Insurance help! - GSXR.com
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post #1 of 16 (permalink) Old 04-19-2017, 10:05 PM Thread Starter
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Insurance help!

Guys I want to buy a 2017 GSXR 1000. Having some issues on the insurance quoting side. Is it normal to be quoted for 8500 to 7000 a year for full coverage? If that is the case how the hell do you guys afford it? It doesn't matter where I go. I only have one ticket passing though Idaho. I am 26 years old and live in AZ BTW.

Any Ideas?
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post #2 of 16 (permalink) Old 04-20-2017, 04:25 AM
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I've heard similar stories of the premium being as much, or more, than the payment.

No secrets, you just need to shop around for the best quote and increase the deductibles as much as you can stand.

Insuring 1k bikes for younger people has been getting tougher for years. A lot of bikes get crashed in the first year and many of those totaled. They are also stolen a lot.

The best advice is to buy something cash and just insure it for liability.

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If you think reading is tricky, how the hell are you going to follow troubleshooting directions?
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post #3 of 16 (permalink) Old 04-20-2017, 04:27 AM
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State Farm is one of the best where I'm at. Paid less for full coverage on a 04 GSXR 600 than I was paying PLPD on an 83 Honda Shadow. GOTTA shop around...

SRAD600: "...but when I crack that throttle and my smile goes ear to ear and my pecker perks up I cant think of what better motivation to take care of her."
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post #4 of 16 (permalink) Old 04-20-2017, 08:56 PM Thread Starter
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Quote:
Originally Posted by rv6john View Post
I've heard similar stories of the premium being as much, or more, than the payment.

No secrets, you just need to shop around for the best quote and increase the deductibles as much as you can stand.

Insuring 1k bikes for younger people has been getting tougher for years. A lot of bikes get crashed in the first year and many of those totaled. They are also stolen a lot.

The best advice is to buy something cash and just insure it for liability.
Thanks for the response,

Ok good so its not just me stuck in some uninsurable situation. I guess i would pay cash but the only thing that would be terrible is if it got stolen. I would hate to just throw 17k out the window for not having full coverage. What a crap shoot.
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post #5 of 16 (permalink) Old 04-21-2017, 05:10 AM
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I have liability and comprehensive on my bikes. The comprehensive will cover theft and is not that expensive but will vary widely depending on where you live, big cities are pretty much the worst. Where I live, it's cheap.

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Originally Posted by Chuckster View Post
If you think reading is tricky, how the hell are you going to follow troubleshooting directions?
"Riding well is difficult, riding poorly is easy and painful."
- Nick Ienatsch


"We're all here because we're not all there" - Guy Favron on Gold Rush

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post #6 of 16 (permalink) Old 04-21-2017, 06:33 AM
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Quote:
Originally Posted by rv6john View Post
I have liability and comprehensive on my bikes. The comprehensive will cover theft and is not that expensive but will vary widely depending on where you live, big cities are pretty much the worst. Where I live, it's cheap.
Did you have collision and drop it, or never had collision on it? Considering dropping collision on mine since it's looking more and more like track-only.

There is a grey blur, and a green blur. I try to stay on the grey one. -Joey Dunlop
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post #7 of 16 (permalink) Old 04-21-2017, 07:14 AM
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Did you have collision and drop it, or never had collision on it? Considering dropping collision on mine since it's looking more and more like track-only.
I bought an SV1000s when I first got back on two wheels and had comp and collision on it. I think I paid $3500 for it. About nine months later I managed to put it into a fence which bent the front wheel, the forks and front plastics. I know they would have totaled it and with a $500 deductible I might have come out of it with $2500 and no bike.

Weighing on the decision as to whether I wanted to make a claim was that I had another bike and several cars so any insurance claim surcharge would hit them all, plus I wanted to fix the bike.

I ended up fixing it myself for $1200 in parts with a used wheel and forks plus new plastics, rode it another year and a half and sold it for $3k.

Long story, but I realized it was not worth having collision on a sub $6k bike that I paid cash for. Even with a bad crash there is at least $1k of salvage value unless it burns to the ground.

Otherwise, I'll accept the risk if I wad it up, but if it is stolen, vandalized or the garage catches fire, etc. I'm covered. There are no insurance surcharges for comp claims.

You might also consider whether your collision covers the bike at the track. More and more companies are not covering that exposure.

Quote:
Originally Posted by Chuckster View Post
If you think reading is tricky, how the hell are you going to follow troubleshooting directions?
"Riding well is difficult, riding poorly is easy and painful."
- Nick Ienatsch


"We're all here because we're not all there" - Guy Favron on Gold Rush

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post #8 of 16 (permalink) Old 04-21-2017, 07:31 AM
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Originally Posted by rv6john View Post

You might also consider whether your collision covers the bike at the track. More and more companies are not covering that exposure.
Specifically excluded in my policy, but would not submit a claim for a crash at the track anyway.

There is a grey blur, and a green blur. I try to stay on the grey one. -Joey Dunlop
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post #9 of 16 (permalink) Old 04-21-2017, 07:34 AM
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Specifically excluded in my policy, but would not submit a claim for a crash at the track anyway.
Accident at track = get home and ghost ride the bike into the ditch / tree / wall.

SRAD600: "...but when I crack that throttle and my smile goes ear to ear and my pecker perks up I cant think of what better motivation to take care of her."
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post #10 of 16 (permalink) Old 04-21-2017, 07:49 AM
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Accident at track = get home and ghost ride the bike into the ditch / tree / wall.
One of my customers is an insurance adjuster for a big motorcycle insurance carrier. They know about this.
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Quote:
Originally Posted by Chuckster View Post
If you think reading is tricky, how the hell are you going to follow troubleshooting directions?
"Riding well is difficult, riding poorly is easy and painful."
- Nick Ienatsch


"We're all here because we're not all there" - Guy Favron on Gold Rush

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post #11 of 16 (permalink) Old 04-21-2017, 07:54 AM
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And some people you know who ride motorcycles work for insurance companies...

I know it's a common "joke", but fraudulent claims screw EVERYONE who pays insurance premiums. Not cool.

There is a grey blur, and a green blur. I try to stay on the grey one. -Joey Dunlop
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post #12 of 16 (permalink) Old 04-21-2017, 08:05 AM
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Oh, it was totally a joke. I already pay high enough costs for insurance, I don't like people who file fraudulent claims anymore than he next. If I eat it, I own it.
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SRAD600: "...but when I crack that throttle and my smile goes ear to ear and my pecker perks up I cant think of what better motivation to take care of her."
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post #13 of 16 (permalink) Old 04-22-2017, 06:18 AM
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Its nice knowing what each portion of the insurance policy covers. I'm looking at getting a GSXR 600 within the next year, will be 56 with no accidents or tickets, 3 yrs. on the street, married, and was quoted about $430.00 a year full coverage with a $250.00 deductible. (I pay 110.00 now for my 2006 Ninja 250) I'm kind of thinking the same thing, If I screw the bike up, that's on me. I'm mainly worried about theft, other drivers, medical, and someone knocking it over at the mall and not getting caught for restitution.
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post #14 of 16 (permalink) Old 04-22-2017, 06:56 AM
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Should have stated I'm looking at model years 2011-2013. I like the features added in the 2011+ models, and sticker shock will be less than a newer model.
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post #15 of 16 (permalink) Old 04-22-2017, 07:29 AM
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Quote:
Originally Posted by New2Street View Post
I'm kind of thinking the same thing, If I screw the bike up, that's on me. I'm mainly worried about theft, other drivers, medical, and someone knocking it over at the mall and not getting caught for restitution.
Comp will cover the theft and numerous other things that could happen to the bike excepting collision (you riding the bike and crashing it).

There are differences in coverages from state to state so read your policy. They really are in plain english now.

Other drivers should have liability coverage for the injuries and damage they cause to you. However, if they don't have insurance or are under insured you can get screwed. Buying uninsured/underinsured coverage yourself is the only way to make sure you are covered. It will not take care of your bike, but that may be the least of your worries in a big crash.

Medical is something you buy yourself and is usually pretty cheap. This will cover you no matter who is at fault. Funny, it is not available for motorcycle riders in North Carolina. Otherwise, the coverage varies per state.

BTW, I used to be a property and casualty age years ago, but have been out of it for quite a while so read your policy!

Quote:
Originally Posted by Chuckster View Post
If you think reading is tricky, how the hell are you going to follow troubleshooting directions?
"Riding well is difficult, riding poorly is easy and painful."
- Nick Ienatsch


"We're all here because we're not all there" - Guy Favron on Gold Rush

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post #16 of 16 (permalink) Old 04-22-2017, 12:56 PM
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Wow rv6john, that was a world of help. Thanks!!
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