RiderForums.com - Kawasaki Motorcycle Forum banner

1 - 20 of 25 Posts

·
Registered
Joined
·
25 Posts
Discussion Starter #1
I just purchased my first bike, a 2009 Ninja 650(R) for $4000.00 with 3,000 miles on it in close to flawless condition. I am a bit concerned about rates for insurance.

I am 21 years old, turning 22 in November
Live in St. Augustine, FL
paid cash for the bike from Craigslist
I took the Basic Rider safety course and passed with 100% on driving portion of the test.
I am a first time rider.

I called up Geico to get an idea of their rates. They claimed $350 a year for just medical. They also quoted $1400 a year for full coverage. Is this a little high for someone my age? I thought it was under 21 for high risk. Maybe it is just Geico with the high rates, idk. I will still shop around and see what the other rates may offer. I just can't help but to feel scammed. I just gave them the year, make and model of the bike, but maybe I should change it up and try and give them only the VIN number. What do you guys think? I could really use some insight from the wise! Thanks to everyone in advance!!
 

·
Registered
Joined
·
140 Posts
That seems about normal, you are a first time rider and that affects the rates almost more than your age, next year if you ride your rates will go down because you have more experience
 

·
Registered
Joined
·
9 Posts
I'd check Progressive. They are pretty aggressive in the motorcycle market. I know when I checked Allstate and Geico, both were significantly more than progressive by 2 or 3 times.
 

·
Registered
Joined
·
140 Posts
Those are about my rates for the same bike. I am also 21. And also the insurance is not based on names/titles/models of the bike it is based solely on VIN.
 

·
Registered
Joined
·
73 Posts
1400 per year!! Wow. Had no idea. I'm 34 n it cost me $90 for my 250 n $160 for my VFR. Thats progressive bike insurance only withthem. Glad the only two wheels I was able to afford at 21 was a bicycle.
 

·
Registered
Joined
·
29 Posts
Got my 08 in October and am paying $160 without collision with State Farm. I got it insured before I turned 26 in December. I have also taken the basic motorcycle course (now required by Ct to get the "M" on your license). If I had included collision it would have been around $350 a year. I checked progressive, geico, allstate as well which were considerably higher.
 

·
Registered
Joined
·
165 Posts
Those are about my rates for the same bike. I am also 21. And also the insurance is not based on names/titles/models of the bike it is based solely on VIN.


Insurance is based on credit, age, years licensed, who else resides in your home that is of driving age and has no coverage, zip code, your job, garage/parking off street/on street, marital status, and usage.


To say it's based solely on VIN is not correct. I was licensed to sell, maintain, and underwrite policies for a fair number of years in the early 90s.
 

·
Registered
Joined
·
318 Posts
Insurance rates are based primarily on where you live, your age, your driving experience and your accident history. You can get discounts for insuring other vehicles (or your apartment or house) with the same insurer and for anti-theft devices and for having taken the safety course.

You should shop around and look carefully at what coverage you are being offered, and calculate how much you really need. If you have health insurance at work, you don't need medical coverage from your bike insurer. If your bike is 4 years old and worth $4,000, you probably don't want to spend $1,000 a year to insure it against collision and theft (you have to decide whether you are willing to take the risk of such losses to save money in insurance expenses - if you don't buy the comprehensive coverage and go 3 years without a loss, then in 2015 you'll be $3,000 richer, and your bike will cost less to replace than it would today, anyhow).

Also, the higher your deductible on collision and theft, the cheaper the insurance. I have a $1,000 deductible on my '09 ER6n, which means I'll have to pay the first $1,000 of any loss, but I pay only $175 a year for liability and comprehensive coverage with Progressive (but I'm 50 years old).

All you really need is liability (pays for damage you cause to other people and property and your passenger).

The rates should decrease as you pass each year without a claim, and when you reach age 25. Don't lie to the insurance company in your application. They can refuse to pay if they find out after you've had an accident or theft.
 

·
Registered
Joined
·
25 Posts
Discussion Starter #11
The rates should decrease as you pass each year without a claim, and when you reach age 25. Don't lie to the insurance company in your application. They can refuse to pay if they find out after you've had an accident or theft.
Trust me, I do not plan on lying to an insurance company. I admit that I don't have too much experience when it comes to riding motorcycles, but I do take pride in knowing that I'm responsible, cautious, and not invincible. I bought it to commute for college... not to race. I just don't want them to charge me an ungodly amount of money for the pure fact that others have ruined it for me. The bike isn't even really a sports bike, it has upright handle bars and can't reach over 125 mph. I really don't get some of these insurance companies and their pricing procedures.
 

·
Registered
Joined
·
23 Posts
I'm in the same position, I pay 550 a year for liability, medical, and uninsured motorist. the rates for comprehensive and collision were crazy high. also i paid 4000 for my 09 ninja.
 

·
Registered
Joined
·
1,191 Posts
go to your local bike shops and ask what company others recommend. Avoid big name companies. Every time I've got a quote from any of them the rates are double what I get from smaller companies.
I've always said I have an EX-650R, not a "Ninja", and never had to give the VIN for a quote.

You might try a broker but here's something interesting:
I recently received a bill to renew my insurance directly from my insurance company and then got a renewal reminder from my broker for the same policy. The broker's fee was $200 on top of a $300/year policy!
 

·
Registered
Joined
·
140 Posts
yeah but how well can you really trust a company you know nothing about? at that point you're basically going off someone elses word only
 

·
Registered
Joined
·
36 Posts
it you have a car - or can get onto say your parents insurance - you should be able to get a multi line discount and save a bit of cashola...
 

·
Registered
Joined
·
18 Posts
I'm 25 with an 06 650R. I found Geico and Foremost to be the cheapest. I pay $800 for full coverage. Allstate and Progressive quoted $2000+ a year for full coverage.
 

·
Registered
Joined
·
1,701 Posts
Its hard to give any insurance advice to people. Because insurance rates vary so much. Generally the younger you are the more expensive. State to state varies too. In my experience big name insurance companies are more expensive. And also the year of the bike changes quotes
 
1 - 20 of 25 Posts
Top