Author Topic: motorcycle insurance? am i being overcharged?  (Read 155 times)

Offline dominickbuff

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motorcycle insurance? am i being overcharged?
« on: May 09, 2017, 06:44:33 PM »
ok so i have a honda rebel 250 cc currently and pay 200$ a year for comprehensive 250$ deductible and that's not where the problem is the problem is with the 1996 katana 750f im going to be seeing tomorrow i got a quote for a 500$ deductible comprehensive,collision,liability the whole shabang and i was quoted at 1200$ a year by liberty mutual what do you guys think im 20years old but have been riding since i was 16 and only bike i have owned was my rebel with no claims

Offline Big Rich

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Re: motorcycle insurance? am i being overcharged?
« Reply #1 on: May 09, 2017, 09:11:07 PM »
There's no way for us to say if you're paying too much or not - you'll need to shop around to verify the best price.

Two things though:
1) They won't care how long you be been riding (but you might get a discount for riding classes).
2) Your age is going to automatically get you higher rates. I think when you hit 21 (or maybe 24?) you'll get a discount.
83 GR650 (riding / rolling project)

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Offline Watcher

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Re: motorcycle insurance? am i being overcharged?
« Reply #2 on: May 09, 2017, 09:16:15 PM »
I was paying about that much full coverage for a 2013 Honda CB500F, but I was 26 at the time.

Insurance profiles, you will see elevated rates due to your age and the type of bike along with cc size.  The Katana is considered a sport bike, 750cc is considered higher than normal engine size, and you're 20.  Sounds about right to me.  You get an age break around 24 IIRC and you'll get cheaper rates with a cruiser (considered lower risk due to behavior) and a smaller engine size (less dangerous).

Best advice is to shop around.  You can get a ton of quotes online and a lot of times providers will be competitive if you tell then what X or Y quoted you before hand.
You can also often get a discount for passing an MSF course as long as you can prove it (completion card).
When I got my RiderCoach certification my CB500F dropped down to like $800.
Liability only for both my Buell and Ducati was like $100 a year through Geico, for full coverage I'm set back around $500.
I'm also 27, have an impeccable driving record, and have a history of motorcycles.  That with my MSF cert gets me amazing rates.
« Last Edit: May 09, 2017, 09:18:27 PM by Watcher »
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Offline dominickbuff

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Re: motorcycle insurance? am i being overcharged?
« Reply #3 on: May 09, 2017, 09:17:05 PM »
Ok because the bike I'm buying is only 1400$ so I wasn't sure if a price like that is normal..... what u pay for insurance ?

Offline dominickbuff

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Re: motorcycle insurance? am i being overcharged?
« Reply #4 on: May 09, 2017, 09:18:54 PM »
I have taken the msf and I'm about to start the basic rider 2 course

Offline mr72

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Re: motorcycle insurance? am i being overcharged?
« Reply #5 on: May 10, 2017, 12:42:55 PM »
It makes no sense to get comprehensive insurance for a $1400 motorcycle. Or for a $3000 motorcycle for that matter. Try liability insurance alone.

Offline rscottlow

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Re: motorcycle insurance? am i being overcharged?
« Reply #6 on: May 10, 2017, 02:00:24 PM »
It makes no sense to get comprehensive insurance for a $1400 motorcycle. Or for a $3000 motorcycle for that matter. Try liability insurance alone.

Certainly not at that cost unless, of course, the bike is being financed in which case it would be required.
Scott - Cincinnati, Ohio
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Offline mr72

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Re: motorcycle insurance? am i being overcharged?
« Reply #7 on: May 10, 2017, 02:43:38 PM »
What bank is going to offer a loan on a $1400 motorcycle? And who would actually get such a lona, especially if it winds up costing $1200 for insurance? Seriously? The insurance and interest costs more than the bike.

Offline ajensen

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Re: motorcycle insurance? am i being overcharged?
« Reply #8 on: May 10, 2017, 05:24:40 PM »
Save up enough money to buy it for cash. Then, liability only--you will eventually have saved enough to do some things you really enjoy instead of spending it on insurance.

Offline dominickbuff

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Re: motorcycle insurance? am i being overcharged?
« Reply #9 on: May 10, 2017, 07:57:04 PM »
the reason i was going to get comprehensive is because i work in a area where theft is very high.... and collision because it will be my first big bike... would liability still be the better option tho?

Offline mr72

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Re: motorcycle insurance? am i being overcharged?
« Reply #10 on: May 11, 2017, 02:04:57 PM »
the reason i was going to get comprehensive is because i work in a area where theft is very high.... and collision because it will be my first big bike... would liability still be the better option tho?

Yeah if it costs more than the value of the bike to buy the insurance it's definitely not worth it. Put that $1200 in the bank then if someone steals your bike you go buy another one with your own $1200. If nobody steals it? you keep your $1200.

Same for collision. Don't get in a wreck. Believe me if you wreck it badly enough to require $1200 worth of repair (which would be a total loss) you will have far worse problems than paying for the repairs. So be safe, don't crash, and save your money.

IMHO.

Offline dominickbuff

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Re: motorcycle insurance? am i being overcharged?
« Reply #11 on: May 14, 2017, 05:29:30 AM »
kk