- This topic has 6 replies, 6 voices, and was last updated 15 years, 1 month ago by Kellisanth.
Insurance?
-
AuthorPosts
-
March 3, 2009 at 5:17 am #2577StumpyjayParticipant
I am 23 year old male, have good grades(working on that last year of college), and no tickets or accidents. What should reasonable insurance be for a 08/09 Ninja 250r? I called geico and got a full coverage quote for 1600/yr and that seemed a little high to me. Anybody know where the good deals are? Btw when I get my bike I am buying it outright so that means no financing (that affects insurance right?).
March 3, 2009 at 1:54 pm #16866MattParticipantIt really depends on where you live.
Firstly, even in Canuckistan (generally much higher rates than the states), $1600/year for a Ninja 250 is high. Look into other insurance companies.
Not financing does not mean lower rates per say, but it does allow you do opt out of collision. What that means is that if you are at fault (either multi vehicle, or single vehicle accident) the insurance company won’t pay to repair your bike. This is how most people I know (myself included) insure their bikes.
Look into insurance offered through your school (or Alumni group once you graduate), as they often have discounts.
Also, if you don’t already have it, take the MSF. Many insurance companies offer a discount for having it.
Again, call around, try all the brokers in your area. It pays to shop around. Also, shop aroudn againafter your first year is up. Many places put a *very* high premium on first time riders (fair when you consider how many of the accidents are by untrained new riders). The company that gives you teh best deal as a new rider may not be the best company once you have one year under your belt.
The company I’m with now costs $600 less per year for my SV650 than the company I had for my first year. But the company I’m with now simply will not insure riders without a full year of riding.
Good luck, and enjoy the 250R
March 3, 2009 at 2:00 pm #16867RidleytheRedParticipant1. You’re under 25 = cruddy rates for everything
2. Do you own a car = Multiple vehicle discounts are nice
3. Have you taken a MSF course? classes = discounts
4. Are you with a motorcycle club = Honda Enthusiasts, etc. = discountThere’s much more factors to insurance than you might realize, but that does sound a bit high. I’m turning 28 in April, and I’m only paying $75/yr.
March 3, 2009 at 2:10 pm #16868MedicParticipantBuying the bike outright affects your insurance in that you aren’t required to have full comprehensive coverage as is often required by lien holders. The state required liability is all you’ll need. HOWEVER, I would strongly recommend that you consider your options very carefully before foregoing the full coverage, particularly if you’re a new rider or you think theft/vandalism may be a possibility. I’m not required to have full coverage on my bike or my car, yet I have it on both.
Some other things can affect your rates also, like taking the BRC or MSF, integral anti-theft devices (for comprehensive), being a member of some organizations (not sure which, just saw it online), and what type of riding you tell them you’ll be doing. Also, if you have a car you should pay less for the bike insurance since it will be considered a recreational vehicle (tell them you’re just going to take it out for leisurely Sunday drives).
Also, consider your deductible. You can save money on your rate by having a higher deductible, but it needs to be reasonable for you so consider it carefully. A lower deductible is obviously best, so get it as low as you can. A high deductible with full coverage may render your coverage useless to redeem a loss for damages.
Definitely shop around. I found USAA was cheapest for my car, but they don’t do motorcycles. They “farm” that out to Progressive. I got a good quote from them, but I’ll be shopping around before I lock it in. So try every reputable insurance company you can find, and be somewhat aggressive. I’ve found that insurance companies WILL insure you for less than what they originally quote. It never hurts to ask either. Just ask what you can do to get your rates low, what discounts they offer.
Your quote seems high to me. Granted I’m 28 and don’t have a sport bike, but my first quote was 1/10 of yours. Shop around online or look locally. Insurance companies are everywhere. Just make sure you get one that’ll be there when you need them. One last note, if you can pay your premium for a 6 or 12 month period as opposed to paying monthly, you’ll generally save a buck or two there also.
March 3, 2009 at 4:14 pm #16870eonParticipantI have never been able to figure out how insurance companies come up with their quotes. At the end of the day the only way you will know you are getting the best deal is to get on the phone to as many of them as you can and shop around. Don’t be afraid of telling them you have a better offer somewhere else, they may suddenly be able to find another discount option.
The only other thing I can add that has not been addressed by the others is to weigh up the reputation of the company as best you can (hard to do but you can get some idea by the number of complaints online). If you are ever in the bad position where you need to make a claim the last thing you need is to be dicked around by your insurance company. I will put in a plug for USAA here. If you are ever in a position to use them (they have restrictions) they are the best company to deal with. I have had claims with them 3 or 4 times and it has been a pleasure each time.
March 4, 2009 at 12:09 am #16876MedicParticipantI have a few uncles in insurance. Well, some I know still do that and some, I’m not sure what the heck they do. They have boat loads of money though. I should probably be nicer to them haha
Anyway its like anything else; they highball who they can and more often than not they get away with it because, for some reason, people don’t haggle with them much if at all.
I know when my parents’ house caught fire, they came out at the end smelling like roses. It was all in who the claims adjuster was. For us, it was my uncle. Yeah buddy, that helps some.
I wish I knew more about the whole thing but to be honest, my uncles are mostly rich snob types and I don’t care for their company nor their constant evaluation much. I’m proud of what I do, but I don’t have what it takes to impress them. Frankly, I don’t want what it takes to impress them. I’m good, thanks.
Anyway, I went through all this because I know alot of people are confused about insurance and end up getting bullied by headstrong jerks like my uncles (some of them anyway). So just remember, YOU ARE THE CUSTOMER. They need your business so they can afford that new “bling” to rub in someone’s face. If you’re not a super high risk, keep fighting for lower rates. You’ll be surprised.
March 4, 2009 at 1:44 am #16880KellisanthParticipantThis is what I got “quoted” for, from Progressive.com and Geico.com when I was looking around. Mind you, I’m close to 40 (i’m maintaining and holding 39, dagnabbit!) and have had no tickets or incidents in the past 20+yrs. Of course, I haven’t had a motorcycle during that period either, nor a car at the time. Rentals don’t count as owning it.
I’m not sure what’s a good “insurance” package is, in regards to amounts to look for. It’s been a looong time since I used insurance. And even then, it was mainly liability. 😮
I probably could have lied and said I had insurance in the past XXX months, but I’m sure they probably look things like that up.
Now, if I only knew what I should have, as a minimum … and not overdo it?
If anything, discounts with Riding Courses, Safe Driving Record and such are factored in.
Progressive quoted me the same price for the 250 and 500, at the minimum level. Hrmm…
*** Progressive **
$1161 (paid in full), 1272 (payments)
Policy Coverages
Bodily Injury & Property Damage: $50,000 person/$100,000 accident/$25,000 property damage
Uninsured/ Underinsured Motorists Bodily Injury: $20,000 person/$40,000 accident
Medical Payments: $10,000 each person
Transport Trailer: No coverageVehicle Coverages for 2008 KAWASAKI EX500R
Physical Damage Options: Total Loss Replacement
Comprehensive: $250 deductible (Total Loss Replacement)
Collision: $250 deductible (Total Loss Replacement)
Uninsured Motorists Property Damage No coverage
Roadside Assistance: Selected
Accessory coverage $3,000 (Included)Quote #2 ($627USD)
Coverages
General policy coverage Limits Premium
Bodily Injury & Property Damage: $20,000 person/$40,000 accident/$15,000 property damage $105.00
Uninsured/ Underinsured Motorists Bodily Injury: $20,000 person/$40,000 accident $104.00
Medical Payments: No coverage –
Transport Trailer: No coverage –
2008 KAWASAKI EX500R Limits Premium
Physical Damage Options: Total Loss Replacement –
Comprehensive: $100 deductible (Total Loss Replacement) $143.00
Collision: $250 deductible (Total Loss Replacement) $275.00
Uninsured Motorists Property Damage No coverage –
Roadside Assistance: No coverage –
Accessory coverage $3,000 (Included) Included
Total 12 month policy premium
$627.00*** Geico ***
Quote #1 ($2048USD)
The details of the coverages and premiums for 2008 KAWASAKI EX500-D NINJA 500 are:
Bodily Injury Liability(BI) 25/50 $192.00
Property Damage Liability(PD) 15M $52.00
Medical Payments(MED) REJ $.00
Underinsured Motorist(UIM) 25/50 $56.00
Uninsured Motorist(UM) 25/50 $328.00
Comprehensive(COMP) 250 $477.00
Uninsured Motorist Property Damage(UMPD) REJ $.00
Collision(COLL) 250 $943.00
Towing(TOW) REJ $.00Quote #2 ($2075USD)
The details of the coverages and premiums for 2008 KAWASAKI EX500-D NINJA 500 are:
Bodily Injury Liability(BI) 25/50 $192.00
Property Damage Liability(PD) 20M $55.00
Medical Payments(MED) 500 $24.00
Underinsured Motorist(UIM) 25/50 $56.00
Uninsured Motorist(UM) 25/50 $328.00
Uninsured Motorist Property Damage(UMPD) REJ $.00
Comprehensive(COMP) 250 $477.00
Collision(COLL) 250 $943.00
Towing(TOW) REJ $.00Quote #3 ($991USD)
The details of the coverages and premiums for 2008 KAWASAKI EX500-D NINJA 500 are:
Bodily Injury Liability(BI) 20/40 $172.00
Property Damage Liability(PD) 15M $52.00
Medical Payments(MED) REJ $.00
Underinsured Motorist(UIM) REJ $.00
Uninsured Motorist(UM) 20/40 $290.00
Comprehensive(COMP) 250 $477.00
Uninsured Motorist Property Damage(UMPD) REJ $.00
Collision(COLL) REJ $.00
Towing(TOW) REJ $.00Quote #4 ($514USD)
The details of the coverages and premiums for 2008 KAWASAKI EX250-J NINJA 250R are:
Bodily Injury Liability(BI) 20/40 $172.00
Property Damage Liability(PD) 15M $52.00
Medical Payments(MED) REJ $.00
Underinsured Motorist(UIM) REJ $.00
Uninsured Motorist(UM) 20/40 $290.00
Uninsured Motorist Property Damage(UMPD) REJ $.00
Comprehensive(COMP) REJ $.00
Collision(COLL) REJ $.00 -
AuthorPosts
- You must be logged in to reply to this topic.