I'm about to buy a 99 R1, and looked up the insurence on it last night. It's 5000 DOLLARS A YEAR! thats the cost of the bike for full coverage. The company was geico, I've heard all state is good, who would you recommend?
2007-10-11 05:56:12 · 6 answers · asked by Nate 6 in Cars & Transportation ➔ Motorcycles
Shop around.
Geico wanted $ 1200 a year for liability only on a new FXD35.
I got Allstate instead at $184 for 6 months. With the ability to change to a storage policy for less the other 6 months, or renew at the same price. The policy I got is liability (with higher limits) plus uninsured motorist (pays when the other guy can't) and medical (covers me, my passenger, AND the other guy).
Shop around. This worked for me.
2007-10-11 10:53:03 · answer #1 · answered by Firecracker . 7 · 1⤊ 0⤋
1. Unless you're financing the bike, don't buy full coverage insurance. This is a 9-year-old motorcycle, and the value is not enough to justify spending that much on full coverage insurance. If you were to total it, the insurance company wouldn't pay more than $2,500 anyway, so why pay out more than you will get back?
2. If you haven't already done so, take a Motorcycle Safety Foundation beginner's or advanced rider's course. Most motorcycle insurance companies will offer a discount if you have taken one of these courses within the past three years.
3. Shop around. The difference in costs for the same coverage between companies will surprise you. Just make sure you are being quoted on the SAME COVERAGE.
2007-10-11 06:41:16 · answer #2 · answered by JetDoc 7 · 2⤊ 0⤋
Go through one or more insurance brokers. It's their business to compare many different companies in order to give you the best deal. The companies you hear about the most... the ones that spend the most advertising dollars... rarely offer the best deals, and if they do, only to very low risk riders.
FYI - an R1 is probably one of the worst bikes to ensure. You might want to strongly consider going down a bit if you still can't get insurance lowered (and if this is your first bike, you DEFINITELY should reconsider the R1).
2007-10-11 06:10:57 · answer #3 · answered by Just Some Guy 3 · 1⤊ 0⤋
besides what jetdoc is saying, if u dont have the actual endorsement, u might wind up gettin hit even harder on the insurance bill; they will consider u to be unlicensed (and they do have a point there).
i have full coverage on my sportster thru progressive cause its still bank owned. if u ride like u have a brain in ur head, i'd recommend just liability. the suck point is, if u lay it down in a curve from goin too fast, its ur bill. if some1 hits ya, u might wind up dead. basically, full coverage is for brand new bikes, but u cant fault the bank for requiring full coverage; they have an interest in that bike till ya pay it off.
check out progressive. geico aint all that i dont think.
2007-10-11 09:25:34 · answer #4 · answered by forktail_devil 5 · 0⤊ 0⤋
I totally agree with JetDoc.
I have a 99 Kawi Ninja ZX-6R which would cost over $3000 if I had full coverage. But with only liability the cost is under $200 yearly.
2007-10-11 07:04:31 · answer #5 · answered by Wyoming Rider 6 · 0⤊ 0⤋
Try Bike line. I saved $600.00 a year with them. You can contact them at 1-800-236-2453 or www.bike-line.com
2007-10-11 06:04:13 · answer #6 · answered by Alan J 2 · 0⤊ 0⤋