Getting put off by insurance rates...

[Jvswan]

So, I've been riding for about 4 years.  My first bike was a 1985 Yamaha Maxim-X.  Awesome bike.  Still have it in my garage.  Compression's way off, so it is waiting for head job.

Second bike was a 1986 Kawasaki Voyager XII.  I got a great deal on it and it hauled me around as a daily driver for quite a while.  But, it got to the point where I spent more time fixing it, or waiting to fix it, than riding it.  So, I sold it last month.

Now I'm thinking I'd like a lightweight sport-tourer.  I'm grateful to have found  your site because until now I thought I really only had four options (FJR1300, ST1300, Concourse, and BMW).  LOL  I have enjoyed hunting for bikes that will do the trick as my daily driver (with luggage for hauling stuff to and from work) and as a light touring vehicle for weekends.  I still haven't found the "right" bike yet, but expect that I'll find or modify a bike by the end of the month.  So, today I asked my Nationwide agent for some insurance quotes.  HOLY SCHNIEKEES!  Last time I bought insurance for my Kawi, I paid about $160 for a full  year.  Here's what my Nationwide guy told me:

Below are some annual estimates including comprehensive with a 250 deductible and collision with 500 deductible and minimum liability limits.  Looks like the ones you are looking at fall between apx 75 and 110 per month

2005 Kawasaki Concourse ($900.00)
2005 Yamaha FZ1 ($1300.00) or FZ6 ($1200.00)
2005 Suzuki Bandit 1200 ( $999.00)
2005 Honda VFR800  ($1350.00)
2005 Suzuki V-Strom 1000 ($1200.00) or 650($850.00)
2005 Suzuki SV650 ($1200.00)

As an afterthought I had him give me a price for a 2008 Versys, which came to $650.  Getting better...  I also asked about a Ninja 650r.  Forgeddaboutit!  That sucker was in the $1,800 to $2,000 range!  

I should mention that I'm 41, have an excellent driving record, have completed the MSC, have multiple vehicles and homeowners with Nationwide, don't smoke, don't drink, etc.  Oh, and I live in Texas.  What the heck!  Apparently I can drop to liability only and expect to see those rates cut by about 50%.  Still, that's dang expensive.

So, now I'm starting to think that maybe I should just get a Honda Rebel or maybe another old, honkin' touring bike if I want to go two-wheels now...  

[black hills]

I realize location makes a huge dirfference, but check with State Farm.
I'm paying around $325/yr. each for my '04CBR1000 and '11 KTM990A

[DNA]

Agreed - sounds high, shop around some more.

Call Dairyland - they go me good rates when I was in NoVA.

As a side note - I think there is merit in having your car and bikes with different companies.

Should you have a tip over or other claim on the bike - wouldn't want it affecting the car rates as well.

I'm not in insurance, but separating the companies would seem to be to separate the downside should you need to file.

[Cablebandit]

Nah, you just need to start working the phone.  My 07 Weestrom was less than $250 a year.  The 2010 C14 is about $300.


I'm in the northeast and have checkered past of speeding tickets as well.  Those rates are for well about state minimums as well.  Off the top of my head they are at least 100/300, possibly 250/500.

[Cablebandit]

As a side note - I think there is merit in having your car and bikes with different companies.

Should you have a tip over or other claim on the bike - wouldn't want it affecting the car rates as well.

   This as well.

[Mr. E]

I have been riding the street for 20+ yearsand never paid more that $350. I had all cruisers or standards until a few years ago when I got an FZ6.
The Insurance co wanted $1000 to cover it. I found another company to cover it for $600.
The reason? No sport bike experience is what I was told.
Carrier told me that most sport bike accidents happen within the first year of ownership.
Price dropped in half the following year and since its been ~$200.

[Jvswan]

I appreciate the advice, y'all.  I'll start checking around.  I hadn't thought about the benefit of having a bike on another carrier.  That totally makes sense to me.  I've never tipped a bike over, but I can imagine it happening...

[melville]

Yowza!  Can you live without comp/collision?  I'm a new rider, in my 40s, rural Cali, not otherwise doing business mit Nationwide, MSF BRC, member AAA and BMWMOA (seems to help), and I'm just $88/year.

[motormike]

Those rates seem absurd.   I pay around $275 for a 2006 SV650s with fairly beefy coverage.

[Jvswan]

Well, I will probably go with liability only. Still, pretty expensive. It could just be Texas. My auto insurance about doubled when we moved here from NC. Also, could be that I'm a sucker and need to check out some other folks. I guess I'm part of a dying generation that still values local business and brand loyalty so I didn't bother to shop around after six years with Nationwide. Unfortunately, in many cases the local businesses and brands don't seem to value me!  Lately I've been feeling like that with Nationwide.

[Carbonero]

As an afterthought I had him give me a price for a 2008 Versys, which came to $650.  Getting better...  I also asked about a Ninja 650r.  Forgeddaboutit!  That sucker was in the $1,800 to $2,000 range!  

Let's hope they never find out it's the same bike; you KNOW they'll raise the Versys and NOT lower the Ninja.

[expatbrit]

Let's hope they never find out it's the same bike; you KNOW they'll raise the Versys and NOT lower the Ninja.

It's a NINJA! It can't be the same as a Versys. NEEEENJA!

[loadedmind]

After going with all of the major insurance carriers (I'm the reverse, I shop insurance every year), I've ended up with Alfa.  They actually use Progressive for the motorcycle part of the multi-policy discount situation.  

I've stopped looking at insurance as who is cheapest and more research on claim service and customer support.  Geico is notorious (several forums and blogs about this) for mishandling claims and going above and beyond to NOT pay out.  As long as I live and breathe, I'll never use Geico again.  I won't go into it here, but PM me if you care to know the story behind it all.

I have an '02 Triumph Trophy 1200 and, even with a couple of speeding tickets and my wife's accidents, I'm only paying around $50/month for full coverage.

[Cablebandit]

 going above and beyond to NOT pay out.  

Insurance companies aren't in the business of paying claims.

[highside]

Shop around as rates for individual models can vary considerable. i pay less than $300 a year with 300k underinsured coverage and low deductibles.

[montana.matt]

FWIW, we're paying $57.00 a year for full coverage on my motorcycle.  I'm a "new" rider too.....  We also have our vehicles ('05 Charger R/T, '04 Ram 4x4 and '98 Durango) our 2 ATV's and our motorhome insurance through the same agent/company.  I'm sure that made a difference in price  

[Windblown]

Shop around a bit for sure. Also check into Liability & Comprehensive only. All states vary but here in VA Comprehensive is dirt cheap and protects from theft, fire, trees falling on it, etc.

[lionlady]

Well, I will probably go with liability only. Still, pretty expensive. It could just be Texas. My auto insurance about doubled when we moved here from NC. Also, could be that I'm a sucker and need to check out some other folks. I guess I'm part of a dying generation that still values local business and brand loyalty so I didn't bother to shop around after six years with Nationwide. Unfortunately, in many cases the local businesses and brands don't seem to value me!  Lately I've been feeling like that with Nationwide.

Glancing at your list, I think that the bikes you queried are high demand for theft/parts. Our insurance agent searched for us to get the best company/rate when we got into this motorcycling thing. Progressive has done well by us.

P

[M.Brane]

 Another Progressive customer here. Used to be with Allstate (still am for my cages) until they wanted to rape me after my last speeding ticket, and it wasn't even on the bike. Progressive ended up being less than my previous Allstate policy with better coverage.

[black hills]

Insurance companies aren't in the business of paying claims.

actually they are, due to regulations if they don't pay out they can't collect premiums. most are close to 100% payout when compared to premiums...  

[Windblown]

actually they are, due to regulations if they don't pay out they can't collect premiums. most are close to 100% payout when compared to premiums...  

That may be but they obviously make very good money on the float and they are very aware that any denied or delayed claim is money in their pocket.

Insurance companies make enough to fund the constructiion of huge office buildings, opulent corporate headquarters, and pay millions of dollars out in saleries. All State (for example) had a net income over 700 million for the 3rd quarter of 2012. I don't fault them for making money. I fault them for using their money to influance government regulations to their advantage by forcing people to get insurance. It's nice to have the government in your pocket I reckon.

[timdow]

Shopping around is good advice.  The prices you posted for insurance seem outrageous.  If it were me and I saw rates like that for full coverage, I would be buying something for cash and getting liability only.  Is Texas some sort of "no fault?"  

Along the lines of what "Windblown" said maybe if folks like you won't purchase a new bike or the insurance companies products it would send a message to them and the Texas state government.  "Voting with your feet" is not always and option, but voting with your wallet is.