GSXR 600, 20 yrs old, G2 & M1

[paperstacks]

This is such a common request in this section, but still, i can appreciate your help

What's an insurance cost like, for a 20 year old (21 this summer) new rider with fresh G2 and M1, no driving/riding experience (plenty of both without a license though ), living in East York area?

I did some research and it does look like it will be no less than $2,500 a year for full coverage; but what about monthly cost - does every month cost roughly the same, or is it more like $600 in summer and then $50 in winter? i've read different opinions...

... on an unrelated note... what is your opinion about financing a bike (i.e. $8,000 used supersport) : through the dealership itself, a bank, or the insurance company ? which option do u think is best, based on available terms, payments and options, etc.?

Thanks for taking your time to read this!

[DeAd-EyE]

i'm assuming you'll have your m2 by the time you get ur bike...but your estimate of 2500$ sounds about right...2700$ maybe on the high end. for most companies (not all of them will let you pay monthly i believe), just take your year quote and divide by 12 to get your monthly.

If you finance the bike, i believe the bank will mandate that you have full coverage and not just liability only so your insurance will go up as well.

[iceman11]

Well the year of the bike will make a difference in the insurance premiums, the older the bike the better, if the bike is 8 years or older you don't pay ss surcharge.

Why do you want full coverage, have you looked at high deductible liability insurance as an option? Will cost you much less, that being said if you finance a bike you must have full coverage.

But 2500 for full is amazing considering your age and experience.

[paperstacks]

Thanks for quick replies! Its good to know the details!
I guess i'm stuck with full coverage, at least for as long as it's being financed... I can afford to buy one straight up for less than $9,000, but i also plan to spend lots on gear (it adds up, to at least $1,500 - but that's just my preference of jacket, boots, nicer helmet, etc.), and for sure some at least very minor servicing/tune-up (hope not repairs!) to the bike... that's another $1,000...

not all of them will let you pay monthly i believe

i didn't realize that! how does the process of payment go then, if not monthly? you just pay entire sum (i.e. $2500) upfront? or at the end of each calendar year? i'm lost on this one

As for the bike: i really hope i will get my hands on a 2~3 year old 599cc gixxer, but if not - then upto~5 years old is acceptable...

But 2500 for full is amazing considering your age and experience.

No doubt! i was pleasantly surprised myself to learn that $2500 is what some riders (similar to my status) pay yearly. I have been hearing much higher figures from many, and sure that it will take many quotes and some good luck to find insurance for myself @ less than $3,000 a year...

funny question, i know, but... is there anything encouraging to know about insurance?

[DeAd-EyE]

i didn't realize that! how does the process of payment go then, if not monthly? you just pay entire sum (i.e. $2500) upfront? or at the end of each calendar year? i'm lost on this one

Some companies require upfront payment. Some will let you do it in quarterly installments and some will let you do it monthly. Really depends on which company it is.

[paperstacks]

Thanks DeAd-EyE! I now have some idea of how bike insurance goes

[DeAd-EyE]

no prob.
good luck with the insurance hunt...call around a LOT. it really does pay off..as do insuring ur car/house/life or whatever with the same company sometimes.

[chineybutu]

man,
i dunno what insurance company you called, but that is super cheap, i'm 21 G, m2 for a r6 and my cheapest insurance for just liability was 2400

what insurance company did you call?

[kellen]

It's pretty clear he hasn't actually called one yet. $2500 for full coverage is impossible on a late model SS for his age

[kellen]

Well the year of the bike will make a difference in the insurance premiums, the older the bike the better, if the bike is 8 years or older you don't pay ss surcharge.

Why do you want full coverage, have you looked at high deductible liability insurance as an option? Will cost you much less, that being said if you finance a bike you must have full coverage.

But 2500 for full is amazing considering your age and experience.

the age of the bike doesn't affect the liability portion of the insurance which is what this kid is going to be paying out the *** for

[paperstacks]

chineybutu - no, i didn't call any insurance companies yet, since i am not certain what year the bike (that i am yet to buy) will be. The $2,500 is a very vague approximate, in fact it is the BEST possible outcome (for full coverage at least) for insurance in my (and probably your) case. In reality i expect to pay over $3,000 a year if i have to...
On another note - LOCATION (postal code, or the area) of your residence usually goes into account when the insurance companies estimate how much it will cost you... So, even though the YZF-R6 and GSXR-600 are very close CC-wise (not sure if insurers see the difference between 599cc and 600cc bikes), and among other things area where you live (or at least you declare you live) can make a difference on insurance cost as well.

[paperstacks]

the age of the bike doesn't affect the liability portion of the insurance which is what this kid is going to be paying out the *** for

interesting to know... what's the age limit (for a "late" model) though? besides the 8-years after which theres no SS surcharge?

[ScoTTY88]

I live in Mississauga, I have my GM2 and I am 20. I have no previous insurance on a bike and I have a cert from Sheridan for my M2 and I joined SoutherCruisers (which apparently gets me 15% off) I am paying $2503 a year for liability only on my 87' EX500 that cost me $1500. Your smoking some good stuff if you think you can get a Gixxer 600 for $3000 full coverage. I called every single company that would insure me and I settled with Avi Singh with Holman. I threw out my papers with all my quotes from other companies, but I was looking at $6k+ on the low side for fire, theft and collision on my $1500 20+ year old bike.

A Ninja 250 liability was $1800 and full coverage was $2900. Thats a 250, you want a 600, double those numbers and then some buddy.

I am paying in 4 payments, in 4 consecutive months. Febuary, March, April and May. First was $644.05 to my credit card and the rest will be taken out my chequing account on the 15th of each of the 3 remaining months.

FWIW tho, next year after I have 1 year of exp I'll be paying $1400 and the year after when I have two years its going to be under $1000.
ETA bought my own lube, WalMart has a bulk pack of KY for $10.

On the financing part, take out a loan from a bank at a lower interest rate and pay it off to the dealer. You'll save a few hundred with that option and get yourself out of full coverage. Tho I don't know why you would not want it on a $8K bike. I don't really care if I dump my $1500 EX500, but if I bought a 08/09 Ninja500/636/GS500/R1 you bet your *** that I'd cover it in full.

[albguy40]

There is no way in hell that youll be able to pay under $3500-$4000 for a 600 SS when ur 20 without riding experience. Im 21 turning 22 this year and last year was my first year riding and I was paying $2800 JUST for liability on my 02 Katana.... I have been told that my second year will be much much cheaper though. Last time I checked my insurance agent said that when renewal comes I should be looking at around $1600-1800.

[paperstacks]

Thanks ScoTTY88 and albguy40! You're right, the insurance will be real high, especially my first year. I do hope i will be around $3000 +/- 500, but if not - i'll just have to work some extra hours to make the extras! LoL

I will get back and post details once April/May comes around (exams are done then) and i actually purchase the bike and get ("screwed by") insurance Canada's got some INSANE insurance prices, but i love this country regardless, lol! It was a right decision to move here and not to U.S. back then (though their LOWER prices were tempting)

[anth1414]

Thanks ScoTTY88 and albguy40! You're right, the insurance will be real high, especially my first year. I do hope i will be around $3000 +/- 500, but if not - i'll just have to work some extra hours to make the extras! LoL

I will get back and post details once April/May comes around (exams are done then) and i actually purchase the bike and get ("screwed by") insurance Canada's got some INSANE insurance prices, but i love this country regardless, lol! It was a right decision to move here and not to U.S. back then (though their LOWER prices were tempting)

#1. There are many insurance companies that wont even give you a quote.
#2. Your guess of $2,500 for full coverage....not even close.
#3. I suggest you check insurance before you buy the bike.

you are young...male...with no driving/riding experience...and you want a gsxr.
you are in the prime..."BEND OVER" category for insurance companies.

good luck.
post up pics .... what ever you end up with.

[cjones]

GO with state farm. I am 22 y/o started my policy when i was 21, I ride a 2003 kawi 636... (dont buy a gsxr buddy)... 1334$ a year fully covered with collision with a 1000 deductible.

[tat2]

So, even though the YZF-R6 and GSXR-600 are very close CC-wise (not sure if insurers see the difference between 599cc and 600cc bikes), and among other things area where you live (or at least you declare you live) can make a difference on insurance cost as well.

For insurance the diff between an R6 & a GSXR (or any other 600cc supersport bike) is next to nothing, esp considering they have a supersport surcharge added.

Other bikes in the 600cc range of different styles (sport-tour, tour, adventure, cruiser, etc) will certainly cost less.

Your best bet is to find a range of few bikes you like & call the list in the sticky. When I first started shopping for a bike I called with a list of 5-10 different bikes I was interested in of varying styles/age/cc. The cost of insurance can be the biggest determining factor in what you get. Call first, buy bike second you don't want a pretty new bike sitting around you cannot afford to ride.

Brokers won't mind giving you quotes if they want your business.

Even if the cost of the bike you want is prohibitive, your first bike won't be your last. After a year or two your rates will drop, you sell & buy another.

[UrbanBoy]

Not to take over the thread.. but what if you ask you mom or dad to take thir m1 and get you insurance... what then?? you bike is covered...

[paperstacks]

Not to take over the thread.. but what if you ask you mom or dad to take thir m1 and get you insurance... what then?? you bike is covered...

Damn! Sounds too good to be true... Have You Heard of Anyone Who's Done That? How is that possible?