I recently looked up insurance rates for a Kawi Ninja 1000 out of curiosity. :o $1600+/year for comprehensive with $500 deductibles. I'm 29 married with clean record (within past 5 years ;D ) 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.
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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
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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.
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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.
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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.
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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.
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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....
;D
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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.
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I have the max liability as well because I also carry an umbrella policy through State Farm.
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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).
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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
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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.
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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.
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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.
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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.
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^ true
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Yes, it's high but I also have a few speeding tickets
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2012 Ninja 650
Comp & Coll with $500 deductible and Total Loss Coverage
$1000/yr through Progressive
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2012 Ninja 650
Comp & Coll with $500 deductible and Total Loss Coverage
$1000/yr through Progressive
ah the disadvantages of being young... that bike would only cost me $250-$400. But, since I have 2 bikes, if I added a third with Progressive my total premiums go down (done that twice).
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It isn't just young people who get penalized. Single folks pay more than married people. Your zip code matters also. The farther you live from the high loss areas (read big city) the better deal on insurance.
I need to get married and move to Humbolt, MN. :P