Topic: i WAS going to buy a newish bike next year

[fuzzybutt]

checked with my insurance company today to see what rates for the speed triple would be and i about dropped my teeth, with a 500 dollar deductible on comprehensive and collision it would cost me, a 39 year old married male that owns his own house $2599.00 a year! i have no moving violations at all, no points on my license in fact.

[kuyarico]

Uh, that doesn't seem right at all. What ins. company? What state are you in?

[medic09]

I don't know exactly what we're paying on my Sprint ST, the wife does the bills.  She did mention that it was WAY over what we pay for the 750Four or her Shadow 600.  Something outrageous as I recall.  We've got 'Drive by Progressive' because that's what USAA automatically sent us to, as they don't cover bikes.

[HITMAN]

I got the same high-priced quotes from Geico, Progressive, Farmers, etc, when I bought my CBR1100XX.  Almost was a deal breaker buying the bike, then one of the wrenchers at the dealership handed me a card for Country Companies.  Runs me about $1450yr full coverage, and adding my other bikes, car and house is just waaaay too affordable.  Love that company.

[GroovieGhoulie]

Part of the problem is carrying all that coverage.  I only carry bare minimum liability on all my bikes, even the expensive and collectible ones.  It's how I can insure five bikes for a little over $300 a year.

[putnaja1]

Right, but if you buy a bike that you have to finance- the lender requires that you carry full coverage..  They are looking to protect their investment.

[fuzzybutt]

that quote was through progressive and i already have my 750k insured through them. i checked out esurance.com and got a quote of less than half. dunno how good they are to deal with after an incident though. progressive has always been good to me. i've been inusred with them on all my cars and bikes since 92

[Rocking-M]

Hey Fuzz, check nationwide, I have full coverage on the 750F and the Ducati ST. It runs me about $220 a year.
This includes a stated value on the Honda of $5k and 7 0r 8 on the Duck.
We do have 2 trucks and and 2 cars insured with them also.

[fuzzybutt]

Hey Fuzz, check nationwide, I have full coverage on the 750F and the Ducati ST. It runs me about $220 a year.
This includes a stated value on the Honda of $5k and 7 0r 8 on the Duck.
We do have 2 trucks and and 2 cars insured with them also.

thanks for the suggestion, $1200 a year with 10,000 injury payments and 250 deductible for BOTH bikes instead of $3205 a year with progressive. i have changed insurance companies

[GroovieGhoulie]

Right, but if you buy a bike that you have to finance- the lender requires that you carry full coverage..  They are looking to protect their investment.

True, but I'll never buy anything I have to finance.  Not even a car.  I'll just save until I can write a check.  I refuse to be in debt to anyone.  If I can't afford something, I guess I'll never have it.  I'll die before I take out a loan or have a credit card.

 I'll never live outside my means.

[Raul CB750K1]

Right, but if you buy a bike that you have to finance- the lender requires that you carry full coverage..  They are looking to protect their investment.

True, but I'll never buy anything I have to finance.  Not even a car.  I'll just save until I can write a check.  I refuse to be in debt to anyone.  If I can't afford something, I guess I'll never have it.  I'll die before I take out a loan or have a credit card.

 I'll never live outside my means.

I used to think the same way, and still do. But you can apply some exceptions. You can get loans at 5% or so. Sometimes, when you want to buy something, it can have a yearly price increase higher than that. In that case it would be wiser to get a loan, buy it and start enjoying it today. The key is to do the math so you can make ends meet every month. Sometimes, even if you have savings, it could be wise to buy something on a loan. Say you have money saved and is giving you a 4% profit. You want a new bike. Try to get a loan at 6 or 7%. If you spend your savings and get out of work, you will be forced to sell your bike cheap to recover your money. If you kept your savings, you can live from them without having to hurry to sell your bike. This way the bike would cost you about 2-3% more, but that's the cost of the money.

All of this from somebody who paid his last mortgage payment last month and is debt-free now.....

[tramp]

the triumph is a high performance bike so the insurance should be higher than normal

[ProTeal55]

I have the insurance (state farm/full coverage) on my 2007 Ducati Monster S2R1K in my moms name, and it is only $450 a year, so something tells me your insurance agent is trying to make some cash off ya...

[fuzzybutt]

went straight to the companys website for the quote.

[super pasty white guy]

Check out http://www.foremost.com/products/motorcycle/index.htm

Other companies were giving me rates in the thousands, if they'd insure me at all here in the "high crime and theft" heart of D.C.

Dave

[dustyc]

Is insurance linked with your credit?  I know my neighbor has better credit than me and I wonder if that's why he gets full coverage for the same amount I get just liability for on comparable bikes.  I have a spotless motor vehicle record and he has a ticket for running a red(the photo enforced light I mentioned in another post).  I never got a discount when I turned 24 either.  I think I'm getting screwed, but when I call for quotes, I get the same or higher.

[fuzzybutt]

yes it is linked with your credit, and after breaking my neck in march my bills have gotten so far behind it isnt even funny.

[Bob Wessner]

I agree. Credit is one of the factors. As a matter of fact, it's use is being challenged legally, for a variety of reasons. One being discrimination.