Want your insurance to drop in half? | GTAMotorcycle.com

Want your insurance to drop in half?

busabim

busabim

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Currently have a older hayabusa, I am not a young rider. Annual premium with TD is $1499 full coverage with many discounts.

The BMW S1000XR or Z1000 is almost half the premium at 850 year. I am seriously thinking of switching.

Each year with no claims/tickets they gouge me for more on the Supersport. And like the 160hp BMW is less of a risk (lol) being more valuable as well?

BB
 
busabim said:
Currently have a older hayabusa, I am not a young rider. Annual premium with TD is $1499 full coverage with many discounts.

The BMW S1000XR or Z1000 is almost half the premium at 850 year. I am seriously thinking of switching.

Each year with no claims/tickets they gouge me for more on the Supersport. And like the 160hp BMW is less of a risk (lol) being more valuable as well?

BB
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That's pretty crazy. Sometimes insurance makes absolutely no sense. My KTM 690 Enduro wouldn't even be insured by Allstate because its "high risk"... yet they would insure me on any supersport... *rolls eyes*

Speaking of which my Yamaha FZ-09 was cheaper than the KTM with many insurance companies.
 
Do you mind me asking why you sold your FZ09? something wrong with it or you just didn't like it, or you are more dirt oriented?
Chasem said:
That's pretty crazy. Sometimes insurance makes absolutely no sense. My KTM 690 Enduro wouldn't even be insured by Allstate because its "high risk"... yet they would insure me on any supersport... *rolls eyes*

Speaking of which my Yamaha FZ-09 was cheaper than the KTM with many insurance companies.
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title of the thread made it seem like it would have valuable pointers to drop my insurance in half.
 
busabim said:
Currently have a older hayabusa, I am not a young rider. Annual premium with TD is $1499 full coverage with many discounts.

The BMW S1000XR or Z1000 is almost half the premium at 850 year. I am seriously thinking of switching.

Each year with no claims/tickets they gouge me for more on the Supersport. And like the 160hp BMW is less of a risk (lol) being more valuable as well?

BB
Click to expand...

Value often doent have much of an effect. The number of claims on a certain model can affect rates. I just did my insurance last week and saw that I could insure a Panagale for $1100, but they wouldnt touch me on a GSXR ;-) Not that I would get a Panagale. ;-)
One of the reasons certain models cost more are the number claims of popular vehicles.
My $35k Kia SUV costs $1200 to insure. Yet, my $6000 Hyandai costs $1500... The Kia has a high safty rating too, so that helps there.
Ofcourse, your milegae may vary
 
ZX600 said:
Do you mind me asking why you sold your FZ09? something wrong with it or you just didn't like it, or you are more dirt oriented?
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I really wanted to get into a dualsport. It didn't help that with my weight the FZ09 suspension was pretty terrible. I can see the FZ09 working -okay- if you are 160ish pounds. At 215 it was impossible to get setup correctly. I also didn't feel like having two bikes.

The KTM 690 Enduro is basically like a large dirt bike. I also wasn't sacrificing THAT much power, as the KTM has 66 HP and only weights around 320 pounds.... So it takes off pretty nicely. I really wanted the KTM 1190 Adventure R, but finances did not allow at the time.

Maybe next year... :cool:
 
Z1000, only a couple hundred more than a V-Strom 650

Ninja 1000, SS (they say because Kawi gives same prefix for all faired bikes) and would not insure. Which is completely insane given the Ninja is better set up for touring than the Z.

It took a week of negotiating and the threat of loosing both our cars and my bike to get them to treat the Ninja 1000 the same as the Z1000
 
Face said:
Z1000, only a couple hundred more than a V-Strom 650

Ninja 1000, SS (they say because Kawi gives same prefix for all faired bikes) and would not insure. Which is completely insane given the Ninja is better set up for touring than the Z.

It took a week of negotiating and the threat of loosing both our cars and my bike to get them to treat the Ninja 1000 the same as the Z1000
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I don't think your negotiating skills had anything to do with them treating the Ninja 1000 the same as the Z1000.... but I could be mistaken. The insurance companies follow pretty strict policies, and put in whatever the computer says.
 
Chasem said:
That's pretty crazy. Sometimes insurance makes absolutely no sense. My KTM 690 Enduro wouldn't even be insured by Allstate because its "high risk"... yet they would insure me on any supersport... *rolls eyes*
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They base their insurance rates on model history of claims. Yes, Hayabusa riders crash a lot, and make big claims, that's why they cost more to insure.
Rates are set according to risk, and risk is determined by actuarial scientists using the industry data sets of crash claims. This is to offset high premiums by using the older approach of just engine size. On new models, they guess high on risk, but that risk will go down if the claim history gets established in a few years.

We all know some models attract high-risk riders like flies to poop, some models are bought highly financed and claims are made on even low speed drops.

So if you want to drop your insurance in half, buy a bike that attracts mature riders who don't end up making big claims.
 
delfonic said:
title of the thread made it seem like it would have valuable pointers to drop my insurance in half.
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A lot of things aren't what they seem. I thought I needed to answer a simple yes/no/not sure question. I know more about old people on busas to last me a lifetime. Regrettable click.
 
Few hundred bucks isn't enough reason to change bikes for me.
 
CafeRay said:
They base their insurance rates on model history of claims. Yes, Hayabusa riders crash a lot, and make big claims, that's why they cost more to insure.
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That's kinda news to me, of the hayabusa websites I'm on, reports of crashes are pretty rare.
 
busabim said:
Currently have a older hayabusa, I am not a young rider. Annual premium with TD is $1499 full coverage with many discounts.
BB
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You're getting hosed.
I paid less than a grand for my 09, and I know for sure my 2013 was $840. (Allstate)
 
mikbusa said:
That's kinda news to me, of the hayabusa websites I'm on, reports of crashes are pretty rare.
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Yeah, as I understand it, there's not enough data for insurers to do a useful model-by-model analysis of the claims risk each bike represents. I think bikes get lumped into categories, and the Hayabusa must be lumped into a high-risk category by TD, compared to the sport-tourers he mentions.

Also, if a bike costs $2000 or $20000 it would make very little difference to the claims paid out due to crashes, when they're all added up.
 
Gary said:
You're getting hosed.
I paid less than a grand for my 09, and I know for sure my 2013 was $840. (Allstate)
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Hamilton vs. Toronto

You guys are lame, and we're stupid. Lame is cheaper than stupid.
 
The insurance said anything over a 1000cc was surcharged regardless of category. My BMW 1200GS wasnt much less either...

Allstate was almost the same price with worse coverage as I currently have a $300 deductible.

For those who pointed out my premium was too high, if you live in Hamilton on outside of GTA the premium IS considerably less.

BB
 
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