[Bo]

I pay $970 a year for my 2006 250, that's almost $3 a day. I find it to be ridiculious as I only paid $1,700 for the bike itself. The customer service lady (at Progressive) said it was because I have an "open container" on my motor vehicle report and my age (I'm 22).

What do you guys pay for insurance, how old are you, what company do you use, what year/type Ninja do you ride, and what state do you live in? And do you have any accidents, charges, or anything else on your record? I think it would be interesting to see and compare other peoples insurance policies

[Mumps]

bike value: $800
2001 zzr250
As it's a junker bike, i'm only have liability and fire/theft on it.
Full coverage would have been +$87.
Alberta
no accidents, claims or reports
Company: Blue Circle (actual carrier is Jevco)
Next summer, as a 21 year old, liability will drop $51.

One of my good friends works in insurance, and I've gone into some discussion with him over insurance rates (I originally figured he'd be able to pull some strings and get me the best deal possible). Now, I don't know how it works in the US, but it turns out us Canucks get pretty standard rates countrywide. These rates are standardized to the point that they can be openly viewed by anyone online.

Our rates are based on

Liability:
-Age bracket (<18, <21... )
-Engine cc size (<250, <500, <1000>1000)
-Traffic violations and at-fault insurance claims, ie. clean driving record (the "point" system, maxing out at -6... the best. it resets after any at-fault claim)
-years of coverage (I forget the ranges for this, it worked out to be fairly unimportant compared to the rest)

Fire/theft**:
-Value of vehicle*. Default is sale price, but if you prove any non-maintenance related alterations they can be included (and yes... you DO have to update this BEFORE you get into an accident with it and make a claim on the vehicle).

Collision:
-Value of vehicle*. (gear is included in this, but I don't know of any formal procedure for it)

*Based on the sale value (given on bill of sale), year of make.. kbb value.
**Apparently there is no cost change for how the vehicle is stored, indoors, out doors, with/without alarm. But my friend says it will make any negotiation with your company a lot more in your favour in the event of such a claim.


Thus, in the only thing i'm not lazy about- being as cheap as humanely possible- I got over a dozen quotes for my bike insurance, and got my friend to check them all if they could be ... lowered, they all came in at 278-330/year. And they could not be adjusted. a 600cc would have neared $1000 for full coverage for me, but under $200 for my dad of 65.

In short, riding a motorcycle costs what it costs. And for me, I justify it with how much enjoyment that I get from it. Rates will go down when I get older, and if I keep a 'small' bike. But at some point it's worth biting bullet and just going out and riding for what it is.

[GregZ]

If you are insuring the bike with collision insurance, drop that coverage. If comprehensive is real cheap, keep it, otherwise drop it. Insuring the motorcycle itself doesn't make any sense if it costs a lot to do so. Insurance is for catastrophic, life changing losses, not for minor inconvenience losses.

Definitely keep your liability coverage and uninsured/underinsured motorist coverage in as high of limits as you can afford. Those coverages protect you and your assets, which hopefully are much more valuable than the motorcycle.

Shop around and get quotes from at least 5 different companies. I always get lower quotes by speaking to the rep directly vs getting the quote online. Rates vary widely, but with your age/record some companies may turn you down entirely or quote you a ridiculous rate to make you go elsewhere if they don't want your risk/business. That may be what Progressive is doing to you with that high rate. Every year at renewal time shop around again to be sure you can't do better elsewhere. Your current company may think they have you roped in and sneak in rate increases each year hoping you won't notice.

BTW, adding my '07 Ninja 250 to my existing motorcycle policy cost me $56/year (but then I am over twice your age).

[Slybones]

Wife and I switched companies this last year after 20 years with the same place.

Specifically on the M/C's I now pay for both the Ninja 250 and the Connie what I paid for the Connie before with full coverage and higher liability limits than before. $589 now, $540 before. Old liability 100,300,50 new liability 250,500,100. $500 deductible on collision, $100 comprehensive.

Overall the wife and I got -- Home, Car, Truck, 2 M/C and our Travel Trailer plus added a new to US 1 Million dollar umbrella Policy for $900 less than what we used to pay.

After seeing our premiums just go crazy we finally started calling around. We Checked Allstate, Progressive, Geico, State Farm, Farmers, and since we are old enough through one of them AARP discount places.

The AARP discount place advertises ( like they all do ) you'll save hundreds over the other guy. Reality was all these different quotes were within $200 bucks of each other for the entire lot, Home, Car, Truck, 250, Connie, TT. Apples to apples coverage. -- Which was all over a grand cheaper than the existing company for 20 years. We called them and asked. They told us it was the best they could do. Bye.

Next was I started researching the companies on the internet to see about service and complaints. Of course there is someone who complains, those were easy to find. I could not find it right now, but back then I could a place that rated insurance companies and gave a report in terms of service, # of claims, # of customers, bla bla bla.

Finally I went into see an agent for the company we chose. I highly recommend this. We learned our liability limits were too low for todays market. And the cost for the upgrade was low for us. We found areas to save to offset. Then talked about and went for the Umbrella Policy. Wife and I decided that we could afford it and still save $900 bucks.

[BobA]

I'm past the age at which insurance companies take age into account! That being said I think I pay about $85/year (which includes roadside assistance and recovery) from Progressive. Geico cost more and didn't have any roadside assistance program. I'm in NJ which isn't the cheapst place for insurance (or anything else). That's liability only of course. No sense in full coverage as the bike's probably worth less than the deductable! If it was badly damaged (and I wasn't), I'd just go out and buy another one and the damaged bike would be my parts bike.

It also helps to have a clean driving record.

My biggest gripe is that registration for bike in NJ costs more than registration for my car. I think the car is $45/yr or so and the bike is now over $60/yr. NJ again. We suck.

[utahrider]

$75 with Progressive, having only liability with roadside assistance. But I am an old guy (45) with a clean driving record.

[BobA]

Is that $129 to title, get plate(s) and register a bike or is it the yearly fee?

In NJ it's $65 every year just to renew the registration. According to google it's $24 in Utah. I know it's only $18 in PA.

What pisses me off is that yearly registration on a bike is more than on a car, hell, it's more than on an old 2 ton truck! Bikes don't even get inspected anymore here, so it's not like we're paying someone to look it it and say "OK" (which is about all the inspection was). Cars get inspected (free if you don't mind waiting in line for 2 hours at the DMV) and that costs them money, plus cars do more damage to the roads, meaning more expense for the state.

Of course NJ's answer to my complaint would likely be to raise fees on cars to $125 and then point out I no longer have anything to complain about.

As for age, if I'd gladly pay $1000/yr insurance to be 21 again...

[gevans]

Just got a quote for her, never ridden before, first bike, no traffic infractions. $152/yr for her 2000 model. Not bad IMO

[gevans]

[utahrider]

[BobA]

Wow, sounds like an airline ticket.

I just booked a "$100" flight which cost me $550 after they added on the airport taxes, fuel surcharges, runway fees, and anything else they could think of. Of course it never was a $100 flight and they never advertised it as that, but on the ticket breakdown the actual flight portion is $100 and the total cost is around $550. I think it was advertised as being $375 (before taxes). Go figure.

Please don't tell NJ about the uniform fee...

Here it doesn't matter what the engine size is, how old it is, whether it's a scooter or a motorcycle, how heavy it is or what color it is. If it has two wheels and an engine, it's $65.

How much does it cost to register a car in Utah?

[Slybones]

Looking at some of your rates I had to go back and check the breakdown of that $589 for the Ninja 250 and Connie.

$228 for the 250
$361 for the Connie

of the $228 only $24 was liability at 250/500/100. $68 range was the under insured / uninsured motorist same 250/500/100. Medical ( kinda like PIP but not quite. PIP not allowed on MC in WA ), comp, collision, and up to $3000 in accessories totals $228.

VERSUS $540 just for the Connie with 100/300/50 limits and no Accessories.

[utahrider]

Here is an estimate of all the registration fees for a 2007 car in Utah...

$41.00 Registration Fee ($1.50 less than a motorcycle)
$110.00 Uniform Fee (more than a motorcycle)
$2.50 Education Fee ($2.50 less than a motorcycle)
$1.00 Uninsured Motorist Education Fee (same)

Then some other fees to bring the cost to around $160

[aristurtle]

I pay $142/yr through Progressive (2002 EX250), which I think is less than my car (a hoopty-ass Honda Civic that's rusting out from under me) costs through Geico. My record is spotless (apart from some parking tickets). The $142 is liability coverage and uninsured motorist coverage (uninsured coverage is required in my state).

And I was 22 when I bought the policy.

That open container mark on your record is what's killing you. Their mindset (I say "mindset" but I really mean "carefully collected data correlating accident likelihood with driving violation record") is that if you've been caught with an open container then you probably drive drunk on occasion and just haven't been caught yet. Maybe you don't, and the "open container" was a bottle from your liquor cabinet that you were taking to a friend's party. They don't care; the chart says "people with offense x are statistically y% more likely to get into an accident and cost us money" and adjust your rate accordingly.

I think the mark on your record should go away after a few years, but this varies by state and by insurance company.

[M]

I pay about $46/yr for 250/500/250 liability and comprehensive with a $250/deductible. I also have uninsured (medical payments) that are stacked on one vehicle & cover all I own.

I insure my cycles (four currently) with State Farm, as they offer more favorable rates over USAA (Progressive underwriter, IIRC).

[Bokonon]

[Slybones]

[PriceR]

M,

That doesn't sound right to me, and I sell insurance for the company you insure your 4 bikes with.

Let me preface all of this by saying that I don't know exactly how any other company might handle it, or how laws may apply differently in each particular state with regards to Uninsured/Underinsured Motorist Coverage. My single concern here is that a fellow Ninja 250 rider not at a massive financial risk due to some incorrect info. More money is paid out on that particular coverage that any other (by far), and I take it very seriously. I am also perfectly willing to be wrong, but I don't think that I am.

I've been in the insurance industry for a many years, and I've never heard of the "stacked" coverage you mentioned for Uninsured/Underinsured motorist also covering your other vehicles. Unless you are in a state that does things drastically different than WA, the Uninsured Bodily Injury coverage that will apply would be the limit you carry on the policy for that vehicle only.

Research Time:.......

I just spent about 20 minutes on the phone with a claims department supervisor/specialist verifying that the coverage you carry on each vehicle is the coverage that will apply when you are injured while operating that vehicle by a person with low, or no, coverage. Just because you carry high Uninsured/Underinsured limits on 1 vehicle DOES NOT MEAN YOU WILL GET THAT LIMIT ON ALL OF YOUR VEHICLES!!!!!

Your Uninsured/Underinsured coverage can indeed be "stacked" on top of someone else's Liability coverage if you are hit by a driver without enough liability coverage for the accident. Hypothetically, if the $25K Liability someone has was not enough to cover your injuries when they hit you, and you carried $25K Underinsured motorist on the vehicle involved in the accident, you would be able to collect that additional $25K from your own company if the situation warrants it.

Your highest Uninsured/Underinsured Motorist coverage limit does apply when you are using a "temporary substitute vehicle", or are injured while in a "non-owned car". This is a different thing entirely.

Again, I may be wrong. I would want my attorney to review the policy if I was going to bet my financial future on it......

Russ

[PriceR]

This is my industry.

There is really no way to compare apples to apples where rate is concerned. Even the insurance companies with the least complex rating systems look at hundreds of factors when determining a rate. The larger more advanced companies look at thousands of factors.

Since we are all unique and beautiful snowflakes, none of our situations are the same. Companies that tell you "what you would pay with another company" are full of crap. They have no idea because they have no idea what rating factors are weighted in what way with any other companies. It's not like companies share their trade secret info or something....

Here are some thing off the top of my head that come in to play when deciding your rate:

Your age, other household drivers age, sex, years licensed, driving record, claims history, credit, location (down to the very street), miles driven, bike?s accident propensity, bike age, bike make, bike model, bike CC's, bike?s damage propensity, theft propensity of that bike, years with that company, other policies with that company, GPA if you are younger, MSF class taken, laws in your state, your selection for every single coverage, and I could keep going and going.....

My advice is the following:

1) Don't skimp. Everyone wants to write the SMALLEST check when they pay, but wants the insurance company to write the BIGGEST check at claim time. You don't get to have both.
2) Read the Insurance FAQ on this website. I agree with it completely.
3) Pay attention to what your coverage actually means, and what your monetary risk actually is. Making a mistake could financially or physically cripple you for life.
4) Contact the Office of the Insurance Commissioner in your state (easiest by website navigation) to see how companies compare in the arena of claims handling. Each company is ranked in each state by how many complaints the state receives about their handling of claims set against their market share. If a company scores poorly in this arena it means they do a terrible job when you need them most, or keep profits high by paying less than what is fair whenever possible. Your cheap insurance isn't going to seem like a good value when the company tries to screw you at every turn.
5) Be concerned with the VALUE of your insurance coverage, not the COST. When you need it, you will not care what your premium is.

Russ

[FrugalNinja250]

You can reply via PM if you'd like...

I've got ok health insurance at work and I just verified that they won't exclude coverage if I'm injured on a motorcycle as long as it was legal street use and not track racing. However, my copays and deductibles add up to around $8,000 out of pocket max. I would like to get something that would cover the out of pocket amount in case of an accident caused by an uninsured driver of which we have many since we're illegal alien central down here. Would that be a medical rider? Or are there any other options, like some sort of "gap" insurance? My insurance carrier will not sell medical coverage unless full collision is also purchased, and the last quote I got was over $100 a month on a bike with a total value of $1,800. That seemed a little high since I really only need the medical. I can walk away from the bike fairly easily so don't need the collision/theft.

[M]

However, the uninsured I have in OK is only for medical, it doesn't cover collision damage if the other driver is uninsured or under-insured. If I want coverage for physical damage another causes, then that would be covered under my own collision policy.

As I'm sure you know, insurance is regulated at the state level. UM in Oklahoma stacks, where the primary vehicle covers everyone in the vehicle, while the stacked vehicles coverage is only the two insured on the policy (my wife and I). I appreciate the concern, but I have researched this extensively, as it is a substantial savings for me (about $1000/year).

[M]

Unfortunately, at least in OK, medical payments for motorcycles is not available...

[PriceR]

Depending on the State you are in, that scenario you described would be covered by Uninsured/Underinsured Motorist Bodily Injuy coverage.
This is coverage for that exact scenario. An uninsured driver causes an accident in which you are injured. Your bike policy would actually be primary and would pay your medical bills up to your policy limit.

That's why I carry that coverage with a limit of $250,000 per person.

Again, your coverage may vary according to state law. If I was in a state that did not allow me to carry Unisured Motorist I would bite the bullet for the full coverage with the medical. Your ability to be healthy and earn an income is, by far, the most important asset you will ever have. Don't ever let that asset go unprotected.
I might also consider another company with better coverage for your body and health.

[PriceR]

This will again vary by state with respect to availability, but I also carry a supplemental medical policy thru the company I work with (State Farm).

It pays me $250 per day if I go to the emergency room for any reason. It could be for a bike related thing, a spider bite, falling off a ladder, etc.

I doesn't pay more than $250 per day, but it does pay regardless of there being other coverage from somewhere else.
For example:
I get hit by an uninsured motorist and go to the hospital for 3 days. My major medical and State Farm get my medical bills taken care of from dollar 1. I still can put in a claim thru my supplemental policy and get a check for $750.
Not bad for a cost of $9 per month.......